.I 623
.C
trade
.W
JAPAN WARNS U.S. IT MAY RETALIATE IN TRADE DISPUTE.
    TOKYO, April 11 - Japan warned the United States it may
take retaliatory measures if the United States imposes its
planned trade sanctions on April 17, a senior government
official said.
    Shinji Fukukawa, Vice Minister of the International Trade
and Industry Ministry, said in a statement Japan would consider
measures under the General Agreement on Tariffs and Trade and
other actions if the United States imposes 100 pct tariffs on
some Japanese exports as planned next week.
    However, Fukukawa said Japan was ready to continue trade
talks with the United States despite its failure to convince
America to call off the threatened tariffs during two days of
emergency talks which ended in Washington yesterday.
    Last month President Reagan announced the sanctions in
retaliation for what he called Japan's failure to honour a July
1986 agreement to stop dumping computer microchips in markets
outside the United States and to open its home market to
American goods.
    Fukukawa said the United States had regrettably not
listened to Japan's explanation of its efforts to live up the
pact and said Washington had not given any detailed explanation
of why it planned to impose the tariffs.


.I 626
.C
acq
.W
KUWAIT INCREASES STAKE IN SIME DARBY.
    KUALA LUMPUR, April 11 - The Kuwait Investment Office (KIO)
has increased its stake in <Sime Darby Bhd> to 63.72 mln
shares, representing 6.88 pct of Sime Darby's paid-up capital,
from 60.7 mln shares, Malayan Banking Bhd <MBKM.SI> said.
    Since last November, KIO has been aggressively in the open
market buying shares in Sime Darby, a major corporation with
interests in insurance, property development, plantations and
manufacturing.
    The shares will be registered in the name of Malayan
Banking subsidiary Mayban (Nominees) Sdn Bhd, with KIO as the
beneficial owner.


.I 628
.C
sugar
.W
SMUGGLING BLAMED FOR CLOSURE OF HAITIAN SUGAR FIRM.
    PORT-AU-PRINCE, April 11 - A sugar mill which was this
nation's second largest employer closed its doors yesterday,
saying it had been run out of business by sugar smuggled from
Miami and the neighbouring Dominican Republic.
    The closure of the Haitian American Sugar Company (HASCO)
will idle 3,500 employees and affect as many as 30,000 to
40,000 small sugar cane planters in regions around the capital,
the company said.
    "Because of unprecedented and ever-growing smuggling, HASCO
regrets ... It cannot continue to accept delivery of sugar cane
after April 10," the mill warned planters earlier this week.
    Since President Jean-Claude Duvalier fled Haiti fourteen
months ago, widescale smuggling of basic goods such as cooking
oil, flour, rice, sugar and canned milk has lowered consumer
prices but bankrupted several local manufacturers, throwing
hundreds of thousands of Haitians out of work.
    At the HASCO compound, where grim-faced workers lined up to
receive their last pay, Spokesman Georges D. Rigaud showed a
warehouse stocked with an estimated 445,000 unsold 100-pound
(45-kg) bags of sugar.
    "We are closing because of our huge stock of unsold sugar.
We have no money left to continue operations," Rigaud said.
    He said the company owed 7.6 mln dlrs and had borrowed an
additional 1.5 mln dlrs in order to pay off workers.
    Rigaud blamed the mill's problems on an order by Duvalier
two years ago forbidding HASCO from refining sugar.
    He said the government then began importing refined sugar
at world market prices and reselling it at a huge profit and
the provisional military-civilian government that replaced
Duvalier last year continued the policy.
    "But now with all the smuggling even the state can't compete
with smuggled Dominican refined sugar," Rigaud said.
    HASCO workers earned 4.20 dlrs daily, considerably above
the usual minimum wage of three dlrs.
    It is generally estimated that every employed Haitian
supports at least six people. Rigaud said HASCO's closing at a
minimum would affect 280,000 to 300,000 people.
    Laid-off workers were bitter about the closure. "We're dead,
and it's the government that's causing us to die," declared
Lucien Felix, 34, who has five dependents.


.I 629
.C
trade
.W
TAIWAN ANNOUNCES NEW ROUND OF IMPORT TARIFF CUTS.
    TAIPEI, April 11 - Taiwan announced plans for another round
of import tariff cuts on 862 foreign goods shortly before trade
talks with Washington which officials described as a move to
help balance trade with the United States.
    Wang Der-Hwa, Deputy Director of the Finance Ministry's
Customs Administration Department, told reporters the list of
products included 60 items asked by Washington.
    "The move is part of our government efforts to encourage
imports from our trading partners, particularly from the United
States," he said.
    He said the ministry sent a proposal today to the cabinet
that the tariffs on such products as cosmetics, bicycles,
apples, radios, garments, soybeans and television sets be cut
by between five and 50 pct.
    The cabinet was expected to give its approval next Thursday
and the new tariff cuts would be implemented possibly starting
on April 20, he added.
    Taiwan introduced a sweeping tariff cut on some 1,700
foreign products last January aimed at helping reduce its
growing trade surplus with the United States, the island's
largest trading partner.
    Washington however was not satisfied with the cuts and
pressed for more reductions as a way of cutting its huge trade
deficit with Taipei.
    Washington's deficit with Taipei rose to a record 13.6
billion U.S. Dlrs last year from 10.2 billion in 1985. It
widened to 3.61 billion in the first quarter of 1987 from 2.78
billion a year earlier, Taiwan's official figures show.
    Today's announcement came before a departure later today of
a 15-member Taiwan delegation for Washington for a series of
trade talks with U.S. Officials.
    The delegation's leader, Vincent Siew, told reporters last
night he was leaving with "a heavy heart," meaning that he would
face tough talks in Washington because of rising protectionist
sentiments in the U.S. Congress. Taiwan's 1986 trade surplus
with Washington was the third largest, after Japan and Canada.
    Siew said the talks, starting on April 14, would cover U.S.
Calls for Taiwan to open its market to American products,
purchases of major U.S. Machinery and power plant equipment,
import tariff cuts and protection of intellectual property.
    "I am afraid this time we have to give more than take from
our talks with the U.S.," he said without elaborating.


.I 630
.C
trade
.W
BRITISH MINISTER SAYS HE WARNED TOKYO OF SANCTIONS.
    LONDON, April 11 - A British minister said he had given the
Japanese government a clear warning of sanctions against
Japanese companies if Tokyo did not allow more access to its
internal markets "and it was clearly understood."
    Corporate Affairs Minister Michael Howard said on his
return from a visit to Japan he thought the Japanese were
beginning to appreciate the need to be "fair and open" about
access to their own markets.
    At an airport news conference Howard denied opposition
charges that his trip had been a failure because he had
returned empty-handed.
    "I did what I set out to do. I was sent to deliver a clear
message to the Japanese government, and I delivered it very
clearly, and it has been clearly understood."
    Howard said that under the Financial Services Act the
govenment had considerable flexibility in taking sanctions
against Japanese companies and finance houses operating in
Britain.
    "It is not simply a question of withdrawing or refusing
operating licences. We can ban firms from certain countries
from carrying out certain kinds of business, while allowing
them to carry out other kinds."
    "I hope we don't have to use these powers, but I made it
clear in Japan that if our timetable isn't met, we shall use
them."
    He said it would be unfortunate if Britain and Japan became
involved in a tit-for-tat exchange, adding that Japan gained
more than anyone else from an open trading relationship.
    "I think they are beginning to appreciate that if this
relationship is to continue, it is very important for them to
be fair and open about access to their own markets."
    On the question of the British firm Cable and Wireless Plc
<CAWL.L>, which is trying to win a significant share of
telecommunications contracts in Japan, Howard said he had told
the Japanese this was being widely regarded as a test case.
    He said there were signs of movement on the case. Cable and
Wireless was due to take part in talks in Japan next Tuesday,
he said.
    Earlier this week British Prime Minister Margaret Thatcher
said Britain could not go it alone on sanctions against Japan,
but would have to coordinate action with its European Community
partners.
    Community sources said after a meeting of trade officials
yesterday that the group might impose steep new tariffs on a
range of Japanese goods to prevent diversion from United States
markets if Washington imposes trade sanctions against Tokyo as
it has threatened.


.I 631
.C
interest
.W
YIELD RISES ON 30-DAY SAMA DEPOSITS.
    BAHRAIN, April 11 - The yield on 30-day Bankers Security
Deposit Accounts issued this week by the Saudi Arabian Monetary
Agency (SAMA) rose by more than 1/8 point to 5.95913 pct from
5.79348 a week ago, bankers said.
    SAMA decreased the offer price on the 900 mln riyal issue
to 99.50586 from 99.51953 last Saturday. Like-dated interbank
deposits were quoted today at 6-3/8, 1/8 pct -- 1/8 point
higher than last Saturday.
    SAMA offers a total of 1.9 billion riyals in 30, 91 and
180-day paper to banks in the kingdom each week.


.I 632
.C
coffee
.W
UGANDA PULLS OUT OF COFFEE MARKET - TRADE SOURCES.
    KAMPALA, April 11 - Uganda's Coffee Marketing Board (CMB)
has stopped offering coffee on the international market because
it is unhappy with current prices, coffee trade sources said.
    The board suspended offerings last week but because of its
urgent need for cash it was not immediately clear how long it
could sustain, the sources added.
    Hundreds of Ugandan coffee farmers and processors have been
waiting several months for payment from the CMB, which has had
trouble finding enough railway wagons to move the coffee to the
Kenyan port of Mombasa.
    Foreign banks have contributed to the cash crisis by
holding up remittance of Uganda's hard currency earnings from
coffee exports, the government newspaper New Vision said.
    The banks are holding up to seven mln dlrs in coffee money
and President Yoweri Museveni is thinking of imposing a penalty
for such delays, it added.
    Banking sources said a third factor in the crisis was that
commercial banks have lent the board only 77 billion shillings
-- the equivalent of 55 mln dlrs -- for crop finance in the
current coffee year, while the government had asked for 100
billion.
    The CMB has 455,000 60-kg bags of coffee, about 15 pct of
annual production, stockpiled in Kampala awaiting shipment.
    The crop accounts for over 90 pct of Uganda's export
earnings and the recent slide in prices to four-year lows is
likely to more than offset an expected increase in production.
    CMB officials have forecast that because the government has
restored law and order in important growing areas, Uganda will
produce over three mln bags of coffee in the year ending
September 30, about 25 pct more than in 1985/6.


.I 633
.C
cocoa
.W
W.GERMAN COCOA GRIND UP 2.9 PCT IN FIRST QUARTER.
    HAMBURG, April 11 - The West German cocoa grind rose 2.9
pct to 55,190 tonnes in the first quarter of 1987 from 53,643
tonnes in the same quarter of of 1986, the Bonn-based
Confectionery Industry Association said in a statement.
 REUTER TAW

.I 634
.C
grain;corn;rice;
.W
DRY SPELL IN PHILIPPINES DAMAGES AGRICULTURE CROPS.
    MANILA, April 11 - A prolonged dry spell has damaged
111,350 hectares of rice and corn plantations in 10 provinces
in the central and southern Philippines, agriculture officials
said.
    They said some 71,070 tonnes of agricultural produce
estimated at about 250 mln pesos was lost to the lack of
rainfall. They warned of a severe drought if the prevailing
conditions continued until next month.
    Agriculture Secretary Carlos Dominguez said he hoped the
losses would be offset by the expected increase in output in
other, normally more productive areas not affected by the dry
spell.
    Affected were 14,030 hectares of palay (unmilled rice),
representing a production loss of 22,250 tonnes valued at 77.8
mln pesos, Department of Agriculture reports said.
    About 48,820 tonnes of corn from 97,320 hectares valued at
170.8 mln pesos have also been lost, they said.
    Officials said the hectarage planted to palay that has been
hit by the drought accounted for only one pct of national total
thus the damage is considered negligible.
    In the case of corn, they said the loss can be filled by
production from non-traditional corn farms which diversified
into the cash crop from sugar two years ago.
     The Philippine Coconut Authority said coconut production
in the major producing region of Bicol might drop by 25 pct to
320,000 tonnes if the dry spell continued. There were no
reports of actual damage.


.I 635
.C
jobs
.W
SPANISH UNEMPLOYMENT FALLS SLIGHTLY IN MARCH.
    MADRID, April 11 - Spain's registered unemployment fell by
10,465 people to 2.97 mln or 21.4 pct of the workforce in
March, Labour Ministry figures show.
    Registered unemployment in February was 2.98 mln people, or
21.5 pct of the workforce.
    The figures were nonetheless higher than those for March
1986 -- 2.8 mln people and 21 pct of the workforce.


.I 638
.C
cpi
.W
HUNGARY RAISES PRICES IN EFFORT TO CURB DEFICIT.
    BUDAPEST, April 13 - Hungary has announced sharp price
increases for a range of food and consumer products as part of
its efforts to curb a soaring budget deficit.
    The official MTI news agency said the government decided
consumer price subsidies had to be cut to reduce state
spending. From today the price of meat will rise by an average
18 pct and that of beer and spirits by 10 pct, MTI said.
    MTI said consumer goods will also become more expensive,
with the price of refrigerators rising some five pct. It also
announced a number of measures to ease hardship, including
higher pensions and family allowances.
    Statistics indicate the budget deficit tripled in 1986 to
47 billion forints. Central banker Janos Fekete has said the
Finance Ministry is trying to cut the 1987 shortfall to between
30 and 35 billion from a planned 43.8 billion.
    A major tax reform, including the introduction of a
Western-style valued added tax, is planned for January 1988 in
an effort to cure problems in state spending.
    But diplomats said the latest announcement shows the
authorities were forced to act quickly to keep this year's
deficit under control.
    The measures are also aimed at cooling an overheated
economy, and could help dampen Hungarians' appetite for
imported Western goods which consume increasingly expensive
hard currency, the diplomats said.
    The diplomats also said, however, that they did not expect
the kind of social unrest that followed sharp price rises in
other East Bloc states, notably Poland.


.I 641
.C
dlr;money-fx;
.W
******BANK OF JAPAN ACTIVELY BUYING DOLLARS AT AROUND 142.20 YEN IN TOKYO - DEALERS.
Blah blah blah.

.I 642
.C
cotton
.W
CHINA WANTS TO BUY 5,000 TONNES PAKISTANI COTTON.
    KARACHI, April 12 - China is negotiating with Pakistan to
buy 5,000 tonnes of cotton this year, after importing the same
amount last year under a barter agreement, Chinese consulate
sources said.
    Chinese ambassador Tian Ding told a meeting of Pakistani
industrialists on Thursday that China intended to increase
imports from Pakistan to reduce a trade imbalance.
    Pakistani officials estimate the country's cotton output
from the current crop at a record 7.6 mln bales (375 pounds
each). Last year's output totalled 7.2 mln bales and domestic
consumption was just below three mln bales, they said.


.I 643
.C
gnp;bop;cpi;
.W
AUSTRALIAN GOVERNMENT MUST CUT SPENDING, ANZ SAYS.
    SYDNEY, April 13 - The government must announce harsh cuts
in spending in its May 14 economic statement if it is to give
an adequate response to Australia's economic problems, the ANZ
Banking Group Ltd <ANZA.S> said.
    Cuts of two billion dlrs would be insufficient against the
backdrop of a 12 billion dlr government deficit and a 14
billion dlr current account deficit, it said in its monthly
Business Indicators publication.
    "For the past two years, the government has struggled with
an economic reality that demands measures beyond those which it
sees as politically practicable," it said.
    The political climate meant there would be a continued
over-reliance on monetary policy to hold the exchange rate and
maintain confidence in economic management, ANZ said.
    "The cost of this approach is that the much-needed revival
of business investment will be further postponed," it said.
    The economy was now on a modest growth upswing boosted by
export and import-replacement industries which had created a
false suggestion that the worst adjustments to the balance of
payments crisis were past. "Unfortunately, successful adjustment
to Australia's deep-seated economic problems remains a
long-term process," it said.
    In its economic forecasts, ANZ said it expected moderate
overall economic growth with gross domestic product (GDP)
rising 2.7 pct this year and 2.4 pct in 1988.
    The current account deficit would narrow to five pct of GDP
this year and 4.3 pct in 1988 and net foreign debt would grow
strongly from 81 billion at the end of 1986 to 97.2 billion at
end-1987 and 110.3 billion a year later.
    Inflation would fall to 8.5 pct in 1987 and 7.5 pct in 1988
from 8.9 pct in 1986 and further falls in real wages were
expected, ANZ said.


.I 645
.C
copper
.W
ELECTROLYTIC REFINING LOWERS COPPER PRICE.
    MELBOURNE, April 13 - The Electrolytic Refining and
Smelting Co of Australia Pty Ltd said it lowered its ex-works
Port Kembla Refinery Copper Price by 20 dlrs to 2,160 dlrs a
tonne, effective today.


.I 646
.C
dlr;money-fx;
.W
JAPAN CENTRAL BANK ACTIVELY BUYS DOLLARS IN TOKYO.
    TOKYO, April 13 - The Bank of Japan actively bought dollars
here in early afternoon trade at around 142.20 yen, dealers
said.
    The central bank had placed buy orders at that level and
prevented the dollar from falling when it came under heavy
selling pressure from investment trusts and trading houses,
they said.
    However, the intervention failed to boost the U.S. Currency
significantly from the 142.20 yen level, they added.
    The dollar was trading around its midday rate of 142.30
yen. It had opened here at 141.85 yen.


.I 647
.C
earn
.W
TEXACO SEES BUSINESS LITTLE HIT BY BANKRUPTCY MOVE.
    By Julie Vorman, Reuters
    HOUSTON, April 13 - Texaco Inc <TX> said its decision to
file for protection under Chapter 11 of the U.S. Bankruptcy
code will not affect the majority of its businesses.
    It said its subsidiaries, which account for 96 pct of its
32.6 billion dlrs in revenues and 79 pct of its net property,
plant and equipment, were free of the action.
    Only parent holding company, Texaco Inc, and operating
subsidiaries, Texaco Capital Inc and Texaco Capital N.V, are
affected, it said.
    But the company said it was likely to suspend its 75 cents
per share quarterly common stock dividend and halt repayments
on debts of some 6.8 billion dlrs.
    Texaco said it filed for Chaper 11 because suppliers were
demanding cash payments and banks were withholding loans as a
result of a legal dispute with Pennzoil Co <PZL>.
    Texaco is fighting a Texas law requiring it to post a bond
of more than 10 billion dlrs before it can appeal a 1985
judgment that ruled it illegally interfered with Pennzoil's
1984 acquisition of Getty Petroleum Corp <GTY>. The bond almost
matches the damages awarded against Texaco.
    Should Texaco fail to place the bond, Pennzoil could begin
to attach its assets to secure the judgment.
    Last Monday, the Supreme Court overturned a decision to cut
Texaco's bond to one billion dlrs, and sent the issue back to
the Texas courts.
    Analysts said the bankruptcy filing effectively froze all
Texaco's obligations while it continued to appeal the merits of
the Pennzoil lawsuit.
    "Attempts last week to win a compromise on both the bond
issue and the larger dispute failed," James Kinnear, Texaco's
president and chief executive officer, told reporters.
    Kinnear said Pennzoil's disclosure in court papers on
Friday that it wanted to extend the bond issue hearing until
the end of April, pushed Texaco further towards Chapter 11.
    Pennzoil had asked Texaco to post a 5.6 billion dlr cash
bond and to reduce its dividend to not more than 50 pct of
earnings. Pennzoil also wanted assurances that Texaco would not
sell any assets, Kinnear said.
    Texaco offered to put up one billion dlrs in a letter of
credit and agreed not to let the value of its assets fall under
11.1 billion dlrs, he added.
    Joseph Jamail, a Houston attorney for Pennzoil, said the
company had made its latest settlement offer to Texaco on
Saturday and was taken by surprise when Texaco filed for
bankruptcy.
    He declined to reveal the amount of the proposal, citing a
confidentiality agreement between the two companies. "Texaco
told us they would get back to us but instead they chose to go
to bankruptcy court," Jamail said.
    Attorneys for Pennzoil said they believed the company would
prevail in court appeals, adding that Texaco's assets were
ample ultimately to pay the Pennzoil judgment in full.


.I 650
.C
coffee
.W
PATON REPORTS U.S. GREEN COFFEE ROASTINGS HIGHER.
    NEW YORK, April 13 - U.S. roastings of green coffee in the
week ended April 4 were about 275,000 (60-kilo) bags, including
that used for soluble production, compared with 215,000 bags in
the corresponding week of last year and about 320,000 bags in
the week ended March 28, George Gordon Paton and Co Inc
reported.
    It said cumulative roastings for calendar 1987 now total
4,440,000 bags, compared with 4,540,000 bags by this time last
year.


.I 652
.C
acq
.W
WESTERN MINING SELLS ACM STAKE.
    MELBOURNE, April 13 - Western Mining Corp Holdings Ltd
<WMNG.S> (WMC) said it sold its entire holding of 22.13 mln
shares in the gold mining company <Australian Consolidated
Minerals Ltd> (ACM).
    WMC gave no details, but stockbrokers said the sale was
made at eight dlrs a share on Friday to a number of U.S.,
European and Australian investors through WMC's usual brokers.
    The company purchased the 19.9 pct parcel in early March
from Amax Inc <AMX.N> at 6.32 dlrs a share ahead of a
one-for-three bonus issue when Amax sold its entire 47 pct
stake in ACM to a number of local companies.


.I 653
.C
cpi;trade;wpi;income;retail;
.W
YUGOSLAV ECONOMY WORSENED IN 1986, BANK DATA SHOWS.
    BELGRADE, April 13 - National Bank economic data for 1986
shows that Yugoslavia's trade deficit grew, the inflation rate
rose, wages were sharply higher, the money supply expanded and
the value of the dinar fell.
    The trade deficit for 1986 was 2.012 billion dlrs, 25.7 pct
higher than in 1985. The trend continued in the first three
months of this year as exports dropped by 17.8 pct, in hard
currency terms, to 2.124 billion dlrs.
    Yugoslavia this year started quoting trade figures in
dinars based on current exchange rates, instead of dollars
based on a fixed exchange rate of 264.53 dinars per dollar.
    Yugoslavia's balance of payments surplus with the
convertible currency area fell to 245 mln dlrs in 1986 from 344
mln in 1985. The National Bank said the drop was due to a
deterioration in trade. Exports to the convertible currency
area rose 11.6 pct from 1985, while imports rose 17.8 pct.
    Retail prices rose an average of 88.1 pct in 1986 while
industrial producer prices rose by 70.6 pct, the bank's data
showed. The cost of living rose by 89.1 pct.
    Personal incomes rose by 109 pct in 1986.
    Prime Minister Branko Mikulic warned in February that wages
were too high given the level of productivity.
    Mikulic introduced a law cutting wages to the level of the
last quarter of 1986 and tying future rises to productivity.
    Bank statistics show the overall 1986 rise in M-1 money
supply was 109.1 pct with a year-end position of 3,895.9
billion dinars. Yugoslavs have 9.8 billion dlrs worth of
foreign currency savings in the country and 20 billion dlrs
abroad, mostly owned by workers employed in western Europe.
    The dinar fell by 73.1 pct against a basket of hard
currencies in 1986. The highest depreciation was against the
Swiss franc, 85.3 pct, and the lowest against the U.S. Dollar,
46.2 pct.


.I 654
.C
earn
.W
ANZ BANK SETS ONE-FOR-TWO BONUS ISSUE.
    MELBOURNE, April 13 - Australia and New Zealand Banking
Group Ltd <ANZA.S> said it will make a one-for-two bonus issue
from its asset revaluation reserve to shareholders registered
June 2.
    The proposed bonus and an increase in authorised capital to
one billion one-dlr par shares from 600 mln will be put to
shareholders for approval at an extraordinary general meeting
on May 26, the ANZ said in a statement.
    The issue will absorb about 230 mln dlrs of the 260.9 mln
standing in the asset revaluation reserve, it said.
    The bank said that by lowering the dividend rate it expects
to maintain the value of dividend payout on the enlarged
capital at about the level of its last full year ended
September 30. The group paid 31 cents a share and 133.1 mln
dlrs in all for that year.
    Shareholders will also be asked to approve changes in the
bank's articles of association to allow it to offer shares in
lieu of the interim dividend at a discount of five pct to the
market price.
    The group is the latest to announce a tax-free bonus issue
ahead of dividend imputation, effective July 1.


.I 655
.C
interest
.W
UAE CENTRAL BANK CD YIELDS RISE.
    ABU DHABI, April 13 - Yields on certificates of deposit
(CD) offered by the United Arab Emirates Central Bank were
higher than last Monday's offering, the bank said.
    The one-month CD rose 1/4 point to 6-3/8 pct, while the
two, three and six-month maturities rose 5/16 point each to
6-7/16, 6-1/2 and 6-5/8 pct respectively.


.I 657
.C
iron-steel
.W
CHINA SULPHUR-IRON MINE STARTS PRODUCTION.
    PEKING, April 13 - China's largest sulphur-iron mine has
started trial production at Yunfu in the southern province of
Guangdong, the China Daily said.
    It said the mine has an annual output capacity of three mln
tonnes of sulphur-iron ore, which can be used without
processing because of its high quality.


.I 658
.C
copper
.W
CHINA, CHILE TO BUILD COPPER TUBE PLANT IN CHINA.
    PEKING, April 13 - China's state-owned Beijing Non-Ferrous
Metals Industrial Corp and <Wrought Copper Ltd> of Chile signed
a contract to jointly build a copper tube plant on the
outskirts of Peking, the China Daily said.
    The Beijing-Santiago Copper Tube Co involves an investment
of 9.93 mln dlrs and will, on completion, have a production
capacity of 5,000 tonnes of copper tubes a year, it said.
    It said Chile will supply copper at preferential rates to
the venture, whose equipment comes from <Wednesbury Tube Co> of
U.K.
    The agreement calls for joint Sino-Chilean management of
the venture for 15 years, the paper said.
    It said the venture is the first economic cooperation
project between China and Chile, but gave no more details.
    China is a major copper importer. Customs figures show it
imported 171,118 tonnes of copper and alloy in calendar 1986,
down from 355,652 tonnes in 1985.


.I 660
.C
trade
.W
SINGAPORE EXTERNAL TRADE GAINS 8.8 PCT IN QUARTER.
    SINGAPORE, April 13 - Singapore's external trade grew 8.8
pct in first quarter 1987, against a 12.4 pct decline in the
same period last year and two pct growth in the previous
quarter, the Trade Development Board said.
    It said exports over the period rose by 8.7 pct to 12.38
billion dlrs and imports by 8.9 pct to 14.64 billion for a
trade deficit of 2.26 billion, against a 2.06 billion deficit
in the same 1986 period and 1.78 billion deficit previously.
    The growth was attributed to the strength of non-oil trade,
especially computers and computer parts, electronic components
and garments, it said.


.I 661
.C
trade
.W
MALAYSIA'S 1986 MANUFACTURING EXPORTS RISE 24 PCT.
    KUALA LUMPUR, April 13 - Malaysia's manufacturing exports
rose by 24.5 pct to 15.1 billion ringgit in 1986, chairman of
the Export Promotion Council Ahmad Sarji Abdul Hamind said.
    The improved export performance was led by electrical and
electronic products, textiles, footwear, clothing, processed
food, timber, chemical and rubber products, he told a news
conference.
    However, total gross exports for the year declined by 5.6
pct to 35.9 billion ringgit from 38 billion in 1985 due to a
fall in major commodity exports and weak prices, he said.


.I 665
.C
acq
.W
OFFER FOR DOME MAY SHORT-CIRCUIT ITS DEBT TALKS.
    By Larry Welsh, Reuters
    NEW YORK, April 12 - A 3.22 billion dlr offer for Dome
Petroleum Ltd <DMP.MO> by TransCanada Pipelines Ltd <TRP.TO>
may short-circuit Dome's restructuring plan and open the door
for more takeover bids, oil analysts said.
    Dome is trying to get approval for a plan to refinance debt
of more than 4.5 billion dlrs by July 1, 1987, when an interim
debt plan that allowed the Canadian oil and gas firm to defer
substantial payments to creditors will expire.
    Analysts said TransCanada's bid signals Dome's debtholders
that an alternative exists to Dome's debt plan.
    Dome announced its plan to 56 major creditors as well as
public noteholders in March after several months of delicate
negotiations.
    TransCanada's proposal "amounts to a quasi debt
restructuring," oil analyst Doug Gowland of Brown Baldwin Nisker
Ltd said from Toronto.
    Calgary-based Dome's restructuring plan would allow
creditors to convert debt to common shares under a formula yet
to be negotiated. Payments on remaining debt would be linked to
cash flow generated by assets pledged against the debt.
    "The weakness of the whole debt-refinancing proposal is that
even with approval of creditors, there is no assurance that
Dome will in fact be able to repay all of its debt obligations,"
said Wilf Gobert, an oil analyst for Peters and Co Ltd in
Calgary.
    TransCanada's announcement came as a surprise since Dome
was waiting for responses from creditors on its proposed
refinancing packages, Gobert said.
    The TransCanada proposal could open the bidding for Dome
since other potential buyers were probably waiting for lenders
to agree to a restructuring, he added.
    "I would think that the debtholders would want to entertain
any and all offers (for Dome)," Gobert said.
    Dome spokesman David Annesley said in New York that
TransCanada's announcement could be seen as an attempt to fix
the bidding price for Dome and an effort to preclude other
possible buyers from making an offer. "By drawing attention to
us in our discussions, it means that others may be a little
reluctant to come forward," he said.
    Dome does not consider TransCanada's proposal a formal
offer because the pipeline utility's announcement breached a
confidential agreement between the two companies, he said.
    Dome responded to the statement by suspending discussions
with TransCanada in order to pursue talks with other
unidentified parties. However, Dome said its management and
financial advisers would evaluate all proposals, including
TransCanada's.
    Gowland said TransCanada's offer is probably a fair price
for the company's 36.1 mln acres of oil and gas land holdings.
    However, he said not enough financial details are known
about Dome's debt restructuring to compare the value of
TransCanada's proposed offer.


.I 668
.C
money-fx
.W
U.K. MONEY MARKET DEFICIT FORECAST AT 400 MLN STG.
    LONDON, April 13 - The Bank of England said it forecast a
shortage of around 400 mln stg in the money market today.
    Among the main factors affecting liquidity, bills maturing
in official hands and the take-up of treasury bills will drain
some 1.085 billion stg.
    Partly offsetting these outflows, a fall in note
circulation will add some 340 mln stg, exchequer transactions
around 300 mln and bankers' balances above target about 50 mln.


.I 669
.C
cpi
.W
BANGLADESH COST OF LIVING INDEX FALLS IN JANUARY.
    DHAKA, April 13 - Bangladesh's cost of living index fell
1.09 pct in January to 479, after a 1.6 pct decline to 484.28
in December (1973-74 base 100), the Bureau of Statistics said.
    The cost of living index fell 0.14 pct to 434.49 in January
1986.
    In the year to January, inflation ran at 10.24 pct after an
11.3 pct rate a month earlier and 9.72 pct a year earlier.


.I 671
.C
acq
.W
ROTHMANS DENIES SHARE SALE SPECULATION.
    LONDON, April 13 - <Rothmans Holdings (Tobacco) Ltd> said
in a sttement there was "no foundation" to press speculation that
it would sell its stake in Rothmans International Plc <ROT.L>
to Philip Morris Inc <MO.N>, or that it would buy Morris'
stake.
    In the 1986 report, Rothmans International said RHT, which
is controlled by <Rupert Foundation SA>, owned 18.25 mln
ordinary and 64.37 mln B ordinary shares, or 99.9 pct and 26.1
pct respectively.
    Morris owns 79.8 mln B ordinary shares, or 32.4 pct.
Rothmans B shares, which firmed on the speculation to close at
273p from 241p on Friday, eased to 245.5p at 0838 GMT.


.I 674
.C
trade
.W
TRADE ISSUES STRAINING EC'S PATIENCE WITH JAPAN.
    By Gerrard Raven, Reuters
    BRUSSELS, April 13 - Member states of the European
Community are starting to run out of patience with Japan which
they believe has repeatedly promised major initiatives to open
its market to imports, but as often made only minor moves.
    Diplomatic sources here said several recent actions by EC
countries bear witness to a new disillusionment with the
willingness, or at least the ability, of the Japanese
government to reduce its massive trade surplus with the EC.
    However, they said an all-out trade war may be far off, as
EC states know they would suffer almost as much as Japan.
    Senior EC diplomats gave a generally favourable reaction to
an EC executive commission proposal under which the EC could
raise tariffs on a range of Japanese products if the U.S.
Carries out a threat to make a similar move on April 17.
    The EC tariffs, which would involve renouncing obligations
entered into with the world trade body GATT, would be designed
to stop a diversion of exports to the EC market from that of
the U.S.
    The diplomats were meeting as Tokyo announced that the EC's
trade deficit with Japan reached a record 2.13 billion dlrs in
March, up from 1.94 billion in February.
    In 1986, Japanese exports to the EC totalled 30.67 billion
dlrs, up 4.5 pct from 1985, while EC exports to Japan fell one
pct to 12.43 billion dlrs.
    In Paris, trade minister Michel Noir said France has
decided to give Japan a taste of its own medicine.
    Burgeoning imports of microwave ovens and of frozen
Coquilles St Jacques will be restricted by a strict application
of French quality standards -- something EC states say often
happens to their own exports entering Japan.
    Britain has threatened to withdraw the licences of Japanese
banks and insurance companies to operate in the City of London,
because the British Cable and Wireless company lost out in
competition for a Japanese telecommucations contract.
    However, British officials in London have said that the
government may have gone too far in implying that it would take
immediate drastic action unless the contract was reopened.
    By contrast, West Germany, with the EC's most successful
economy, has never threatened Tokyo with sanctions, preferring
to rely on firm diplomacy and encouragement of its own
industries to surmount obstacles to export to Japan.
    The EC Commission itself has switched its tactics in recent
years, substituting general calls for action by Japan to open
its market with specific demands for moves in key areas.
    At present, it is, for instance, pressuring Japan to end
allegedly discriminatory taxation of imported wines and
spirits, to ensure EC companies have a chance to win contracts
for the building of a new international airport, and to
simplify certification and safety checks on imported cars.
    EC officials say these tactics yield some benefits, but
often the Japanese announce modifications of their non-tariff
barriers which open the door to imports by only a token amount.
    They stress, however, that any action must be taken by the
EC as a whole to stop beggar-my-neighbour action.
    One of the problems Britain could face if it were to
withdraw licences for Japanese banks would be that the bankers
would be welcomed with open arms in Frankfurt or Amsterdam,
they point out.


.I 675
.C
earn
.W
MORGAN CRUCIBLE SAYS PROSPECTS ARE ENCOURAGING.
    LONDON, April 13 - Morgan Crucible Co Plc <MGCR.L> said the
prospects for 1987 were encouraging, with orders and sales
significantly up on last year in all divisions.
    It said there were good opportunities for growth in both
existing and recently acquired businesses as well as for growth
by acquisition in related areas.
    It earlier announced a 6.1 mln stg rise in pre-tax profit
to 24.8 mln stg for the year to December 28. Turnover rose to
242.1 mln from 211.5 mln.
    Most of its companies performed well despite a slowdown in
the U.S., U.K. And Australian economies in the first half.
    Currency fluctuations reduced pretax profit by around one
mln stg, it noted.
    Morgan said although profits in the electronics sector
improved to 1.0 mln stg from 100,000 stg previously, results
were nonetheless disappointing.
    Sales were lower than expected, due mainly to delayed
defence orders and cancellations. However, it said it had taken
the necessary remedial action, obtained new business and was
now proceeding with the delivery of major delayed orders.
    Morgan shares firmed two pence to 318p at 0905 GMT from
316p at Friday's close.


.I 676
.C
earn
.W
MORGAN CRUCIBLE PRETAX PROFIT RISES 6.1 MLN STG.
    LONDON, April 13 - Year to December 28, 1986
    Shr 20.1p vs 17.6p
    Div 5.0p vs 4.6p making 9.2p vs 8.5p
    Turnover 242.1 mln stg vs 211.5 mln
    Pretax profit 24.8 mln vs 18.7 mln
    Tax 6.7 mln vs 5.8 mln
    Operating profit 28.3 mln vs 21.3 mln
    Investment income 1.0 mln vs 0.7 mln
    Net finance charges 4.5 mln vs 3.3 mln
    Company full name is Morgan Crucible Co Plc <MGCR.L>
    Minorities and provisions for preference dividends 0.7 mln
vs 1.2 mln
    Extraordinary debit - 0.9 mln vs 1.3 mln credit
    Operating profit includes -
    Carbon 8.3 mln vs 7.0 mln
    Technical ceramics 7.0 mln vs 5.6 mln
    Thermal ceramics 7.6 mln vs 4.6 mln
    Speciality chemicals 4.4 mln vs 4.0 mln
    Electronics 1.0 mln vs 0.1 mln
REUTER^M

.I 677
.C
ipi
.W
SWEDISH INDUSTRIAL PRODUCTION RISES SHARPLY.
    STOCKHOLM, April 13 - Swedish industrial production rose
2.6 pct in February, after a 1.8 pct fall in January, showing a
4.4 pct rise over February 1986 and reaching its highest level
ever, the Central Bureau of Statistics said.
    The rise reflected recovery in almost all sectors after an
exceptionally cold spell in January, the Bureau said, adding
that the highest rises were seen in the forest, chemical and
metal industries.


.I 678
.C
money-fx
.W
KENYA DEVALUES SHILLING BY 0.6 PCT AGAINST SDR.
    NAIROBI, April 13 - Kenya devalued the shilling by 0.6 pct
against the special drawing right (SDR) in response to the
decline of the dollar last last week, bankers said.
    The Central Bank of Kenya set the shilling at 20.7449 to
the SDR compared with the 20.6226 rate in force since the last
devaluation on March 31.
    The Kenyan shilling has lost 5.6 pct of its value against
the SDR this year in a series of devaluations designed to keep
the value of the dollar above 16 shillings.


.I 679
.C
wheat;grain;
.W
AWB CHAIRMAN URGES FARMERS NOT TO CUT PLANTINGS.
    MELBOURNE, April 13 - Australia could lose valuable wheat
markets through lack of availability if plantings for the
coming 1987/88 season are significantly reduced, Australian
Wheat Board (AWB) chairman Clinton Condon said.
    "If predictions of a 30 pct decrease in plantings prove
true, Australia may not be able to supply wheat to some of its
valuable markets," he said in a statement.
    Condon did not say who had made the predictions, but an AWB
spokesman said there was a general industry feeling that
farmers, hard hit by low prices and rising costs, could cut
back plantings sharply. Wheat sowing normally begins in May.
    However, Condon said he did not believe plantings would be
cut by as much as 30 pct although he realised many farmers were
facing enormous financial pressures.
    He said the AWB expects the area sown to be about 10.7 mln
hectares, down from 11.3 mln in 1986/87 when the crop was about
16 mln tonnes. Final crop estimates for 1986/87 and planting
intentions for 1987/88 are not yet available.
    If the AWB is unable, because of a short-term cut in
plantings, to meet the needs of the markets it has developed
with much time and effort, it may have great difficulty selling
wheat to those markets in the future, Condon said.
    "Markets which rely on a steady supply of Australian wheat
understand a decrease in production due to drought but they
will have difficulty understanding a deliberate decision to
decrease production," Condon said.
    "If Australia wants wheat to continue as a major export
income earner, governments and government authorities will need
to closely examine ways of contributing to the continuing
viability of the wheat industry," he added.
    Australia's leading wheat markets include China, Egypt,
Iran, Iraq, the Soviet Union and Japan.


.I 680
.C
acq
.W
WILLIAMS DETAILS ACCEPTANCES OF NORCROS OFFER.
    LONDON, April 13 - <Williams Holdings Plc> said that it had
received acceptances for its offer for Norcros Plc <NCRO.L>
from the holders of 233,448 Norcros ordinary shares, or 0.18
pct, and 180,240 preference shares, or 8.19 pct.
    Before the 568 mln stg contested bid was launched last
month, Williams held 850,000 ordinary shares, or 0.67 pct and
since then it had acquired options to buy a further 1.99 mln or
1.58 pct.
    The offer has been extended to April 15. Norcros shares
eased 26p to 410p on the announcement while Williams fell to
767p from 785p.


.I 681
.C
meal-feed
.W
DUTCH FEED COMPOUNDER STARTS CASE AGAINST EC LEVY.
    ROTTERDAM, April 13 - A major animal feed producer, Cehave
NV Veghel (CHV), has begun legal proceedings against the
application of the European Community grain co-responsibility
levy, with the full backing of the Dutch animal grain and feed
trade association, Het Comite, association chief executive
Peter Pex told Reuters.
    Oral proceedings were held in the Hague on Friday and the
court said it would give its verdict within six weeks. "However,
that is the normal wording and we expect the Hague court to
refer questions on the interpretation and application of the
levy to the European Court of Justice in Luxembourg," Pex added.
    Het Comite claims the way the levy is applied does not take
account of currency cross-rates of exchange and can mean a
compounder in one country being asked to pay a higher levy in
its own national currency than it received down the chain from
the original producer of the grain.
    "We would like the Business Administration Court in the
Hague to ask the Luxembourg Court of Justice not only whether
the Dutch Grain Commodity Board, the levy collection agency,
has interpreted the levy regulations correctly, but also
whether the regulations themselves may contravene European law,"
Pex said.
    "It is only with great regret that we have taken this route,
but we have had no political help, and therefore have no option
even though it could take years," Pex added.
    Het Comite asked CHV to act as a test case against the
grain levy because the bill the company received from the
commodity board included grain from a wide variety of origins
and was therefore considered to be the best general basis for a
legal challenge to the levy, Pex noted.
    Het Comite's actions will run in tandem with questions on
the levy already posed to the Luxembourg Court in a case
brought by the Association of European Animal Feed
Manufacturers, FEFAC.


.I 682
.C
oilseed;grain;corn;groundnut;rice;
.W
CHINA RAISES GRAIN PURCHASE PRICES.
    PEKING, April 13 - China has raised the state purchase
prices of corn, rice, cottonseed and shelled peanuts from April
1 to encourage farmers to grow them, the official China
Commercial Daily said.
    The paper said the price paid for corn from 14 northern
provinces, cities and regions has increased by one yuan per 50
kg. A foreign agricultural expert said the rise will take the
price to 17 fen per jin (0.5 kg) from 16 fen.
    The paper said the price for long-grained rice from 10
southern provinces and cities was raised by 1.5 yuan per 50 kg.
    The paper said the price for round-grained rice from 11
provinces, regions and cities in central, east and northwest
China has been increased by 1.75 yuan per 50 kg. It gave no
more price details.
    It said local authorities must inform farmers of the price
increases before farmers begin planting, to encourage
production of grains and oilseeds.
    Chinese officials have said farmers are unwilling to grow
grain because they can earn more from other crops.


.I 683
.C
cocoa
.W
WEST GERMAN COCOA GRINDINGS WITHIN EXPECTATIONS.
    HAMBURG, April 13 - West German first quarter cocoa
grindings, which rose 2.9 pct from the same 1986 quarter, were
within expectations, trade sources said.
    They described the results, announced Saturday, as normal
and unspectacular, considering that the grind in the fourth
quarter was rather high and some was carried over into the
first quarter.
    Grindings rose to 55,190 tonnes from 53,643 in the first
1986 quarter. A spokesman for the Confectionery Industry
Association said that West German grindings are expected to
stay relatively high in comparison to other West European
countries.


.I 684
.C
gold
.W
ST.GOBAIN UNIT ISSUES ECU BOND WITH GOLD WARRANTS.
    LONDON, April 13 - St.Gobain Netherlands, guaranteed by Cie
de St.Gobain, is issuing a 75 mln ECU bond with gold warrants
attached, due May 6, 1992 carrying a 4-1/2 pct coupon and
priced at par, lead manager Salomon Brothers International Ltd
said.
    Fees comprise 1-1/4 pct selling concession with 5/8 pct for
management and underwriting combined. Listing is in Luxembourg.
    Each 1,000 ECU bond carries one gold warrant exercisable
from May 6, 1987 until May 6, 1990 entitling the holder to
purchase one ounce at an exercise price of 490 dlrs.


.I 685
.C
interest
.W
COMMONWEALTH BANK CUTS AUSTRALIA PRIME TO 17.5 PCT.
    SYDNEY, April 13 - The Commonwealth Bank of Australia said
it will lower its prime lending rate to 17.5 pct from 18.25,
effective April 15.
    The bank's new rate will be the lowest of Australia's
current prime rates. They now range from 17.75 pct to 18.5
after a recent series of reductions since late March following
an easier trend in short term money market rates.
    Two of the three other major trading banks now have prime
rates of 18 pct and one of 18.25.
    The Commonwealth's move reverses an increase from 17.5 pct
in early February.


.I 687
.C
acq
.W
HEPWORTH SELLS U.S. UNIT TO GLOBE MACHINE.
    LONDON, April 13 - Hepworth Ceramic Holdings Plc <HEPC.L>
said it had agreed to sell its <Western Plastics Corp> unit to
<Globe Machine Manufacturing Co> for 16.25 mln dlrs cash.
    Western, which makes polystyrene foam and container
products, has net assets of 19.3 mln dlrs and reported a 1986
pre-tax profit of 0.9 mln.
    The proceeds of the sale would be used to reduce borrowings
and develop activities in the U.K.
    Hepworth shares eased 0.5p on the announcement to 227.5p.


.I 690
.C
acq
.W
BOND CORP TO ACQUIRE 80 PCT OF MERLIN PETE.
    PERTH, April 13 - Bond Corp Holdings Ltd <BONA.S> said it
has agreed to acquire an 80 pct stake in <Merlin International
Petroleum Corp> from <Crowley Maritime Corp> for 90.8 mln U.S.
Dlrs.
    Of this total, 7.8 mln dlrs is due on exchange of contracts
on April 30 and 69 mln on July 7, subject to any regulatory
approvals being obtained, Bond said in a statement.
    The balance of 14 mln dlrs will be paid as required by
Merlin for its exploration and production commitments, it said.
    Bond said Merlin has a 6.25 pct working interest plus a 2.5
pct reversionary interest in the Papua New Guinea permit,
PPL-17, the site of the Iagifu oil discovery.
    Merlin also has a 12.5 pct stake in the adjacent Papuan
Basin permit, PPL-18, which contains the Juha gas and
condensate discovery.
    In addition to Papua New Guinea, Merlin has petroleum
exploration and production interests in the U.S., Bond added.


.I 693
.C
gnp;bop;cpi;jobs;
.W
INSTITUTES DIVIDED ON OUTLOOK FOR GERMAN ECONOMY.
    BONN, April 13 - The five leading West German economic
research institutes have failed to agree about how strongly the
domestic economy will expand this year but revised down
forecasts contained in a report published six months ago.
    The three research groups of Kiel, Hamburg and Essen
predicted in the institutes' joint spring report that gross
national product (GNP) would rise by two pct in 1987, compared
with 2.4 pct in 1986. The five institutes had jointly forecast
three pct 1987 growth in October last year.
    Taking a dissenting view, the DIW institute of West Berlin
and Munich's Ifo institute predicted only one pct 1987 growth.
    The joint report said that the estimates of economic
development made by the DIW and Ifo were "markedly less
favourable" than those of the other three.
    The DIW and Ifo forecast the economy would pick up after a
slow start to the year. "In the second half of 1987 there will,
however, only be a weak upward movement," they said.
    The two institutes said external economic factors which
were currently damaging exports and pushing up imports would
dominate the economic environment throughout the year. They saw
exports falling by a real 2-1/2 pct in 1987 and predicted no
marked improvement in the course of the year.
    The other three institutes, however, wrote: "The decline in
demand and production (seen) in the winter months does not
indicate the beginning of a cyclical downswing."
    They said the sharp rise of the mark had led to corporate
uncertainty and companies had not carried out investment plans.
But they expected that many investments had not been cancelled
but only put off. "It can be presumed that the braking actions
(on the economy) will diminish markedly this year."
    They added: "The domestic prerequisites for a continuation
of the economic uptrend are still favourable."
    These three institutes said diminishing external burdens
combined with favourable domestic conditions meant an upturn in
demand and production could be expected by the spring.
    However, this projection was clouded by risks including the
further development of the mark against the dollar.
    Contrary to the DIW and Ifo, the three institutes said that
while exports would continue to be the weak point of the
economy in 1987, "there is good reason to believe that exports
will soon bottom out and that a slight rise will emerge during
the course of the year." They predicted an overall 0.5 pct fall
in exports in 1987, the same as in 1986.
    The three more positive institutes saw private consumption
rising by four pct in 1987, compared with 4.2 pct in 1986,
while DIW and Ifo predicted a three pct increase.
    They saw the climate for equipment investment improving but
predicted only a rise of four pct in 1987 against 4.6 pct in
1986. Ifo and DIW saw these investments rising by only two pct.
    All the institutes predicted only a slight decline in
unemployment. The Kiel, Hamburg and Essen institutes said the
jobless total would average 2.17 mln in 1987 compared with 2.23
mln in 1986 and predicted a rise in the number of people in
work of about 200,000.
    These three institutes said new jobs would be created
mainly in the private services sector and also by the state in
the context of job creation measures. The construction industry
was likely to engage new workers for the first time since 1980
but they predicted either no rise in employment in the
manufactured goods industry or only a slight expansion.
    The DIW and Ifo said rises in employment would occur only
in the tertiary sector, while "the number employed in the
manufacturing industry will decline."
    The DIW and Ifo said unemployment would only decline to
2.20 mln in 1987 from 2.23 mln in 1986.
    They saw the current account surplus falling in 1987 to 58
billion marks from 78 billion in 1986. The other three saw a
current account surplus in 1987 of at least 60 billion marks
and predicted that the trade surplus would fall to only around
100 billion marks from 112 billion in 1986.
    The institutes agreed that consumer prices would start to
rise in 1987, after they declined in 1986, and all five
predicted an average increase over the year of 0.5 pct.


.I 694
.C
acq
.W
BLUE ARROW TO BUY U.S. RICHARDS COMPANIES.
    LONDON, April 13 - <Blue Arrow Plc> said it had agreed
terms to acquire a group of U.S. Companies collectively known
as the <Richards Companies>, which specialise in executive
recruitment and management consultancy on personnel matters.
    The total consideration will be 29 mln U.S. Dlrs of which
50 pct will be payable in cash and 50 pct by the issue of 1.36
mln new ordinary shares in Blue Arrow.
    The Richard Companies made a pre-tax profit of 3.6 mln dlrs
in the year to end-1986, on turnover of 7.1 mln dlrs with net
tangible assets at the end of 1986 of 3.4 mln dlrs.
    Blue Arrow shares were trading 9p lower at 670 this
morning.


.I 696
.C
money-fx;interest;
.W
SAUDI RIYAL DEPOSITS SURGE ON U.S. RATE RISE.
    BAHRAIN, April 13 - Saudi riyal interbank deposit rates
surged across the board as banks tried to build long positions
in anticipation of a further rise in U.S. Interest rates,
dealers said.
    They said traders expected riyal deposits to follow the
recent strong rise in eurodollar rates sparked by fears of a
tighter U.S. Monetary policy to halt the dollar's slide.
    "There was a wave of panic buying early in the morning as
people tried to cover gaps and build long riyal positions," said
one dealer. As a result, riyal deposits were strongly bid and
traders scrambled for any available offers.
    One-way trade focused mainly on the fixed periods but short
dates also rose, dealers said. Spot-next and one-week deposits
climbed to 6-5/8, 1/8 pct from 6-3/8, six on Sunday.
    One-month deposits rose to 6-1/2, 3/8 pct from 6-1/4, six
and three-month deposits climbed to 6-3/4, 5/8 pct from 6-9/16,
7/16. Six-month deposits also firmed to 7-1/8, seven pct from
7-1/16, 6-7/8 on Sunday.
    The spot riyal was steady at 3.7500/03 to the dollar after
quotes of 3.7498/7503 yesterday.


.I 697
.C
gold;platinum;
.W
LONDON GOLD MORNING FIX HIGHEST SINCE OCTOBER.
    LONDON, April 13 - Gold bullion continued to move higher
supported by good general buying and was fixed this morning at
436.50 dlrs, 268.368 stg, an ounce, up from Friday's close of
432.00/50, dealers said.
    The setting was the highest since October 8 as gold built
on Friday's gains, which had been based on the weakness of the
dollar and fears of a trade war between the United States and
Japan.
    It opened slightly firmer at 433.50/434.00 and moved up
steadily during the morning supported by commission house and
trade buying, dealers said.
    Dealers said there was resistance around 440.00 but with
sentiment still firm some traders believe the rally may even
take gold as high as 500 dlrs.
    Platinum was fixed this morning at 583.50 dlrs an ounce, up
from Friday's close of 578.50/580.50, and also the highest
setting since October.


.I 698
.C
acq
.W
BORG-WARNER AGREES TO BUYOUT BY MERRILL LYNCH FIRM.
    NEW YORK, April 13 - Borg-Warner <BOR> Corp, facing an
unwanted offer from GAF Corp <GAF>, agreed to a 4.23 billion
dlr buyout offer from a company to be formed by <Merrill Lynch
Capital Partners Inc>.
    Borg-Warner and Merrill said yesterday they entered a
definitive merger agreement, under which a subsidiary of the
new company, <AV Holdings Corp>, will begin a 48.50 dlr per
share cash tender offer today for 77.6 mln shares or 89 pct of
Borg-Warner common stock.
    The offer will be followed by a merger in which each
remaining share will be converted into 19.75 dlrs cash and
54.25 dlrs principal amount of AV Holdings junior subordinated
discount debentures.
    As a result of the merger, Borg-Warner will become a wholly
owned subsidiary of AV Holdings. A Borg-Warner spokeswoman said
members of management do not plan to participate in the
transaction, but they will retain their positions with the
company.
    A spokesman for GAF was unavailable for comment. GAF holds
19.9 pct of Borg-Warner's shares.
    GAF had said it would offer 46 dlrs per share.
    Borg-Warner's spokeswoman said the company still plans to
sell its financial services unit, which includes Wells Fargo
security guards, and the Chilton Corp, a credit rating service.
    Borg-Warner has been the focus of takeover speculation for
about a year. Corporate raider Irwin Jacobs last year proposed
a takeover of the firm and until recently held 10 pct of the
stock. Following the GAF offer, analysts had calculated breakup
values for the company in the low 50 dlrs per share range and
speculated an offer would have to be sweetened.
    In its statement, Borg-Warner said its board endorsed the
Merrill offer and it recommended that shareholders tender their
shares. The board received opinions on the offer from its
advisors, First Boston Corp and Goldman, Sachs and Co.
    James Burke, president of Merrill Lynch Capital Partners,
said, "We are very pleased to have entered into this transaction
with Borg-Warner. We are looking forward to working with the
employees of Borg-Warner and to Borg-Warner maintaining its
strong presence in the Chicago community."
    Merrill Lynch will be the dealer-manager for the offer,
which expires at midnight EDT May 8 (0400 GMT, May 9), subject
to conditions, including the completion of necessary financing
arrangements.
    The offer is also subject to a minimum 44.25 mln shares, or
51 pct of the outstanding shares, being tendered.
    Merrill Lynch and certain affiliates have committed to
provide 200 mln dlrs in AV Holdings equity and 870 mln in
subordinated financing and forward underwriting commitments.
    Merrill Lynch said that following discussions with
commercial banks it is confident it can obtain the rest of the
financing required to complete the transaction.
    The junior subordinated discount debentures to be issued in
the merger will carry a 13 pct coupon and will begin paying
cash interest after five years.
    The debentures will be redeemable at the company's option
for the first six years at 105 pct, during the seventh year at
102.5 pct and after that at 100 pct of the principal amount.
    The junior subordinated discount debentures have a maturity
of 20 years and are entitled to a sinking fund commencing in
the 16th year designed to retire 60 pct of the issue before
maturity.
    Borg-Warner will also redeem all of its outstanding 4.50
dlrs cumulative preferred stock, series A, for 100 dlrs per
share. Holders who wish to participate in the offer must first
convert their preferred stock into Borg-Warner common stock.
    The board of Borg-Warner has also taken steps to redeem its
poison pill or share purchase rights for five cents per right,
effective immediately.


.I 699
.C
wpi
.W
U.K. MARCH PRODUCER PRICES RISE 0.3 PCT.
    LONDON, April 13 - The price index for sales of
manufactured goods in the U.K. Rose a provisional, unadjusted
0.3 pct in March after an identical rise in February,
Department of Trade and Industry figures show.
    The index for materials and fuel purchased by manufacturing
industry fell a provisional and unadjusted 1.1 pct after a 1.7
pct fall in February.
    The Department said the year-on-year rise in producer
prices in March was a provisional 3.7 pct, compared with a
provisional 4.2 pct increase in the year to end-February.
    The index for output prices, non-seasonally adjusted, was
put at a provisional 149.7 in March after 149.3 in February.
    The index for input prices, also not seasonally adjusted,
was set at 128.2 in March after February's 129.6.
    The 1.1 pct fall in input prices between February and March
was mainly due to a seasonal fall in industrial electricity
costs and lower scheduled prices for petroleum products, the
Department said.
    The Department said these falls were only partly offset by
a rise in prices of home-produced food manufacturing materials.
    The seasonally adjusted index for input prices showed a 0.2
pct rise between February and March.
    Year-on-year, the input price index was down 0.7 pct in
March after a 2.8 pct drop in February.


.I 701
.C
nat-gas
.W
STATOIL SEEKS SHARE IN THAI GAS FIELD.
    STAVANGER, Norway, April 13 - Norway's state oil company
Den Norske Stats Oljeselskap A/S (Statoil) <STAT.OL>, has told
Thai authorities it is interested in taking a 30 pct share in a
big offshore Thailand gas field, Statoil said.
    The field, in the southern sector of the Gulf of Thailand,
is currently operated by U.S. Oil company Texas Pacific Oil Co
Inc, a unit of Canada's Seagram Co Ltd <VO.N>. Thailand's state
oil company <Petroleum Authority Thailand> (PTT) also holds a
major stake in the field.
    PTT wants to develop the field and has asked Statoil to
consider co-development if the field's licence is renewed.
    PTT, according to Statoil, is currently negotiating with
Texas Pacific to buy back the Dallas-based oil company's
holdings in the field.
    "PTT must first sort out its problems with Texas Pacific.
When this is done, we have said we are interested in taking
over a 30 pct share in the field," Statoil spokesman Willy Olsen
told Reuters.
    Statoil, hired by PTT to carry out an independent appraisal
of the field's reserves and propose a development plan, has
estimated the field could be commercially developed at a cost
of some 700 mln crowns.
    Industry sources said Texas Pacific has submitted lower
reserve estimates for the field than Statoil and shown little
interest in its development. Statoil refused to disclose its
upgraded reserve estimate for the field.
    The field's reserves could be sold domestically through
Thailand's gas distribution network or by converting the gas to
electricity, the sources said.
    Sources would not say which field Statoil is considering.


.I 705
.C
earn
.W
CREDIT COMMERCIAL DE FRANCE SPLITS SHARES.
    PARIS, April 13 - French commercial bank Credit Commercial
de France has split each of its shares into four to increase
the number of shares on offer when it is privatised at the end
of this month, a company official said.
    He told Reuters a general assembly had passed a proposal
splitting 10.33 mln shares of 100 francs nominal into around
41.32 mln shares of 25 francs nominal.
    Market sources have put the total value of CCF's selloff at
between four and five billion francs. The bank said the share
sale price was likely to be announced on April 24, before the
launch of a public flotation offer on April 27.


.I 706
.C
gnp
.W
WEST GERMAN INSTITUTES CALL FOR EARLY TAX CUTS.
    BONN, April 13 - The five leading West German economic
research institutes said the government should do more to
stimulate economic growth and called for early introduction of
tax cuts planned for 1990.
    In their joint spring report the institutes were divided
about 1987 growth forecasts, with three predicting two pct
expansion and the other two only one pct growth. Gross national
product grew 2.4 pct last year.
    But the report said all the institutes believed that "more
must be done to produce dynamic growth so that more additional
jobs can be created."
    The institutes said any step which improved basic economic
conditions should be taken as quickly as possible. "From this
point of view, the tax reform planned for 1990 should be
brought forward."
    The government plans gross tax reductions of 44 billion
marks as part of the major tax reform. The net tax relief from
the tax reform will amount to 25 billion marks.
    However, the institutes criticised the government, not only
for the timing of the reform, but also because the question of
its financing had been left open.
    The government has not specified how the remaining 19
billion marks of the tax reduction package will be paid for,
though it has said it wants to cut state subsidies.
    The institutes said this lack of clarity from Bonn had
caused uncertainty among companies and households as to what
exactly they would receive from the tax reform and urged a
quick decision from the government.
    They also said the government should reduce tax
preferences, which would simplify the fiscal system, urged a
restriction of state spending and called for no increase in
value-added tax.
    The institutes also criticised Bonn for increasing
subsidies at a time further reductions had been pledged.
    They referred specifically to a doubling of special
writedowns for small and medium sized companies announced in a
package of tax adjustments planned for 1988 and described this
as an increase in subsidies.
    The institutes said total subsidies, including tax
preferences, had reached 80 billion marks in 1985 and risen
further since then. Given the scope of these subsidies, it
should be possible "despite ... Major political difficulties" to
finance the tax reform by cutting state handouts.
    The institutes said that if the government raised value
added tax or other indirect taxes a large portion of the
positive effects resulting from lower taxes would be lost.
    The report also noted that the government was progressing
only slowly with its plans to privatise state companies and
said more deregulation was needed. The government had to aim
for more competition, it said.


.I 707
.C
earn
.W
****** Glaxo pre-tax profit 376 mln stg vs 260 mln in six months to end-December.
Blah blah blah.

.I 708
.C
acq
.W
HILLSDOWN BUYS BEDDING COMPANIES FOR 23 MLN DLRS.
    LONDON, April 13 - Hillsdown Holdings Plc <HLDN.L> said its
Christie-Tyler Ltd unit would buy the European bedding making
interests of Simmons Co U.S.A., Owned by Gulf and Western
Industries Inc USA <GW>, for 23 mln dlrs.
    The acquisitions include <Sleepeeze Ltd> in the U.K.,
<Compagnie Continentale Simmons SA> in France and <Compagnia
Italiana Simmons SpA> in Italy.
    In 1986 the three businesses made pre-tax profit of around
2.5 mln stg on sales of 39 mln stg. Net assets being acquired
come to around nine mln stg.
    Hillsdown shares were unchanged at 266p.


.I 710
.C
earn
.W
GLAXO PROFITS UP SHARPLY, DIVIDEND RAISED.
    LONDON, April 13 - Six months to end-December
    Shr 32.6p vs 22.3p
    Div 5.0p vs 4.0p
    Pre-tax profit 376 mln stg vs 260 mln
    Turnover 883 mln vs 686 mln
    Tax 133 mln vs 94 mln
    Note - company full name is Glaxo Holdings Plc <GLXO.L>.
    Trading profit 338 mln vs 233 mln
    Share of profits of associates 14 mln vs seven mln
    Investment income less interest payable 24 mln vs 20 mln
    Profit after tax 243 mln vs 166 mln
    Minority interests two mln vs one mln
    Extraordianry credit eight mln vs nil
    Turnover includes -
    Continuing activities 875 mln vs 647 mln
    Discontinued activities eight mln vs 39 mln
    U.K. 111 mln vs 91 mln
    Europe 299 mln vs 218 mln
    North America 334 mln vs 229 mln
    Central and South America 21 mln vs 20 mln
    Africa and Middle East 29 mln vs 23 mln
    South East Asia and Far East 57 mln vs 47 mln
    Australasia 24 mln vs 19 mln
    Anti-peptic ulcerants 414 mln vs 285 mln
    Systemic antibiotics 112 mln vs 82 mln
    Respiratory system 183 mln vs 141 mln


.I 711
.C
acq
.W
TAKEOVER BATTLE FOR DOME PETROLEUM BEGINS.
    By Solange De Santis, Reuters
    TORONTO, April 13 - A takeover battle began today for
debt-burdened Dome Petroleum Ltd <DMP.MO> as TransCanada
PipeLines Ltd <TRP.TO> announced a 4.3 billion dlr offer and
Dome said it is continuing talks with other possible buyers.
    Companies mentioned in market speculation as potential
buyers for Dome include Imperial Oil Ltd <IMO.A> which is 70
pct owned by Exxon Corp <XON.N>, <PanCanadian Petroleum Ltd>
which is 87 pct owned by the conglomerate Canadian Pacific Ltd
<CP.N> and British Petroleum Co Plc <BP.L>.
    Along with the TransCanada offer, Dome has had another
proposal from "a substantial company" and discussions with a
third company which could lead to an offer, Dome said in a
statement.
    The statement confirmed Dome received TransCanada's bid,
but did not identify the companies involved in talks.
    TransCanada, Canada's largest natural gas pipeline
operator, said it is offering Dome a package of cash, common
and preferred shares, and shares in a new subsidiary which
would own and operate Dome's assets. TransCanada said the offer
is to Dome management, not to shareholders.
    Dome has massive oil and gas landholdings in Canada,
totalling 36.1 mln acres of which 7.4 mln have been developed.
It also has tax credits worth about 2.5 billion dlrs.
    Dome's statement said the TransCanada announcement "violated
the terms and spirit of a confidentiality agreement entered
into with prospective purchasers" and was apparently timed to
prevent Dome from considering other proposals.
    It said the TransCanada bid "seems to require favourable and
substantial taxation concessions from the federal and
provincial governments." But Dome added that its management and
financial advisers will evaluate all proposals.
    TransCanada chief financial officer H. Neil Nichols said he
was surprised at the vehemence of Dome's statement and denied
that TransCanada was trying to usurp other bids. "I find (Dome's
statement) very bothersome. Once the board made the decision to
authorise the proposal, it had a legal obligation to announce
it," he said. Nichols said he did not know the identity of the
other bidders, or the terms of other offers.
    Dome common shares closed at 1.13 dlrs on Friday on the
Toronto Stock Exchange. The preferred class A stock closed at
5.00 dlrs. Common stock traded as high as 25.00 dlrs in 1981.


.I 712
.C
money-fx
.W
BANK OF JAPAN TO SELL 800 BILLION YEN IN BILLS.
    TOKYO, April 13 - The Bank of Japan will sell 800 billion
yen in deficit financing bills today through 51-day repurchase
agreements maturing June 3 to help absorb a projected money
market surplus, money traders said.
    The operation will raise the outstanding supply of the
bills to a record 4,800 billion yen.
    The yield on the bills for sale to banks and securities
houses from money houses will be 3.8999 pct compared with the
two-month commercial bill discount rate today of 3.8750 pct and
the two-month certificate of deposit rate of 4.13/00 pct.
    The traders estimated the surplus today at about 1,800
billion yen.
    They said it is mainly due to 1,300 billion yen of
government tax allocations to local governments and public
entities and to excessive banking system cash holdings due to
continuous large central bank dollar purchases.


.I 714
.C
alum
.W
LME CLARIFIES NEW ALUMINIUM CONTRACT DETAILS.
    LONDON, April 13 - The London Metal Exchange (LME) has
issued a note clarifying details on its new high grade
aluminium contract, in response to questions from members
following the announcement of the contract, due to start June
1.
 All deliverable shapes of aluminium under the high grade
primary aluminium contract (minimum 99.7 pct purity) will also
be deliverable against the standard primary aluminium contract
(min 99.5 pct), the LME said.
    Sows will not constitute good delivery against the standard
contract until September 1, and 99.5 pct purity sows are not
good delivery and cannot be placed on LME warrant.
    The dollar quotation for the high grade contract will be in
multiples of one U.S. Dollar but carries may be made at 50
cents for even tonnages only.
    Singapore, which is the first port warehouse outside Europe
to be used as an LME delivery point, will be used for high
grade metal only and the rent imposed by owners Steinweg will
be 1.05 U.S. Dlr a tonne per week, the LME said.
    The LME Board, in response to representation from the
trade, agreed to annul from LME contracts the minimum weight
requirements of 450 kilos for T-bars and 250 kilos for sows,
effective for high grade on June 1 and for standard on July 24.


.I 715
.C
money-fx;interest;
.W
YIELD ON 91-DAY SAMA DEPOSITS RISES.
    BAHRAIN, April 13 - The yield on 91-day bankers security
deposit accounts issued this week by the Saudi Arabian Monetary
Agency (SAMA) rose to 6.43896 pct from 6.21563 a week ago,
bankers said.
    SAMA lowered the offer price on the 500 mln riyal issue to
98.39844 from 98.45313 last Monday. Like-dated interbank
deposits were quoted today at 6-3/4, 5/8 pct.
    SAMA offers a total of 1.9 billion riyals in 30, 91 and
180-day accounts to banks in the Kingdom each week.


.I 720
.C
sugar
.W
NORTH YEMEN BOUGHT WHITE SUGAR AT TENDER - TRADE.
    LONDON, April 13 - North Yemen at its weekend tender bought
white sugar from a French operator acting on behalf of a Swiss
house at 214.70 dlrs a tonne c and f, traders said.
    The amount bought was not immediately available, although
the country had sought 30,000 tonnes of June arrival whites,
they said.


.I 723
.C
money-fx
.W
U.K. MONEY MARKET GIVEN 75 MLN STG ASSISTANCE.
    LONDON, April 13 - The Bank of England said it had provided
the money market with 75 mln stg help in the morning session.
This compares with the Bank's estimate that the system would
face a shortage of around 400 mln stg today.
    The central bank bought bank bills outright comprising two
mln stg in band two at 9-13/16 pct, 15 mln stg in band three at
9-3/4 pct and 58 mln stg in band three at 9-11/16 pct.


.I 724
.C
dlr;money-fx;
.W
JAPAN CENTRAL BANK ACTIVELY BUYS DOLLARS IN TOKYO.
    TOKYO, April 13 - The Bank of Japan actively bought dollars
here in early afternoon trade at around 142.20 yen, dealers
said.
    The central bank had placed buy orders at that level and
prevented the dollar from falling when it came under heavy
selling pressure from investment trusts and trading houses,
they said.
    However, the intervention failed to boost the U.S. Currency
significantly from the 142.20 yen level, they added.
    The dollar was trading around its midday rate of 142.30
yen. It had opened here at 141.85 yen.


.I 725
.C
money-fx;trade;
.W
CURRENCY MOVES MAY BE HURTING WORLD TRADE.
    By Eric Hall, Reuters
    TOKYO, April 13 - Japanese trade figures are seriously
challenging the entrenched view of policy makers of the Group
of Seven industrialised nations that relative currency rates
are the key to smoothing world trade problems.
    Senior Japanese, U.S. And European officials in Tokyo say
they are at a loss to fully explain the data, for if currencies
are the key they ask, why then are are U.S. Exports to Japan
shrinking?
    What if manipulating currencies and driving the dollar down
made world trade problems worse rather than solving them,
fulfilling Federal Reserve chairman Paul Volcker's forecast of
world trade recession?
    U.S.-Japan trade has declined even after a 40 pct dollar
fall against the yen since the September 1985 Group of Five
pact in New York.
    The lower dollar ought to have made U.S. Exports 40 pct
more competitive in Japan. The officials, most of them
economists, can offer no objective reason why they are not.
    Worse, how are European Community sales to Japan rising
rapidly when the European Currency Unit has until now declined
only 11 pct against the yen.?
    Last week's G-7 meeting in Washington has been widely
interpreted as a sign from the policy makers that the dollar
must go lower. So worst of all, what if Volcker is correct?
    At a loss to give an objective explanation, officials can
only offer explanations which tend to be highly subjective.
    "I don't know and I don't think anyone knows," said Hugh
Richardson, acting head of the EC delegation in Tokyo.
    "What I do know is that Community exporters are making a
hell of an effort in this market. If you make an effort, there
is money to be made in Japan," he added.
    But U.S. Officials and businessmen are convinced low U.S.
Exports to Japan are Japan's fault. They cite restrictive trade
practices, protected Japanese trade sectors, such as
agriculture, and non-tariff barriers, such as unreasonable
checking and customs procedures for car imports.
    Publicly, Japanese officials remain conciliatory in the
face of what they see as U.S. Aggression. In private, they
blame U.S. Industry for being uncompetitive.
    "We see it that way, but we don't like to seem arrogant,"
said a senior official, who declined to be named. "We like to
refrain from accusing them of not making enough effort."
    Industrialists such as Eishiro Saito, chairman of the
Keidanren business group, and Sony Corp chairman Akio Morita
repeatedly accuse foreign firms of not making enough effort to
understand Japan's markets, and some foreigners agree. "The real
issue is the inability of major sectors of American and
European industry to compete not only internationally but even
in their home markets," Peter Huggler, President of Interallianz
Bank Zurich, told a recent conference in Switzerland.
REUTER...^M

.I 728
.C
palm-oil;veg-oil;
.W
SAUDI ARABIA SEEKING RBD PALM OLEIN.
    LONDON, April 13 - Saudi Arabia is in the market for 4,000
tonnes of refined bleached deodorised palm olein for June 1/10
shipment, traders said.


.I 729
.C
zinc
.W
METAL BULLETIN ZINC PRODUCER PRICE.
    LONDON, April 13 - The London based trade journal "METAL
BULLETIN'S" average producer price of good ordinary brand zinc
for week ended April 10 is 790.00 dlrs per tonne.


.I 730
.C
wpi
.W
U.K. PRODUCER PRICES SEEN MOVED BY TECHNICALITIES.
    LONDON, April 13 - U.K. Producer price data for March were
roughly as expected after taking into account technical factors
which affected the year-on-year outcome, economic analysts
said.
    The figures showed a 0.3 pct provisional, non-seasonally
adjusted rise in output prices in March, unchanged from
February and close to the average for the last six months.
    The year-on-year rise was put at 3.7 pct, down from 4.2 pct
in February.
    But Chris Tinker, economist at brokerage house Phillips and
Drew, said the drop in the year-on-year rate mainly reflected a
rise in excise duties which affected the index in March last
year.
    He cautioned that it was dangerous to read too much into
the monthly figure, adding that a rise of only 0.2 pct in April
would take the year-on-year rise back above 4.2 pct.
    Analysts also noted that a drop in manufacturers' input
prices was almost entirely due to anticipated seasonal factors
such as a fall in industrial electricity costs.
    Duncan Squire of Lloyds Merchant Bank said the figures were
slightly disappointing in that the strengthening of sterling
had not yet reduced input prices as much as expected.
    Both he and Tinker said this factor should help keep input
costs down over the next few months, although Tinker added that
last year's fall in oil prices is now about to drop out of the
year-on-year comparisons and is likely to lead to a return to
rises in the index rather than falls.


.I 731
.C
gnp
.W
BANGEMANN REJECTS CALL FOR EARLY TAX CUTS.
    BONN, April 13 - West German Economics Minister Martin
Bangemann indirectly rejected a call from the country's leading
economic research institutes for early introduction of a major
tax reform involving gross tax cuts of 44 billion marks.
    In a statement reacting to the five institutes' joint
spring report, Bangemann said that as far as the call for
bringing forward the 1990 tax reform was concerned --
    "The government points out that the positive effects for
growth of its policy of consolidation (cutting the budget
deficit) must not be allowed to be endangered."
    Bangemann also recalled that the scope of tax cuts planned
for 1988 had already been increased.
    Three institutes predicted two pct economic growth in 1987,
with exports falling by 0.5 pct. The other two saw only one pct
growth and said exports would fall 2.5 pct.
    Bangemann said "The government, agreeing with the majority,
sees no reason for the extraordinarily pessimistic estimate for
exports expressed by the minority."
    He said there was reason to believe that export demand
would start to rise in the course of the year, partly because
of a further increase in world trade.


.I 732
.C
gnp
.W
ITALIAN GDP ROSE 2.4 PCT IN 1986 FOURTH QUARTER.
    ROME, April 13 - Italy's Gross Domestic Product, calculated
at 1980 prices, rose 2.4 pct in the fourth quarter of 1986,
compared with the same period in 1985, National Statistics
Institute ISTAT said.
    ISTAT said in a statement that GDP growth in fourth quarter
1986 was zero compared with the preceding quarter. Italy's
budget ministry said last month that 1986 GDP rose 2.7 pct in
real terms from 1985.
    Imports in the fourth quarter totalled 26,361 billion lire,
down 1.4 pct from the 1985 fourth quarter and down 6.6 pct from
the third 1986 quarter, ISTAT said.
    Istat said exports totaled 23,190 billion lire in the
fourth quarter, down 4.1 pct from the comparable 1985 quarter
and down 6.7 pct from the third quarter in 1986.
    Fixed investments were 23,438 billion lire in the fourth
quarter, down 0.7 pct from the preceding quarter and up 1.1 pct
from the comparable 1985 quarter.


.I 735
.C
dlr
.W
G-7 SEEMS WORRIED MARKETS IGNORE COORDINATION.
    By Peter Torday, Reuters
    WASHINGTON, April 13 - Top officials of leading industrial
nations appear deeply worried that financial markets have
ignored their efforts to coordinate policies, which they
believe they strengthened in talks last week.
    Monetary sources said officials were exasperated that the
markets, which drove the dollar rapidly lower and severely
disrupted bond and stock markets too, did not take heed of the
policy commitments of the Group of Seven -- the United States,
Japan, West Germany, France, Britain, Italy and Canada.
    Treasury Secretary James Baker went out of his way to
reassure markets of his commitment to a stable dollar with a
statement, and French Finance Minister Edouard Balladur
underscored that by saying: "I don't believe at all that the
Americans want a weaker dollar."
    West German Finance Minister Gerhard Stoltenberg said the
dollar's latest rapid descent "involves the risk -- now already
a tangible threat -- of a new strong surge of inflation,
leading to a renewed rise in interest rates."
    But there were signs too, that while policymakers feared
the market uproar, they seemed to accept there was little they
could do until the economic picture changed, and currencies
settled into a stable pattern as a result.
    Nor did there seem to be any enthusiasm at last week's
semi-annual meetings of the IMF and the World Bank for higher
U.S. Interest rates as the best way to curb the dollar's rapid
descent. That distaste stems in part from fears of recession.
    Outgoing Deputy Treasury Secretary Richard Darman told
television interviewers he did not think a policy of driving
the dollar down would solve the U.S. trade deficit.
    "It would slow growth in Germany and Japan which would
adversely affect our trade balance and ultimately it would
drive interest rates up here which would throw us, if not
(into) recession, into slower growth," he said.
    Asked if higher U.S. Interest rates would stabilize the
dollar, Balladur said: "When a currency is maintained
artificially high, by artificially high interest rates, it is
not healthy."
    And resorting to higher interest rates could lead to
recession, he said.
    Acknowledging the dollar's latest slide was now a fact of
life, Balladur said, "there may be adjustments of course in one
or other currencies, this is not a fixed rate system."
    But Federal Reserve Board chairman Paul Volcker said he
might rein in credit if the dollar's slide deepens.
    U.S. Monetary sources also said Washington wanted it
understood by markets the seven's commitments were genuine.
    "The United States and the six major industrial countries
are fully committed to implementing our undertakings in these
agreements," Baker told the meetings.
    Darman said Baker had been misinterpreted by markets which
wrongly believed earlier remarks suggested he wanted a further
decline in the dollar. Baker, Darman said, was committed to
stabilizing currencies at current levels.
    Last week's statement from the seven reaffirmed a February
22 agreement in Paris in which the Reagan administration agreed
to reach a budget deficit compromise with Congress and to fight
protectionism.
    West Germany and Japan, meanwhile, agreed to stimulate
domestic demand and lead a global upturn.
    Ministers believed the Paris pact was bolstered by Japan's
promise of a 35 billion dlr supplementary budget.
    The sources said they believed Baker saw it as a major
action. But the seven seem to accept their commitment to stable
currencies applied to today's exchange rates and not those at
the time of the Paris agreement, when the dollar stood higher.
    The Paris accord said, "currencies (are) within ranges
broadly consistent with underlying economic fundamentals, given
the policy commitments summarized in this statement."
    Now they accept the dollar's lower level, especially
against the yen, as hard reality that is nonetheless consistent
with the agreement. "The ministers and governors reaffirmed the
view that around current levels their currencies are within
ranges broadly consistent with fundamentals," last week's
statement read.
    Monetary sources said policymakers understood markets were
focusing on instability created by the gap between the U.S.
Trade deficit and the surpluses of West Germany and Japan
rather than prospective policy changes. European monetary
sources said Bonn was still unconvinced that Washington meant
business with its commitment to cut the budget deficit.


.I 736
.C
gnp
.W
INSTITUTES SEE NO WEST GERMAN RECESSION.
    BONN, April 13 - The five leading West German economic
research institutes, which have revised down their forecasts
for 1987 growth, do not predict a recession in West Germany,
their spokesman, Hans-Juergen Schmahl said.
    The institutes were divided in their spring report on
forecasts for 1987, with three predicting two pct growth and
two seeing only one pct expansion. Growth was 2.4 pct in 1986.
    Schmahl, presenting the report at a news conference, said,
"None of the institutes reckons with a recession or with the
beginning of a recession." He added, however, that exports
remained the weak point of the economy .
    Schmahl also said West Germany would have to expect further
encroachments of foreign goods onto its markets.
    Arthur Krumper of Munich's Ifo institute, which with the
DIW of West Berlin had presented the more pessimistic view of
the economy, said, "The braking effects (on the economy)
produced by external factors will remain considerable for most
of the year."


.I 737
.C
earn
.W
DEPOSIT GUARANTY CORP <DEPS> 1ST QTR NET.
    JACKSON, Miss., April 13 -
    Shr 1.11 dlrs vs 1.10 dlrs
    Shr diluted 1.03 dlrs vs 1.02 dlrs
    Net 8,186,000 vs 8,114,000


.I 738
.C
acq
.W
COMPUTER ASSOCIATES <CA> STARTS BPI <BPII> BID.
    NEW YORK, April 13 - Computer Associates International Inc
said it has started its previously-announced 1.92 dlr per share
tender offer for all shares of BPI Systems Inc.
    In a newspaper advertisement, the company said the offer,
which has been approved by the BPI board and is to be followed
by a merger at the same price, is conditioned on receipt of at
least 1,813,742 shares.  The offer and withdrawal rights expire
May 15 unless extended.
    In addition to shares sought in the tender, shareholders of
BPI owning 1,951,720 shares or 34.6 pct have agreed to sell
their shares to Computer Associates for the tender price.


.I 741
.C
earn
.W
KING WORLD PRODUCTIONS INC <KWP> 2ND QTR FEB 28.
    NEW YORK, April 13 -
    Shr 21 cts vs eight cts
    Net 6,597,000 vs 2,602,000
    Revs 56.4 mln vs 23.2 mln
    1st half
    Shr 57 cts vs 32 cts
    Net 17.6 mln vs 9,810,000
    Revs 137.7 mln vs 76.0 mln


.I 742
.C
earn
.W
BLUE CIRCLE PROFITS, DIVIDEND RISE.
    LONDON, April 13 - Year to end-December Shr 76.7p vs 67.7p
    Div 17p making 23p vs 21p
    Pretax profit 127.0 mln stg vs 116.9 mln
    Turnover 1.10 billion vs 947.2 mln
    Tax 25.0 mln vs 26.3 mln
    Note - company full name is Blue Circle Industries Plc
<BCIL.L>. Company said it proposes one-for-one capitalisation
issue
    Gross profit 390.9 mln vs 321.6 mln
    Distribution costs 215.6 mln vs 177.6 mln
    Administrative expenses 65.1 mln vs 58.9 mln
    Other operating income 5.3 mln vs 11.0 mln
    Share of profits of related companies 50.0 mln vs 58.1 mln
    Operating profit 165.5 mln vs 154.2 mln
    Net interest payable 33.6 mln vs 32.2 mln
    Exceptional items 4.9 mln debit vs 5.1 mln debit
    Minorities 3.4 mln vs 6.9 mln
    Extraordinary items after tax 39.5 mln vs 4.2 mln
    Pretax profit includes -
    U.K. 37.7 mln vs 20.5 mln
    U.S. 27.5 mln vs 22.8 mln
    Mexico 15.0 mln vs 20.7 mln
    Australasia 15.7 mln vs 13.2 mln
    Africa 12.0 mln vs 12.6 mln


.I 745
.C
acq
.W
CRAZY EDDIE <CRZY> MAY MAKE ACQUISITION.
    EDISON, N.J., April 13 - Crazy Eddie Inc said it is
negotiating for the possible acquisition of Benel Distributors
Ltd, which operates Crazy Eddie Record and Tape Asylums in all
Crazy Eddie stores.
    It said the acquisition would probably also include
affiliate Disc-o-Mat Inc, which operates a number of record and
tape stores in the New York metropolitan area.
    Other details were not disclosed.


.I 746
.C
acq
.W
CRAZY EDDIE <CRZY> SETS DEFENSIVE RIGHTS.
    EDISON, N.J., April 13 - Crazy Eddie Inc said its board has
adopted a defensive shareholder rights plan and said it has
received "friendly inquiries" on its acquisition.
    It said under the plan, shareholdrs of record as of April
21 will receive a right to purchase under certain circumstances
at a price of 42 dlrs 0.01 preferred share for each common
share held.  The rights will expire April Nine.
    The company said the rights would be exercisable 20
business days after a party were to acquire 20 pct or more of
Crazy Eddie common stock or announce a tender or exchange offer
that would result in ownership of 30 pct or more.
    Crazy Eddie said if a party owning 20 pct or more of its
stock were to merge into it or if a party were to acquire 40
pct or more of Crazy Eddie stock, right holders other than the
acquiring party would be entitled to acquire common shares or
other securities or assets with a market value equal to twice
the rights' exercise price.
    If after a party acquired 20 pct or more of its stock Crazy
Eddie were acquired or 50 pct of its earnings power or assets
sold, rightholders other than the acquirer would be entitled to
buy shares of the acquirer's common stock worth twice the
rights' exercise price, the company said.
    Crazy Eddie said if a party were to acquire 30 pct or more
of its common stock and then fail to acquire Crazy Eddie within
180 days thereafter, rightholders would be entitled to exchange
their Crazy Eddie common stock for subordinated notes of Crazy
Eddie maturing either one year or, above a certain dollar limt,
five years after issuance.
    Crazy Eddie said adoption of the plan is not in response to
any known effort to acquire control of it.  But the company
said it has become aware of some "possible accumulations" of
its stock has has received some "friendly inquiries."


.I 747
.C
gold
.W
SIX KILLED IN SOUTH AFRICAN MINE.
    JOHANNESBURG, April 13 - Six workers were killed and four
injured in an undeground rock fall at South Africa's second
largest gold mine today, the mine owners said.
    It was the third major mine accident in the country in less
than a week.
    Thirty four workers died in methane gas explosion at a coal
mine last Thursday.


.I 748
.C
money-fx
.W
ZAMBIA'S KWACHA FALLS AT WEEKLY AUCTION.
    LUSAKA, April 13 - The Zambian kwacha fell at this week's
foreign exchange auction to 18.75 kwacha to the dollar from
last week's 16.95, the Bank of Zambia said.
    The rate was the lowest since the auctions resumed two
weeks ago under a new two-tier exchange rate system worked out
with the World Bank and International Monetary Fund.
    The Bank of Zambia said it received 370 bids, ranging from
13.00 to 20.75 kwacha, for the six mln dlrs on offer. One
hundred and thirty-five bids were successful.
    A British High Commission spokesman said Britain would put
eight mln stg into the auction at a rate of one mln a week as
soon as Zambia reached a full agreement with the IMF.
    The money could be spent only on goods produced and
supplied by British firms, excluding luxuries and defence
equipment, the spokesman added.


.I 749
.C
interest
.W
U.S. SENATE LEADER CALLS FOR INTEREST RATE CUTS.
    WASHINGTON, April 12 - Senate Finance Committee Chairman
Lloyd Bentsen (D-Tex.) called on major industrial countries to
make a pledge at the coming economic summit in Venice to cut
interest rates.
    "I think at the summit meeting in Venice what we ought to be
trying to do is to get the other major industrial nations that
are involved to bring interest rates down, say, one pct,"
Bentsen told NBC Television's "Meet the Press."
    Bentsen said coordinated rate cuts could take "billions off
the debt service of the Latin countries" and help ease
protectionist pressures in the industrial countries.
    Bentsen also South Korea and Taiwan should be pressured to
revalue their currencies in relation to the U.S. dollar.
    "You take the Taiwanese, with an enormous capital surplus,
enormous trade surplus, and we've had very little cooperation
there," he said.
    Departing Deputy Treasury Secretary Richard Darman told the
same television network he agreed that the U.S. dollar had not
fallen enough against the currencies of some countries.
    "I think that more does have to be done there in
negotiations with the countries involved, the so-called NICs
(newly industrialized countries)," he said.
    Darman said such negotiations with newly industrialized
countries were underway privately.
    Bentsen predicted Congress and the White House would agree
on a fiscal 1988 budget that would raise between 18 and 22
billion dlrs in new revenues.
    The Texas senator said a series of excise taxes would be
considered by Congress, including an extension of the telephone
tax and new levies on liquor and cigarettes.
    Bentsen said he supported an oil import fee, but that it
would not happen without President Reagan's support.
    Darman called for a "top level negotiation" between the White
House and Congress on a budget compromise that would include
asset sales, some excise taxes, cuts in middle-class
entitlement programs, "a reasonable, steady rate of growth in
defense" and reform of the budget process.


.I 750
.C
acq
.W
OFFER FOR DOME MAY SHORT-CIRCUIT ITS DEBT TALKS.
    By Larry Welsh, Reuters
    NEW YORK, April 13 - A 3.22 billion dlr offer for Dome
Petroleum Ltd <DMP.MO> by TransCanada Pipelines Ltd <TRP.TO>
may short-circuit Dome's restructuring plan and open the door
for more takeover bids, oil analysts said.
    Dome is trying to get approval for a plan to refinance debt
of more than 4.5 billion dlrs by July 1, 1987, when an interim
debt plan that allowed the Canadian oil and gas firm to defer
substantial payments to creditors will expire.
    Analysts said TransCanada's bid signals Dome's debtholders
that an alternative exists to Dome's debt plan.
    Dome announced its plan to 56 major creditors as well as
public noteholders in March after several months of delicate
negotiations.
    TransCanada's proposal "amounts to a quasi debt
restructuring," oil analyst Doug Gowland of Brown Baldwin Nisker
Ltd said from Toronto.
    Calgary-based Dome's restructuring plan would allow
creditors to convert debt to common shares under a formula yet
to be negotiated. Payments on remaining debt would be linked to
cash flow generated by assets pledged against the debt.
    "The weakness of the whole debt-refinancing proposal is that
even with approval of creditors, there is no assurance that
Dome will in fact be able to repay all of its debt obligations,"
said Wilf Gobert, an oil analyst for Peters and Co Ltd in
Calgary.
    TransCanada's announcement came as a surprise since Dome
was waiting for responses from creditors on its proposed
refinancing packages, Gobert said.
    The TransCanada proposal could open the bidding for Dome
since other potential buyers were probably waiting for lenders
to agree to a restructuring, he added.
    "I would think that the debtholders would want to entertain
any and all offers (for Dome)," Gobert said.
    Dome spokesman David Annesley said in New York that
TransCanada's announcement could be seen as an attempt to fix
the bidding price for Dome and an effort to preclude other
possible buyers from making an offer. "By drawing attention to
us in our discussions, it means that others may be a little
reluctant to come forward," he said.
    Dome does not consider TransCanada's proposal a formal
offer because the pipeline utility's announcement breached a
confidential agreement between the two companies, he said.
    Dome responded to the statement by suspending discussions
with TransCanada in order to pursue talks with other
unidentified parties. However, Dome said its management and
financial advisers would evaluate all proposals, including
TransCanada's.
    Gowland said TransCanada's offer is probably a fair price
for the company's 36.1 mln acres of oil and gas land holdings.
    However, he said not enough financial details are known
about Dome's debt restructuring to compare the value of
TransCanada's proposed offer.


.I 751
.C
acq
.W
SOSNOFF RAISES BID FOR CAESARS WORLD <CAW>.
    NEW YORK, April 13 - Investor Martin T. Sosnoff said he has
raised his offer for Caesars World Inc shares to 32 dlrs each
from 28 dlrs and has reduced the number of shares he is seeking
to 29.1 mln from all those not already owned.
    In a newspaper advertisement, Sosnoff said the bid by his
MTS Acquisition Corp, withdrawal rights and the proration
period will now expire June 19 unless extended. The offer had
been scheduled to expire May 15. In late March, Sosnoff said he
had received a "negligible" number of shares in response to the
offer, which had been rejected by Caesars as inadequate.
    Sosnoff already owns about four mln of Caesars' 30 mln
common shares now outstanding, or a 13.3 pct interest on a
primary basis.
    Last week, Caesars' board approved a recapitalization plan
as an alternative to the Sosnoff offer under which shareholders
would receive a special dividend of 25 dlrs per share, subject
to approval by shareholders at a special meeting to be held in
June.
    The company planned to borrow 200 mln dlrs and sell 800 mln
dlrs in debt to finance the payout.
    Sosnoff said in the newspaper advertisement that the
amended offer is conditioned on receipt of enough shares to
give him a majority interest on a fully diluted basis and on
the arrangement of financing, as well as to approvals by New
Jersey and Nevada gaming authorities.
    He said the tender would be the first step in acquiring all
of Caesars' shares and if successful would be followed by a
merger transaction.
    Sosnoff said later in a statement that the 29.1 mln shares
he is now seeking, together with the 4,217,675 shares he owns,
would give him a 92.4 pct interest on a fully diluted basis.
    He said he still has received only a "negligible" number of
shares in response to his tender.
    In a letter to Caesars' chairman Henry Gluck included in
the statement, Sosnoff said Gluck had again refused, on April
8, to meet with him, even though he had said he was willing to
increase the price of his offer.
    Sosnoff said the financing for the offer is almost fully in
place.
    Sosnoff said PaineWebber Group Inc <PWJ> has now delivered
to him commitments to purchase up to 475 mln dlrs of increasing
dividend cumulative exchangeable preferred stock of MTS Holding
Corp, an indirect parent corporation of MTS Acquisition.
    He said Marine Midland Banks Inc <MM>, which leads a
syndicate that has provided commitments for a 500 mln dlr
margin facility, believes it will be able to arrange for
further commitments under the margin facility to advance up to
an additional 25 mln dlrs that may be needed to permit the
purchase of shares under the offer.
    Sosnoff said under the merger that would follow his tender,
each of the 2,750,000 Caesars shares not covered by the offer,
or 7.6 pct on a fully diluted basis, would be converted into
Series A preferred stock valued at 32 dlrs per shareby an
independent investment baking firm.
    He said "To the extent that fewer than 29,100,000 sdhares
are purchased in the offer, the stockholders would receive a
combination of cash and Series A preferred stock having a value
of 32 dlrs per share of Caesars."
    Sosnoff said he believes terms of his offer are superior to
Caesars' recapitalization.
    Sosnoff said he will be meeting this week with gaming
officials in Nevada in an effort to expedite the investigatory
process required for regulatory approval, a process that it
already underway in New Jersey.
    He said his offer has been extended based on the likely
duration of the regulatory process.
    He said he intends to further extend the offer if the
approval process is not completed by the expiration date.


.I 754
.C
earn
.W
COMPACT VIDEO INC <CVSI.O> YEAR LOSS.
    NEW YORK, April 13 -
    Shr loss 67 cts vs loss two cts
    Net loss 3,721,000 vs loss 107,000
    Revs 155.7 mln vs 24.2 mln
    NOTE: Results for 12 months ended Dec 31, 1986, and eight
months ended Dec 31 1985. Because of the acquisition of Brooks
Drug in September 1986 and the company's change of fiscal year,
prior-year results are not comparable, Compact Video explained.


.I 756
.C
earn
.W
NEWORLD BANK FOR SAVINGS <NWOR> 1ST QTR NET.
    BOSTON, April 13 -
    Oper shr 45 cts vs 26 cts
    Oper net 2,258,000 vs 1,166,000
    NOTE: 1986 net excludes 842,000 dlr tax credit.


.I 758
.C
acq
.W
******USAIR TO BUY 55 PCT OF 17.0 MLN PIEDMONT SHARES TENDERED.
Blah blah blah.

.I 760
.C
tea
.W
PAKISTAN CONFIRMS KENYA TEA IMPORT INVESTIGATION.
    ISLAMABAD, April 13 - Pakistan's Corporate Law Authority,
CLA, has begun an enquiry into imports of tea from Kenya and
the trade imbalance between the two countries, CLA chairman
Irtiza Husain confirmed.
    He told Reuters by telephone that importers Liptons and
Brooke Bond had been asked to supply data to the authority and
a hearing would be held.
    The CLA would then report back to the Commerce Ministry,
which had requested the enquiry. Husain said no date had yet
been set for the hearing and declined to give further details
of the matter.
    Industry sources told Reuters reports that the companies'
tea import licences had been suspended were incorrect.


.I 761
.C
gnp;bop;cpi;
.W
PORTUGUESE ECONOMY REMAINS BUOYANT DESPITE CRISIS.
    By Pascal Fletcher, Reuters
    LISBON, April 13 - Portugal's economy, which has been
enjoying one of its most buoyant periods in more than a decade,
may now be strong enough to shrug off the country's latest
government crisis, analysts said.
    But the April 3 ousting of Prime Minister Anibal Cavaco
Silva's government could slow economic reforms and investment
as Portugal continues to adapt to membership in the European
Community, which it joined in January last year, they said.
    Cavaco Silva's minority Social Democratic Party, PSD, was
toppled in a parliamentary censure vote by left-wing parties.
    The centre-right administration had made economic growth
reform a priority in its 17 months in office.
    In 1986, Portugal's economy grew four pct, its current
account surplus swelled to more than one billion dlrs and
inflation fell to 10 pct, from 20 pct in 1985.
    Analysts and businessmen said the prospects of instability
were worrying but they felt the foundations for continued
growth had not been badly shaken.
    "The economy has developed a certain self-confidence that is
now less dependent on the political situation," said Fritz
Haser, economics professor at Universidade Livre, Lisbon.
    "The market doesn't see this as a real crisis yet," economist
Jorge Braga de Macedo told Reuters.
    Businessmen have identified political instability over the
last 13 years as one of the biggest obstacles to lasting
economic progress.
    The PSD administration was the 16th formed since the 1974
revolution.
    Portugal's developing stock markets, however, remain
buoyant. Brokers and unit trust managers said the recent surge
in economic confidence under the PSD rule was still largely
underpinned by continuing optimistic forecasts.
    Investment grew nearly 10 pct in 1986 and a Bank of
Portugal forecast, released on the day the PSD government fell,
predicted the pace of investment and overall economic growth
would remain at similar levels this year.
    But analysts said the crisis interrupted current policies
and could slow economic development.
    Soares, who is expected to announce a decision by the end
of the month, can either call early elections or form a new
government from parties in the existing left wing-dominated
parliament.
    Many businessmen said they strongly favoured quick
elections as the best solution. "There is a good chance that a
majority government could result from early elections,"
Confederation of Portuguese Industry (CIP) president Pedro
Ferraz da Costa said.
    He said they were optimistic this could mean the
continuation in the near future of liberalisation policies
introduced over the last year.
    The left-wing parties favour a parliamentary solution, but
the PSD said it wants an early election in which opinion polls
say they could win an overall majority.
    A PSD majority would also open the way for more
wide-ranging reforms, such as relaxation of labour laws and
possible denationalisation of industry, the analysts said.
    Cavaco Silva has accused the left-wing opposition parties
of blocking key economic reforms.
    The left-wingers said Portugal's positive economic results
were more the product of favourable international conditions
such as cheaper oil and raw material imports, than of PSD
policies.


.I 763
.C
earn
.W
******MERRILL LYNCH FIRST QTR SHR ONE DLR VS 85 CTS.
Blah blah blah.

.I 765
.C
earn
.W
MERRILL LYNCH AND CO <MER> 1ST QTR NET.
    NEW YORK, April 13 -
    Shr primary one dlr vs 85 cts
    Shr diluted 97 cts vs 81 cts
    Net 108.6 mln vs 86.8 mln
    Rev 2.70 billion vs 2.17 billion


.I 767
.C
acq
.W
CORONA <ICR.TO> FAVORS ROYEX <RGM.TO> OFFER.
    TORONTO, April 13 - International Corona Resources Ltd said
its board of directors believes that terms of Royex Gold Mining
Corp's previously announced offer are fair and reasonable, but
it decided it will make no recommendation on the offer to its
shareholders.
    Royex on March 31 offered to buy four mln Corona shares.
For each Corona share it offered four dlrs cash, one series B
share of Royex, one series C share of Royex and one share
purchase warrant. It also bid for all Corona warrants expiring
Aug 31, 1987.



.I 768
.C
acq
.W
S.ATLANTIC <SOAF.O>, INDEPENDENCE <INHO.O> MERGE.
    STAMFORD, Conn., April 13 - South Atlantic Financial Corp
said it has agreed in principle to merge with Independence
Holding Co into a new company to be called SAFCO International
Ltd.
    It said each South Atlantic share would be exchanged for
one SAFCO share and each Independence share for 2.822 SAFCO
shares.
    Independence now owns about 40 pct of South Atlantic's 9.8
mln primary common shares.
    South Atlantic said said its chairman and chief executive
officer Sheldon S. Gordon would have the same posts with SAFCO
and Independence president Ronald G. Strackbein would be
president of SAFCO.
    The company said the transaction is subject to execution of
definitive agreements, the receipt of fairness opinions from
investment banks and approval by boards and shareholders of
both companies.  It said proxy materials are expected to be
maioled this quarter.   Both South Atlantic and Independence
are insurance companies.


.I 769
.C
earn
.W
HOME FEDERAL UPPER EAST TENNESSEE <HFET> 1ST QTR.
    JOHNSON CITY, Tenn., April 13 -
    Shr 47 cts vs not given
    Net 2,100,000 vs 1,277,000
    NOTE: Company went public in fourth quarter of 1986.
    Home Federal Savings and Loan Association of Upper East
Tennessee.


.I 771
.C
livestock
.W
U.S. FEEDER STEER PRICE.
    Chicago, April 13 - The U.S. Feeder Steer Price, or USFSP,
as posted by the CME is calculated by Cattle Fax and represents
the price used for cash settlement of the CME Feeder Cattle
contract.
    The USFSP is a seven-calendar-day average of feeder steer
prices from 27 states, based on auction and direct country
sales for feeder steers that weigh between 600 and 800 lbs and
are estimated to grade between 60 and 80 pct choice when fed to
slaughter weight.
    April 9         Previous quote
    70.03             69.87


.I 773
.C
nat-gas
.W
COLUMBIA GAS <CG> SEEKS CONTRACT COST RECOVERY.
    CHARLESTON, W. Va., April 13 - Columbia Gas Transmission
corp said it made an abbreviated, streamlined filing with the
Federal Energy Regulatory Commission to recover a portion if
its costs of renegotiating high-cost gas purchase contracts.
    Recently, the Columbia Gas System Inc pipeline subsidiary
said, FERC denied on procedural grounds and without prejudice a
proposal to include these costs in the company's most recent
purchased gas adjustment -- or PGA -- filing.
    Noting it has has asked for a rehearing on the denial
ruling, Columbia Gas said it would withdraw its alternative
filing if the commission grantes its request for a rehearing to
include the contract renegotiation costs in its PGA or
consolidates this issue in the pipeline's general rate filing
and permit recovery, subject to refund, effective April one.
    The company said the alternative filing seeks to recover
about 79 mln dlrs a year through the pipeline's non-gas sales
commodity rates. This annual amortization amount is based on
recovery of about 653 mln drls over an 8-1/4 year period,
beginning April 1, 1987.
    Columbia Gas said the filing would increase the pipeline
commodity rates by 15.74 cts per mln Btu to 2.95 dlrs per mln.
    The company said it orginially sought to include these
costs in its PGA since the payments to products resulted in
almost five billion dlrs in prospective price relief and were
not related to take-or-pay buyout costs.
    It explained this interpretation was based on FERC's April
10, 1985, Statement of Policy which said that only take-or-pay
buyout costs must be recovered through a general rate filing
under the Natural Gas Act.
    As a result of renegotiating contracts for high-cost gas,
Columbia Gas said, it has been able to reduce the average price
paid for gas purchased from Southwest producers to 1.96 dlrs
per mln Btu in December 1986 from 3.64 dlrs per mln in April
1985.
    The pipeline said Southwestern producers account for 46 pct
of its total available gas supply this year.


.I 776
.C
cpi
.W
HUNGARY RAISES PRICES IN EFFORT TO CURB DEFICIT.
    BUDAPEST, April 13 - Hungary has announced sharp price
increases for a range of food and consumer products as part of
its efforts to curb a soaring budget deficit.
    The official MTI news agency said the government decided
consumer price subsidies had to be cut to reduce state
spending. From today the price of meat will rise by an average
18 pct and that of beer and spirits by 10 pct, MTI said.
    The measures are also aimed at cooling an overheated
economy, and could help dampen Hungarians' appetite for
imported Western goods which consume increasingly expensive
hard currency, the diplomats said.
    The diplomats also said, however, that they did not expect
the kind of social unrest that followed sharp price rises in
other East Bloc states, notably Poland.
    MTI said consumer goods will also become more expensive,
with the price of refrigerators rising some five pct. It also
announced a number of measures to ease hardship, including
higher pensions and family allowances.


.I 778
.C
acq
.W
******P.H. GLATFELTER CO SAYS IT WILL BUY ECUSTA CORP FOR 149 MLN DLRS IN CASH.
Blah blah blah.

.I 779
.C
earn
.W
FAMILY HEALTH SYSTEMS INC <FHSY> 2ND QTR FEB 28.
    CHARLESTON, W.Va., April 13 -
    Shr profit one ct vs nil
    Net profit 74,000 vs profit 10,000
    Revs 925,000 vs 112,000
    Avg shrs 10 mln vs nine mln
    Six mths
    Shr loss nil vs loss one ct
    Net loss 16,000 vs loss 90,000
    Revs 1,855,000 vs 333,000


.I 781
.C
earn
.W
INTERNATIONAL BUSINESS MACHINES CORP <IBM> NET.
    ARMONK, N.Y., April 13 - 1st qtr
    Shr 1.30 dlrs vs 1.65 dlrs
    Net 785 mln vs 1.02 billion
    Gross income 10.68 billion vs 10.13 billion
    Avg shrs 604.6 mln vs 615.6 mln
    NOTE: Pretax net 1.34 billion vs 1.83 billion.
    Sales 6.50 billion vs 6.10 billion, maintenance gross
income 1.95 billion vs 1.77 billion, program products gross
income 1.40 billion vs 1.15 billion and rentals and other
services 825 mln vs 1.10 billion.


.I 782
.C
acq
.W
USAIR <U> REPORTS FINAL PRORATION FACTOR.
    WASHINGTON, April 13 - USAir Group Inc said, in announcing
the final proration factor for its tender offer for Piedmont
Aviation Inc <PIE>, that 17.0 mln shares, or 90 pct of the
shares were validly tendered.
    USAir said it has purchased and will pay for 9.3 mln
shares, representing about 55 pct of those tendered.


.I 783
.C
gold;silver;platinum;
.W
MORE BRITISH GOLD ARTICLES HALLMARKED.
    LONDON, April 13 - The number of British gold articles
hallmarked during the first quarter of this year rose by more
than 11 pct on the corresponding period last year, figures
released by the Assay Offices of Great Britain show.
    More than 2.5 mln British items were hallmarked during the
quarter, up 11.1 pct on the same year ago period. The four
Assay Offices also marked 832,222 foreign gold articles, up 2.5
pct on last year.
    In weight terms the 7.19 mln grams of British gold assayed
was a 15.3 pct increase, while the 2.95 mln grams of foreign
gold represented a rise of 3.1 pct.
    British silver goods assayed totalled 698,132, an increase
of 6.2 pct but only 78,457 foreign items were marked, a fall of
11.1 pct.
    A total of 10,968 kilos of silver were assayed, an 11.1 pct
rise.
    The number of platinum items marked fell 12.5 pct to 1,785,
while in weight terms the total slipped 8.1 pct to 9,849 grams.
    A spokesman for the Assay Offices of Great Britain said he
was particularly encouraged to see the percentage increase for
British manufactured goods.


.I 785
.C
reserves;money-supply;
.W
SWISS SIGHT DEPOSITS FALL 4.64 BILLION FRANCS.
    ZURICH, April 13 - Sight deposits of commercial banks at
the Swiss National Bank fell 4.64 billion Swiss francs to 7.88
billion in the first 10 days of April, the National Bank said.
    Foreign exchange reserves rose by 9.4 mln francs to 33.12
billion.
    Sight deposits are an important measure of money market
liquidity in Switzerland.
    The National Bank said banks repaid around 5.8 billion
francs of traditional central bank credit taken out to meet
their end-of-quarter liquidity requirements. This was partially
offset by new swap arrangements.
    Bank notes in circulation fell 440.2 mln francs to 24.48
billion while other deposits on call at the National Bank --
mainly government funds -- fell 840.5 mln francs to 941.5 mln.


.I 786
.C
money-fx
.W
U.K. MONEY MARKET GIVEN FURTHER 68 MLN STG HELP.
    LONDON, April 13 - The Bank of England said it provided the
market with a further 68 mln stg assistance this afternoon,
bringing its total assistance on the day to 143 mln stg.
   Shortly before, the Bank said it had revised its estimate
of the shortage up to 450 mln stg from the earlier forecast of
400 mln.
    During the afternoon, the bank bought 22 mln stg of band
two bank bills at 9-13/16 pct and two mln stg of local
authority bills plus 44 mln stg of bank bills in band four at
9-11/16 pct. These rates were in all cases unchanged from
previous intervention levels.


.I 787
.C
earn
.W
GOODYEAR <GT> PREDICTS FIRST QUARTER NET.
    AKRON, Ohio, April 13 - Goodyear Tire and Rubber Co said it
expects to report earnings from continuing operations of over
one dlr per share on 71.3 mln average shares outstanding.
    In last year's first quarter the company lost 60.0 mln dlrs
or 55 cts per share on 108.4 mln shares outstanding, after a
110.8 mln dlr writedown of oil reserves of its Celeron Corp
unit.
    Goodyear said it will report first quarter results April 27.
    Goodyear chairman Robert E. Mercer also told the annual
meeting that unless there is a major downturn in the economy,
it expects to work its debt down to normal levels in three
years through its restructuring and cash flow from improved
margins.
    The company set up its restructuring program to fend off a
hostile takeover attempt by Sir James Goldsmith.  As part of
the restructuring, Goodyear executed a major stock buyback
program that resulted in an increase in its debt.


.I 790
.C
hog;livestock;
.W
HOG AND CATTLE SLAUGHTER GUESSTIMATES.
    CHICAGO, April 13 - Chicago Mercantile Exchange floor
traders and commission house representatives are guesstimating
today's hog slaughter at about 280,000 to 300,000 head versus
294,000 week ago and 303,000 a year ago.
    Cattle slaughter is guesstimated at about 120,000 to
126,000 head versus 120,000 week ago and 124,000 a year ago.


.I 791
.C
trade
.W
TRADE ISSUES STRAINING EC'S PATIENCE WITH JAPAN.
    BRUSSELS, April 13 - Member states of the European
Community are starting to run out of patience with Japan which
they believe has repeatedly promised major initiatives to open
its market to imports, but as often made only minor moves.
    Diplomatic sources here said several recent actions by EC
countries bear witness to a new disillusionment with the
willingness, or at least the ability, of the Japanese
government to reduce its massive trade surplus with the EC.
    However, they said an all-out trade war may be far off, as
EC states know they would suffer almost as much as Japan.
   Senior EC diplomats gave a generally favourable reaction to
an EC executive commission proposal under which the EC could
raise tariffs on a range of Japanese products if the U.S.
Carries out a threat to make a similar move on April 17.
    The EC tariffs, which would involve renouncing obligations
entered into with the world trade body GATT, would be designed
to stop a diversion of exports to the EC market from that of
the U.S.
    The diplomats were meeting as Tokyo announced that the EC's
trade deficit with Japan reached a record 2.13 billion dlrs in
March, up from 1.94 billion in February.


.I 792
.C
trade
.W
EC COULD DECIDE ON JAPAN TRADE MOVES IN LATE MAY.
    BRUSSELS, April 13 - The European Community (EC) has
effectively given Japan six weeks to take moves to open its
market to imports before it decides on possible tough
retaliatory trade measures, EC diplomats said.
    They said EC foreign ministers will meet on May 25 and 26
to review the state of trade relations between the two sides.
    The EC executive commission was asked by representatives of
member states on Friday to propose a renunciation of some EC
pledges to the world trade body, GATT, unless there are
"adequate and early measures to open the Japanese market."
    Such a renunciation would be the first step to imposing
stiff increases in duties, or quantitative limits, on Japanese
exports.
    The diplomats said it was unlikely that the issue would be
discussed in detail at the next meeting of EC foreign ministers
on April 27 and 28 in Luxembourg as time was needed to prepare
proposals for possible retaliatory action.
    They said the commission has powers to take some limited
action before getting ministerial approval to prevent Japanese
exports of electrical, photographic and other goods being
diverted to Europe following of possible U.S. Tariff moves.
    In May, the ministers are also likely to discuss how to
prevent Japan from getting an extra trading advantage as a
result of Spain and Portugal joining the bloc, which obliges
them gradually to reduce tariffs on many industrial goods.
    Japan's trade surplus with the Community has grown
steadily, registering a record 2.13 billion dlrs in March.


.I 793
.C
acq
.W
P.H. GLATFELTER <GLT> ACQUIRING ECUSTA.
    SPRING GROVE, Pa., April 13 - P.H. Glatfelter Co said it
has reached an agreement to acquire all the capital stock of 
<Ecusta Corp> for 149,177,857 dlrs in cash.
    Glatfelter, a printing and writing paper maker, said Ecusta
operates an uncoded three sheet and light-weight specialty
paper mill in Pisgah Forest, N.C. The mill produces and
converts paper products used by the doemstic and foreign
tobacco industry.
    Glatfelter said it expects to close the deal by May 31.


.I 795
.C
earn
.W
******NCR CORP 1ST QTR SHR 65 CTS VS 51 CTS.
Blah blah blah.

.I 797
.C
earn
.W
FIRST MARATHON <FMS.A.TO> PLANS STOCK SPLIT.
    TORONTO, April 13 - First Marathon Inc said it planned a
two-for-one stock split, to be effective on shareholders'
approval at the June 4 annual meeting.
    The financial services company said it also completed the
previously reported 29.6 mln dlr private placement of 1.5 mln
non-voting preferred shares convertible one-for-one into
non-voting class A shares.


.I 798
.C
earn
.W
U.S. BANCORP <USBC> 1ST QTR NET.
    PORTLAND, Ore., April 13 -
    Shr 66 cts vs 57 cts
    Net 20.0 mln vs 17.1 mln
    Avg shrs 30.3 mln vs 30.0 mln


.I 799
.C
earn
.W
IBM <IBM> HAS HIGHER SHIPMENTS, COSTS IN QTR.
    ARMONK, N.Y., April 13 - International Business Machines
Corp said shipments and revenues were higher in the first
quarter, but net earnings fell 22.8 pct in part due to higher
expenses.
    IBM said net income fell to 785 mln dlrs or 1.30 dlrs a
share from 1.02 billion dlrs or 1.65 dlrs on about 1.8 pct
fewer shares outstanding.
    While total sales and income rose 5.5 pct to 10.68 billion
dlrs from 10.13 billion dlrs, costs and expenses rose 12.1 pct
to 9.61 billion dlrs from 8.57 billion in the quarter, the
computer maker said.
    The company said it continues to take actions to make it
more competitive, including cost and expense reduction
measures.
    "Although the worldwide economic situation remains
unsettled, there are some encouraging signs in our business,"
IBM said in a statement.
    "In addition to the increase in first quarter shipments, we
have announced new offerings in our large processor and
personal computing product lines," it said.
    "We have yet to fully benefit from our recent product
announcements, retirement incentives and other resource
balancing measures, and we expect these actions will have a
more significant impact as 1987 progresses," the company added.
    It said it expects more than 12,000 U.S. employees to take
advantage of the retirement incentives announced last year.
    Pretax earnings fell 27 pct to 1.34 billion dlrs from 1.83
billion, IBM said. Pretax margins slipped to 12.5 pct in 1987
from 18.1 pct in 1986, it said.


.I 800
.C
oilseed;grain;meal-feed;
.W
ROTTERDAM GRAIN HANDLER SAYS PORT BALANCE ROSE.
    ROTTERDAM, April 13 - Graan Elevator Mij, GEM, said its
balance in port of grains, oilseeds and derivatives rose to
146,000 tonnes on April 11 from 111,000 a week earlier after
arrivals of 404,000 tonnes and discharges of 369,000 tonnes
last week.
    The balance comprised 21,000 tonnes of grains plus oilseeds
and 125,000 tonnes of derivatives.
    This week's estimated arrivals total 274,000 tonnes, of
which 71,000 are grains/oilseeds and 203,000 derivatives.
    The figures cover around 95 pct of Rotterdam traffic in the
products concerned.


.I 801
.C
earn
.W
LINDBERG CORP <LIND> 1ST QTR NET.
    CHICAGO, April 13 -
    Shr 15 cts vs 15 cts
    Net 689,561 vs 784,088
    Sales 19.2 mln vs 19.8 mln
    Avg shrs 4.7 mln vs 5.3 mln
    NOTE: 1986 net includes a gain of 108,000 dlrs or two cts a
share from proceeds from the sale of property.


.I 803
.C
gnp;cpi;money-supply;
.W
GERMAN INSTITUTES WARN ON MONEY SUPPLY.
    BONN, April 13 - Four of West Germany's five leading
economic research institutes warned that excessive monetary
growth threatened a resurgence of inflation.
    But in a dissenting view the DIW institute in West Berlin,
echoing recent statements by leading Bundesbank officials, said
the expansion seen over the last 1-1/2 years did not
necessarily threaten stability.
    The five institutes issued a joint spring report, in which
three -- Kiel, Hamburg and Essen -- forecast a two pct rise in
GNP in 1987, while West Berlin and Munich predicted one pct.
    The four institutes said an expansive policy was welcome in
view of the slowdown in economic activity. But experience has
shown that strong monetary growth eventually leads to a price
rise which undoes the beneficial effects of monetary policy.
    Given virtual zero inflation in West Germany such fears may
seem exaggerated, they said.
    "But it has often turned out in the past that the price
climate can quickly deteriorate, forcing the central bank into
a restrictive policy," they said.
    The economic costs of a preventive stability policy are
less than fighting inflation once it has taken hold, they said.
    The four institutes disputed the view that monetary
expansion would slow of its own accord in 1987 as domestic
investors switch liquidity into longer term capital market
investments following lower interest rates.
    "Such redispositions may temporarily dampen the expansion of
central bank money stock, but do not automatically lead to a
smaller expansion of money supply," they said.
    A return to growth and stability did not require
spectacular central bank moves, but could be done quietly with
open market operations and repurchase pacts, which would avoid
an interest rate rise by dampening inflationary expectations.
    The DIW institute said monetary policy should not be
focused simply on growth of production potential. Because of
uncertainty about exchange rate developments and economic
weakness other factors should be taken into account.
    Monetary policy should aim for further interest rate cuts
and avoid rises to boost the economy and discourage revaluation
speculation. Recent strong monetary expansion was not a threat
in itself to price stability.
    The 1979/81 inflation following strong 1977/78 money growth
reflected other causes, such as rising oil prices and the
falling mark.


.I 804
.C
earn
.W
NCR CORP <NCR> 1ST QTR NET.
    DAYTON, Ohio, April 13 -
    Shr 65 cts vs 51 cts
    Net 61.5 mln vs 50.2 mln
    Revs 1.12 billion vs 960.8 mln
    Avg shrs 95.3 mln vs 99.4 mln


.I 805
.C
wpi
.W
GERMAN PRODUCER PRICES FALL 0.1 PCT IN MARCH.
    WIESBADEN, April 13 - West German producer prices fell 0.1
pct in March compared with February to stand 3.9 pct lower than
in March last year, the Federal Statistics Office said.
    In February, producer prices fell 0.3 pct from January and
dropped 4.2 pct from their levels a year earlier.
    The Statistics Office said producer prices for natural gas
had fallen 3.0 pct in March against February, heavy heating oil
prices were 3.2 pct down, liquefied gas prices fell 14 pct and
coffee was 7.4 pct cheaper.


.I 806
.C
wheat;grain;
.W
USDA CHANGES LOW PROTEIN WHEAT TERMINAL PRICES.
   WASHINGTON, April 13 - The U.S. Agriculture Department has
lowered its ASCS terminal prices for low protein hard red
winter and hard red spring wheat at a number of locations, a
senior USDA official said.
    USDA reduced the price of hard red winter wheat at Kansas
City and Texas by six cents, at Minneapolis and Duluth by 32
cents and at St Louis by nine cents, Ralph Klopfenstein, deputy
administrator of commodity operations at the Agricultural
Stabilization and Conservation Service, said.
    The department also lowered the terminal price of hard red
spring wheat at Minneapolis and Duluth by 32 cents, he said.
    In addition, USDA cut the Pacific Northwest price of hard
red spring wheat by 31 cents, USDA officials who asked not to
be identified said.
    The officials said hard red spring wheat prices at Chicago,
Denver and Toledo were adjusted by about the same amount as at
Pacific Northwest, Duluth and Minneapolis.
    The price changes should lead to a pickup of PIK and roll
activity, Klopfenstein said. The price change was decided upon
last week and will be effective today, he said.
    Klopfenstein also said the department raised the premiums
on high protein wheat to offset the drop in low protein wheat
prices, meaning the net price on any wheat commanding a protein
premium would remain unchanged.


.I 809
.C
interest
.W
FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES.
    WASHINGTON, April 13 - The Federal Home Loan Bank Board
adjusted the rates on its short-term discount notes as follows:
    MATURITY   NEW RATE  OLD RATE  MATURITY
  30-140 days  5.00 pct  5.00 pct   30-179 days
 141-160 days  6.13 pct  6.08 pct  180-200 days
 161-182 days  5.00 pct  5.00 pct  201-274 days
 183-200 days  6.17 pct  6.18 pct  275-290 days
 201-360 days  5.00 pct  5.00 pct  291-360 days
                       


.I 810
.C
earn
.W
GALILEO ELECTRO-OPTICS CORP <GAEO> 2ND QTR.
    STURBRIDGE, Mass, APril 13 -
    Shr 51 cts vs 40 cts
    Net 1.4 mln vs 851,000
    Revs 9.8 mln vs 6.5 mln
    Six months
    Shr 74 cts vs 50 cts
    Net 2.0 mln vs 1.1 mln
    Revs 17.7 mln vs 11.3 mln
    Avg shrs 2.7 mln vs 2.1 mln
    NOTE:Quarter ended March 31. 1987 six months includes
charge of 115,000 dlrs due to reversal of investment tax
credits.


.I 812
.C
acq
.W
BOSTON FIVE <BFCS.O>, NEWORLD <NWOR.O> TO MERGE.
    BOSTON, April 13 - Boston Five Cents Savings Bank said it
and Neworld Bank for Savings have agreed to merge, forming a
new holding company, Boston Five Bancorp.
    Boston Five said the proposal calls for its holders to
receive 1.163 shares of the new company's stock for each share
now held and for Neworld Bank holders to recieve one share for
each share held in a tax free exchange.
    Boston Five said the planned merger with Newworld Bank for
Savings Will create the largest savings bank in Massachusetts
and the third largest in New England with combined assets of
3.1 billion dlrs.
    Boston Five chairman Robert J. Spiller said "There is a
natural fit between both banks. We consider this to be a merger
of equals."
    Spiller will become Chairman of Boston Five Bancorp and
Neworld president James M. Oates will be president and chief
executive officer. 
    Boston Five said its President, Peter J. Blampied, will
become vice chairman and chief operating officer of the holding
company. The board of the holding company will have an equal
number of directors from each institution.
    "Unlike many recent combinations, this merger has no
acquisition premium associated with it," Blampied said.
    Boston Five has assetsof 1.9 billion dlrs and 35 officers.
Neworld has assets of 1.2 billion dlrs and 24 officers in
Massachusetts. It also has a loan center in New Hampshire.


.I 813
.C
earn
.W
COOPERVISION <EYE> FORMS RECAPITALIZATION PLAN.
    PALO ALTO, Calif, APril 13 - Coopervision Inc said it is
preparing a recapitalization plan, which includes a common
stock repurchase program and an exchange of debt securities for
common stock.
    The plan, along with a proposal to change its name to
Cooper Cos Inc, will be submitted for shareholders' approval at
the company's annual meeting on June 22.
    The meeting had been postponed from its original date of
May 14 in order to let management review recapitalization
options, it said.
    In addition, Coopervision said operating income in its
current fiscal quarter ending April 30 is expected to show an
improvement over its prior fiscal quarter's 82.5 mln dlrs and
its year ago quarter.
    Income from continuing operations was not immediately
availalbe for the prior year's second quarter in which it
reported a net loss of 14.9 mln dlrs.
    At a Drexel Burnham Lambert Investor Conference,
Coopervision chairman Parker Montgomery said, as previously
announced, he will listen to any bid that makes sense for
shareholders.
    He also said Coopervision's stock fell in 1986 due to its
second quarter loss, rumors of a liquidation at 30 dlrs and 35
dlrs a share, and Ivan Boesky's subsequent sale of his
position.
    "The stock dropped six dlrs in three days after Boesky sold
his position and has never recovered," Montgomery said. The
company's stock is currently trading at 19-1/4.
    Montgomery further told the conference, "Don't be an
investor in the stock on the basis of any short term recovery
in operating or net income in 1987 and 1988."
    "Our concentration is on maintaining or increasing market
share in our core businesses this year and next, regardless of
the impact to the bottom line," he said.


.I 814
.C
coffee
.W
COLOMBIA JUNE COFFEE REGISTRATIONS OPENED.
    BOGOTA, April 13 - Colombia has opened coffee
registrations for June shipment with no limit set for private
exporters, as in April and May, a National Coffee Growers'
Federation official said.
    Colombia has sold an average of 900,000 bags per month
since the beginning of the calendar year.


.I 816
.C
lei
.W
***CANADA LEADING INDICATOR UP 0.4 PCT IN JANUARY AFTER 0.4 PCT DECEMBER RISE - OFFICIAL.
Blah blah blah.

.I 817
.C
money-supply
.W
SPANISH MONEY SUPPLY GROWING AT DOUBLE TARGET PACE.
    MADRID, April 13 - Spain's principal measure of money
supply, the broad-based liquid assets in public hands (ALP),
grew at an annualised rate of 17.6 pct in March against 16.6
pct in February and 19.6 pct in March last year, provisional
Bank of Spain figures show.
    The bank's target range for this year is 6.5 to 9.5 pct,
and Bank of Spain Governor Mariano Rubio said this month he was
aiming for the lower end of that range.
    ALP grew by 11.4 pct during 1986.


.I 818
.C
earn
.W
REEBOK INTERNATIONAL LIMITED <RBK> 1ST QTR.
    NEW YORK, April 13 -
    Shr 72 cts vs 52 cts
    Net 38.6 mln vs 25 mln
    Revs 281.8 mln vs 174.5 mln
    Avg shrs 53.5 mln vs 48.2 mln
    NOTE: 1987 1st quarter amounts do not includes sales of
AVIA Group International Inc, acquired at the end of the first
quarter. 1987 1st quarter revenues include Rockport revenues of
31 mln dlrs. 1986 1st quarter amounts do not include Rockport,
as Reebok acuqired that company in October 1986.


.I 819
.C
earn
.W
BLOUNT INC <BLT> 4TH QTR NET.
    MONTGOMERY, Ala., April 13 -
    Oper shr 16 cts vs three cts
    Oper net 1,930,000 vs 391,000
    Revs 313.9 mln vs 308.9 mln
    Avg shrs 11.9 mln vs 12.0 mln
    Year
    Oper shr 60 cts vs 27 cts
    Oper net 7,215,000 vs 3,340,000
    Revs 1.23 billion vs 1.16 billion
    Avg shrs 11.9 mln vs 12.0 mln
    NOTE: Prior year net excludes gains 4,896,000 dlrs in
quarter and 8,873,000 dlrs in year from termination of
overfunded pension plans.
    Backlog 1.0 billion dlrs vs 942 mln dlrs.


.I 820
.C
money-fx
.W
U.K. MONEY MARKET GIVEN LATE HELP OF 210 MLN STG.
    LONDON, April 13 - The Bank of England said it gave the
market late assistance of around 210 mln stg, bringing its
total help on the day to some 353 mln stg.
    This compares with the Bank's estimate of the liquidity
shortage of around 450 mln stg, raised from its early forecast
of 400 mln stg.


.I 821
.C
gold
.W
GIANT BAY <GBYLF> IN IDAHO GOLD VENTURE.
    VANCOUVER, British Columbia, April 13 - Giant Bay Resources
Ltd said it signed an agreement in principle with Hecla Mining
Co for an operating joint venture on Hecla's Stibnite, Idaho,
gold deposit.
    Giant Bay said if its bioleaching technology is used for
ore processing, it will have the right to acquire a working
interest in the property. It said it may spend as much as three
mln U.S. dlrs, excluding capital costs to bring the mine into
production. It said drilling has indicated substantial sulphide
reserves with a gold grade of about 0.1 ounce a ton, and early
tests show the gold ore responds to bioleaching.



.I 822
.C
acq
.W
BLUE ARROW TO ACQUIRE RICHARDS CONSULTANTS.
    NEW YORK, April 13 - Blue Arrow PLC said it signed an
agreement to acquire Richards Consultants Ltd for 29 mln dlrs
in cash and securities.
    Richards is a privately-owned New York-based executive
recruitment firm.
    As part of the agreement, Blue Arrow said the four
principal shareholders who manage Richards will enter into
long-term service contracts with it. The agreement is subject
to approval of Blue Arrow shareholders.


.I 823
.C
earn
.W
MERRY-GO-ROUND <MGRE> SETS STOCK SPLIT.
    TOWSON, Md., April 13 - Merry-Go-Round Enterprises Inc said
its board declared a three-for-two stock split, payable May One
to holders of record April 17.


.I 824
.C
lead
.W
ASARCO UPS U.S. LEAD PRICE 0.50 CT TO 27 CTS.
    NEW YORK, April 13 - Asarco Inc said it is increasing its
base spot sales price for refined lead by one-half cent to 27.0
cents a lb, FOB, delivered in carload lots, effective
immediately.


.I 826
.C
earn
.W
******IRVING BANK CORP 1ST QTR SHR 1.51 DLRS VS 1.62 DLRs.
Blah blah blah.

.I 829
.C
earn
.W
IRVING BANK CORP <V> 1ST QTR NET.
    NEW YORK, April 13 -
    Shr 1.51 dlr vs 1.62 dlr
    Net 28.6 mln vs 30.4 mln
    Assets 23.8 billion vs 20.9 billion
    Deposits 15.5 billion vs 14 billion
    Loans 13.8 billion vs 12 billion


.I 832
.C
earn
.W
O'SULLIVAN CORP <OSL> 1ST QTR NET.
    WINCHESTER, Va., April 13 -
    Shr 28 cts vs 32 cts
    Net 2,823,000 vs 3,216,000
    Rev 47.9 mln vs 42.9 mln
    NOTE: The 1986 earnings per share adjusted for a four for
three stock distribution paid May 1986.


.I 833
.C
interest
.W
******FRENCH 13-WEEK T-BILL AVERAGE RATE RISES TO 7.39 PCT FROM 7.36 PCT - OFFICIAL.
Blah blah blah.

.I 834
.C
earn
.W
PARK COMMUNICATIONS INC <PARC> 1ST QTR NET.
    ITHACA, N.Y., April 13 -
    Shr 15 cts vs 14 cts
    Net 2,028,000 vs 1,879,000
    Revs 32.1 mln vs 29.5 mln


.I 835
.C
earn
.W
NVHOMES <NVH> SETS SPLIT PAYMENT DATE.
    MCLEAN, Va., April 13 - NVHomes LP said April 30 will be
the distribution date for new units as a result of its
previously-announced two-for-one split to unitholders of record
April 20.


.I 836
.C
earn
.W
BERKEY INC <BKY> 4TH QTR NET.
    GREENWICH, Conn., April 13
    Oper shr profit one cent vs loss 32 cts
    Oper net profit 64,000 vs loss 1,496,000
    Revs 47.1 mln vs 60.4 mln
    12 mths
    Oper shr loss 2.87 dlrs vs loss 70 cts
    Oper Net loss 13.5 mln vs loss 3,267,000
    Revs 166.6 mln vs 159.8 mln
    NOTE: qtr 1985 excludes profit 663,000 dlrs, or 14 cts per
share, from discontinued operations; and excludes loss 900,000
dlrs, or 19 cts per share, for net operating loss carryforward.
    12 mths 1986 excludes discontinued operations loss 129,000
dlrs, or three cts per share.
    12 mths 1985 excludes discontinued operations gain
9,837,000 dlrs, or 2.12 dlrs per share; and excludes gain
813,000 dlrs, or 17 cts per share, for net operating loss
carryforward.


.I 837
.C
acq
.W
******DILLARD DEPARTMENT STORES AGREES TO BUY TWO ALLIED STORES UNITS FOR 255 MLN DLRS CASH.
Blah blah blah.

.I 838
.C
earn
.W
******CHEMICAL NEW YORK CORP 1ST QTR SHR 1.58 DLRS VS 1.93 DLRS.
Blah blah blah.

.I 839
.C
interest
.W
BANKERS TRUST <BT> RAISES BROKER LOAN RATE.
    NEW YORK, April 13 - Bankers Trust Co said it is raising
its broker loan rate to 7-1/2 pct from 7-1/4 pct, effective
immediately.
    U.S. Trust Co, the only other bank to publicize its broker
rate, was already posting 7-1/2 pct.


.I 842
.C
acq
.W
PENTLAND TO REDUCE REEBOK <RBK> HOLDINGS.
    NEW YORK, April 13 - Pentland Industries PLC said it report
a substantial capital gain from the sale of part of its
holdings in Reebok International Limited, which will cut its
stake in Reebok to 32.2 pct from 36.7 pct.
     It said Reebok filed a registration statement with the
Securities and Exchange Commission for the offering of six mln
shares of Reebok common. Reebok will sell three mln shares and
Pentland will sell 1,404,866 shares, reducing its stake in
Reebok to 18.1 mln from 19.5 mln shares.
    After the offering, Reebok will have 56.1 mln shares shares
outstanding.
    Pentland said the amount of the capital gain from the sale
depends on the offering price for the Reebok shares to be
negotiated between it, Reebok, and the other selling
stockholders who will offer about 1.6 mln shares of Reebok
common, and the underwriters.
    Pentland said proceeds from the offering will be used by
Reebok to retire bank debt incurred in its acquisition of AVIA
Group for about 180 mln dlrs. Is said that afterwards, Reebok
will have bank credit lines available for general corporate
purposes, including possible acquisitions.
    Reebok's stock was selling at 45-1/2, up 1/8. At that
price, the 1.4 mln Reebok shares Pentland will sell are worth
about 64 mln dlrs and the three mln shares Reebok will sell are
worth about 136.5 mln dlrs.
    Pentland said it will use proceeds to fund growth and
possible acquisitions.
    Pentland said 4,500,000 shares of Rebbok will be offered in
the U.S. by a syndicate led by Kidder, Peabody and Co Inc and
1,500,000 shares will be offered outside the U.S. by an
international syndicate led by Kidder.
    It said the U.S. underwriters have been granted an option
to buy from certain selling stockholders up to an additional
900,000 shares to cover overallotments. Pentland said it has
not chosen to participate in this over allotment.
    Pentland said that as soon as the date and price of the
offering have been determined it will release further details.
    It said it expects the offering to close in May.


.I 845
.C
lei
.W
CANADA JANUARY LEADING INDICATOR UP 0.4 PCT.
    OTTAWA, April 13 - Canada's leading composite indicator
rose 0.4 pct in January with eight of the 10 major components
posting gains, the most widespread monthly advance in the past
year, Statistics Canada said.
    The index also gained 0.4 pct in the preceeding month. The
unfiltered index, however, fell 0.1 pct in January after rising
1.0 pct in December.
    The gain was led by the residential construction index
while the manufacturing groups continued to improve and the
stock market index turned up, the federal agency reported.


.I 846
.C
earn
.W
<NATIONAL WESTMINSTER BANK PLC> 1ST QTR NET.
    NEW YORK, April 13 -
    Net 17.7 mln vs 15.3 mln
    NOTE: <National Westminster Bank PLC> subsidiary.
    Loan loss provision 13.8 mln vs 13.0 mln
    Investment securitiesd gaons 2,003,000 dlrs vs 169,000
dlrs.
    Figures in dollars.


.I 847
.C
earn
.W
IRVING BANK <V> CITES LOANS IN EARNING DECLINE.
    NEW YORK , April 13 - Irving Bank Corp said the decline in
its first quarter earnings to 28.6 mln dlrs from 30.4 mln dlrs
in the year-ago period were due to the placement on a
non-accrual basis of 215 mln dlrs and 33 mln dlrs of medium and
long-term loans to borrowers in Brazil and Equador.
    Excluding the impact of the non-accrual loans, Irving said
its first quarter net income would have rose 8.4 pct to 32.9
mln and per share amounts would have risen eight pct to 1.75
dlr. In the first quarter the bank reported earnings per share
of 1.51 dlr compared to 1.62 dlr in the same period last year.


.I 849
.C
fuel
.W
GLOBAL LOWERS HEAVY FUELS PRICES.
    New York, April 13 - Global Petroleum corp said today it
lowered the posted cargo prices for number six fuel in the new
york harbor 45 to 75 cts a barrel, effective today.
    The decrease brings the prices for one pct sulphur to 20.75
dlrs, down 45 cts, two pct sulphur 20.10 dlrs, down 75 cts, 2.2
pct sulphur 19.75 dlrs, down 75 cts and 2.5 pct sulphur 19.50
dlrs, down 75 cts.
    Prices for 0.3 pct and 0.5 pct sulphur remained unchanged
at 22.50 and 21.85 dlrs, it said.


.I 850
.C
earn
.W
CHEMICAL NEW YORK CORP <CHL> 1ST QTR NET.
    NEW YORK, April 13 -
    shr 1.58 dlrs vs 1.93 dlrs
    net 86,220,000 vs 102,629,000
    avg shrs 50,831,512 vs 49,156,828
    assets 61.04 billion vs 57.95 billion
    loans 38.76 billion vs 39.68 billion
    deposits 38.20 billion vs 33.14 billion
    return on assets 0.57 pct vs 0.71 pct
    return on common equity 11.47 pct vs 15.19 pct
    NOTE: 1987 qtr net reduced by 12 mln dlrs because 1.04
billion dlrs of Brazil loans were placed on non-accrual


.I 851
.C
livestock
.W
CCC ACCEPTS BONUS ON CATTLE TO CANARY ISLANDS.
    WASHINGTON, April 13 - The Commodity Credit Corporation
(CCC) has accepted a bid for an export bonus to cover the sale
of 2,750 head of dairy cattle to the Canary Islands, the U.S.
Agriculture Department said.
    The cattle are for delivery May, 1987-October, 1988, it
said.
    The bonus was 1,379.00 dlrs per head and was made to
Holstein-Friesian, Inc and will be paid in the form of
commodities from the CCC inventory.
    An additional 175 headed of dairy cattle for still
available to the Canary Islands under the Export Enhancement
Program initiative announced July 28, 1986, it said.


.I 852
.C
earn
.W
AFG INDUSTRIES INC <AFG> 1ST QTR NET.
    IRVINE, Calif., April 13 -
    Shr primary 54 cts vs 41 cts
    Shr diluted 51 cts vs 38 cts
    Net 9,098,000 vs 5.924,000
    Revs 111.7 mln vs 85.0 mln
    Avg shrs primary 16,889,254 vs 14,500,737


.I 853
.C
alum
.W
WORK ON GREEK ALUMINA PLANT TO START END MAY.
    ATHENS, April 13 - Preparatory work for construction of a
450 mln dlr alumina plant near the village of Aghia Efthymia in
the Greek province of Fokida will begin at the end of next
month and the plant will be operational by 1992, Industry
Undersecretary George Petsos said.
    Greece yesterday signed contracts with the Soviet Union for
the joint venture project, the biggest investment in the
country for 20 years.
    Petsos said the Soviet Union, which had initially agreed to
buy 380,000 tonnes, would now purchase the plant's entire
output of 600,000 tonnes a year.


.I 854
.C
earn
.W
<NEW MILFORD SAVINGS BANK> 1ST QTR NET.
    NEW MILFORD, Conn., April 13 -
    Shr 62 cts vs 26 cts
    Net 2,312,000 vs 944,000
    NOTE: 1987 includes five ct shr charge from loan loss
provision.


.I 855
.C
acq;alum;
.W
COMMONWEALTH ALUMINUM PUTS PLANT ON THE BLOCK.
    GOLDENDALE, Wash, April 13 - Commonwealth Aluminum
(Comalco) said it put its Goldendale, Wash., smelter back on
the market after would-be buyer, Columbia Aluminum Corp, of
Hermiston, Ore., failed to pull together financing by an April
one deadline.
    The plant, which has an asking price of 18.7 mln dlrs plus
several mln more dlrs for inventory, it said. Commonwealth said
it is continuing talks with Columbia, but has also opened talks
with other interested parties.
    Commonwealth bought the plant in January 1985 and closed it
Feb 15, 1987, leaving about 400 workers jobless.
  


.I 859
.C
earn
.W
H.F. AHMANSON AND CO <AHM> 1ST QTR NET.
    LOS ANGELES, April 13 -
    Shr 84 cts vs 80 cts
    Net 82,416,000 vs 67,819,000
    Revs 703.9 mln vs 759.7 mln
    Avg shrs 98,369,307 vs 84,807,498
    Loans 19.06 billion vs 19.51 billion
    Deposits 21.60 billion vs 19.86 billion
    Assets 27.16 billion vs 27.15 billion
    Note: Prior qtr per shr figure adjusted for three-for-one
stock split of May 1986.


.I 862
.C
sugar
.W
PAKISTAN REPORTEDLY BOUGHT WHITE SUGAR AT TENDER.
    LONDON, April 13 - Pakistan is reported to have bought
100,000 tonnes of white sugar at its weekend tender from a
North Korean operator, traders said.
    The purchase, believed priced around 210 dlrs a tonne cost
and freight for fine/medium grain, was due to be shipped for
arrival in May (30,000 tonnes), in June (45,000) and in July
(25,000 tonnes), they said.


.I 866
.C
money-fx
.W
FED EXPECTED TO SET THREE-DAY REPURCHASE PACTS.
    NEW YORK, April 13 - The Federal Reserve is expected to
enter the U.S. Government securities market to add temporary
reserves directly by arranging three-day System repurchase
agreements, economists said.
    They said the Fed may add the reserves indirectly instead
via a large round, two billion dlrs or more, of customer
repurchase agreements.
    Federal funds, which averaged a high 6.35 pct on Friday,
opened at 6-7/16 pct and traded between there and 6-1/2 pct.


.I 867
.C
acq
.W
ALLIED STORES <ALS> SELLS DILLARD <DDS> TWO UNITS.
    New York, April 13 - Dillard Department Stores Inc, based
in Little Rock, Ark., and Allied Stores Corp jointly said they
entered a definitive purchase agreement for the sale to Dillard
of the Joske's and the Cain-Sloan divisions of Allied for 255
mln dlrs cash, subject to certain closing adjustments.
    The sale excludes certain real estate assets of Joske's and
Cain-Sloan, which Allied estimates have an aggregate value of
30 mln dlrs based on current market conditions.
    Joske's has 26 stores in Texas and one in Arizona.
Cain-Sloan has four stores in Nashville. Joske's is the largest
unit Allied has slated for sale in its restructuring.
    Allied Stores Corp, a subsidiary of Campeau Corp, was
acquired by acquired by the Canadian developer last year.
    Robert Campeau, chairman of Allied, said "this is a
terrific start to our disposition program which is proceeding
well ahead of schedule. This sale will fulfill the requirements
under our bank agreements to sell certain assets by June 30 and
give us additional flexibility in the disposal of the remaining
divisions being sold."
     Allied Stores is required to pay 200 mln dlrs in bank debt
by June 30. There had been some doubts on Wall Street that the
company could meet the payment.
    A Campeau source said, "We believe this cash sale puts us
in a very strong negotiating position to maximize the proceeds
Allied can receive from its other divisions."
    "Allied was able to put itself in a position where it knows
it will be able to meet the June 30 payment schedules," the
source said.
    About 1.1 bilion dlrs in Allied assets had been targeted
for sale by Dec. 31, 1988 to pay for the aquisition of Allied
by Campeau.
    Allied will be taking bids for its other divisions.
Targeted for sale are Bonwit Tellers, Garfinckel's, Dey's,
Donaldson's, Herpolsheimer's, Heer's, Miller's, Miller and
Rhoads, Pomeroy's, Catherine's, Plymouth Shops, and Jerry
Leonard. The divisions provided 38.4 pct of Allied net sales
and 11.8 pct of store profit in fiscal 1985.


.I 871
.C
earn
.W
NCR <NCR> CONTINUES TO EXPECT EARNINGS GROWTH.
    DAYTON, Ohio, April 13 - NCR Corp, earlier reporting higher
first quarter profit, said it continues to expect that it will
report record earnings and revenue for all of 1987.
    "Our optimism is based on our incoming order rates and the
strength of our product lines," the company said.
    NCR Corp plans additional new product announcements this
year, it said without elaborating.
    NCR earlier said first quarter profit increased to 61.5 mln
dlrs or 65 cts share from 50.2 mln dlrs or 51 cts share in the
prior year. NCR's 1986 full-year earnings rose to 336.5 mln
dlrs from 315.2 mln dlrs in the prior year.
    NCR said the increase in first quarter profit resulted from
strong revenue growth, which was particularly strong in Europe
and Pacific marketing groups.
    Growth in U.S. revenues also improved, the company said.
First quarter revenues increased to 1.12 billion dlrs from
960.8 mln dlrs in the prior year.
    NCR's U.S. dollar value of 1987 first quarter worldwide
incoming orders posted a very substantial gain over the prior
year first quarter, NCR also said without giving specific
figures. Order growth was broad based across NCR's product
lines, with the greatest growth coming from U.S., it said.


.I 872
.C
earn
.W
GENETICS INSTITUTE INC <GENI.O> 1ST QTR LOSS.
    CAMBRIDGE, Mass., April 13 -
    Period ended February 28
    Shr loss 11 cts vs loss 11 cts
    Net loss 1,309,000 vs loss 937,000
    Revs 5,271,000 vs 4,417,000
    Avg shrs 11,690,000 vs 8,724,000


.I 874
.C
earn
.W
ENTRE COMPUTER <ETRE.O> CLOSING OVERSEAS UNITS.
    VIENNA, Va., April 13 - Entre Computer Centers Inc said it
is discontinuing its European and Australian operations.
    The company today reported a loss for the second quarter
ended February 28 of 2,733,000 dlrs, after a 6,705,000 dlr
pretax provision for the shutdown of the overseas units and a
2,511,000 dlr tax credit.  A year earlier it earned 911,000
dlrs.
    It said the overseas operations lost 400,000 dlrs in the
second quarter and did not appear strong enough to provide for
future growth.


.I 877
.C
earn
.W
ENTRE COMPUTER CENTERS INC <ETRE> 2ND QTR LOSS.
    VIENNA, Va., April 13 -
    Shr loss 29 cts vs profit 10 cts
    Net loss 2,733,000 vs profit 911,000
    Revs 21.5 mln vs 18.5 mln
    1st half
    Shr loss 23 cts vs profit 26 cts
    Net loss 2,154,000 vs profit 2,445,000
    Revs 37.8 mln vs 37.7 mln
    NOTE: Current year net both periods includes 6,705,000 dlr
pretax provision for closing overseas operations and tax
credits 2,511,000 dlrs in quarter and 1,977,000 dlrs in half.


.I 878
.C
earn
.W
MERRILL LYNCH <MER> INVESTMENT REVENUES UP.
    NEW YORK, April 13 - Merrill Lynch and Co said investment
banking revenues were strong in the first quarter, rising to
257.4 mln dlrs from 152.9 mln in the first quarter 1986.
    "We have made steady progress in a period of market
activity which has been marked by unprecedented activity,"
William Schreyer, chairman and cheif executive officer, and
Daniel Tully, president and chief operating officer, said.
    Earlier, the company reported first quarter net income of
108.6 mln dlrs, or one dlr per share, up from 86.8 mln dlrs, or
85 cts per share, in 1986's first quarter.
    Merrill Lynch said its insurance revenues made the biggest
gains in the first quarter, rising to 242.3 mln dlrs in the
this first quarter, from 68.3 mln dlrs in last year's first
quarter.


.I 881
.C
earn
.W
STANDARD MICROSYSTEMS CORP <SMSC.O> 4TH QTR NET.
    HAUPPAUGE, N.Y., April 13 - Feb 28 end
    Shr profit four cts vs loss nil
    Net profit 448,000 vs loss 28,000
    Revs 15.1 mln vs 11.5 mln
    Avg shrs 11.2 mln vs 11.1 mln
    Year
    Shr profit four cts vs profit nil
    Net profit 459,000 vs profit 51,000
    Revs 53.2 mln vs 44.5 mln
    Avg shrs 11.2 mln vs 11.1 mln
    NOTE: Net includes tax credits of 53,000 dlrs vs 1,023,000
dlrs in quarter and 48,000 dlrs vs 2,557,000 dlrs in year.


.I 882
.C
earn
.W
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST <PEI>.
    WYNCOTE, Pa., April 13 -
    Oper shr 39 cts vs 47 cts
    Oper net 2,104,462 vs 2,452,420
    Revs 4,675,904 vs 4,744,248
    Avg shrs 5,427,561 vs 5,139,415
    1st half
    Oper shr 82 cts vs 93 cts
    Oper net 4,418,718 vs 4,609,613
    Revs 9,346,483 vs 9,338,590
    Avg shrs 5,427,486 vs 4,943,966
    NOTE: Current year net excludes gains on sale of real
estate of 470,778 dlrs in quarter and 1,533,273 dlrs in half.
    Period ended February 28.


.I 883
.C
earn
.W
ALLWASTE INC <ALWS.O> 2ND QTR FEB 28.
    HOUSTON, APril 13 -
    Shr profit four cts vs loss one cts
    Net profit 172,000 vs loss 180,000
    Revs 4.2 mln vs 883,000
    Six months
    Shr profit nine cts vs loss four cts
    Net profit 315,000 vs loss 107,000
    Revs 7.4 mln vs 1.8 mln
    Avg shrs 4.4 mln vs 2.6 mln


.I 885
.C
earn
.W
SCOTT AND STRINGFELLOW <SCOT.O> 3RD QTR MAR 31.
    RICHMOND, Va., April 13 -
    Shr 37 cts vs 37 cts
    Net 687,888 vs 441,659
    Revs 7.9 mln vs 6.8 mln
    Nine months
    Shr 1.12 dlrs vs 1.07 dlrs
    Net 1.8 mln vs 1.3 mln
    Revs 23.2 mln vs 19.7 mln
    Avg shrs 1.6 mln vs 1.2 mln
    NOTE:Full name is Scott and Stringfellow Financial Corp.


.I 889
.C
earn
.W
FOSTER <FWC> UNIT AUDIT REVEALS DISCREPANCIES.
    NEW YORK, April 13 - Foster Wheeler Corp <FWC> said an
audit of its Stearns Airport Equiment Co Inc unit, revealed
"substantial discrepancies" in Stearns accounts that may
require material adjustments to previously announce
consolidated results of the company and its subsidiaries.
    Foster said certain Stearn officers and senior management
made Stearn's operations appear more profitable than they were
by improperly recording job costs. It said Stearn's president
and controller had resigned. A Foster spokesman said he did not
know the names of the president and controller, and could not
immediately comment on the release.
    Foster said the amount involved in the "discrepancy" is
about 13.7 mln dlrs before taxes or about 8.2 mln dlrs net
after tax due to an "improper recording of job costs over a
period of several years and continuing through part of the
first quarter of 1987."
    Stearns is a unit of Foster's Conergic Corp subsidiary.
The company said the impact on its results for 1987 was not
"likely to be significant" but the amount to be charged to
prior periods had not been determined.
    Foster reported after tax earnings of 28 mln dlrs, 26 mln
dlrs and 35.4 mln dlrs for 1986, 1985, and 1984, respectively.
    Stearns, based in Crowley, Texas, makes airport baggage
conveyor equipment and passenger loading bridges.
    Foster, a diversified international concern with 27
subsidiaries operating worldwide, is based in Livingston, New
Jersey. Its reported revenues for the period ended December 26,
1986 of 1.3 billion dlrs.
    The company said a detailed audit and investigation is
continuing. A company spokesman declined to comment further on
the investigation.


.I 892
.C
trade
.W
TAIWAN ANNOUNCES NEW ROUND OF IMPORT TARIFF CUTS.
    TAIPEI, April 11 - Taiwan announced plans for another round
of import tariff cuts on 862 foreign goods shortly before trade
talks with Washington which officials described as a move to
help balance trade with the United States.
    Wang Der-Hwa, Deputy Director of the Finance Ministry's
Customs Administration Department, told reporters the list of
products included 60 items asked by Washington.
    "The move is part of our government efforts to encourage
imports from our trading partners, particularly from the United
States," he said.
    He said the ministry sent a proposal today to the cabinet
that the tariffs on such products as cosmetics, bicycles,
apples, radios, garments, soybeans and television sets be cut
by between five and 50 pct.
    The cabinet was expected to give its approval next Thursday
and the new tariff cuts would be implemented possibly starting
on April 20, he added.
    Taiwan introduced a sweeping tariff cut on some 1,700
foreign products last January aimed at helping reduce its
growing trade surplus with the United States, the island's
largest trading partner.
    Washington however was not satisfied with the cuts and
pressed for more reductions as a way of cutting its huge trade
deficit with Taipei.
    Washington's deficit with Taipei rose to a record 13.6
billion U.S. Dlrs last year from 10.2 billion in 1985. It
widened to 3.61 billion in the first quarter of 1987 from 2.78
billion a year earlier, Taiwan's official figures show.
    Today's announcement came before a departure later today of
a 15-member Taiwan delegation for Washington for a series of
trade talks with U.S. Officials.
    The delegation's leader, Vincent Siew, told reporters last
night he was leaving with "a heavy heart," meaning that he would
face tough talks in Washington because of rising protectionist
sentiments in the U.S. Congress. Taiwan's 1986 trade surplus
with Washington was the third largest, after Japan and Canada.
    Siew said the talks, starting on April 14, would cover U.S.
Calls for Taiwan to open its market to American products,
purchases of major U.S. Machinery and power plant equipment,
import tariff cuts and protection of intellectual property.
    "I am afraid this time we have to give more than take from
our talks with the U.S.," he said without elaborating.


.I 893
.C
grain
.W
BULGARIA, ROMANIA GRAIN CROP SEEN LESS FAVORABLE.
    WASHINGTON, April 13 - Current prospects for this year's
grain crop in Bulgaria and Romania appear less favorable than
in 1986, the U.S. Agriculture Department's officer in Belgrade
said in a field report.
    The report said the assessment was based on travel in the
two countries from March 30 to April 4.
    It said crop conditions were better than earlier expected
following the extreme dry conditions last fall and the
prolonged winter temperatures this spring.
    However, in general plant development was at least three
weeks or more behind normal this spring, and conditions varied
greatly by regions, the report said.
    Fields seeded during the optimum period last fall, and
especially those receiving supplemental irrigation water (about
65 pct of the fields observed), appeared to be in good
condition, with little evidence of winterkill, while others
varied considerably, the report said.
    Fields lacking adequate moisture last fall showed weak and
uneven stands. Spotty germination and winterkill in those
fields averaged 10 to 30 pct, it said.


.I 894
.C
earn
.W
ELCOR CORP <ELK> 3RD QTR MARCH 31.
    MIDLAND, Texas, April 13 -
    Shr 21 cts vs eight cts
    Net 1.5 mln vs 536,000
    Revs 26.6 mln vs 17.7 mln
    Nine months
    Shr 1.11 dlrs vs 43 cts
    Net 7.8 mln vs 3.0 mln
    Revs 86.9 mln vs 82.9 mln
    NOTE:Shares adjusted for 2-for-1 stock split payable May
28, 1987 to holders of record May 14, 1987.
    1987 3rd qtr and nine months includes tax loss carryforward
gain of 695,000 dlrs and 3.6 mln dlrs, respectively.
    1986 3rd qtr nine months includes tax loss carryforward
gains of 260,000 dlrs and 1.4 mln dlrs, respectively.


.I 896
.C
palm-oil;veg-oil;
.W
SAUDI ARABIA BUYS RBD PALM OLEIN.
    LONDON, April 13 - Saudi Arabia bought 4,000 tonnes of
Malaysian refined bleached deodorised palm olein for June 1/10
shipment at around 356 dlrs per tonne cost and freight Jeddah,
traders said.


.I 897
.C
earn
.W
ABINGTON SAVINGS BANK <ABBK.O> 1ST QTR NET.
    ABBINGTON, Mass, April 13 -
    Shr 27 cts vs not given
    Net 617,000 vs 550,000
    Loans 92.8 mln vs 84.7 mln
    Deposits 121.9 mln vs 119.4 mln
    Assets 155.4 mln vs 152.4 mln
    Note: prior share not given due to June 18, 1986 conversion
to stock ownserhip


.I 899
.C
earn
.W
BANKING CENTER <TBCX> 1ST QTR NET.
    WATERBURY, Conn., April 13 -
    Shr 29 cts vs not given
    Net 3,508,000 vs 2,483,000
    NOTE: Company went public in August 1986.
    1986 figures restated.
    Net includes loan loss provision 550,000 dlrs vs 203,000
dlrs, gain on sale of securities of 309,000 dlrs vs 638,000
dlrs and gain on sale of loans 403,000 dlrs vs 553,000 dlrs.


.I 900
.C
ship;crude;
.W
SOVIET TANKERS SET TO CARRY KUWAITI OIL.
    KUWAIT, April 13 - Kuwait has agreed to charter tankers
from the Soviet Union in a move to protect its oil exports
through the Mideast Gulf, diplomatic sources said.
    They said the agreement followed months of talks with the
Soviet Union and the U.S. On ways to secure its oil exports
after Iran started to attack Kuwaiti-connected vessels in
retaliation for Kuwait's backing for Iran's war enemy Iraq.
    Diplomats said they expect three Soviet tankers initially
to reinforce other flags already supporting Kuwait's 22-tanker
fleet.
    The diplomats said they knew of no deal for Moscow to
provide a naval escort for its own vessels, but "the idea of
protection is implicit," one said.
    They said Soviet cargo ships bound for Kuwait in the past
to unload arms and materiel for road delivery to Iraq were
known to have sailed under escort. So far, none of the Soviet
ships are known to have been attacked by Iran. Diplomats said
they expected the chartered Soviet tankers to sail between
Kuwait and Khor Fakkan on the United Arab Emirates (UAE) coast
a short way outside the Strait of Hormuz at the mouth of the
Gulf.


.I 901
.C
earn
.W
CHEMICAL <CHL> NET HURT BY BRAZIL, EXPENSES.
    NEW YORK, April 13 - Chemical New York Corp said its
first-quarter profits fell by 16 pct, largely because it placed
1.04 billion dlrs of loans to Brazil on non-accrual.
    Chemical reported first-quarter net income of 86.2 mln
dlrs, down from 102.6 mln a year earlier, but declaring the
Brazilian loans non-performing cost Chemical 21 mln dlrs in
lost interest income, or 12 mln dlrs after-tax.
    A 13.3 pct jump in non-interest expense to 471.3 mln dlrs
from 415.9 mln also hit the bottom line. It said the rise was
mainly due to staff costs associated with continued growth in
consumer, capital markets and investment banking activities.
    Excluding the effect of placing Brazil on non-accrual,
Chemical said its net income would have been 98.2 mln dlrs, or
4.3 pct below 1986 earnings.
    Brazil suspended interest payments on 68 billion dlrs of
medium- and long-term debt on February 20. If they are not
resumed by year's end, Chemical said its after-tax net for the
whole of 1987 will be reduced by about 51 mln dlrs.
    Chemical also placed 52 mln dlrs of loans to Ecuador on
non-accrual because the Quito government also suspended
interest payments on its foreign debt. This reduced interest
income by 1.5 mln dlrs.
    Chemical said net interest income fell to 476.4 mln dlrs
from 488.9 mln and its net spread narrowed to 3.61 pct from
3.96 pct.
    This reflected the reclassification of Brazilian loans, a
reduced federal income tax rate (which affected the calculation
of the taxabale-equivalent adjustment on tax-exempt assets) and
a narrowing of the spread between the prime rate and Chemical's
cost of funds.
    Foreign exchange trading profits rose to 37.9 mln dlrs from
27.0 mln, but bond trading profits dropped to 21.9 mln dlrs
from 26.2 mln.
    Fees from trust and other banking services rose to 146.5
mln dlrs from 129.3 mln a year earlier, Chemical said.
    The provision for loan losses was 87.2 mln dlrs, compared
with 83.8 mln. Net loan charge-offs were 86.5 mln, up from 60.7
mln, leaving the allowance for loan losses at 672.6 mln dlrs at
quarter's end, or 1.74 pct of loans outstanding, compared with
594.3 mln, or 1.50 pct, a year earlier.
    Non-accruing loans at the end of March were 2.39 billion
dlrs (1.35 billion excluding Brazil), compared with 1.35
billion at the end of 1986 and 1.22 billion at the end of
March, 1986.


.I 903
.C
earn
.W
GENETICS <GENI.O> SEES HIGHER 87 LOSSES.
    CAMBRIDGE, Mass., April 13 - Genetics Institute Inc,
earlier reporting an increased first quarter net loss, said it
expects to incur losses in fiscal 1987 "that are somewhat higher
than those reported in fiscal 1986."
    It had a loss of 4,504,000 dlrs for fiscal 1986 ended
November 30, compared to a fiscal 1985 loss of 1,732,00 dlrs.
    The company said the losses result from its strategic
decision to invest prudent levels of equity in development of
products the company can manufacture and bring to market.
    Genetics earlier said first quarter ended February 28
losses rose to 1,309,000 dlrs from year-ago loss of 937,000
dlrs.


.I 904
.C
acq
.W
INVESTOR BOOSTS TRANS-LUX <TLX> STAKE.
    MIAMI, April 13 - Investor Albert Kahn said in a statement
that a group he heads increased its stake in Trans-Lux Corp to
8.9 pct from 8.1 pct on a fully diluted basis.
    Kahn said he indicated in a filing with the Securities and
Exchange Commission that his group bought an additional 7,300
Trans-Lux common shares and 100,000 dlrs of nine pct
convertible subordinated debentures due 2005, convertible into
an additional 6,803 shares.
    Kahn said he is considering seeking representation on the
Trans-Lux board and starting a proxy contest in connection with
the upcoming annual meeting.
    Kahn also said he is seeking an examination of the
Trans-Lux shareholder list and corporate books and records
under Delaware law.
    Trans-Lux is a Connecticut concern that leases teleprinters
and display units in brokerage offices, airports and other
public places.
    Kahn is a Miami insurance executive and investor.


.I 905
.C
earn
.W
SOLITRON DEVICES INC <SOD> 4TH QTR NET.
    RIVIERA BEACH, Fla., April 13 -
    Period ended February 28
    Shr 40 cts vs 15 cts
    Net 1,747,000 vs 775,000
    Revs 13.2 mln vs 13.3 mln
    Avg shrs 4,321,376 vs 5,148,318
    Year
    Shr 67 cts vs 67 cts
    Net 3,300,000 vs 3,299,000
    Revs 49.5 mln vs 50.2 mln
    Avg shrs 4,895,788 vs 4,951,177
    Note: 1986 year after 819,000 dlr tax provision and 660,000
dlr tax credit
    1985 year after 559,000 dlr credit for anticipated income
tax settlement for 1970 and 331,000 dlr tax provision


.I 906
.C
earn
.W
******U.S. TRUST CORP FIRST QTR SHR 88 CTS VS 83 CTS.
Blah blah blah.

.I 908
.C
earn
.W
PEOPLES HERITAGE BANK <PHBK> 1ST QTR NET.
    PORTLAND, Maine, April 11 -
    Shr 51 cts vs not given
    Net 4,661,000 vs 2,499,000
    NOTE: Net includes securities gains of 663,000 dlrs vs
1,173,000 dlrs.
    Company went public in December 1986.


.I 910
.C
earn
.W
STUART HALL CO INC <STUH.O> 1ST QTR FEB 28 NET.
    KANSAS CITY, April 13 -
    Shr 11 cts vs 12 cts
    Net 301,820 vs 248,419
    Revs 12.1 mln vs 10.2 mln
    Avg shrs 2,855,966 vs 2,033,881


.I 911
.C
earn
.W
CLAYTON HOMES INC <CMH> 3RD QTR MARCH 31 NET.
    KNOXVILLE, Tenn., April 13 -
    Shr 21 cts vs 18 cts
    Net 2,256,000 vs 1,915,000
    Revs 38.2 mln vs 35.3 mln
    Nine mths
    Shr 62 cts vs 56 cts
    Net 6,474,000 vs 5,808,000
    Revs 125.9 mln vs 112.3 mln
    Backlog nine mln vs six mln
    NOTE: Share adjusted for five-for-four stock split in June
1986.


.I 913
.C
acq;livestock;carcass;
.W
SWIFT TO SELL SOUTH DAKOTA PORK PLANT.
    DALLAS, April 13 - Swift Independent Packing Co said it
agreed in principle to sell its Huron, South Dakota, pork plant
to Huron Dressed Beef, for undisclosed terms.
    Completion of the proposed transaction is subject to
Huron's ability to hire an experienced work force at
competitive rates, and receive government approval of the
purchase and operation of the plant, Swift said.


.I 914
.C
earn
.W
U.S. TRUST CORP <USTC.O> 1ST QTR NET.
    NEW YORK, April 13 -
    Shr primary 88 cts vs 83 cts
    Shr diluted 84 cts vs 78 cts
    Net 8,869,000 vs 8,176,000
    Avg Assets 2.62 billion vs 2.42 billion
    Deposits 2.06 billion vs 1.80 billion
   


.I 917
.C
money-fx;interest;
.W
FED ADDS RESERVES VIA CUSTOMER REPURCHASES.
    NEW YORK, April 13 - The Federal Reserve entered the U.S.
Government securities market to arrange 1.5 billion dlrs of
customer repurchase agreements, a Fed spokesman said.
    Dealers said Federal funds were trading at 6-1/2 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
    Most had expected the Fed to supply reserves directly via
System repurchase agreements or to add them indirectly through
two billion dlrs or more of customer repurchase agreements.
Some believe the Fed is adding fewer reserves than are needed
to keep upward pressure on rates and so help the dollar.


.I 919
.C
earn
.W
DESPTP OMC <DSO> 1ST QTR NET.
    DES PLAINES, ILL., April 13 -
    Shr 54 cts vs 51 cts
    Net 2,151,000 vs 2,439,000
    Sales 90.3 mln vs 96.8 mln
    Avg shrs 3,960,000 vs 4,782,000


.I 920
.C
earn
.W
PARK COMMUNICATIONS INC <PARC.O> 1ST QTR MAR 31.
    ITHACA, N.Y., April 13 -
    Shr 15 cts vs 14 cts
    Net 2,028,000 vs 1,879,000
    Revs 32.1 mln vs 29.5 mln


.I 922
.C
earn
.W
FEDERAL GUARANTEE CORP <FDGC.O> 1ST QTR NET.
    MONTGOMERY, Ala., April 13 -
    Shr 34 cts vs 32 cts
    Net 2,891,844 vs 2,666,278
    Revs 13.7 mln vs 12.7 mln


.I 924
.C
earn
.W
ANGELL CARE MASTER LP <ACR> RAISES QUARTERLY.
    WINSTON-SALEM, N.C., April 13 -
    Shr 38 cts vs 36 cts prior
    Pay July 31
    Record June 23


.I 926
.C
earn
.W
FRANKLIN MICHIGAN INSURED SETS LOWER PAYOUT.
    SAN MATEO, Calif., April 13 -
    Mthly div 6.6 cts vs 6.9 cts prior
    Pay April 30
    Record April 15
    NOTE: Franklin michigan Insured Tax-Free Income Fund.


.I 927
.C
earn
.W
FRANKLIN HIGH YIELD SETS HIGHER PAYOUT.
    SAN MATEO, Calif., April 13 -
    Mthly div eight cts vs 7.1 cts prior
    Pay April 30
    Record April 15
    NOTE: Franklin High Yield Tax-Free Income Fund.


.I 928
.C
earn
.W
FRANKLIN PENNSYLVANIA TAX-FREE IN INITIAL PAYOUT.
    SAN MATEO, Calif., April 13 - Franklin Pennsylvania
Tax-Free Income Fund said its board declared an initial monthly
dividend of six cts per share, payable April 30 to holders of
record April 15.


.I 929
.C
acq
.W
GENERAL PARTNERS SELLS GENCORP <GY> STAKE.
    WASHINGTON, April 13 - General Partners, a Texas
partnership that recently ended its bid to take over GenCorp
Inc, told the Securities and Exchange Commission it sold nearly
all of its remaining 8.6 pct stake in the company.
    General Partners said it sold 1,930,500 shares of GenCorp
on April 10 at 118.25 dlrs a share in an open market
transaction on the New York Stock Exchange.
    It said the sale leaves it with 108 GenCorp common shares.
    The partnership, which includes Wagner and Brown of Midland
Texas and Irvine, Calif.-based AFG Industries Inc, last week
dropped its 100 dlr a share hostile tender offer.


.I 930
.C
earn
.W
FRANKLIN PENNSYLVANIA U.S. SETS INITIAL PAYOUT.
    SAN MATEO, Calif., April 13 - Franklin Pennsylvania
Investors U.S. Government Securities Fund Fund said its board
declared an initial monthly dividend of 7.8 cts per share,
payable April 30 to holders of record April 15.


.I 932
.C
acq
.W
GAF <GAF> STUDYING BORG-WARNER <BOR> PLAN.
    NEW YORK, April 13 - GAF Corp is studying an agreement
under which Merrill Lynch Capital Partners will take
Borg-Warner Corp private in a 4.23 billion dlr transaction, a
GAF spokesman said.
    The spokesman had no further comment.
    Analysts said there was speculation GAF would make a new
offer for the Chicago-based plastics and automobile parts
company. Borg-Warner's stock rose 7/8 to 49-1/4, above the
Merrill Lynch 48.50 dlrs per share tender offer price.
    Merrill Lynch Capital Partners, a unit of Merrill Lynch and
Co, is tendering for 89 pct of Borg-Warner and offering a
package of cash and securities for the balance of the shares.
    GAF had offered 46 dlrs per share previously. It holds 19.9
pct of Borg-Warner's stock.


.I 933
.C
earn
.W
NATIONAL WESTMINSTER BANK USA 1ST-QTR NET RISES.
    NEW YORK, April 13 - National Westminster Bank USA said
higher loans and core deposit volumes as well as a substantial
increase in net interest income contributed to a 16 pct rise in
first-quarter earnings to 17.7 mln dlrs from 15.3 mln reported
a year earlier.
    The earnings gain came despite a 1.5 mln dlr reduction of
income as a result of placing Brazilian loans on non-accrual.
    Net interest income totalled 92.5 mln dlrs compared with
91.7 mln dlrs in the same 1986 period as loans, mostly to
middle market businesses, increased by 896 mln dlrs. But some
of these gains were offset by low levels of interest rates.
    Provision for loan losses rose to 13.8 mln dlrs from 13.0
mln a year earlier. At March 31, the allowance for loan losses
was 114.2 mln dlrs versus 94.8 mln at end of March 1986.
    Non-accrual loans rose to 286 mln dlrs from 132 mln at the
end of the first quarter of 1986, largely because 119 mln dlrs
of loans to Brazil were put on non-accrual status.
    The bank said that if these loans remain on non-accrual for
the remainder of the year net income for 1987 would be reduced
by about 4.9 mln dlrs.
    National Westminster Bank USA is a wholly-owned subsidiary
of National Westminster Bank PLC.



.I 934
.C
earn
.W
LASER PHOTONICS INC <LAZR.O> 4TH QTR DEC 31.
    Orlando, Fla, April 13 -
    Shr loss 26 cts vs loss one cts
    Net loss 699,000 vs loss 20,617
    Revs 883,000 vs 1.1 mln
    Year
    Shr loss 62 cts vs loss eight cts
    Net loss 1.7 mln vs loss 185,003
    Revs 3.6 mln vs 4.5 mln


.I 935
.C
earn
.W
EASTERN UTILITIES ASSOCIATES <EUA> UPS PAYOUT.
    BOSTON, April 13 -
    Qtly div 57-1/2 cts vs 54-1/2 cts prior qtr
    Pay May 15
    Record May 1


.I 936
.C
earn;acq;
.W
ITALY'S BUITONI ACQUIRES VISMARA FOOD GROUP.
    Perugia, Italy, April 13 - Carlo De Benedetti's food
company Industrie Buitoni Perugina Spa said it has acquired the
Italian food group Vismara.
    Buitoni said in a statement that Vismara had 1986 sales of
181 billion lire and net profit of 11 billion lire, employs 950
people and has four subsidaries.
    Buitoni did not disclose financial details about the
acquisition. De Benedetti said last week that his group was
negotiating a purchase of an unidentified Italian food firm.
    Vismara primarily produces a variety of pork products. "The
acquisition represents a diversification in a market sector
with annual consumption of 8,500 billion lire," Buitoni said.
    Buitoni also said its consolidated revenue during the first
quarter of this year was 429 billion lire, up 51 pct from the
comparable 1986 period.
    As reported, Buitoni's consolidated revenue rose last year
to 1,623 billion lire from 1,177 billion in 1985. Net profit
rose to 18.5 billion lire from 448 mln lire in 1985.


.I 937
.C
acq
.W
MCGRAW-HILL <MHP> DIVESTS SOUTH AFRICAN UNIT.
    NEW YORK, April 13 - McGraw-Hill Inc said it has sold its
McGraw-Hill Book Co South Africa Pty Ltd subsidiary to a local
management group for an undisclosed amount of cash and halted
the sale of all products and services to South Africa.
    The company said the divestiture follows a resolution of
its board in February that cited increased political and social
unrest within South Africa and the refusal of the South African
government to abolish the apartheid system.


.I 938
.C
acq
.W
OAK ONDUSTRIES <OAK> TO BUY ELECTRONICS FIRM.
    SAN DIEGO, Calif., April 13 - Oak Industries Inc said it
agreed to buy the stock of Electronic Technologies Inc of New
York for an undisclosed amount of cash.
    Electronic Technologies manufactures quartz crystal
components, Oak said.
    It said the acquisition is part of its ongoing stategy to
restructure its core businesses through cost reduction programs
and the purchase of compatible companies.


.I 939
.C
earn
.W
PEOPLES HERITAGE BANK <PHBK> 1ST QTR NET.
    PORTLAND, Me., April 13 -
    Shr 51 cts vs not given
    Net 4,661,000 vs 2,499,000
    NOTE: Includes net securities gains of 663,000 dlrs vs 1.2
mln dlrs from.
    Company converted to stock ownership in December 1986.


.I 940
.C
acq
.W
******REVLON GROUP AGREES TO MERGE WITH MACANDREWS AND FORBES GROUP FOR 20.10 DLRS/SHR CASH.
Blah blah blah.

.I 941
.C
interest
.W
U.S. TRUST CO <USTC> RAISES BROKER LOAN RATE.
    NEW YORK, April 13 - U.S. Trust Co said it raised its
broker loan rate to 7-3/4 pct from 7-1/2 pct, effective
immediately.
    Bankers Trust Co <BT>, which also quotes its broker loan
rate publicly, raised its rate to 7-1/2 pct earlier today.


.I 943
.C
acq
.W
(CORRECTED)-CRAZY EDDIE <CRZY.O> SETS RIGHTS.
    EDISON, N.J., April 13 - Crazy Eddie Inc said its board has
adopted a defensive shareholder rights plan and said it has
reacived inquiries on a friendly merger.
    It said under the plan, shareholders of record as of April
21 will receive a right to purchase under certain circumstances
at a price of 42 dlrs 0.01 preferred share for each common
share held.  The rights expire April 9, 1997.
    The company said the rights would be exercisable 20
business days after a party were to acquire 20 pct or more of
Crazy Eddie common stock or announce a bid for 30 pct or more.
    Adds dropped year of rights expiration.


.I 944
.C
earn
.W
BIOTECH ELECTRONICS INC <ION.TO> 3RD QTR NET.
    MONTREAL, April 13 -
    Shr eight cts vs one-half ct
    Net 508,000 vs 21,000
    Revs 7.2 mln vs 7.4 mln
    Nine mths
    Shr 28 cts vs 11 cts
    Net 1,523,000 vs 567,000
    Revs 26.2 mln vs 22.6 mln
    Note: period ended February 28.
REUTER


.I 949
.C
cpi
.W
PORTUGUESE CONSUMER PRICES UP 1.4 PCT IN MARCH.
    LISBON, April 13 - Portugal's consumer prices rose 1.4 pct
in March after a one pct increase in February and a 1.2 pct
rise in March 1986, the National Statistics Institute said.
    The consumer price index (base 100 for 1976) rose to 772.0
from 761.3 in February and compared with 703.4 in March 1986.
    This gave a year-on-year March inflation rate of 9.8 pct
against 9.5 pct in February and 12.2 pct in March 1986.
    Measured as an annual average rate, inflation in March was
10.9 pct compared with 11.1 pct in February. The government
forecasts annual inflation of about eight pct this year.


.I 951
.C
earn
.W
MYERS INDUSTRIES INC <MYE> 1ST QTR NET.
    AKRON, OHIO, April 13 -
    Shr 22 cts vs 18 cts
    Net 803,708 vs 642,534
    Sales 21.0 ln vs 18.8 mln
    NOTE: Per share figures adjusted for ten pct stock dividend
paid August 1986.


.I 952
.C
earn
.W
******GTE CORP 1ST QTR SHR 78 CTS VS 86 CTS.
Blah blah blah.

.I 953
.C
acq
.W
RESDEL <RSDL.O> TO MERGE WITH SAN/BAR <SBAR.O>.
    NEWPORT BEACH, Calif., April 13 - Resdel Industries said it
and San/Bar Corp has agreed to merge San/Bar into Resdel.
    The arrangement calls for San/Bar to spin-off assets of its
Break-Free division to shareholders then exchange its own
shares for Resdel stock at a ratio of one Resdel share for each
San/Bar share held, Resdel said.


.I 954
.C
acq
.W
MIDLANTIC <MIDL.O> TO ACQUIRE COUNTY BANCORP.
    EDISON, N.J., April 13 - Midlantic Corp said it agreed to
acquire County Bancorp for about 23 mln dlrs in an agreement
calling for County Trust Co, a County Bancorp subsidiary, to
merge into Midlantic National Bank/North.
    Midlantic said it will pay 83.73 dlrs a share in cash, or
2.36 times County Bancorp's March 31 book value, for each of
County's about 276,0000 shares outstanding. It said it received
an option from three principal shareholders for 40 pct of
County's outstanding.
    The acquisition is expected in the third quarter of 1987
and is subject to regulatory and shareholder approvals.


.I 955
.C
earn
.W
PEOPLE'S SAVINGS BANK OF BROCKTON <PBKB.O>.
    BROCKTON, Mass, April 13-
    Net 646,000 vs 470,000
    Assets 173.0 mln vs 152.9 mln
    NOTE:Quarter ended March 31. The company completed
conversion from mutual to stock form in October 1986, raising
14.1 mln dlrs in net proceeds through the sale of 2.3 mln
shares of common stock.


.I 956
.C
earn
.W
MICRO GENERAL CORP <MGEN.O> 4TH QTR LOSS.
    IRVINE, Calif., April 13 - Period ended December 28.
    Shr nil vs loss six cts
    Net loss 6,319 vs loss 265,651
    Revs 1,117,778 vs 1,090,001
    Avg shrs 6,874,383 vs 4,323,614
    Year
    Shr nil vs loss 10 cts
    Net profit 4,323 vs loss 432,458
    Revs 4,711,350 vs 4,256,708
    Avg shrs 6,837,871 vs 4,322,816


.I 958
.C
earn
.W
GTE CORP <GTE> 1ST QTR MAR 31.
    STAMFORD, Conn, April 13 -
    Shr 78 cts vs 86 cts
    Net 265.0 mln vs 283.0 mln
    Revs 3.7 billion vs 3.6 billion
    Avg shrs 329.0 mln vs 319.0 mln
                    


.I 960
.C
earn
.W
******GTE POSTS PRE-TAX LOSS OF 121 MLN DLRS IN 1ST QTR FOR 50 PCT SHARE OF US SPRINT.
Blah blah blah.

.I 961
.C
acq
.W
GROUP RAISES SCANDINAVIA FUND <SCF> STAKE.
    WASHINGTON, April 13 - A shareholder group consisting of
foreign investment firms and investors said it raised its stake
in Scandinavia Fund Inc to 2,607,900 shares, or 40.0 pct of the
total outstanding from 2,309,700 shares, or 35.4 pct.
    In a filing with the Securities and Exchange Commission,
the group also said it is considering an informal offer made by
Scandinavia Fund President Bjorn Carlson on March 31 which
would grant it representation on the company's board.
    The group includes VBI Corp, a Turks and Caicos Islands
investment firm, and Ingemar Rydin Industritillbehor AB, a
Swedish investment firm, and Erik Martin Vik, a Norwegian
investor, and Vik's son, Alexander.
    The group said VBI and the elder Vik bought a combined
298,200 Scandinavia Fund common shares since March 13 at prices
ranging from 9.500 to 10.000 dlrs a share.


.I 962
.C
earn
.W
SQUARE D CORP <SQD> 1ST QTR NET.
    PALATINE, ILL., April 13 -
    Shr 79 cts vs 73 cts
    Net 22,901,000 vs 21,042,000
    Sales 336.1 mln vs 334.1 mln


.I 963
.C
crude
.W
TRITON <OIL> SAYS PARIS BASIN RESERVES UP 39 PCT.
    DALLAS, April 13 - Triton Energy Corp said proven reserves
of the Villespedue oil field in France's Paris Basin were
estimated at a total of 67.5 mln barrels on March one, up 39
pct from 48.7 mln barrels on May 31, 1986.
    Triton said its 60 pct owned <Triton Europe Plc> subsidiary
has a 50 pct interest in the field which is located 50 miles
east of Paris. The other 50 pct is held by <Total Exploration
S.A.>, the field's operator.


.I 964
.C
earn
.W
TALKING POINT/IBM <IBM>.
    By Lawrence Edelman, Reuters
    NEW YORK, April 13 - International Business Machines Corp
has started the year aggressively, but industry analysts said
the company still faces some tough rounds in its fight to stop
a two-year earnings slump.
    "I am more impressed with what's happening at IBM than I
have been in a long time," said PaineWebber analyst Stephen
Smith.
    "But they're not out of the woods yet," he added.
    At 1.30 dlrs a share, IBM's first-quarter net income easily
topped most estimates on Wall Street, which had ranged from an
even dollar to 1.20 dlrs.
    Most analysts said they were pleasantly surprised by IBM's
performance. But they indicated that IBM's chances for a full
recovery hinged on several key factors whose impact will not be
felt until later in the year.
    These include the success of IBM's new personal computer
line, introduced two weeks ago, and its 9370 minicomputers,
which will begin volume shipments in July.
    In addition, IBM has said the full benefits of its
early-retirement program and other cost-cutting moves will
emerge as the year progresses.
    Analysts noted that IBM chairman John F. Akers was
relatively more upbeat in assessing the company's outlook than
he has been for nearly a year.
    "Although the worldwide economic situation remains
unsettled, there are some encouraging signs in our business,"
Akers said, pointing to, among other things, higher
first-quarter shipments. "We remain optimistic about the
prospects for both the industry and IBM," he said.
    "Akers was most encouraging," said PaineWebber's Smith.
    A weak dollar, a lower tax rate and strong mainframe
computer sales all contributed to the better-than-expected
first-quarter results, analysts said.
    "Shipments of the 3090 mainframes were very strong in
March," after a weak January and February, said Ulric Weil of
Washington-based Weil and Associates.
    Sales of the top-of-the-line mainframes, commonly called
the Sierras, "bailed out the whole quarter," Weil said, adding,
"If this continues, it augers well for the rest of the year."
REUTER...^M

.I 967
.C
earn
.W
MICRO MASK INC <NMS.O> 2ND QTR MAR 31 OPER LOSS.
    SUNNYVALE, Calif., April 13 -
    Oper shr loss 20 cts vs loss 63 cts
    Oper net loss 439,000 vs loss 1,347,000
    Sales 6,303,000 vs 5,062,000
    Six mths
    Oper shr loss 43 cts vs loss 1.02 dlrs
    Oper net loss 934,000 vs loss 2,333,000
    Sales 12.1 mln vs 9,878,000
    Note: oper data does not include 1986 losses from
discontinued operations of 60,000 dlrs, or three cts per shr,
in qtr and 151,000 dlrs, or seven cts per shr, in six mths.


.I 968
.C
oilseed;rapeseed;
.W
JAPANESE CRUSHERS BUY CANADIAN RAPESEEED.
    WINNIPEG, April 13 - Japanese crushers bought 3,000 to
4,000 tonnes of Canadian rapeseed in export business overnight
for last half May/first half June shipment, trade sources said.


.I 969
.C
earn
.W
IRVING BANK <V> 1ST-QTR NET HURT BY BRAZIL.
    NEW YORK, April 13 - Irving Bank Corp said a six pct drop
in first-quarter net income from a year earlier was largely the
result of placing medium- and long-term loans to borrowers in
Brazil and Ecuador on non-accrual status.
    Income in the first three months fell to 28.60 mln dlrs
from 30.43 mln in the same 1986 period. Earnings per share
dropped to 1.51 dlrs from 1.62.
    Irving put 215 mln dlrs of Brazilian and 33 mln dlrs of
Ecuadorean loans on non-accrual, reducing first-quarter net
income by a total of 4.4 mln dlrs after tax.
    Irving estimates full year net would be reduced by 15.3 mln
dlrs after tax if no cash interest payments are received on
these loans during the remainder of 1987.
    Also adversely affecting earnings were losses on the
trading of securities and higher non-interest expenses,
although these were partly offset by increased trust income,
profits from foreign exchange trading and investment securities
gains, the bank said.
    The allowance for loan losses was 224.8 mln dlrs, up from
185.2 mln a year earlier. The provision for loan losses was
21.8 mln versus 19.5 mln in the first quarter of 1986.


.I 972
.C
earn
.W
ALLEGHENY/WESTERN ENERGY <ALGH.O> UPS PAYOUT.
    NEW YORK, April 13 -
    Qtly div 7-1/2 cts vs six cts prior
    Pay June 3
    Record May 15
    NOTE: Full name Allegheny and Western Energy Corp.


.I 973
.C
crude;nat-gas;
.W
STANDARD <SRD>,MOBIL <MOB>PLAN OFFSHORE PLATFORM.
    HOUSTON, April 13 - Standard Oil Co said a contract has
been awarded to <CBS Engineering Inc> for a drilling and
production platform to be installed in Ewing Bank Block 826 in
the Gulf of Mexico where Standard and Mobil Corp each own a 40
pct interest.
    Standard said its Standard Oil Production Co subsidiary
will operate the platform which is being designed to produce
15,000 barrels of oil and 50 mln cubic feet of gas daily. The
platform is now expected to be installed in the summer of 1988.
Other owners are Kerr-McGee Corp <KMG> with 16.66 pct and
<Prudential Insurance Co of America> with  3.34 pct.


.I 975
.C
earn
.W
******UNITED TELECOMMUNICATIONS INC 1ST QTR SHR 13 CTS VS 47 CTS.
Blah blah blah.

.I 976
.C
earn
.W
<COAST R.V. INC> 1ST QTR NET.
    SAN JOSE, Calif., April 13 -
    Shr profit one ct vs loss 28 cts
    Net profit 23,000 vs loss 725,000
    Sales 20.6 mln vs 18.5 mln
    Avg shrs 3,959,011 vs 2,608,571


.I 977
.C
trade
.W
U.S. FEBRUARY TRADE TO BE REPORTED ON NEW BASIS.
    WASHINGTON, April 13 - The February monthly merchandise
trade figures to be reported Tuesday by the Commerce Department
will be on a new basis reflecting more recent data, so avoiding
future revisions of the monthly figure, Commerce officials
said.
    The overall January deficit of 14.8 billion dlrs will be
revised, but the February figure will be a final one, officials
said.
    Previously, the initial monthly figure has had to be
revised in subsequent months because of the time lag between
the report and the compiling of final estimates on imports and
exports.
    The reporting of the February trade data was delayed
several weeks to permit gathering latest figures on imports and
exports to give a clearer picture of the monthly trade balance.


.I 978
.C
acq
.W
REVLON <REV> AND MACANDREWS AND FORBES TO MERGE.
    NEW YORK, April 13 - <MacAndrews and Forbes Group> and
Revlon Group Inc <REV> said that they have entered into a
definitive mergewr agreement where MacAndrews will acquire
Revlon at 20.10 dlrs per common share in cash.
    MacAndrews said it increased its offer to purchase all
Revlon common shares to 20.10 dlrs a share, from its April 1
offer of 18.50 dlrs a share.
    Following consummation of the offer, a unit of MacAndrews
will merge into Revlon and each remaining share will be
converted into the right to receive 20.10 dlrs per share in
cash, the companies said.
    Revlon said its board of directors unanimously approved the
merger agreement.
    MacAndrews and Revlon also said they have reached a
settlement with the plaintiff in the pending litigation
challenging acquisition of the shares by MacAnrews.
    The companies said the tender offer and withdrawal rights
will expireon Tuesday April 28, unless extended.
    MacAndrews said it will promptly file revised tender offer
material with the Securities and Exchange Commission. Drexel
Burnham Lambert Inc is acting as dealer-manager for the offer,
the companies said.
    Revlon currently has about 42 mln shares outstanding. The
current offer price is about 782 mln dlrs, a company spokesman
said, up from the previous offer of 720 mln dlrs.
    On April 1, MacAndrews and Forbes, owned by Ronald
Perelman, offered 18.50 dlrs a share for the 63 pct of Revlon
shares he did not already own.
    Since the offer was made over a dozen shareholder lawsuits
were brought against Revlon alleging the original offer was too
low.
    But, the companies said these lawsuits have been settled in
the amended offer.


.I 979
.C
acq
.W
REAL ESTATE FIRM CUTS INTERMAGNETICS<INMA> STAKE.
    WASHINGTON, April 13 - Roland International Corp, a Coconut
Grove, Fla., real estate development company, said it cut its
stake in Intermagnetics General Corp to 308,400 shares, or 4.8
pct of the total outstanding, from 358,400 shares, or 5.6 pct.
    In a filing with the Securities and Exchange Commission,
Roland said it sold 50,000 shares on Feb 4 at 5.13 dlrs each.
    As long as Roland's stake in Intermagnetics General is
below five pct, it is not required to report any further
dealings in the company's stock.


.I 983
.C
earn
.W
FIRST COMMERCE CORP <FCOM> 1ST QTR NET.
    NEW ORLEANS, April 13 -
    Shr 40 cts vs 31 cts
    Net 5,151,000 vs 4,078,000


.I 984
.C
acq
.W
DATAPRODUCTS <DPC> TO BUY IMAGING SOLUTIONS.
    WOODLAND HILLS, Calif., April 13 - Dataproducts Corp said
it signed a letter of intent to acquire the Imaging Solutions
Inc unit of Reliance Electric Co under undisclosed terms.
    This acquisition will give it all rights to proprietary
solid and liquid ink technologies which had been developed by a
joint venture operated by it and Exxon Corp <XON>, Dataproducts
said.
    It said Imaging Solutions, formerly named Exxon Printing
Systems Inc, had been a Reliance Electric Co subsidiary.
    But Reliance recently became an independent company as the
result of a leveraged buyout from its former owner, Exxon.


.I 985
.C
acq
.W
JANNOCK <JN.TO> ACQUIRES HALF-STAKE IN PRINTER.
    TORONTO, April 13 - Jannock Ltd said its Jannock Imaging Co
Ltd unit acquired a 50 pct stake in Arthurs-Jones Lithographing
Ltd, of Toronto, for undisclosed terms.
    It said the acquisition would lift Jannock Imaging revenues
to 50 mln dlrs this year. It did not specify Arthurs-Jones'
1986 revenues.


.I 989
.C
earn
.W
MARK IV INDUSTRIES INC <IV> 4TH QTR FEB 28 NET.
    WEST AMHERST, N.Y., April 13 -
    Shr 30 cts vs 17 cts
    Net 2,526,000 vs 1,452,000
    Revs 71.9 mln vs 25.2 mln
    Year
    Shr 1.20 dlrs vs 68 cts
    Net 10.2 mln vs 4,738,000
    Revs 291.5 mln vs 83.0 mln
    Avg shrs 8,511,000 vs 6,983,000
    NOTE: Current periods include gain of 299,000 dlrs in qtr
and 1.2 mln dlrs in year from changes in pension accounting.
    Year-ago shr figures restated for 3-for-2 splits paid June
1986 and January 1987.


.I 992
.C
acq
.W
ELECTROHOME <EL.X.TO> TO SELL UNIT.
    Kitchener, Ontario, April 13 - Electrohome Ltd said it
agreed to sell certain assets of the computer service sector of
its AABEX service division to Canadian General Electric Co Ltd
<CGE.TO>.
    Terms were not disclosed. The closing date is expected to
be May 1, 1987.


.I 993
.C
earn
.W
SALICK HEALTH CARE INC <SHCI.O> 2ND QTR NET.
    BEVERLY HILLS, Calif., April 13 - Period ended February 28.
    Shr 14 cts vs 10 cts
    Net 741,000 vs 510,000
    Revs 5,980,000 vs 4,836,000
    Six Mths
    Shr 29 cts vs 20 cts
    Net 1,556,000 vs 1,080,000
    Revs 12.2 mln vs 9,214,000


.I 994
.C
acq
.W
LASER PHOTONICS INC <LAZR.O> CLOSES SALE.
    ORLANDO, Fla, April 13 - Laser Photonics Inc said it
completed a previously announced sale of 615,385 shares, or 18
pct, of its common stock to a group of investors for one mln
dlrs.
    A 400,000 dlrs loan made by the investors was repaid out of
the proceeds, it said.
    It also said it restructured its board to include three
members designated by the investors, including Pierre
Schoenheimer, Roger Kirk and Leonard Lichter.


.I 995
.C
acq
.W
AMSOUTH BANCORP <ASO> SETS EXCHANGE RATIO.
    BIRMINGHAM, Ala., April 13 - AmSouth Bancorp said it will
issue about 3,166,000 shares of stock to acquire First
Tuskaloosa Corp.
    Under a previously announced merger agreement, Amsouth
offered 66 dlrs a share in Amsouth stock for First Tuskaloosa.
    The company said First Tuskaloosa shareholders will receive
1.978825 shares of Amsouth stock for each First Tuskaloosa
share held when the merger is effected April 17.
    First Tuskaloosa has assets of more than 425 mln dlrs.
Amsouth's assets are about six billion dlrs.


.I 996
.C
earn
.W
VOPLEX CORP <VOT> 1ST QTR MAR 31.
    PITTSFORD, N.Y., April 13 -
    Shr 25 cts vs 23 cts
    Net 670,105 vs 599,107
    Revs 21.4 mln vs 20.1 mln


.I 998
.C
acq
.W
HADSON CORP <HADS.O> COMPLETES ACQUISITION.
    OKLAHOMA CITY, Okla., April 13 - Hadson Corp said it
completed the acquisition of 85 pct of the Seaxe Energy Corp's
<SEAX.O> common stock for 182,415 shares of Hadson's stock.
    Seaxe is engaged in international oil and gas exploration
and development primarily in the Paris basin of France.


.I 1000
.C
acq
.W
ARRAYS <ARAY> COMPLETES MERGER.
    VAN NUYS, Calif., April 13 - Arrays Inc said it completed
its merger with Haba Systems Inc.
    Terms of the merger called for each share of Arrays to be
exchange for a share of Haba in a transaction valued at 4.1 mln
dlrs, the company said.
    Both companies produce and market microcomputer software.


.I 1003
.C
earn
.W
FRANKLIN MASSACHUSETTS SETS MONTHLY PAYOUT.
    SAN MATEO, Calif., April 13 -
    Mthly div 6.5 cts vs 6.5 cts prior
    Pay April 30
    Reord April 15
    NOTE: Franklin Massachusetts Insured Tax-Free Income Fund.


.I 1004
.C
earn
.W
FRANKLIN MINNESOTA SETS MONTHLY PAYOUT.
    SAN MATEO, Calif., April 13 -
    Mthly div 6.6 cts vs 6.6 cts prior
    Pay April 30
    Reord April 15
    NOTE: Franklin Minnesota Insured Tax-Free Income Fund.


.I 1005
.C
earn
.W
FRANKLIN INSURED SETS MONTHLY PAYOUT.
    SAN MATEO, Calif., April 13 -
    Mthly div 7.1 cts vs 7.1 cts prior
    Pay April 30
    Reord April 15
    NOTE: Franklin Insured Tax-Free Income Fund.


.I 1006
.C
earn
.W
FRANKLIN OHIO SETS MONTHLY PAYOUT.
    SAN MATEO, Calif., April 13 -
    Mthly div 6.1 cts vs 6.1 cts prior
    Pay April 30
    Reord April 15
    NOTE: Franklin Ohio Insured Tax-Free Income Fund.


.I 1007
.C
earn
.W
FRANKLIN PUERTO RICO SETS MONTHLY PAYOUT.
    SAN MATEO, Calif., April 13 -
    Mthly div 7.1 cts vs 7.1 cts prior
    Pay April 30
    Reord April 15
    NOTE: Franklin Puerto Rico Tax-Free Income Fund.


.I 1008
.C
earn
.W
FRANKLIN CALIFORNIA SETS MONTHLY PAYOUT.
    SAN MATEO, Calif., April 13 -
    Mthly div 6.5 cts vs 6.5 cts prior
    Pay April 30
    Reord April 15
    NOTE: Franklin California Insured Tax-Free Income Fund.


.I 1010
.C
acq
.W
CANADA STOCKS/DOME PETROLEUM LTD <DMP>.
    TORONTO, April 13 - Dome Petroleum Ltd shares moved higher
in the U.S. and Canada after TransCanada PipeLines Ltd <TRP>
made a 4.3 billion Canadian dlr bid for Dome and Dome said it
is in talks with two other unidentified companies.
    Market speculation is that the other two potential bidders
are not Canadian companies and DuPont's <DD> Conoco and
Atlantic Richfield Co <ARC> are mentioned as possibilities,
Wilf Gobert of Peters and Co Ltd said.
    Dome rose 1/4 to 1-1/8 on the American Stock Exchange.
TransCanada PipeLines was down 1/4 at 15-3/4 on the New York
Stock Exchange.
    Dome was the most active stock on the Toronto exchange at
1.50 dlrs per share, up 37 cts.
    Gobert characterized the market action in Dome as "awfully
optimistic" but said investors are hoping for a competing offer
to the shareholders.
    TransCanada PipeLines' offer is to Dome management, not to
shareholders. However, it proposes issuing new equity in a
subsidiary that would operate Dome assets. Current Dome
shareholders would own 20 pct of the new subsidiary.


.I 1011
.C
earn
.W
UNITED TELECOMMUNICATIONS INC <UT> 1ST QTR NET.
    KANSAS CITY, MO., April 13 -
    Shr 13 cts vs 47 cts
    Net 13,492,000 vs 46,417,000
    Revs 720.2 mln vs 793.6 mln
    Avg shrs 99,085,000 vs 96,804,000
    NOTE: Per-share results reflect payment of preferred
dividend requirements


.I 1013
.C
earn
.W
FIRST PENNSYLVANIA CORP <FPA> 1ST QTR NET.
    PHILADELPHIA, April 13 -
    Shr 15 cts vs 13 cts
    Net 8,753,000 vs 7,804,000
    Avg shrs 32.6 mln vs 23.2 mln
    NOTE: Includes gains of 4.1 mln dlrs or 12 cts vs 3.3 mln
dlrs or 15 cts from tax loss carryforwards.


.I 1014
.C
acq
.W
<CLARK COPY INTERNATIONAL> BUYS W. GERMAN STAKE.
    ELK GROVE VILLAGE, Ill., April 13 - Clark Copy
International Corp said it acquired a majority interest in
Datagraph GMBH of Lich, West Germany.
    The acquisition was made through Clark Copy's majority
owned subsidiary Interactive Computer Aids of Norway.
    No price was disclosed for the acquisition.
    Clark Copy said worldwide sales for Datagraph, which makes
color graphics workstations, were 10 mln dlrs for the year
ended Dec. 31, 1986.


.I 1015
.C
earn
.W
ENTRE COMPUTER CENTERS INC<ETRE.O> 2ND QTR LOSS.
    VIENNA, Va., April 13 - Ended Feb 28
    Shr loss 29 cts vs profit 10 cts
    Net loss 2,733,000 vs profit 911,000
    Revs 21.5 mln vs 18.5 mln
    Six mths
    Shr loss 23 cts vs profit 26 cts
    Net loss 2,154,000 vs profit 2,445,000
    Revs 37.8 mln vs 37.7 mln


.I 1016
.C
earn
.W
GTE <GTE> CITES LOSS OF SPRINT.
    STAMFORD, Conn, April 13 - GTE Corp said the decline in its
first quarter net income reflects a 121 mln dlr loss from its
50 pct share ownership of U.S. Sprint's operations.
    This loss is an increase from the 60 mln dlrs loss reported
on operations GTE owned a year ago quarter and prior to
entering a joint venture with United Telecommunications <UT> in
July 1986. Under the joint venture, each company owns 50 pct of
Sprint.
    Earlier, the company reported net income declined to 265.0
mln dlrs from 283.0 mln dlrs in the first quarter a year ago.
    Theodore Brophy, chairman of GTE said, "we expect US
Sprint's losses to diminish later this year as customer traffic
migrates to the new fiber-optic network for long distance
telecommunications.
    The reason for the higher losses reflect lower prices as
well as higher operating costs related, in part, to the
fraudalent use of the network.
    Operating income of its telephone operations, which account
for 91 pct of the total, rose eight pct to 736.0 mln dlrs. 
Revenues from telephone operations rose eight pct to 2.9
billion dlrs.


.I 1018
.C
earn;acq;
.W
GOODYEAR <GT> TO SELL CELERON.
    AKRON, Ohio, April 13 - Goodyear Tire and Rubber Co said it
expects to sell its Celeron Corp oil and gas subsidiary for
about two billion dlrs in about two months.
    After the company's annual meeting, Rober Mercer,
Goodyear's chairman and chief executive officer, also said 
Goodyear expects to report a profit of more than one dlr a
share from continuing operations in the first quarter. In the
same year-ago period, Goodyear reported a loss of 64 cents a
share from continuing operations.
    Mercer said about seven companies are interested in buying
Celeron and they may form a consortium to buy the unit.
    Celeron consists of oil and gas reserves and an almost
complete pipeline linking drilling operations in Santa Barbara,
Calif., to Texas refineries. Mercer said Celeron's reserves
would not be sold separately from the pipeline.
    Concerning speculation that two billion dlr price tag for
Celeron was too high, Mercer said "There is no fire sale going
on here and we can continue to keep Celeron as a profitable
operation throughout the year."
    Mercer said the expected 1st quarter operating profit was
based on the new share total after Goodyear's share repurchase
last year to fend off Sir James Goldsmith's hostile takeover
bid.


.I 1021
.C
earn
.W
NEW ENGLAND SAVINGS BANK <NESB> 1ST QTR NET.
    NEW LONDON, Conn., April 13 -
    Shr 44 cts vs not given
    Net 3,499,000 vs 2,295,000
    NOTE: Converted to stock ownership Aug 1, 1986.


.I 1022
.C
earn
.W
AMERICAN NATIONAL CORP <FNB> 1ST QTR NET.
    CHICAGO, April 13 -
    Net 12.8 mln vs 12.2 mln
    Loans 2.8 billion vs 2.5 billion
    Deposits 3.2 billion vs 2.9 billion
    Assets 4.5 billion vs 3.8 billion
    NOTE: American National Corp is a wholly-owned subsidiary
of First Chicago Corp.


.I 1023
.C
earn
.W
AB ASTRA SHARE SPLIT TO WIDEN FOREIGN OWNERSHIP.
    STOCKHOLM, April 13 - AB Astra <ASTS.ST> said it was
proposing a two-for-one share split and the issue in June of a
new series of foreign-targeted shares with lower voting rights
as part of a strategy to internationalise the company.
    The deal, which requires Swedish government approval, will
raise the percentage of foreign voting rights allowed in the
medical group to 22.5 pct from 20 pct, Astra said.
    An extraordinary meeting of Astra's board proposed the
creation of B free shares open to foreign buyers with one tenth
of a voting right per share. At present, Astra stock consists
of one series of restricted shares and one of free shares.


.I 1025
.C
earn
.W
CORRECTED-<NATIONAL WESTMINSTER BANK USA>1ST QTR.
    NEW YORK, April 13 -
    Net 17.7 mln vs 15.3 mln
    NOTE: <National Westminster Bank PLC> subsidiary.
    Loan loss provision 13.8 mln vs 13.0 mln
    Investment securities gains 2,003,000 dlrs vs 169,000 dlrs.
    Figures in dollars.
    Corrects name to subsidiary from parent.


.I 1027
.C
earn
.W
THE ONE BANCORP <TONE> 1ST QTR NET.
    PORTLAND, Me., April 13 -
    Shr 76 cts vs 51 cts
    Net 5,952,000 vs 4,374,000
    Avg shrs 7,837,511 vs 7,446,356
    NOTE: Includes gains of 1.3 mln dlrs vs 239,000 dlrs from
benefit of tax loss carryforwards.
    Includes operations of Bank of Hartford, acquired Feb 23.
    Year-ago shr figures reflect 2-for-1 split on April 15,
1986.


.I 1028
.C
acq
.W
NOR-QUEST <NQRLF> MAKES BID FOR NORTHAIR <NRM.TO>.
    NANAIMO, British Columbia, April 13 - Nor-Quest Resources
Inc said it will make a takeover offer to acquire all shares of
Northair Mines Ltd on the basis of one Nor-Quest share plus one
dlr for two shares of Northair.
    Nor-Quest said it plans to bring Northair's Willa Mine in
the Nelson area of British Columbia into production using
Nor-Quest's recently acquired 1200-ton per day mill located in
the area.


.I 1030
.C
earn
.W
ARISTECH <ARS> SAYS 1ST QTR SHR ESTIMATE RIGHT.
    NEW YORK, April 13 - Aristech Chemical Corp chairman and
chief executive officer Thomas Marshall said analysts'
estimates of its 1987 fiscal year earnings of 2.25 dlrs to 2.50
dlrs per share are about right.
    Addressing a gathering of analysts and institutional
investors, Marshall also said that analysts' estimates of its
first qtr earnings - 50 cts to 55 cts per share - were "in the
ballpark."
    Marshall said the full year estimates represent more than a
32 pct increase over 1986's fiscal year net of 1.70 dlrs per
share.
    He also said the first quarter estimates were 70 pct higher
than 1986's first quarter net of 29 cts per share.
Marshall attributibuted the first quarter earnings growth to
several factors, including sustained demand in Aristech's major
domestic markets and continued growth in exports.
    Aristech plans to spend approximately 200 mln dlrs over in
capital investments over the next three years, Marshall added.


.I 1031
.C
earn
.W
UNITED TELECOM <UT> REPORTS US SPRINT LOSS.
    KANSAS CITY, MO., April 13 - United Telecommunications Inc
said its lower first quarter earnings included a loss of
63,055,000 dlrs from its equity in US Sprint.
    US Sprint was formed July 1, 1986, as a partnership which
combined United Telecommunications' long distance voice and
data operations with those of GTE Corp <GTE>.
    Earlier, United Telecommunications reported first-quarter
earnings of 12.6 mln dlrs, or 13 cts a share compared to 46.4
mln dlrs, or 47 cts a share a year ago. Revenues declined to
720.2 mln dlrs from 793.6 mln dlrs.
    United Telecommunications said the transition of US
Sprint's nationwide fiberoptic network is proceeding ahead of
schedule.
    It said the transition to the fiber network from interim
networks would not only reduce operating costs in the second
half of 1987, but also assist in controlling unauthorized
network use.


.I 1034
.C
nat-gas
.W
CANADA APPROVES U.S. GAS EXPORTS BY PROGAS.
    OTTAWA, April 13 - ProGas Ltd was issued an export licence
to sell 10.3 billion cubic meters of natural gas to Ocean State
Power Co of Burrillville, Rhode Island, the federal energy
department said.
    The sale, covering a 20 year period beginning May 1, 1989,
was previously recommended by the National Energy Board.
    Contract terms were not released.


.I 1037
.C
earn
.W
BRAND COMPANIES <BRAN> SEES FIRST QUARTER LOSS.
    CHICAGO, April 13 - Brand Companies Inc said it expects to
report a 1987 first quarter loss of 15 to 17 cts a share on
revenues of 20 to 22 mln dlrs.
    In the 1986 first quarter, Brand reported earnings of 21
cts on revenues of 28.5 mln dlrs.
    No reason was given for the expected loss.
    Final quarterly results will be reported toward the end of
the month or the beginning of May, a company spokesman said.


.I 1040
.C
trade
.W
U.S. FEBRUARY TRADE TO BE REPORTED ON NEW BASIS.
    WASHINGTON, April 13 - The February monthly merchandise
trade figures to be reported Tuesday by the Commerce Department
will be on a new basis reflecting more recent data, so avoiding
future revisions of the monthly figure, Commerce officials
said.
    The overall January deficit of 14.8 billion dlrs will be
revised, but the February figure will be a final one, officials
said.
    Previously, the initial monthly figure has had to be
revised in subsequent months because of the time lag between
the report and the compiling of final estimates on imports and
exports.
    The reporting of the February trade data was delayed
several weeks to permit gathering latest figures on imports and
exports to give a clearer picture of the monthly trade balance.


.I 1045
.C
acq
.W
BOOTHE <BCMP.O> MAKES ACQUISITION.
    SAN FRANCISCO, April 13 - Boothe Financial Corp, a
diversified holding company, said it has acquired the <Robert
Half and Accountemps> franchises in New England, including four
offices in Boston and Eastern Massachusetts and one office in
Providence, R.I.
    Boothe said it previously announced the purchase of <Robert
Half International Inc> the franchisor of the Robert Half and
Accountemps offices in the U.S.
    The company said the aggregate purchase price it paid for
Robert Half International and the franchises was about 59 mln
dlrs.


.I 1047
.C
acq
.W
ATLANTIC FINANCIAL <ATLF.O> TO ACQUIRE S AND L.
    BALA CYNWYD, Pa., April 13 - Atlantic Financial said it
signed a definitive agreement to acquire <Centurion Savings and
Loan Association>.
    Atlantic did not disclose the purchase price.
    Atlantic said it originally announced its intention to
acquire Centurion, located in Los Angeles, on Feb 23, 1987.
    Centurion has assets of 105 mln dlrs, Atlantic said.


.I 1048
.C
acq
.W
GAF <GAF> SEEN RAISING BORG-WARNER <BOR> BID.
    BY PATTI DOMM, REUTERS
    NEW YORK, April 13 - GAF Corp, set on acquiring Borg-Warner
Corp's valuable plastics business, is believed by analysts to
be preparing an increased offer for the Chicago-based company.
     Yesterday, Borg-Warner said it agreed to be acquired for
4.23 billion dlrs by a company to be formed by Merrill Lynch
Capital Partners. Merrill offered 48.50 dlrs cash per share for
89 pct of Borg-Warner's common stock, and a package of cash and
securities for the balance.
    Borg-Warner stock rose 1-3/8 to 49-5/8.
    "I think it's (the stock price) telling us GAF is coming in
with another bid," said one analyst, who values the company at
51 or 52 dlrs per share.
    GAF has offered 46 dlrs per share. It holds 19.9 pct of
Borg-Warner's stock.
    "You're in a cat and mouse game on how you're going to up
the price. Obviously, nobody wants to pay more than you have
to. I think GAF is looking at the company the way we're looking
at it - that it's worth more," Pershing and Co analyst Richard
Henderson said.
    Henderson estimated it is worth abouth 55 dlrs per share.
    GAF has only said it was reviewing the situation. Merrill
Lynch officials did not return phone calls.
    Analysts have said they believe GAF Chairman Samuel Heyman
sought Borg-Warner because of its chemicals and plastics
business. The rigid plastics are used in such things as
telephones, computer terminals, and appliances.
    "Where the heck can you buy a world class chemical
operation these days," said Henderson.
    "He's (Heyman's) got the bucks. He's a heavy hitter, and he
does not like to get pushed around," said Henderson.
    GAF, a roofing and chemicals concern, attempted a takeover
of the much larger Union Carbide Corp two years ago. While GAF
did not win the company, it made a substantial gain on its
investment in Carbide.
    Analysts said GAF already has a large profit built into its
Borg-Warner holdings. They said even if GAF raises its offer
and does not succeed, a higher bid from another company would
give GAF millions of dollars in profits on its stock.
    "It's a win-win situation," said one analyst.
    One analyst speculated an offer from GAF would be
forthcoming shortly.
    "I think we are finally down to the final paragraph in this
book," he said.
    Borg-Warner's other businesses include automotive parts,
protective services, which includes Wells Fargo security
guards, and Chilton Corp, a credit rating service.
    Charles Rose, an Oppenheimer and Co analyst who follows
GAF, said if GAF were to sell into the Merrill Lynch offer, it
would realize about 125 mln dlrs net profit, or about 3.50 per
share.
    "I think there's a probability he goes up in price," said
Rose.
    Rose said, however, he could not really predict what Heyman
would do. "Sam's a low-risk, high-return player."
    "Is he trying to build a major industrial chemical
enterprise, or is he trying to be an investment bank," Rose
said.
    Analysts said Borg-Warner's chemical business would add
earnings momentum to GAF. "I worked out that paying as much as
50 dlrs per share would still be additive to GAF in time, if
they sold off most of the non-chemical facilities," said John
Henry of E.F. Hutton.
    Borg-Warner's chemical and plastics business provided 1986
operating profits of 153.3 mln dlrs on revenues of 1.04 billion
dlrs. Total operating profits were 349.7 mln dlrs, and net
earnings were 206.3 mln dlrs for 1986.
    "The Borg chemical business is great," said Rose, adding
its only U.S. competitors are Monsanto Co <MCT> and Dow
Chemical Co <DOW>.


.I 1053
.C
earn
.W
PUEBLO INTERNATIONAL INC <PII> SETS PAYOUT.
    NEW YORK, April 13 -
    Qtly div five cts vs five cts prior
    Pay June Two
    Record April 27


.I 1054
.C
acq;livestock;
.W
SWIFT <SFTPF> TO SELL SOUTH DAKOTA PORK PLANT.
    DALLAS, April 13 - Swift Independent Packing Co said it
agreed in principle to sell its Huron, South Dakota pork plant
to Huron Dressed Beef, for undisclosed terms.
    Completion of the proposed transaction is subject to
Huron's ability to hire an experienced work force at
competitive rates, and receive government approval of the
purchase and operation of the plant, Swift said.


.I 1056
.C
acq
.W
<GEN TERM CORP> ACQUIRES PRIVATE FIRM.
    SAN FRANCISCO, April 13 - Gen Term Corp said it entered
into escrow for the 5.2 mln dlr purchase of Lewis-Westco and
Co, a privately-held bottler and distributor of wines and
distilled spirits.
    Lewis-Westco had sales of more than 45 mln dlrs for its
fiscal year ended June 30, Gen Term also said.
    Separately, Gen Term, which trades over-the-counter, said
it plans to apply for NASDAQ listing after it completes the
acquisition.


.I 1057
.C
earn
.W
<C AND R CLOTHIERS INC> JAN 31 YEAR NET.
    CULVER CITY, Calif., April 13 -
    Shr 1.46 dlrs vs 66 cts
    Net 1,514,312 vs 714,670
    Sales 62.1 mln vs 57.2 mln


.I 1058
.C
acq
.W
CCX NETWORK <CCXN> TO MAKE ACQUISITION.
    CONWAY, Ark., April 13 - CCX Network Inc said it has
entered into a letter of intent to acquire privately-held
<Modern Mailers Inc> and its affiliate <AnWalt Inc> for about
3,200,000 dlrs in common stock.
    The company said Modern Mailers had revenues of 8,600,000
dlrs for the year ended October 31 and provides computer
service, computer printing and lettershop facilities.


.I 1060
.C
oilseed;wheat;grain;corn;soybean;
.W
U.S. CORN EXPORTS SEEN WELL AHEAD OF LAST YEAR.
    CHICAGO, April 13 - Grain traders and analysts expect
today's weekly U.S. corn export inspection figure to be well
above last year, with wheat slightly better and soybeans about
the same.
    Corn export inspection guesses ranged from 40.0 to 44.0 mln
bushels for the week ended April 9, compared up 46.6 mln
inspected a week earlier and 15.2 mln in the year-ago week.
    Soybean export estimates ranged from 12.0 to 15.0 mln
bushels versus 10.8 mln exported last week and 13.2 mln last
year.
    Export guesses for all wheat ranged from 16.0 to 20.0 mln
bushels, compared with 16.4 mln last week and 11.2 mln last
year.


.I 1062
.C
earn
.W
PERSONAL COMPUTER PRODUCTS <PCPI.O> EXPECTS LOSS.
    SAN DIEGO, Calif., April 13 - Personal Computer Products
Inc said it expects to report a loss of about 195,000 dlrs in
its third quarter ended March 31, compared to a year ago loss
in the quarter of 169,000 dlrs.
    It said revenues in the quarter are expected to be about
1,200,000 dlrs, compared to 564,000 dlrs a year earlier.
    For the nine months ended March 31, Personal Computer
expects a net loss of about 325,000 dlrs, compared to a loss of
584,000 dlrs the previous year. Revenues in the nine months are
expected to be about 3,880,000 dlrs, compared to 1,828,000 a
year ago. The company said it will report its earnings soon.


.I 1065
.C
earn
.W
***GREAT NORTHERN NEKOOSA FIRST QTR SHR 1.59 DLRS VS 54 CTS.
Blah blah blah.

.I 1066
.C
acq
.W
GANDER <GNDR.O> BUYS WESTERN WEAR RETAILER.
    WILMOT, WIS., April 13 - Gander Mountain Inc said it
acquired the privately held Western Ranchman Outfitters, a
catalog and point-of-purchase retailer of western apparel based
in Cheyenne, Wyo.
    It said Western Ranchman had sales for the year ended Jan
31, 1987 of about 2.2 mln dlrs.
    The purchase was made for an undisclosed amount of cast.


.I 1068
.C
earn
.W
GREAT NORTHERN NEKOOSA <GNN> 1ST QTR NET.
    STAMFORD, Conn., April 13 -
    Shr 1.59 dlrs vs 54 cts
    Net 43.3 mln vs 13.9 mln
    Revs 566.7 mln vs 487.8 mln
    Avg shrs 27.2 mln vs 25.9 mln
    NOTE: 1986 figures restated for adoption of financial
accounting standards board statement 87 "employer's accounting
for pensions." 
    Net 1986 and 1987 includes 900,000 dlrs of investment tax
credits in 1987, and 3.1 mln dlrs in 1986.


.I 1073
.C
earn
.W
AMERICAN HEALTH PROPERTIES INC <AHE> 1ST QTR.
    BEVERLY HILLS, Calif., April 13 -
    Shr 18 cts
    Net 1,948,000
    Revs 3,397,000
    Note: Company began operating on February 20, 1987.


.I 1074
.C
earn
.W
******WELLS FARGO AND CO 1ST QTR SHR 1.36 DLRS VS 1.13 DLRS.
Blah blah blah.

.I 1080
.C
earn
.W
WELLS FARGO AND CO <WFC> 1ST QTR NET.
    SAN FRANCISCO, April 13 -
    Shr 1.36 dlrs vs 1.13 dlrs
    Net 78.3 mln vs 51.6 mln
    Avg shrs 53,698,000 vs 43,449,000
    Loans 35.89 billion vs 24.66 billion
    Deposits 31.71 billion vs 19.64 billion
    Assets 43.98 billion vs 28.60 billion


.I 1081
.C
earn
.W
COMERICA INC <CMCA.O> 1ST QTR NET.
    DETROIT, April 13 -
    Shr 1.78 dlrs vs 1.12 dlrs
    Shr diluted 1.72 dlrs vs 1.08 dlrs
    Net 20,029,000 vs 13,059,000
    Avg shrs 10,598,481 vs 10,430,649
    Loans 843.4 mln vs 727.5 mln
    Deposits 8.30 billion vs 7.82 billion
    Assets 9.89 billion vs 9.27 billion
    NOTE: Per-share results reflect payment of preferred
dividends


.I 1084
.C
earn
.W
CHAMPION PRODUCTS <CH> SETS PAY DATE FOR SPLIT.
    ROCHESTER, N.Y., April 13 - Champion Products Inc said the
two-for-one stock split it declared February 26 will be payable
April 24 to shareholders of record April One.


.I 1086
.C
earn
.W
SPEARHEAD INDUSTRIES INC <SPRH.O> 3RD QTR NET.
    MINNEAPOLIS, April 13 - Periods ended Feb 28
    Shr 22 cts vs 30 cts
    Net 549,000 vs 747,000
    Sales 8.4 mln vs nine mln
    Avg shrs 2,550,784 vs 2,468,964
    Nine mths
    Shr 69 cts vs 63 cts
    Net 1,749,000 vs 1,554,000
    Sales 23.6 mln vs 21.3 mln
    Avg shrs 2,543,711 vs 2,453,520


.I 1089
.C
earn
.W
KDI CORP <KDI> 1ST QTR MARCH 31.
    CINCINNATI, Ohio, April 13 -
    Shr 18 cts vs six cts
    Net 1.7 mln vs 610,000
    Revs 68.7 mln vs 63.5 mln


.I 1090
.C
acq
.W
RJ NABISCO'S <RJR> UNIT SELLS CIGAR BUSINESS.
     WINSTON-SALEM, N.C., April 13 - RJR Nabisco Inc's RJ
Reynolds Tobacco USA unit said it reached a definitive
agreement to sell Winchester Little Cigar Business to Tobacco
Exporters International USA Ltd of Atlanta, the U.S. subsidiary
of Rothman's International PLC.
    Terms were not disclosed. 
    Last week, RJ Reynolds announced the sale of four smoking
tobacco brands. These brands and Winchester represent less than
one pct of Rj Reynolds Tobacco USA's total sales, which were
4.7 billion dlrs in 1986.
    Reynolds said the sale is expected to be completed on April
24.
    The company said it planned to concentrate its resources on
the manufacture and sale of cigarettes.
    Reynolds said that Winchester, introduced in 1971, was a
dominant brand in the little cigar market.


.I 1096
.C
earn
.W
SOFTWARE SERVICES OF AMERICA INC <SSOA.O> NET.
    LAWRENCE, Mass., April 13 - 3rd qtr Feb 28
    Shr profit 14 cts vs loss four cts
    Net profit 311,994 vs loss 66,858
    Revs 2,229,273 vs 645,753
    Nine mths
    Shr profit 51 cts vs profit two cts
    Net profit 1,126,673 vs profit 42,718
    Revs 7,277,340 vs 1,378,372


.I 1098
.C
acq
.W
GANDER MOUNTAIN <GNDR.O> BUYS WESTERN WEAR FIRM.
    WILMOT, Wis., April 13 - Gander Mountain Inc said it
acquired privately held Western Ranchman Outfitters, a
Cheyenne, Wyo., retailer and catalog seller of western apparel.
    Terms were not disclosed.
    Western Ranchman had sales of about 2.2 mln dlrs for the
year ended Jan 31, 1987, the company said.
    Gander Mountain sells brand name hunting, fishing and
outdoor gear through catalogs.


.I 1099
.C
livestock;carcass;
.W
EC MEAT DIRECTIVE DEADLINE SEEN FLEXIBLE.
    WASHINGTON, April 13 - U.S. officials said they held out
little hope the European Community, EC, would withdraw a
controversial meat inspection requirement, due to go into
effect April 30 and which U.S. meat producers claim will cut
off their exports.
    But the officials said they expect the EC to allow U.S.
plants to continue shipping meat through the end of the year
provided they submit a plant improvement program with the U.S.
Agriculture Department.
    The EC's so-called Third Country Meat Directive will
require foreign meat processing plants to comply fully with EC
inspection standards beginning April 30.
    The U.S. meat industry has prepared a petition requesting
the Reagan administration to retaliate against the EC rule.
    At issue are U.S. meat exports to the EC valued at 132 mln
dlrs in 1985.
    The EC rule would require all U.S. plants to make changes
in their inspection methods, ranging from veterinary staffing
to use of wood.
    Last December, the EC determined that only one U.S. cattle,
one hog and one sheep slaughtering facility could be approved
without further review. USDA would have to certify that the
plants had corrected the deficiencies.
    All remaining plants with a history or potential of
shipping to the EC -- totaling nearly 400 -- would require more
significant changes in plant constructions or procedures before
further EC review.
    Robert Hibbert, general counsel for the American Meat
Institute, said the meat industry expected to submit a formal
trade retaliation petition by April 30.
    An interagency committee is reviewing the industry's draft
petition.
    An official at the U.S. Trade Representative's Office said
U.S. officials continued to press the EC to withdraw the rule,
but that "the chances of that are not too good at this time."
    However, there is the "expectation" in U.S. government and
meat industry circles that the EC will continue to allow
shipments, at least through the end of the calendar year, from
U.S. plants that submit to USDA a plan on how they will bring
their operations into conformity with the EC regulation, the
USTR official said.


.I 1100
.C
money-fx;interest;
.W
U.S. BANKS LIKELY TO LIFT PRIME RATES AGAIN SOON.
    By Martin Cherrin, Reuters
    NEW YORK, April 13 - Major U.S. banks may lift prime
lending rates again within days due to recent increases in
their borrowing costs and speculation the Federal Reserve is
nudging up interest rates to help the dollar, economists said.
    In what was the first prime rate boost since mid-1984, most
banks in early April lifted their rates a quarter point to
7-3/4 pct, citing a reduced gap between the prime and their own
cost of money. That spread has narrowed again.
    "A prime rate increase could happen as soon as tonight,"
said Robert Brusca of Nikko Securities Co International Inc.
    Brusca said a quarter-point prime rate rise to eight pct is
justified because the spread between banks' cost of funds and
the prime rate has narrowed to less than three quarters of a
percentage point.
    He said that spread had averaged around 1.4 percentage
points since last October until it fell below one point and
triggered the April prime rate rise at most banks.
    "We could easily have another prime rate increase as soon
as this week," said David Jones of Aubrey G. Lanston and Co.
    "We've got a fairly good chance of a prime rate rise in the
near future," said Allan Leslie of Discount Corp.
    "Based on the spread between the prime rate and funding
costs, you would ordinarily see a prime rate increase now,"
said Harold Nathan, economist at Wells Fargo Bank.
    However, he said banks may be reluctant to lift the prime
because that would dampen already fairly weak business loan
demand and because some are not sure the Fed will maintain
recent upward pressure on money market interest rates.
    Nathan believes the Fed has let market pressures lift
short-term rates in recent days to help the ailing dollar. He
said "if there is widespread belief money market rates will
stay high, a prime rate rise could occur at any time."
    Fed officials have long expressed concern that too steep a
dollar drop could help rekindle U.S. inflation. As the dollar
fell to a 40-year low against the yen Friday, currency traders
said the Fed and other central banks supported the dollar.
    In addition to buying dollars outright, another way to
stabilize the U.S. currency would be for the Fed to push U.S.
interest rates higher relative to overseas rates.
    Based particularly on the Fed's reserve management actions
on Friday and today, Nathan of Wells Fargo said "it has become
clear that the Fed is not fully resisting upward rate pressure
in the market. It is supplying fewer reserves than are needed."
    Bank funding costs and other short and long-term interest
rates rose sharply Friday and today on heightened speculation
that the Fed is gently firming monetary policy.
    That was because the Fed supplied far fewer reserves in the
market than most economists had expected.
    On Friday, the Fed added reserves indirectly and in small
amounts via one billion dlrs of customer repurchase agreements
with the Federal funds rate at which banks lend to one another
high at 6-5/16 pct. With funds trading even higher at 6-1/2 pct
today, the Fed arranged only a slightly larger 1.5 billion dlr
round of customer repurchase agreements.
    "The Fed's actions on Friday and today show that it is
offering only token resistance to upward funds rate pressures,"
said Jones of Lanston.
    "The Fed is focusing its policy attention mainly on the
need to defend the dollar," Jones said. He believes it is
merely shading policy toward restraint now, "but to have a
major impact on the dollar, the Fed will have to tighten policy
overtly at some point."
    Jones expects the Fed to foster higher market rates by
becoming more restrictive in supplying reserves and, within
four to six weeks, to raise its discount rate from 5-1/2 pct.
    Jones said a U.S. discount rate increase to six pct might
well be accompanied by West German and Japanese rate cuts to
further aid the dollar.
    Given likely Fed policy firming, he said both the yield on
30-year Treasury bonds (about 8.30 pct now) and the prime rate
may be at 8-1/2 pct at end-June and nine pct by year's end.
    "The jury is still out on whether the Fed is tightening
policy to defend the dollar," said Leslie of Discount Corp. He
said tax-date pressures have been pushing up Fed funds lately.
Leslie said Fed actions and reserve data once these pressures
abate will show whether or not it is firming policy.  


.I 1103
.C
earn
.W
HEALTH AND REHABILITATION <HRP> SETS FIRST DIVI.
    CAMBRIDGE, Mass., April 13 - Health and Rehabilitation
Properties Trust said it declared its initial dividend of 55
cts per share for the quarter ending March 31, 1987.
    The dividend is payable May 20 to shareholders of record
April 20, 1987, it said.
    The dividend includes five cts attributable to the period
between Dec 23 and 31, 1986, and 50 cts attributable to the
first quarter of 1987, ending March 31, 1987.



.I 1104
.C
earn
.W
UTAH POWER AND LIGHT CO <UTP> 1ST QTR NET.
    SALT LAKE CITY, April 13 -
    Shr 46 cts vs 58 cts
    Net 29.0 mln vs 37.9 mln
    Revs 251.2 mln vs 254.2 mln
    Avg shrs 57.9 mln vs 56.0 mln
    12 mths
    Shr 1.36 dlrs vs 2.37 dlrs
    Net 93.7 mln vs 152.3 mln
    Revs 981.9 mln vs 1.03 billion
    Avg shrs 57.2 mln vs 55.3 mln
    NOTE: 1987 12 mth net includes 43.7 mln dlr charge due to
December 1986 provision for coal mining operations refund.


.I 1105
.C
acq
.W
ERICSSON <ERICY.O> TO BUY REST OF SPANISH UNIT.
    NEW YORK, April 13 - L.M. Ericsson of Sweden said it agreed
in principle to buy the 49 pct of Intelsa, its Spanish unit,
that it does not already own from <Telefonica>, Spain's
telecommunications administration.
    Terms of the agreement were not disclosed.
    Ericsson said Intelsa, which controls about 40 pct of the
Spanish telephone switch market, has 2,400 employees and annual
sales of 800 mln crowns, or 117 mln dlrs.
    "The purchase will not affect the close working
relationship between Telefonica and Intelsa," Ericsson said.


.I 1109
.C
earn
.W
COMPUTRAC <LLB> SEES LOWER FIRST QUARTER NET.
    DALLAS, April 13 - CompuTrac Inc said it expects first
quarter earnings to be down 50 to 60 pct from a year ago.
    In last year's first quarter ended April 30, CompuTrac
earned 379,000 dlrs on revenues of 2.4 mln dlrs.
    The company said sales commitments on hand are about 50 pct
above those of a year ago, but system sales revenues are
recognized at shipment, and only 30 to 40 pct of sales
commitments in hand will ship during the period.
    It said its outlook for the year remains unchanged.


.I 1112
.C
acq
.W
NOVA <NVA.A.TO> NOT PLANNING DOME <DMP> BID.
    TORONTO, April 13 - Nova, an Alberta Corp, chief executive
Robert Blair expressed hope that Dome Petroleum Ltd <DMP>
remains under Canadian ownership, but added that his company
plans no bid of its own for debt-troubled Dome.
    "We've no plan to bid," Blair told reporters after a speech
to a business group, although he stressed that Nova and 57
pct-owned Husky Oil Ltd <HYO> were interested in Dome's
extensive Western Canadian energy holdings.
    "But being interested can sometimes be different from
making a bid," Blair said.
    TransCanada PipeLines Ltd <TRP> yesterday bid 4.30 billion
dlrs for Dome, but Dome said it was discontinuing talks with
TransCanada and was considering a proposal from another company
and was also talking with another possible buyer, both rumored
to be offshore.
    Asked by reporters if Dome should remain in Canadian hands,
Blair replied, "Yes. I think that we still need to be building
as much Canadian position in this industry as we can and I
think it would be best if Dome ends up in the hands of Canadian
management."
    He said he did not know who other possible bidders were.
    Blair said that any move to put Dome's financial house in
order "will remove one of the general problems of attitude that
have hung over Western Canadian industry."
    He added, however, that the energy industry still faced "a
couple of tough, tough additional years."
    Asked about Nova's 1987 prospects, Blair predicted that
Nova's net profit would rise this year to more than 150 mln
dlrs from last year's net profit of 100.2 mln dlrs due to
improved product prices and continued cost-cutting.


.I 1116
.C
gas
.W
EXXON <XON> EXTENDS MID-GRADE UNLEADED MARKETING.
    HOUSTON, April 13 - Exxon Co U.S.A. said it is expanding
marketing of its mid-grade unleaded gasoline along the U.S.
East Coast.
    The Exxon Corp subsidiary said the changeover to the
89-octane unleaded fuel will begin late this month and early
next in major markets in Virginia, Maryland, Florida, and the
District of Columbia. The product was introduced in New York,
New Jersey, Delaware, Connecticut, Rhode Island, Massachusetts,
New Hampshire and the Philadelphia area late last year.
   


.I 1118
.C
acq
.W
<FIRST MONTAUK SECURITIES> IN MERGER DEAL.
    EATONTOWN, N.J., April 13 - First Montauk Securities Corp
said it has reached a preliminary merger agreement with
MCC-Presidential Inc.
    The company said MCC shareholders would have a 25 pct stake
in the combined company and would receive a cash distribution
of about 35 cts per share.


.I 1119
.C
earn
.W
BARNETT BANKS OF FLORIDA INC <BBF> 1ST QTR NET.
    JACKSONVILLE, Fla., April 13 -
    Shr 82 cts vs 72 cts
    Net 44.6 mln vs 38.9 mln
    Avg shrs 54.3 mln vs 52.8 mln


.I 1120
.C
earn
.W
GOLDEN WEST FINANCIAL CORP <GDW> 1ST QTR NET.
    OAKLAND, Calif., April 13 -
    Shr 1.35 dlrs vs 1.53 dlrs
    Net 42,137,000 vs 47,792,000
    Loans 10.26 billion vs 9.97 billion
    Deposits 7.65 billion vs 7.63 billion
    Assets 11.84 billion vs 12.00 billion
    Note: Current qtr figures include 3.3 mln dlr charge 
resulting from penalties for prepayment of FHLB borrowings.


.I 1122
.C
earn
.W
HONEYWELL INC <HON> 1ST QTR OPER NET.
    MINNEAPOLIS, MINN., April 13 -
    Oper shr 96 cts vs 79 cts
    Oper net 43.7 mln vs 36.4 mln
    Sales 1.48 billion vs 1.15 billion
    NOTE: 1987 sales includes operations of Sperry Aerospace.
    1986 operating net excludes a charge from discontinued
operations of 10.2 mln dlrs or 22 cts a share.


.I 1123
.C
earn
.W
WALL STREET STOCKS/BROWNING FERRIS <BFI>.
    NEW YORK, April 13 - The Environmental Protection Agency's
five to 10 mln dlr suit against a Browning-Ferris Industries
Inc <BFI> unit, CECOS International Inc, caused the stock to
drop today, analysts said.
    The stock has fallen 2-1/4 to 56-1/8 so far today, after
the news about the suit was released this morning.
    "It's potentially a big suit and investors feel that its
not good to go against regulators," Kenneth Ch'u-K'ai Leung, a
Smith Barney analyst said.
    "What investors are actually saying by selling off some BFI
shares is the cloud over this industry is the threat that the
EPA will get tough on waste management companies," Willard
Brown, senior analyst for First Albany Corp.
    "Investors are saying to themselves that waste management
companies have that kind of exposure to regulatory suits,"
Brown said. Brown said if the suit were settled for 10 mln dlrs
it would have an impact on Browning Ferris earnings.
    Leung said, however, that Browning-Ferris has adequate cash
reserves to cover the fine. "It would have no impact on
earnings whatsoever," he said.


.I 1124
.C
gold
.W
HOMESTAKE <HM> MULLS BUYING ORE RESERVES.
    NEW YORK, April 13 - Homestake Mining Co is considering
acquiring more gold ore reserves in addition to the company's
exploration efforts, chief executive Harry Conger told Reuters
in an interview.
    "We are looking at more options to acquire more reserves
rather than just exploration," Conger said adding, "the move to
consider acquisitions represents a change in the company's
acquisitions policy."
    Conger said all of Homestake's current cash position of 120
mln dlrs would be available to acquire reserves. In addition,
Homestake has two lines of credit totaling 150 mln dlrs which
have not been drawn on today and could be used to finance an
acquisition, he said.
    Conger said he anticipates 1987 exploration budget will be
about the same as 1986 spending of 27.3 mln dlrs. Conger said
exploration for precious metals may be slightly higher than
last year's spending of 17.7 mln dlrs while oil and gas
exploration spending will be slightly less than last year's 9.6
pct.
    Conger said he sees Homestake's 1987 gold production about
the same as 1986 gold production of 669,594 ounces.
    However, 1987 first quarter production from its McLaughlin
reserve will be about 10 pct lower than last year's 45,400
ounces due to start-up production problems.
    He said he believes gold prices will hold above the 400
U.S. dlr an ounce level for the rest of 1987.
     IN 1986, company earnings were based an average market
price for gold of 368 dlrs an ounce.
    Conger said a three pct change in gold prices represents a
12 cts a share impact on earnings but he declined to give a
specific forecast for 1987's first quarter, due to be released
in 10 days, or for full year 1987 results.


.I 1125
.C
earn
.W
CHRONAR CORP <CRNR.O> YEAR LOSS.
    NEW YORK, April 13 -
    Shr loss 95 cts vs loss nine cts
    Net loss 6,882,497 vs loss 513,153
    Revs 11.3 mln vs 10.0 mln
    Avg shrs 7,251,000 vs 6,017,000
    NOTE: 1986 net includes 1,600,000 dlrs in increased
provisions for uncollectible receivables from affiliates, lower
recoverable value of inventories and writeoffs of capitalized
costs on discontinued projects, 1,700,000 dlr provision for
resolution of shareholder class action suit and gain 1,300,000
dlrs from repurchase of manufacturing equipment.



.I 1126
.C
acq
.W
EMPIRE <EMPA.TO> TO BUY SOBEYS <SYSA.TO> STOCK.
    TORONTO, April 13 - Empire Co Ltd said it will acquire all
shares of Sobeys Stores Ltd it does not already own under an
arrangement approved by directors of both companies.
    Holders of Sobeys class A non-voting shares and class B
common shares may elect to receive either 1.6 non-voting class
A Empire shares or one non-voting class A Empire share and
one-half of an eight pct redeemable retractable preferred
share. The preferred share has a par value of 25 dlrs and is
retractable at the holder's option on May 1, 1994.



.I 1127
.C
earn
.W
INTERNATIONAL RESEARCH <IRDV> 1ST QTR NET.
    MATTAWAN, MICH., April 13 -
    Shr six cts vs three cts
    Net 152,360 vs 94,141
    Revs 4,073,911 vs 4,116,333
    NOTE: International Research and Development Corp is full
name of company.


.I 1128
.C
crude;nat-gas;
.W
BROOKLYN UNION'S <BU> UNIT TO EXPAND DRILLING.
    BROOKLYN, N.Y., April 13 - Brooklyn Union Gas Co's Brooklyn
Union Exploration Co Inc unit said it entered a 200 mln dlr
three-year gas and oil exploration and development venture with
Smith Offshore Exploration Co.
    The agreement calls for drilling of 10 to 12 offshore wells
per year, primarily in the Gulf of Mexico area off the Texas
and Louisiana coasts and 30 to 40 onshore Texas and Louisiana
Gulf Coast wells.
   


.I 1132
.C
acq
.W
(CORRECTED) - GOODYEAR <GT> TO SELL CELERON.
    AKRON, Ohio, April 13 - Goodyear Tire and Rubber Co said it
expects to sell its Celeron Corp oil and gas subsidiary for
about two billion dlrs in about two months.
    After the company's annual meeting, Rober Mercer,
Goodyear's chairman and chief executive officer, also said 
Goodyear expects to report a profit of more than one dlr a
share from continuing operations in the first quarter. In the
same year-ago period, Goodyear reported a loss of 59 cents a
share from continuing operations.
    Mercer said about seven companies are interested in buying
Celeron and they may form a consortium to buy the unit.
   


.I 1133
.C
earn
.W
INT'L RESEARCH/DEVELOPMENT <IRDV.O> 1ST QTR NET.
    MATTAWAN, Mich., April 13 - 
    Shr six cts vs three cts
    Net 152,360 vs 94,141
    Revs 4,073,911 vs 4,116,333
    Note: Full name is International Research and Development
Corp.


.I 1134
.C
earn
.W
******BANK OF NEW ENGLAND CORP 1ST QTR SHR 1.04 DLRS VS 83 CTS.
Blah blah blah.

.I 1135
.C
earn
.W
HONEYWELL <HON> CITES COST CUTTING FOR GAIN.
    MINNEAPOLIS, MINN., April 13 - Honeywell Inc said a gain of
20.1 pct in its 1987 first quarter operating earnings was the
result of cost cutting efforts which began last year.
    Honeywell reported 1987 first quarter operating earnings
rose to 43.7 mln dlrs or 96 cts a share from 36.4 mln dlrs or
79 cts in the same period a year ago.
    Better operating results in each of the company's three 
sectors offset higher interest costs in the first quarter due
to financing the December acquisition of Sperry Aerospace and
the sharing of the Federal Systems subsidiary pre-tax profit
with Honeywell Bull Inc, Honeywell said.
    "Our first quarter results show clear benefits of our
restructuring," chairman Edson Spencer said. "All of our
businesses are producing better results than last year, even
though we do not see significant improvement in the external
market environment," he said.
    Total orders in the first quarter were up substantially,
with a sharp increase in aerospace and defense orders in
addition to those of the new Sperry Aerospace group, it said.
    Domestic industrial automation and control orders were
modestly higher than the same period in 1986, it said.
    Orders in Honeywell's home and building automation and
control business were flat in the U.S. and up in international
markets, it said.
    International orders increased, with the greatest strength
in Europe, Honeywell said.
    The company said that by year-end 1987, it intends to
complete the repurchase of 3.3 mln shares remaining of a five
mln share buyback program which began in 1986.


.I 1136
.C
grain;rice;
.W
CCC CREDIT GUARANTEES FOR RICE TO ALGERIA - USDA.
    WASHINGTON, April 13 - The Commodity Credit Corporation,
CCC, has authorized 3.0 mln dlrs in credit guarantees for sales
of U.S. rice to Algeria for fiscal year 1987 under the Export
Credit Guarantee Program, GSM-102, the U.S. Agriculture
Department said.
    The additional guarantees increase the cumulative fiscal
year 1987 program for sales of U.S. agricultural products to
Algeria to 469.0 mln dlrs.
    To be eligible for the credit guarantee coverage, all sales
under the new line must be registered and exported by September
30, 1987, the department aid.


.I 1137
.C
earn
.W
MGM/UA COMMUNICATIONS <MGM> 2ND QTR FEB 28 LOSS.
    BEVERLY HILLS, Calif., April 13 -
    Shr loss 34 cts
    Net loss 17.1 mln vs profit 10.1 mln
    Revs 106.2 mln vs 101.2 mln
    Six mths
    Shr loss 28 cts
    Net loss 14.4 mln vs profit 11.6 mln
    Revs 237.2 mln vs 179.5 mln
    Note: Company said year ago per share not given as not
comparable due to certain allocations of expenses from the
Turner Entertainment Group, not made in subsequent periods.
1987 results reflect the TBS merger agreement and operations of
the company as independent agent. 1986 data includes
extraordinary tax loss carryforward gains of 1,185,000 dlrs in
qtr and six mths.


.I 1139
.C
gold
.W
HOMESTAKE MULLS BUYING ORE RESERVES.
    NEW YORK, April 13 - Homestake Mining Co is considering
acquiring more gold ore reserves in addition to the company's
exploration efforts, chief executive Harry Conger told Reuters
in an interview.
    Conger said, "the move to consider acquisitions represents
a change in the company's acquistions policy."
    Conger said all of Homestake's current cash position of 120
mln dlrs would be available to acquire reserves. In addition,
Homestake has two lines of credit totaling 150 mln dlrs which
have not been drawn on and could be used to finance an
acquisition, he said.
    Conger said he anticipates 1987 exploration budget will be
about the same as 1986 spending of 27.3 mln dlrs.
    Conger said exploration for precious metals may be slightly
higher than last year's spending of 17.7 mln dlrs while oil and
gas exploration spending will be slightly less than last year's
9.6 pct.
    Conger said he sees Homestake's 1987 gold production about
the same as 1986 gold production of 669,594 ounces.
    However, 1987 first quarter production from its McLaughlin
reserve will be about 10 pct lower than last year's 45,400
ounces due to start-up production problems.
    He said he believes gold prices will hold above the 400
U.S. dlr an ounce level for the rest of 1987.


.I 1141
.C
earn
.W
******INTERFIRST CORP 1ST QTR LOSS 28 CTS VS PROFIT THREE CTS.
Blah blah blah.

.I 1142
.C
crude
.W
KUWAITI DAILY SAYS OPEC CREDIBILITY AT STAKE.
    KUWAIT, April 13 - OPEC's credibility faces fresh scrutiny
in coming weeks amid signs of a significant rise in supplies of
oil to international oil markets, the Kuwait daily al-Qabas
said.
    In an article headlined, "Gulf oil sources say Middle East
production up 1.4 mln bpd," it warned OPEC's official prices
could face fresh pressure from international oil companies
seeking cheaper supplies.
    It did not say whether only OPEC or both OPEC and other
producers were behind the reported rise in Mideast output. Nor
did it specify if the sources were official or other contacts. 
   "The sources said the credibility of OPEC would come under
fresh scrutiny from today (Monday), with activity in the
European and American markets," the daily said.
    The sources were quoted as saying that after OPEC had in
March demonstrated its commitment to quota agreements, some
members had raised output last week. It gave no details.
    "Dealers in oil markets were now waiting to see if Opec was
able to control production, or whether the days of cheating and
producing over quotas has begun anew," it said.
    The sources warned that "maybe the (price of a) barrel of
oil will fall below 18, perhaps 17.80 dlrs this week or next if
there is no control on supplies," it said.
    "The sources believed a return of oil below 18 dlrs a barrel
may open the doors for international oil companies to pressure
OPEC over contract prices, similar to the struggle last March,"
it said, apparently referring to resistance by buyers to lift
from Qatar unless it gave price discounts.
    "More than one official has warned OPEC would find its
solidarity under scrutiny by the end of April or start of May,"
it said, noting demand usually fell with the onset of summer.


.I 1143
.C
earn
.W
WILLAMETTE INDUSTRIES <WMTT> 4TH QTR NET.
    PORTLAND, Ore., April 13 -
    Shr 90 cts vs 30 cts
    Net 22.9 mln vs 7,567,000
    Sales 323.0 mln vs 272.1 mln
    Note: per share figures reflect April 25, 1986
five-to-three stock split. Full year figures not available.


.I 1145
.C
earn
.W
******MARINE MIDLAND BANKS INC 1ST QTR 1.74 DLRS VS 1.89 DLRS.
Blah blah blah.

.I 1146
.C
earn
.W
AMERICAN CENTURY <ACT> RESTATES EARNINGS.
    SAN ANTONIO, Tex., April 13 - American Century Corp said it
has restated its earnings for the fiscal year ended June 30,
1986 to provide an additional five mln dlrs to its loan loss
allowance, causing a restated year-end net loss of 14,937,000
dlrs, instead of 9,937,000 dlrs.
    The company said the change came after talks with the
Securities and Exchange Commission on the company's judgement
in considering the five mln dlrs collectible.
    In the note to its 1986 financial statement, American
Century said it considered the five mln dlrs collectible,
making its loan loss provision less than required.
    The company said in spite of the SEC decision, it still
feels its allowance for possible loan losses at June 30, 1986
was adequate and that it has considered all relevant
information to determine the collectibility of the five mln dlr
receivable.
    But, it said continued disagreement with the SEC staff
would not be in its best interest.


.I 1150
.C
earn
.W
INTERFIRST CORP <IFG> 1ST QTR LOSS.
    DALLAS, April 13 - 
    Shr loss 28 cts vs profit three cts
    Net loss 18.9 mln vs profit 2.1 mln
    Assets 16.7 billion vs 19.8 billion
    Deposits 14.1 billion vs 16.2 billion
    Loans 12.2 billion vs 14.4 billion
    Note: Net includes securities gains of 20.4 mln vs 13.1
mln. Net charge-offs totaled 41.9 mln vs 42.2 mln, while
provisions for loan losses was 56.6 mln vs 52.2 mln.
Non-performing assets totaled 1.24 billion vs 799 mln.


.I 1154
.C
earn
.W
MARINE MIDLAND BANKS INC <MM> 1ST QTR NET.
    NEW YORK, April 13 -
    Shr 1.74 dlrs vs 1.89 dlrs
    Net 35.3 mln vs 38.2 mln
    Assets 24.5 billion vs 21.8 billion
    Deposits 16.9 billion vs 16.1 billion
    Loans 18.9 billion vs 16.0 billion
    NOTE: Qtr includes pre-tax provision of 9.7 mln dlrs,
resulting in 5.7 mln dlrs after-tax loss, for reserve against
interest due on medium- and long-term Brazilian loans.
    Net investment gains for the qtr were 2.2 mln dlrs versus a
gain of 15.5 mln in last year's first quarter.
    Provision for loan losses in the quarter was 35.3 mln dlrs
vs 44.1 mln dlrs the prior first quarter.



.I 1156
.C
acq
.W
<FOURTH NATIONAL CORP> STAKE ACQUIRED.
    TULSA, Okla., April 13 - Fourth National Corp said an
investor group led by management has acquired a 73 pct stake in
the company from Interfirst Corp <IFC>, a Dallas bank holding
firm.
    A Fourth National spokesman said the deal was for cash but
would not disclose the amount.
    Fourth National, a bank holding company with about 500 mln
dlrs in assets, said in a statement that it will continue to
operate its four subsidiaries and retain its employees.


.I 1157
.C
acq
.W
DEL WEBB <WBB> UNIT SELLS JOINT VENTURE STAKE.
    PHOENIX, Ariz., April 13 - Del E. Webb Corp said its Del E.
Webb Properties Corp unit sold one-half of its interest in the
224-acre Towne Meadows mixed-use development near Mesa and
Gilbert, Ariz., to Klukwan Inc, an Alaskan native cooperative.
    Terms of the sale were not disclosed.
    Webb said it had a one-half interest in the venture.


.I 1158
.C
earn
.W
BANK OF NEW ENGLAND CORP <BKNE.O> 1ST QTR.
    BOSTON, Mass, April 13 -
    Shr 1.04 dlrs vs 83 cts
    Net 51.7 mln vs 39.4 mln
      


.I 1159
.C
grain;corn;
.W
******U.S. EXPORTERS REPORT 350,000 TONNES CORN SOLD TO UNKNOWN DESTINATIONS FOR 1986/87.
Blah blah blah.

.I 1160
.C
earn
.W
CANANDAIGUA WINE CO INC <CDG.A> 2ND QTR NET.
    CANANDAIGUA, N.Y., April 13 - Qtr ended Feb 28
    Shr 35 cts vs 38 cts
    Net 1,682,047 vs 1,817,820
    Revs 36.1 mln vs 29.9 mln
    Six mths
    Shr 73 cts vs 75 cts
    Net 3,518,515 vs 3,606,689
    Revs 74.1 mln vs 62.7 mln


.I 1161
.C
earn
.W
NATIONAL CITY CORP 1ST QTR SHR PRIMARY 87 CTS VS 83 CTS.

.I 1162
.C
orange
.W
******U.S. TRADE PANEL RULES AGAINST BRAZILIAN  ORANGE JUICE IMPORTS, WILL IMPOSE DUTUES.
Blah blah blah.

.I 1163
.C
earn
.W
FLORIDA PROGRESS CORP <FPC> 1ST QTR NET.
    ST. PETERSBURGH, Fla., April 13 -
    Shr 83 cts vs 94 cts
    Net 41.2 mln vs 45.5 mln
    Revs 428.4 mln vs 429.6
    Avg shrs 49.8 mln vs 48.1 mln
    12 months
    Shr 3.59 dlrs vs 3.53 dlrs
    Net 176.9 mln vs 164.4 mln
    Revs 1.87 billion vs 1.70 billion
    Avg shrs 49.3 mln vs 46.6
    NOTE: 1986 first quarter profits restated down one cent a
share as a result of previously reported pooling of interests
merger with Mid-Continent Life Insurance Co.


.I 1165
.C
orange
.W
U.S. AGENCY RULES AGAINST BRAZIL ORANGE JUICE.
    WASHINGTON, April 13 - The U.S. International Trade
Commission, ITC, voted to authorize the Commerce Department to
impose anti-dumping duties on imports of Brazilian frozen
concentrated orange juice.
    The ITC voted 3-2 in favor of the anti-dumping petition in
its final ruling on the matter.
    Today's ITC ruling was consistent with the Commerce
Department's final ruling of March 9, and activates an
anti-dumping duty of 1.96 pct on imports of Brazilian frozen
concentrated orange juice, Stephen Vastagh, ITC investigator
said.
    The ITC found that Brazilian orange juice imports have
injured U.S. producers. The Commerce Department had already
ruled that the imports were unfairly priced, and lowered to
1.96 pct the anti-dumping margin that in a preliminary decision
last fall had been set at 8.5 pct, Vastagh said.
    The U.S. government has been requiring bond to be posted on
imports of Brazilian frozen concentrated orange juice since
Commerce's preliminary ruling of last October 23, he said.
    Commerce had ruled that one major Brazilian producer --
Cutrale -- would be excluded from the anti-dumping duty.
    Brazilian imports account for about 40 pct of total U.S.
supply, Vastagh said. Between December 1985 and November 1986,
the United States imported the equivalent of 546 mln gallons of
Brazilian orange juice worth 622 mln dlrs, he said.
    Currently, the United States requires a 35-cent per gallon
tariff on orange juice imports, Vastagh said.
    An ITC spokesman said the agency would forward its final
report on the anti-dumping case to Commerce by April 22.
    Commerce then will process the anti-dumping order and
transmit it to U.S Customs, which will liquidate bond entries
dating from Commerce's preliminary ruling and begin assessing
duties, Vastagh said.
    He said about 12 Brazilian orange juice exporters,
including three major shippers, would be affected by the
decision.


.I 1168
.C
earn
.W
NATIONAL CITY BANCORP <NCBM.O> 1ST QTR NET.
    MINNEAPOLIS, April 13 -
    Shr 37 cts vs 27 cts
    Net 1,194,000 vs 870,000


.I 1170
.C
earn
.W
ONEOK INC <OKE> 2ND QTR FEB 28 NET.
    TULSA, Okla., April 13 -
    Shr 1.21 dlrs vs 1.80 dlrs
    Net 16.9 mln vs 24.6 mln
    Revs 230.9 mln vs 289.6 mln
    12 mths
    Shr 1.97 dlrs vs 2.37 dlrs
    Net 27.6 mln vs 32.4 mln
    Revs 648.6 mln vs 875.7 mln
    NOTE: company reports earnings qtrly and includes the
previous 12 mths figures.


.I 1171
.C
crude
.W
TEXACO <TX> SAYS SOME OIL FLOWS RE-ESTABLISHED.
    By SAMUEL FROMARTZ, Reuters
    NEW YORK, April 13 - Texaco Inc has re-established some key
oil supply lines following yesterday's court filing for
protection under Chapter 11 of the U.S. bankrupcty code, said
Elton Yates, Texaco's coordinator of worldwide operations.
    "Several companies say they are willing to start trading,"
Yates told Reuters in an interview.
    The company last week had stated that a number of domestic
and international oil suppliers were demanding cash for oil
shipments, and in some cases, had cut supplies altogether.
Banks had also cut credit lines, it said in court filings.
    Manufacturers Hanover Corp <MHC> and other banks told
Texaco it would cut off a one billion dlr credit line, Texaco
said in the court filing. Chase Manhattan Corp <CMB> and J.P.
Morgan Co's <JPM> Morgan Guaranty Trust Co asked for deposits
to cover transactions, it said.
    The severe conditions with suppliers and creditors arose
from an unfavorable ruling last Monday by the U.S. Supreme
Court in Texaco's ongoing dispute with Pennzoil Co <PZL> over
the acquisition of Getty Oil Co in 1984.
    The High Court said Texas Courts must consider Texaco's
plea to cut its 10.3 billion dlr bond while appealing the case.
    "Most of the suppliers stayed with us as long as they
could," Elton said. But following Monday's Supreme Court
ruling, Texaco's suppliers began demanding cash and halting
supplies.
    "It wasn't until last Wednesday that it turned into an
avalanche," he said. "Supplies were cut to the point where we
could not run the system at anywhere near capacity."
    He said less than half of Texaco's oil supplies had been in
jeapordy, but the cut off would have produced severe shortages
by mid-May. Now the situation appears much less severe, Elton
said.
    It said that Sonatrach, the Algerian national oil company,
canceled future deliveries of crude oil and natural gas,
Occidental Petroleum Co <OXY> demanded cash for crude, and
Atlantic Richfield Co <ARC> asked for special safeguards.
    The company also said British Petroleum Co PLC <BP> last
week refused to accept an order for fuel oil. But Yates today
said, "a big U.K. company has in fact said they would go on
supplying. They had cancelled last week."
    He declined to identify the company.
    <Petroleos de Venezuela S.A.>, the Venezuelan state oil
company that supplies a large portion of Texaco's oil, also
halted shipments two weeks ago, Yates said.
    But he added that Texaco expected to meet with the
Venezuelans later today in an attempt to reestablish that key
supply line. Talks were also expected to take place with the
Algerians, he added.
    Bankruptcy specialists said it was likely Texaco's chapter
11 filing would allow the company to secure its credit lines
and oil supplies that are key to the company's business.
    "It will be business as usual for Texaco," said Martin
Klein, a bankruptcy attorney at the New York law firm Dreyer
and Traub.
    "Creditors are a nervous bunch of people," he said. "But
when the dust settles they will reevaluate the situation and
will likely extend credit to the chapter 11 company."
    But other officials at Texaco were not immediately
available to say whether discussions were being held with its
banks, or whether credit lines had been reestablished.


.I 1173
.C
earn
.W
NATIONAL CITY BANCORP <NCBM.O> 10 PCT DIVIDEND.
    MINNEAPOLIS, April 13 - National City Bancorp said
directors at the annual meeting declared a 10 pct stock
dividend payable May 22, record April 24.


.I 1176
.C
earn
.W
FLAGLER BANK CORP <FLGLA.O> 1ST QTR NET.
    WEST PALM BEACH, Fla., April 13 -
    Shr 25 cts vs 23 cts
    Net 488,000 vs 443,000
    Assets 289.3 mln vs 213.9 mln
    Deposits 254 mln vs 188.5 mln
    Loans 156.4 mln vs 123.4 mln
    NOTE: Per share amounts adjusted for stock dividends.


.I 1177
.C
earn
.W
NATIONAL CITY CORP <NCTY.O> 1ST QTR NET.
    CLEVELAND, April 13 - 
    Shr primary 87 cts vs 83 cts
    Shr diluted 85 cts vs 74 cts
    Net 35.9 mln vs 30.6 mln
    Avg shrs 41.0 mln vs 34.2 mln
    Assets 13.95 billion vs 12.34 billion
    Deposits 10.21 billion vs 9.24 billion
    Loans 9.22 billion vs 7.89 billion
    Return on assets 1.07 pct vs 1.05 pct
    Note: Net includes securities gains of seven cts a shr vs
two cts.
    Net includes loan loss provision of 20.2 mln vs 12.6 mln.
    Net charge-offs totaled 15.6 mln, brining the loan loss
reserve at the end of the qtr to 120.5 mln.


.I 1179
.C
earn
.W
BANK OF NEW ENGLAND <BKNE.O> POST PRO FORMA NET.
    BOSTON, Mass, April 13 - Bank of New England Corp reported
that pro forma first quarter earnings, which reflect its 
combined operations under a pending merger with the Conifer
Group, rose to 60 mln dlrs, or 89 cts a share, from 49 mln
dlrs, or 75 cts a share in 1986.
    The merger is expected to close on April 22.
    Earlier, Bank of New England reported first quarter net
income, not taking the merger into account, rose to 1.04 dlrs
from 83 cts a share.
    NOTE:First quarter of 1986 does not include restatement
from recent acquisitions. After restatement, net income was
39.8 mln dlrs.
    The 1987 pro forma first quarter results include
nonrecurring merger expenses of 4.7 mln dlrs.
    Excluding these expenses, growth in operating expenses of
the combined companies was reduced from 14 pct to 12 pct during
the first quarter.
    Loans and leases increased 34 pct to 19.5 billion dlrs and
deposits grew 14 pct to 19.6 billion dlrs.
    The provision for possible credit losses was 14.4 mln dlrs
in the first quarter compared with 19.7 mln dlrs last year.
    Net charge-offs were 10.9 mln dlrs, down from 12.8 mln dlrs
in 1986.


.I 1180
.C
earn
.W
BURNHAM AMERICAN PROPOERTIES <BAPYZ.O> 2ND QTR.
    SAN DIEGO, April 13 - Qtr ended March 31
    Net 268,760 vs 235,274
    Revs 721,882 vs 575,806
    Six mths
    Net 472,642 vs 464,042
    Revs 1,372,453 vs 1,059,462
    Note: per share data not given, as not comparable to net
figures, which are before depreciation.


.I 1181
.C
acq
.W
CANADA'S WILSON HAS NO COMMENT ON DOME (DMP).
    OTTAWA, April 13 - Finance Minister Michael Wilson said it
was too early to comment on the tax implications of TransCanada
PipeLines Ltd's 4.3 billion dlr offer for Dome Petroleum Ltd.
    "The specific offer by TransCanada is just in the course of
being made and we don't have the details of all the elements of
the proposal," Wilson told the House of Commons daily question
period.
    Opposition parties were questioning Wilson about a possible
loss of tax revenue if the takeover was completed because of
the large tax credits held by Dome.               


.I 1183
.C
acq
.W
DAUPHIN DEPOSIT <DAPN> TO ACQUIRE COLONIAL.
    HARRISBURG, Pa., April 13 - Dauphin Deposit Corp said it
signed a definitive agreement to acquire <Colonial Bancorp
Inc>.
    The agreement calls for Colonial to be merged into Dauphin
Deposit Corp, and Colonial's subsidiary, New Holland Farmers
National Bank, to be merged into Dauphin Deposit Bank and Trust
Co, the lead bank of Dauphin Deposit Corp, the company said.
    Shareholders of Colonial will receive between 3.6 and 4.4
shares of Dauphin common stock for each share of Colonial,
depending on Dauphin's current market value, it said.
    As of Dec 31, 1986, Colonia Bancorp had assets of 150 mln
dlrs, Dauphin said.


.I 1184
.C
crude
.W
KUWAITI DAILY SAYS OPEC CREDIBILITY AT STAKE.
    KUWAIT, April 13 - OPEC's credibility faces fresh scrutiny
in coming weeks amid signs of a significant rise in supplies of
oil to international oil markets, the Kuwait daily al-Qabas
said.
    In an article headlined "Gulf oil sources say Middle East
production up 1.4 mln bpd" and "Markets witness new surplus amid
whispers of return to cheating days," it warned OPEC's official
prices could face fresh pressure from international oil
companies seeking cheaper supplies.
    It did not say whether only OPEC or Opec and other
producers were behind the reported rise in Mideast output. Nor
did it specify if the sources were official or other contacts.
   "The sources said the credibility of OPEC would come under
fresh scrutiny from Monday, with activity in the European and
American markets," it said.
    The sources were quoted as saying that after Opec had in
March demonstrated its commitment to quota agreements, some
members had raised output last week. It gave no details.
    "Dealers in oil markets were now waiting to see if Opec was
able to control production, or whether the days of cheating and
producing over quotas has begun anew," it reported.
   "The sources warned that maybe the (price of a) barrel of oil
will fall below 18, perhaps 17.80 dlrs this week or next if
there is no control on supplies.
    "The sources believed a return of oil below 18 dlrs a barrel
may open the doors for international oil companies to pressure
Opec over contract prices, similar to the struggle last March,"
it said, apparently referring to resistance by buyers to lift
from Qatar unless it gave price discounts.
    "More than one official has warned Opec would find its
solidarity under scrutiny by the end of April or start of May,"
it said, noting demand usually fell with the onset of summer.



.I 1185
.C
money-supply
.W
TREASURY BALANCES AT FED FELL ON APRIL 9.
    WASHINGTON, April 13 - Treasury balances at the Federal
Reserve fell on April 10 to 3.373 billion dlrs from 3.523
billion dlrs on the previous business day, the Treasury said in
its latest budget statement.
    Balances in tax and loan note accounts fell to 11.645
billion dlrs from 11.869 billion dlrs on the same respective
days.
    The Treasury's operating cash balance totaled 15.018
billion dlrs compared with 15.392 billion dlrs on April 9.


.I 1186
.C
crude
.W
DOE RESOLVES ISSUES WITH ROYAL DUTCH <RD> UNIT.
    WASHINGTON, April 13 - The Energy Department said it had
approved in final form an agreement that resolves all remaining
issues with Shell Oil Co over oil pricing and allocation
controls that ended in 1981.
    Under the agreement, The Royal Dutch/Shell Group unit 
agreed to pay 20 mln dlrs to settle refiner pricing issues and
160 mln dlrs to settle crude oil pricing issues, DOE said.
    DOE said that before making the pact final, it modified it
to reflect Shell's compliance with the Tertiary Incentive
Program, a provision not in the version published last Dec 31.


.I 1187
.C
acq
.W
CELLULAR COMMUNICATIONS <COMM.O> CLOSES BUYOUT.
    NEW YORK, April 13 - Cellular Communications Inc said that
a unit purchased a 6.99 pct interest in the Cincinnati
non-wireline cellular system.
    As a result of the transaction, the company said it now
owns 100 pct of the system in Cincinnati.


.I 1188
.C
earn
.W
ATHLONE INDUSTRIES INC <ATH> SETS QTLY DIVIDEND.
    PARSIPPANY, N.J., April 13 - 
    Qtly div 40 cts vs 40 cts prior
    Pay May 15
    Record May one.


.I 1189
.C
earn
.W
FIRST FEDERAL SAVINGS BANK <FFSD.O> 2ND QTR NET.
    DECATUR, Ala., April 13 - Qtr ended March 31
    Shr 88 cts
    Net 973,000 vs 713,000
    Six mths
    Shr 1.35 dlrs
    Net 1,497,000 vs 1,464,000
    Note: Bank went public on Dec 29, 1986.


.I 1190
.C
earn
.W
PLANTRONICS INC <PLX> 3RD QTR MARCH 28 NET.
    SANTA CRUZ, Calif., April 13 -
    Shr 39 cts vs 32 cts
    Net 2,524,000 vs 2,046,00
    Sales 28.5 mln vs 23.5 mln
    Nine Mths
    Shr 1.01 dlrs vs 1.09 dlrs
    Net 6,323,000 vs 6,990,000
    Sales 80.6 mln vs 68.8 mln
    Note: Current qtr and nine mth net include 447,000 dlr gain
on asset sales.
    Prior nine mth net includes 3.4 mln dlr asset sale gain.


.I 1191
.C
acq
.W
GAF <GAF> SEEKS INFORMATION ON BORG-WARNER<BOR>.
    New York, April 13 - GAF Corp said it is exploring its
options in response to Merrill Lynch Capital Partners' 4.23
billion dlr offer for Borg-Warner Corp, and it has asked for
all information that was supplied to Merrill Lynch.
    A GAF spokesman said the company asked for the information
in order to enable GAF to fully evaluate its alternatives.
    The spokesman also confirmed that GAF did raise its bid to
48 dlrs cash from 46 dlrs per share on Friday.
    Merrill is offering 48.50 dlrs per share cash for 89 pct of
Borg-Warner, and a package of cash and securities for the
balance.
    The transaction with Merrill Lynch will take Borg-Warner
private in the form of a leveraged buyout. Merrill Lynch does
not intend to sell Borg-Warner assets, but it may be forced to
do so in financing the deal, said sources familiar with the
transaction.
     Borg-Warner has said its management is not a participant
in the transaction, but managers will retain their positions.
    The investors involved with Merrill include pension funds,
insurance companies and other institutional investors, sources
said.
    Analysts believe GAF, which owns 19.9 pct of Borg-Warner,
will raise its offer.
    That speculation drove Borg-warner stock up 1-3/8 to 49-5/8
in heavy trading. GAF closed at 49-5/8, off 3/4.
 


.I 1193
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crude
.W
ABU DHABI MARKETING SAID NOT BREACHING OPEC PACT.
    ABU DHABI, April 13 - A senior Abu Dhabi oil official said
in remarks published today the emirate, largest producer in the
United Arab Emirates (UAE), was succeeding in marketing its
crude oil without breaching OPEC accords.
    Khalaf al-Oteiba, Marketing Director at the Abu Dhabi
National Oil Co (ADNOC), told the company's Petroleum Community
magazine ADNOC was also keen to keep good customer relations.
"The company will maintain its dialogue with and care for its
customers in accordance with market conditions...And take
necessary steps to guarantee marketing its production," he said.
   "The present oil marketing policy of ADNOC is based on
adherence to OPEC decisions of December 1986 to control
production and establish a new pricing system in an attempt to
stabilize the market," he added.
    OPEC agreed last December to limit production to 15.8 mln
bpd and return to fixed prices averaging 18 dlrs a barrel.
    Oteiba said stabilization of the oil market in the future
depended on how much discipline OPEC showed.
    Oteiba said last year, when world oil prices dropped, was
ADNOC's most difficult ever but "a practical and flexible
pricing policy was implemented to relate to the changed market
environment."
    He said crude oil sales last year jumped to an average
609,000 bpd of which 73 pct was exported. Refined product sales
totalled eight mln metric tonnes, of which 67 pct was exported.
    In 1985, ADNOC marketed a total of 476,000 bpd of crude oil
and 7.2 mln tonnes of refined products.


.I 1197
.C
earn
.W
RHNB CORP <RHNB> 1ST QTR NET.
    ROCK HILL, S.C., April 13 -
    Shr 61 cts vs 55 cts
    Net 695,252 vs 633,329
    Loans 125.2 mln vs 89.9 mln
    Deposits 209.2 mln vs 172.9 mln
    Assets 245.5 mln vs 207.5 mln


.I 1198
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acq
.W
KRAFT <KRA> COMPLETES ACQUISITION.
    GLENVIEW, ILL., April 13 - Kraft Inc said it completed the
acquisition of Holleb and Co, a foodservice distributor based
in Bensenville, Ill.
    Terms were withheld.
    It said Holleb's 1986 sales were about 85 mln dlrs.


.I 1199
.C
earn
.W
FIRST OF AMERICA BANK INC <FABK.O> 1ST QTR NET.
    KALAMAZOO, MICH., April 13 -
    Shr 1.12 dlrs vs 1.27 dlrs
    Net 15,000,000 vs 11,900,000
    Avg shrs 9,642,403 vs 8,322,245
    Loans 4.57 billion vs 3.29 billion
    Deposits 6.80 billion vs 4.75 billion
    Assets 7.75 billion vs 5.37 billion


.I 1200
.C
earn
.W
LOMAK PETROLEUM INC <LOMK.O> YEAR LOSS.
    HARTVILLE, Ohio, April 13 - 
    Shr loss 10 cts vs loss 19 cts
    Net loss 1,348,000 vs loss 2,410,000
    Revs 11.2 mln vs 22.3 mln
    Acg shrs 13.8 mln vs 12.9 mln


.I 1202
.C
acq
.W
NEWMONT <NEM> STAKE IN DU PONT <DD> DECLINES.
     NEW YORK, april 13 - Newmont Mining Corp held 5,250,376 Du
Pont Co shares, or about 2.2 pct of those outstanding, at the
end of 1986, down from the 5,970,141 shares, or 2.5 pct of
those outstanding, it held a year earlier, Newmont's annual
report said.
    --Corrects March 30 item to show holdings decreased.


.I 1203
.C
earn
.W
BANKEAST CORP <BENH.O> 1ST QTR NET.
    MANCHESTER, N.H., April 13 - 
    Shr 35 cts vs 29 cts
    Net 3,732,000 vs 3,131,000
    Assets 1.09 billion vs 861.2 mln
    Deposits 817.7 mlnvs 705.7 mln
    Loans 704.1 mln vs 553.4 mln
    Note: 1986 results restated to reflect acquisition of
United Banks Corp.


.I 1205
.C
earn
.W
UST CORP <UTSB.O> 1ST QTR NET.
    BOSTON, April 13 - 
    Shr 41 cts vs 31 cts
    Net 4,568,656 vs 3,461,674
    Assets 1.7 billion vs 1.4 billion
    Deposits 1.46 billion vs 1.19 billion
    Note: 1986 results restated to reflect a 100 pct stock
dividend.


.I 1207
.C
earn
.W
CENTRAL ILL PUBLIC SERVICE <CIP> 1ST QTR NET.
    SPRINGFIELD, ILL., April 13 -
    Shr 28 cts vs 29 cts
    Net 10,978,000 vs 11,916,000
    Revs 153.5 mln vs 163.4 mln
    NOTE: Full name is Central Illinois Public Service Co
    Per-share results reflect payment of preferred dividends


.I 1210
.C
acq
.W
<THERA-CARE INC> TO ACQUIRE CUSHING.
    EL CAJON, Calif., April 13 - Thera-Care Inc said it agreed
to acquire Cushing and Associates of Glendale, Calif., in
exchange for 1,480,000 Thera-Care shares.


.I 1211
.C
acq
.W
INTERCO <ISS> COMPLETES LANE<LANE> ACQUISITION.
    ST. LOUIS, April 13 - Interco Inc said its shareholders and
those of Lane Co approved a merger of the two companies at
special meetings.
    As previously announced, Lane's shareholders will receive
1.5 shares of Interco common stock for each share of Lane stock
held.
    Interco said the merger becomes effective April 14.


.I 1212
.C
acq
.W
HMO AMERICA <HMOA> AGREES TO BE ACQUIRED.
    CHICAGO, April 13 - HMO America Inc said it signed a letter
of intent with Mount Sinai Medical Center here and an
affiliate, providing that all of its common and preferred stock
be acquired by a new not-for-profit company to be controlled by
Mount Sinai and other Chicago area not-for-profit hospitals who
may elect to participate in the acquisition.
    The form of the transaction has not yet been determined, it
said.
    According to terms, HMO's shareholders would receive a
combination of cash and debt securities to be issued by the
buyer in exchange for their outstanding shares of common and
preferred stock, it said.
    The amount of cash per share has not yet been determined,
it added.
    Arrangements for financing have not yet been made and there
can be no assurance that any financing will be received, HMO
said.
    Closing of the proposed transaction, if it is completed, is
expected on or before November 2, 1987, it said.


.I 1213
.C
earn
.W
EVEREST AND JENNINGS <EJ.A> QTLY DIVIDEND.
    LOS ANGELES, April 13 -
    Shr five cts vs five cts prior qtr
    Pay May 15
    Record April 22


.I 1214
.C
earn
.W
PS GROUP INC <PSG> QTLY DIVIDEND.
    SAN DIEGO, Calif., April 13 -
    Shr 15 cts vs 15 cts prior qtr
    Pay May 18
    Record April 27


.I 1215
.C
acq
.W
DOME <DMP> BENEFITS FROM TAKEOVER SPECULATION.
    By Solange De Santis
    Toronto, April 13 - Shares of Dome Petroleum Ltd posted
their biggest gain in months in the U.S. and Canada as stock
markets foresaw a takeover tug-of-war beginning for the
debt-heavy company.
    Dome rose 1/4 to 1-1/8 on the American Stock Exchange and
gained 31 cents to 1.44 Canadian dlrs on the Toronto Stock
Exchange, where it was the most active stock. It rose as high
as 1.50 dlrs in Toronto during the day. In recent months, Dome
has normally moved by only a few cents per day.
    TransCanada PipeLines yesterday announced a 4.3 billion dlr
Canadian (3.22 billion U.S.) bid for all of Dome's assets, but
Dome, which is based in Calgary, Alberta, said it is also still
talking with two other companies, which it refuses to identify.
    Market analysts today said the other two firms are believed
to be foreign oil companies, noting that TransCanada yesterday
stressed that its bid is "a Canadian solution to the financial
difficulties of Dome Petroleum."
    "The talk is about Conoco, which is controlled by DuPont
<DD>, and Atlantic Richfield Co <ARC>, which sold its Canadian
interest in 1975 and could be getting back in," said Wilf Gobert
of Peters and Co Ltd.
    David Bryson of Moss Lawson and Co also noted that British
Petroleum PLC <BP> is mentioned as a possible buyer, despite
BP's 70 U.S. dlr per share bid two weeks ago for the 45 percent
of Standard Oil Co <SRD> it does not already own.
    Calgary-based independent analyst James Hamilton has said
in recent reports that Amoco Corp <AN> has also been in talks
with Dome.
    Representatives of Atlantic Richfield, British Petroleum,
Conoco and Amoco were not immediately available for comment.
    Gobert characterized the market action in Dome today as "awfully
optimistic," given TransCanada's offer to give current Dome
shareholders stock in a new subsidiary, which it valued at 1.10
dlrs Canadian per common share.
    Under the offer, current Dome common and preferred
shareholders would own 20 pct of the new subsidiary, which
would own and operate all Dome's former assets. TransCanada
would own 80 pct.
    However, Bryson said the market may be looking at the
potential for shares in a publicly-traded subsidiary. "The
TransCanada offer has quite a bit of upside potential for Dome,"
he said.
    Gobert said he believes the TransCanada offer is "at the
upper end of what I thought somebody would pay for Dome."
    The TransCanada proposal would pay Dome's creditors 3.87
billion Canadian dlrs (2.90 billion U.S. dlrs), with another
one billion Canadian dlrs (750 mln U.S. dlrs) available to
secured creditors if the Dome subsidiary earns profits above a
certain level. TransCanada would not detail the profit level.
    Dome currently is seeking to restructure about six billion
Canadian dlrs (4.5 billion U.S. dlrs) in debt, which it took on
several years ago when oil prices were high and the company
wanted to expand.
    "There has been speculation that Dome's assets are capable
of supporting debt of three to four billion dlrs, so on that
basis, the TransCanada offer would be at the upper end of that,"
Gobert said.
    Dome's debt troubles have often obscured the fact that it
is a major player in the Canadian oil and gas field. It holds
reserves of about 176 mln barrels of crude oil and 3.9 billion
cubic feet of natural gas.
    The company also owns or has an interest in 14.2 mln acres
of oil and gas exploration land in the province of Alberta, the
heart of Canada's oil industry.
   Dome owns or has an interest in a total of 36.1 mln acres of
land across Canada.
   The company also has tax credits of about 2.5 billion dlrs
Canadian (1.9 billion dlrs U.S.). It reported a 1986 loss of
2.2 billion dlrs (1.65 billion dlrs U.S.), believed to be the
largest ever by a Canadian company.
   


.I 1216
.C
interest
.W
U.S. BILL AUCTION RATES AVERAGE 5.98, 6.08 PCT.
    WASHINGTON, April 13 - The U.S. Treasury said its weekly
auction of three-month bills produced an average rate of 5.98
pct, with a 6.08 pct rate on six-month bills.
    These rates compared with averages of 5.53 pct for the
three- and 5.63 pct for the six-month bills sold last week.
    The bond-equivalent yield on three-month bills was 6.17
pct. Accepted bids ranges from 5.92 to 5.99 pct and 60 pct of
the bids at the high, or stopout rate, were taken. For six
months, the yield was 6.38 pct and the bids ranged from 5.98
pct to 6.10 pct with 48 pct of the bids accepted.
    The Treasury said it received 25.99 billion dlrs of bids
for the three-month bills, including 1.2 billion dlrs in
non-competitive bids from the public. It accepted 6.6 billion
dlrs of bids, including 2.1 billion dlrs from the Federal
Reserve and 180 mln dlrs from foreign and international
monetary authorities.
    Some 24.7 billion dlrs in bids for six-month bills were
received, including 832 mln dlrs in non-competitives. The
Treasury accepted 6.6 billion dlrs, including 1.8 billion dlrs
from the Fed and 1.2 billion dlrs from foreign and
international authorities.
    The average price for the three-month bills was 98.488 and
prices ranged from 98.504 to 98.486.  The average price for the
six-months bills was 96.926, and prices ranged from 96.977 to
96.916.
    The average yield on the three-month bills was the highest
since 5.99 pct on June 30, 1986.  The average yield on the
six-month bills was the highest since 6.13 pct on June 23,
1986.


.I 1219
.C
acq
.W
GROUP RAISES COMPUTER MEMORIES <CMIN> STAKE.
    WASHINGTON, April 13 - A shareholder group led by Far
Hills, N.J., investor Natalie Koether said it raised its stake
in Computer Memories Inc to 573,300 shares, or 5.1 pct of the
total outstanding, from 542,000 shares, or 4.8 pct.
    In a filing with the Securities and Exchange Commission,
the group, which includes Sun Equities Corp, an investment
firm, said it bought a net 31,300 Computer Memories common
shares since March 31 at prices ranging from three to 3-5/16
dlrs a share for "capital appreciation."
    The group had earlier abandoned plans to seek control of
the company and lowered its stake to less than five pct.


.I 1220
.C
acq
.W
HONG KONG FIRM HAS 5.1 PCT OF MCGILL <MGLL.O>.
    WASHINGTON, April 13 - Industrial Equity (Pacific) Ltd told
the Securities and Exchange Commission it has acquired 72,600
shares of McGill Manufacturing Co Inc, or 5.1 pct of the total
outstanding common stock.
    Industrial Equity, which is principally owned by Brierley
Investments Ltd, a publicly held New Zealand firm, said it
bought the stake for 2.3 mln dlrs for investment purposes.
    It said it may add to its stake, or sell some or all of it,
but has no plans to seek control of the company.


.I 1222
.C
earn
.W
MONTGOMERY STREET INCOME <MTS> 1ST QTR NET.
    SAN FRANCISCO, April 13 -
    Shr 49 cts vs 50 cts
    Net 3,922,533 vs 3,979,580
    Note: Full name Montgomery Street Income Securities Inc.


.I 1223
.C
acq
.W
NORTHAIR <NRM.TO> OPPOSING NORQUEST <NQRLF> BID.
    VANCOUVER, British Columbia, April 13 - Northair Mines Ltd
said it would oppose Nor-Quest Resources Inc's earlier reported
proposed takeover bid "with every means at its disposal,"
saying "this attempt at a property grab is an insult to the
intelligence of our shareholders."
    It said Nor-Quest's offer to swap one Nor-Quest share plus
one dlr for two Northair shares would seriously dilute
Northair's equity in its Willa mine in British Columbia.
    "Our company is in sound financial position and production
financing can be readily arranged when required. We're not
looking for a partner and if we were, it certainly wouldn't be
these guys," Northair said.


.I 1230
.C
acq
.W
TEXAS AIR <TEX> UNIT COMPLETES SYSTEM SALE.
    MIAMI, April 13 - Texas Air Corp's Eastern Airlines said it
completed its previously announced plan to sell its travel
agency automation system, SystemOne Direct Access Inc, and its
computer and communications support unit, EAL Automation
Systems Inc, to SystemOne Corp, a wholly-owned subsidiary of
Texas Air Corp.


.I 1233
.C
earn
.W
NCNB CORP <NCB> 1ST QTR NET.
    CHARLOTTE, N.C., April 13 -
    Shr 68 cts vs 68 cts
    Net 53.9 mln vs 53.2 mln
    Assets 26.5 billion vs 22.2 billion
    Loans 15.7 billion vs vs 13.3 billion
    Deposits 13.8 billion vs vs 11.6 billion


.I 1235
.C
acq
.W
INVESTMENT FIRM HAS 5.3 PCT OF BLASIUS <BLAS.O>.
    WASHINGTON, April 13 - Fidelity International Ltd, a
Bermuda-based investment advisory firm, and an affiliated
investment firm, American Values III N.V., said they have
acquired 208,000 share of Blasius Industries Inc.
    In a filing with the Securities and Exchange Commission,
the group said it bought the stake, which amounts to 5.3 pct of
the total outstanding common stock, to acquire an equity
interest in the company for investment purposes.
    The group said it may raise its stake or sell some or all
of it, and has no plans to seek control of the company.


.I 1240
.C
earn
.W
ISC SYSTEMS <ISCS.O> 3RD QTR MARCH 27 NET.
    SPOKANE, Wash., April 13 -
    Shr seven cts vs 24 cts
    Net 1,114,000 vs 3,676,000
    Revs 43.6 mln vs 41.2 mln
    Nine mths
    Shr 25 cts vs 64 cts
    Net 3,952,000 vs 9,614,000
    Revs 118.6 mln vs 119.9 mln


.I 1241
.C
iron-steel
.W
SLATER <SSI.A.TO> PLANS U.S. MODERNIZATION.
    TORONTO, April 13 - Slater Industries Inc said it planned a
15 mln dlr modernization of its Slater Steels Corp Fort Wayne
specialty bar division in Indiana.
    It said the modernization would involve replacement of the
existing bar mill with a high-speed, quick-change continuous
mill. The new facility will lower labor and mill costs and
enhance product quality and range, Slater said.
    Completion date of the new mill was undisclosed.


.I 1242
.C
acq
.W
ADAMS-RUSSELL <AAR> TO ACQUIRE CABLE SYSTEMS.
    WALTHAM, Mass, April 13 - Adams-Russell Co Inc said it
agreed to acquire cable television systems serving about 7,000
customers in New York State from Sammons Communications Inc for
undisclosed terms.
    Adams-Russell said the systems operate in Wellsville,
Amity, Andover, Scio, Willing, Belmont, Milo, Jerusalem, Benton
and Penn Yan, N.Y.


.I 1243
.C
earn
.W
INDEPENDENT BANK CORP <IBCP.O> 1ST QTR NET.
    IONIA, MICH., April 13 -
    Shr 27 cts vs shr 18 cts
    Net 477,000 vs 305,000


.I 1245
.C
crude
.W
GULF CANADA <GOC> ACQUIRES SUEZ OIL STAKE.
    CALGARY, Alberta, April 13 - Gulf Canada Corp said it
acquired a 25 pct working interest in the Gulf of Suez oil
concession for undisclosed terms.
    The company said its agreement with operator Conoco
Hurghada Inc and Hispanoil covered the 168,374-acre East
Hurghada offshore concession. It said a 15.6 mln U.S. dlr
four-well program was planned for 1987.
    After the acquisition, which is subject to Egyptian
government approval, working interests in the Hurghada block
will be Conoco Hurghada at 45 pct, Hispanoil 30 pct and Gulf
Canada the balance.


.I 1246
.C
earn
.W
CONVERGENT TECHNOLOGIES <CVGT.O> SEES QTR LOSS.
    SAN JOSE, Calif., April 13 - Convergent Technologies Inc
said it expects to report in the first quarter a loss more than
twice the size of the 4.8-mln-dlr loss reported in the fourth
quarter of 1986.
    Convergent reported a first quarter 1986 profit of
2,100,000 dlrs, or five cts per share.
    The company said results declined in the quarter both in
its traditional OEM business and its business systems group.
    The anticipated loss reflects lower than expected operating
margins, start-up costs for new product manufacturing and
higher than planned expenses.


.I 1249
.C
acq
.W
INTERCO <ISS> SHAREHOLDERS APPROVE MERGER.
    ST. LOUIS, Mo., April 13 - INTERCO Inc said its
shareholders and shareholders of the Lane Co <LANE.O> approved
the merger of the two companies.
    In the merger, Lane's stockholders will receive 1.5 shares
of INTERCO common stock for each outstanding share of Lane
common stock, INTERCO said.


.I 1250
.C
earn
.W
JOHN H. HARLAND CO <JH> 1ST QTR NET.
    ATLANTA, April 13 -
    Shr 30 cts vs 25 cts
    Net 10.5 mln vs 8,697,589
    Revs 71.9 mln vs 64.9 mln


.I 1252
.C
earn
.W
<TRAVELERS REALTY INCOME INVESTORS> 1ST QTR NET.
    BOSTON, April 13 -
    Shr 32 cts vs 38 cts
    Qtrly div 35 cts vs 35 cts prior
    Net 731,055 vs 865,117
    NOTE: dividend payable May 20 to shareholders of record
April 24.
    


.I 1253
.C
acq
.W
DOTRONIX INC <DOTX.O> TO BUY <VIDEO MONITORS>.
    NEW BRIGHTON, Minn., April 13 - Dotronix Inc said it agreed
in principle to buy Video Monitors Inc, a privately-held
company.
    In payment for the acquisition, Dotronix will issue 312,500
unregistered shares of its common stock, notes worth 1.8 mln
dlrs payable over three years, and about 70,000 dlrs in cash.
    Dotronix said Video Monitors' sales for the fiscal year
ended April 30, 1986, were 7.6 mln dlrs. Dotronix had income of
659,663 dlrs on sales of 7.1 mln dlrs for the six months ended
Dec. 31, 1986, as previously reported.


.I 1254
.C
earn
.W
DEVELCON ELECTRONICS LTD <DLCFF> 2ND QTR LOSS.
    SASKATOON, Saskatchewan, April 13 - Period ended Feb 28
    Shr loss 34 cts vs loss 58 cts
    Net loss 1,252,000 vs 2,145,000
    Revs 4,539,000 vs 3,504,000
    SIX MTHS
    Shr loss 66 cts vs loss 86 cts
    Net loss 2,428,000 vs loss 3,163,000
    Revs 9,033,000 vs 8,192,000


.I 1258
.C
crude
.W
TEXACO FILING ADDS UNCERTAINTY IN OIL MARKET.
    NEW YORK, April 13 - U.S. oil traders said Texaco Inc's
filing for protection under the Chapter 11 bankruptcy code is
adding uncertainty to an already skittish oil market, but
opinions are divided on the impact to the market.
    "The filing is holding up wet barrel trading today," said
one trader. "Everyone is talking about it, assessing their
company's situations in relation to Texaco," he added.
     Some traders said companies that deal with Texaco are
concerned about whether they will receive payment or supplies
under the bankruptcy filing.
    However, others were less worried. "The first paid will be
the trading community and those connected with Texaco in the
shipping industry," one New York trader said.
    "If Texaco doesn't get crude supplies it can't run its
refineries, so its other assets would not be worth anything,"
he added.
    Texaco filed for protection under Chapter 11 of the U.S.
bankruptcy code yesterday after failing to reach a settlement
with Pennzoil on an 11 billion dlrs court award for illegally
interferring with Pennzoil's proposed purchase of Getty Oil Co.
    However, others were less worried. "The first paid will be
the trading community and those connected with Texaco in the
shipping industry," one New York trader said.
    "If Texaco doesn't get crude supplies it can't run its
refineries, so its other assets would not be worth anything,"
he added.
    Texaco filed for protection under Chapter 11 of the U.S.
bankruptcy code yesterday after failing to reach a settlement
with Pennzoil on an 11 billion dlrs court award for illegally
interferring with Pennzoil's proposed purchase of Getty Oil Co.
    "There is some reluctance to trade with Texaco but no great
change," said another trader, adding that traders are tending
toward prudence in their dealings with the company.
    Traders are assessing whether to require cash prepayment or
letters of credit, or to continue to trade as usual with Texaco
on an open line basis, he said.
    Another trader, however, described today's activity as
business as usual, adding that traders feel more secure because
no liens can be put on Texaco's assets while it is in
bankruptcy.
    Traders said there was no apparent effect of the Texaco
filing on crude futures trading although they said the exchange
might lower Texaco's position limit and require higher margins
for Texaco's trades.
    New York Mercantile Exchange President Rosemary McFadden
declined to comment on Texaco's futures trading, saying that is
is proprietary information. McFadden did say, however, that as
a matter of procedure, it is possible the exchange can lower
allowable position limits or increase margin requirements for
companies that are in financial trouble.


.I 1260
.C
earn
.W
VALLEY NATIONAL CORP <VNCP.O> 1ST QTR NET.
    PHOENIX, April 13 -
    Shr 1.18 dlrs vs 1.15 dlrs
    Net 19.7 mln vs 19.3 mln
    Assets 10.05 billion vs 9.62 billion
    Deposits 8.56 billion vs 8.04 billion
    Net loans 6.95 billion vs 6.71 billion


.I 1261
.C
earn
.W
OTTER TAIL POWER CO <OTTR.O> SETS DIVIDEND.
    FERGUS FALLS, Minn., April 13 -
    Qtly dividend 73 cts vs 73 cts
    Pay June 10
    Record May 15


.I 1262
.C
acq
.W
MERRILL TO GET 30 MLN DLR FEE IN BORG <BOR> DEAL.
    WASHINGTON, April 13 - Merrill Lynch and Co Inc <MER>
subsidiary seeking to take over of Borg-Warner Corp said it
could realize a 30 mln dlr fee for its efforts, whether or not
the deal, which it values at 4.7 billion dlrs, succeeds.
    In a filing with the Securities and Exchange Commission,
Merrill Lynch Capital Partners Inc said it would receive a 30
mln dlr fee from the surviving company for acting as dealer
manager of the merger after the Borg-Warner deal is completed.
    But it said it could also receive a break-up fee of 30 mln
dlrs if the deal fails for reasons, which include another party
holding more than 40 pct of its stock or tendering for 50 pct.
    The 30 mln dlr fee is among the highest set down in any
tender offer agreement, either in compensation for dealer
manager services or for break-up of the deal.
    Merrill Lynch Capital Markets, backed by a group of
investors it organized, has launched a 48.50 dlr a share tender
offer for Borg-Warner for 90 pct of its stock.
    The company's board has approved the plan, which was
intended to thwart an unsolicited offer from GAF Corp.
    Borg-Warner also agreed to redeem all outstanding Series A
preferred shares and to pay off on all options at a 48.50 dlr a
share exercise price before the merger is effective, it said.
    Merrill Lynch said its representatives discussed a possible
leveraged buyout with Borg-Warner as early as last December.
    At that time, Merrill Lynch told the company it would
consider a 43 dlr a share tender offer in cash and securities,
if the Borg-Warner board approved, it said. On Feb 24, it said
it was told the company had decided against a buyout.
    But talks were revived after GAF launched its 46 dlr a
share proposal on March 31, Merrill Lynch said.
    Unlike its earlier proposal, Merrill Lynch said Borg-Warner
management was asked not to take part in the new deal and it
was conditioned upon payment of the fees.
    In addition to its fees, Merrill Lynch said it will also
get up to 17 mln dlrs from Borg-Warner to cover its expenses in
the tender offer.
    Merrill Lynch said it would continue operating Borg-Warner
as a subsidiary with its current officers keeping their
positions.
    But for flexibility purposes, Merrill Lynch said it is
considering redistributing Borg-Warner's assets to a number of
subsdiaries of an entity it created to carry out the merger.
    All in all Merrill Lynch estimated that there would be 130
mln dlrs in fees and expenses connected with the deal.
    Another 250 mln dlrs will be needed to repay certain debt
of Borg-Warner, Merrill Lynch said.
    To finance the deal, Merrill Lynch said it expects to
borrow 3.5 billion dlrs from a group of banks and sell 100 mln
dlrs of common stock of the new company, sell 100 mln dlrs of
non-voting preferred stock of the new company to Merrill Lynch
and Co, sell up to 650 mln dlrs of subordinated notes to
Merrill Lynch and Co and sell to the public 204 mln dlrs of
subordinated discount debentures.
    GAF has raised its offer to 48 dlrs a share cash.


.I 1269
.C
acq
.W
CHRYSLER <C> NON-PROFIT GROUP SELLS UNIT.
    DETROIT, April 13 - Chrysler Corp's Chrysler Motors Corp
said its Chrysler Training Corp non-profit organization sold
the name and assets of its Motech Auto Mechanic and Body Shop
Schools to O/E Corp of Troy, Mich.
    The sale price was not disclosed.
    Under the Internal Revenue Service code, proceeds from the
sale of Motech must be donated to another tax-exempt nonprofit
organization. Chrysler did not reveal the name of the group
that received the proceeds.


.I 1270
.C
earn
.W
POTLATCH CORP <PCH> 1ST QTR NET.
    SAN FRANCISCO, April 13 -
    Shr 63 cts vs 47 cts
    Net 16.8 mln vs 12.4 mln
    Sales 248.6 mln vs 233.3 mln


.I 1272
.C
acq
.W
DICEON ELECTRONICS <DICN.O> TO BUY SYMTRON CORP.
    IRVINE, Calif., April 13 - Diceon Electronics Inc said it
has entered an agreement in principal to buy closely-held
Symtron Corp in a stock exchange transaction.
    Under the pact, Diceon would exchange 300,000 shares of its
stock for all of Symtron's shares.
    The acquisition, which is subject to board approval and a
definitive agreement, is expected to be concluded during May.
    Diceon said Symtron management would continue running the
business, which would become a wholly-owned subsidiary.
    Symtron had 1986 sales of about 20 mln dlrs.



.I 1274
.C
crude
.W
ECUADOR SAYS WILL RESUME LIMITED OIL PRODUCTION.
    QUITO, April 13 - Ecuador will resume limited crude output
next week to fill up storage tanks as a first step to pump oil
to a Colombian pipeline on May one, the state Ecuadorean
Petroleum Corp (CEPE) said.
    CEPE manager Carlos Romoleroux told reporters that Ecuador
would begin pumping an unspecified amount of crude in
northeastern jungle oilfields at the end of next week in
preparation to send the oil through a new pipeline link-up to
neighbouring Colombia.
    Oil production in Ecuador was halted on March five when an
earthquake damaged the country's main pipeline from Lago Agrio,
at the heart of the Ecuadorean jungle oilfields, to the pacific
port of Balao.
    It will take at least until the end of July to repair the
pipeline and return output to normal levels. The country was
pumping between 245,000 bpd and 250,000 bpd before the tremor.
    To resume limited output in the meantime, Ecuador is
constructing a 26 mile pipeline linkup, capable of carrying
55,000 bpd, from Lago Agrio to Puerto Colon, the starting point
of Colombia's pipeline to the Pacific port of Tumaco.
    The original target date to resume limited crude output was
May eight, the scheduled date for the inauguration of the Lago
Agrio to Puerto Colon pipeline, an energy ministry spokesman
said.


.I 1275
.C
cpi
.W
NEW ZEALAND CPI RISES 2.3 PCT IN MARCH QUARTER.
    WELLINGTON, April 14 - New Zealand's consumer price index,
CPI, which measures the rate of inflation, rose 2.3 pct in the
quarter ended March 31 against an 8.9 pct rise in the December
1986 quarter and a 2.3 pct rise in the March 1986 quarter, the
Statistics Department said.
    For the 12 months ended March 1987 the CPI rose 18.3 pct
against 18.2 pct in 12 months ended December 1986 and 13.0 pct
in the 12 months ended March 1986, it said in a statement.
    Nearly half the increase in the latest quarterly index was
contributed by the housing group, the department said.
    The December quarter was significantly affected by the
introduction of a 10 pct value added goods and services tax,
GST, in October 1986, it added.
    However, some GST charges not measured in the December 1986
quarter influenced the latest March quarterly figure, it said.
    This is because of an unavoidable lag in price information,
particularly on housing, used cars and insurance on household
contents, it added.


.I 1278
.C
dlr;money-fx;
.W
******Bank of Japan intervenes to support dollar after Tokyo opening, dealers.
Blah blah blah.

.I 1279
.C
dlr;money-fx;
.W
BANK OF JAPAN INTERVENES IN TOKYO AFTER OPENING.
    TOKYO, April 14 - The Bank of Japan intervened in Tokyo to
buy dollars just after the market opened, dealers said.
    The dollar opened at 142.05 yen against 142.15/25 in New
York and 142.50 at the close here yesterday.
    The bank stepped into the market amid selling pressure from
interbank dealers, dealers said.


.I 1280
.C
trade
.W
MIYAZAWA SEES EVENTUAL LOWER U.S. TRADE DEFICIT.
    TOKYO, April 14 - Japanese Finance Minister Kiichi Miyazawa
told a press conference he expects the U.S. Trade deficit to
eventually start reflecting economic fundamentals, which should
influence exchange rates.
    The minister was not referring to the U.S. Trade data to be
released in Washington later today.
    Miyazawa also said he told major industrial nations when he
was in Washington last week that present exchange rates are not
necessarily good. He had said earlier in Washington that
current exchange rates were within levels implied in the
February Paris currency accord.


.I 1281
.C
wpi
.W
******Japan March wholesale prices rise 0.2 pct (0.1 pct February drop) - official.
Blah blah blah.

.I 1282
.C
acq
.W
NO TALKS SET ON PROPOSED JAPAN TELECOM MERGER.
    TOKYO, April 14 - No formal talks have been scheduled yet
among companies involved in a controversial proposal to merge
two groups seeking to enter Japan's international
telecommunications sector, an official from one group said.
    "Nothing has been firmed up yet," said an official at
<International Digital Communications Planning Inc> (IDC), one
of the groups set up last year to study competing against
<Kokusai Denshin Denwa Co Ltd>, which monopolises the sector.
    Britain's Cable and Wireless Plc <CAWL.L>, which holds a 20
pct share in IDC, has opposed plans to merge with rival group,
<International Telecom Japan Inc>.
    Under the plan, backed by the Post and Telecommunications
Ministry, Cable and Wireless and U.S.-based <Pacific Telesis
International Inc> would become core companies in the merged
firm, with shares equal to those of the six major Japanese core
companies and seats on the board of directors.
    Britain, angry over what it feels are moves to restrict
Cable and Wireless' role in the sector, views the issue as a
test case. The IDC official declined to specify what was
holding up the talks.
    A spokesman for C. Itoh and Co Ltd <CITT.T>, which holds 20
pct of IDC, said a meeting may be held later this week.


.I 1284
.C
sugar
.W
HAITIAN CANE PLANTERS PROTEST SUGAR MILL CLOSURE.
    PORT-AU-PRINCE, April 13 - About 2,000 sugar cane planters
marched to Port-au-Prince to protest against the closure of
Haiti's largest sugar mill and second biggest employer.
    The Haitian American Sugar Company closed on Friday because
of a huge surplus of unsold sugar. The firm said Haiti has been
flooded with smuggled refined and unrefined sugar from the
Dominican Republic and refined U.S. Sugar from Miami.
    The closure idled 3,500 factory workers and left 30,000
small cane planters with no outlet for their cane. The
protesters blamed Finance Minister Lesly Delatour for the
closure, saying his policies have hurt Haitian businesses.


.I 1285
.C
alum
.W
CHINA TO OPEN FIRST PHASE OF LARGE ALUMINIUM PLANT.
    PEKING, April 14 - China, a major aluminium importer, will
open the first phase of its biggest aluminium plant on October
1, the China Daily said.
    The first phase of the plant, located in Qinghai province,
will have an annual capacity of 100,000 tonnes of ingots, half
the capacity of the finished plant. It will turn out 4,000
tonnes in 1987, the paper said, but gave no more details.
    Construction of the 510 mln yuan plant began in April 1984.
    Customs figures show China imported 266,241 tonnes of
aluminium and alloy in 1986, down from 487,862 in 1985.


.I 1286
.C
grain;corn;
.W
TAIWAN IMPORTS 210,000 TONNES SOUTH AFRICAN MAIZE.
    TAIPEI, April 14 - Taiwan imported about 210,000 tonnes of
South African maize between January 1 and April 13, the joint
committee of local maize importers said.
    Under a three-year agreement signed last year, South Africa
will export 600,000 tonnes of maize a year to Taiwan.
    A committee spokesman told Reuters the rest of this year's
quota will be shipped during the rest of 1987.


.I 1287
.C
veg-oil;soybean;
.W
TAIWAN LIKELY TO BUY MORE U.S. SOYBEANS.
    TAIPEI, April 17 - A 50 pct cut in the import tariff for
soybeans should help boost 1987 U.S. Soybean exports to Taiwan,
a spokesman for the joint committee of soybean importers told
Reuters.
    He said the cut to 3.5 from seven pct was approved by the
cabinet yesterday and would go into effect within a week.
    The cut will encourage local importers to increase 1987
soybean imports to 1.9 mln tonnes from 1.74 mln last year, he
said. The previous target for 1987 was 1.81 tonnes.
    Taiwan imports more than 90 pct of its soybeans from the
U.S. And the rest from South America.
    The spokesman said the increase in imports from the U.S. Is
in line with government efforts to reduce Taiwan's trade
surplus with Washington, which rose to 3.61 billion U.S. Dlrs
in the first quarter of 1987 from 2.78 billion a year ago.
    "The tariff cut is very helpful for American suppliers (who
want) to boost their exports to Taiwan," Steve Chen, country
director of the American Soybean Association, told Reuters.


.I 1288
.C
grain;sorghum;
.W
CHINA FACES EXTENDED SORGHUM SHORTAGE.
    PEKING, April 17 - China will be short of sorghum in 1987
for the sixth successive year because high production costs and
low profits discourage farmers from growing it, the China Daily
Business Weekly said.
    It said sorghum output in calendar 1986 was 5.34 mln
tonnes, down five pct from the 1985 level, and prices on the
free market rose in January to 0.42 yuan per kg, up 14 pct on
January 1986.
    It said sorghum acreage in 1987 is six pct lower than in
1986. Sorghum accounts for 40 pct of the raw materials needed
by China's breweries, it added but gave no more details.


.I 1289
.C
money-fx
.W
******Bank of Japan intervening to support dollar against yen, dealers.
Blah blah blah.

.I 1290
.C
money-supply
.W
JAPAN MARCH MONEY SUPPLY RISES 9.0 PCT.
    TOKYO, April 17 - Japan's broadly defined money supply
average of M-2 plus certificate of deposits (CD) rose a
preliminary 9.0 pct in March from a year earlier, compared with
an 8.8 pct rise in February, the Bank of Japan said.
    The seasonally adjusted March average of M-2 plus CDs rose
0.8 pct from February when it rose an identical 0.8 pct from a
month earlier, it said.
    Unadjusted M-2 plus CDs stood at an average 343,600 billion
yen in March compared with 336,015 billion in February.


.I 1294
.C
bop
.W
SOUTH KOREA TO CHANGE POLICIES TO AVERT TRADE WAR.
    By Moon Ihlwan, Reuters
    SEOUL, April 17 - South Korea has decided on major changes
in its trade, investment and finance policies aimed at reducing
the growth of its balance of payments surplus and avoiding a
trade war with the United States, Deputy Prime Minister Kim
Mahn-je said.
    Kim told reporters the excessively fast rise in exports
could make South Korea too reliant on exports, increase
nflation and produce trade friction. The policy shift, which
means abandoning Seoul's goal of rapidly reducing its foreign
debt, was worked out at a series of ministerial meetings.
    Kim, who is also Economic Planning Minister, said the
current account surplus, previously expected to exceed eight
billion dlrs this year, would be held at about five billion
dlrs by increasing imports, accelerating market liberalisation
and rationalising exports.
    He said Seoul would try to limit its current account
surplus to around five billion dlrs a year for the next few
years, although trade volume would continue to grow.
    "This will gradually reduce the ratio of the surplus to GNP
(gross national product) from the current five pct level to
three pct by 1991," he added.
    Koo Bon-yong, an aide to Kim, said South Korea's foreign
debt had been expected to fall below 40 billion dlrs by the end
of 1987, against the initial forecast of 41.8 billion, and 44.5
billion dlrs at end-1986.
    "But now (with the policy changes) the debt is expected to
remain above 40 billion dlrs, although it could still be lower
than the originally projected 41.8 billion dlrs," he said.
    The policy change was announced two days before the
scheduled arrival of U.S. Commerce Secretary Malcolm Baldrige
for talks with Trade Minister Rha Woong-bae.
    South Korea is under U.S. Pressure to reduce its bilateral
trade surplus, which rose to 7.4 billion dlrs last year from
4.3 billion dlrs in 1985.
    Kim said the policy changes were also prompted by the swing
in South Korea's current account to a surplus of 2.06 billion
dlrs in the first quarter of 1987 from a deficit of 438 mln
dlrs in the same 1986 period. First quarter 1987 exports rose
36 pct to 9.4 billion dlrs.
    The government would make foreign currency loans worth 2.5
billion dlrs to firms willing to import capital goods, raw
materials and equipment, preferably from the U.S., He said.
    "The foreign currency-based loans, which carry interest at
1.5 points above LIBOR (London Interbank Offered Rate), are
considerable incentives given to increase imports," Koo said.
    Koo said the loans would be repayable in foreign currency.
"It means they could become interest-free loans if the Korean
currency continues to rise in value," he said.
    He said the South Korean won would be revalued against the
dollar gradually, but added "We do not believe in rapid one-shot
changes in the value of the won."
    The won, fixed at 839.70 to the dollar today, has risen six
pct against the dollar since the beginning of 1986.


.I 1296
.C
acq
.W
BANK OF CHINA BUYS SHARE IN LUXEMBOURG COMPANY.
    PEKING, April 17 - State-owned Bank of China has bought a
three to five pct share of BAII Holding SA, a financial
institution registered in Luxembourg, the China Daily Business
Weekly said.
    It said the institution is 50 pct owned by Arab interests
and has set up a wholly owned commercial banking branch in Hong
Kong but gave no more details.


.I 1297
.C
crude
.W
SAUDI ARABIA WANTS TO INCREASE OIL SALES TO JAPAN.
    TOKYO, April 17 - Saudi Arabia hopes to increase the volume
of its oil exports to Japan through expanding bilateral trade,
Saudi Arabian Interior Minister Naif bin Abdul-Aziz said.
    He told a Tokyo reception his country hopes to raise crude
and products exports to Japan to earlier levels, but did not
elaborate. To promote trade, Saudi Arabia is inviting Japanese
industries to do business there, he said.
    Japanese firms now have long-term contracts to import a
total of 150,000 barrels per day of Saudi crude.


.I 1298
.C
grain;trade;
.W
U.S. URGES JAPAN TO OPEN FARM MARKET FURTHER.
    TOKYO, April 17 - U.S. Agriculture Secretary Richard Lyng
has asked Japan to open its farm market further to help
Washington cut its trade deficit and ease protectionist
pressures, an Agriculture Ministry official told reporters.
    Hideo Maki, Director General of the ministry's Economic
Affairs Bureau, quoted Lyng as telling Agriculture Minister
Mutsuki Kato that the removal of import restrictions would help
Japan as well as the United States.
    The meeting with Kato opened a 12-day visit to Japan by
Lyng, who is here to dicuss farm trade.
    However, Maki quoted Kato as replying that Japan was
already the world's largest grain importer.
    Kato added Japan is the largest customer for U.S. Grain and
depended on domestic output for only 53 pct of its food
requirements in 1985.
    Lyng said the U.S. Put high priority on talks on 12 farm
products named in U.S. Complaints against Japan to the General
Agreement on Tariffs and Trade (GATT) last year, as well as on
beef, citrus products and rice.
    Kato said Japan will maintain its current level of
self-sufficiency and will try not to produce surplus rice
because potential production is higher than domestic demand.
    The world farm market suffers from surpluses because of
rising production by exporting countries, he added.
    Lyng said the U.S. Has been trying to reduce farm product
output with expensive programs, Maki said.
    Maki said the U.S. And Japan will hold detailed discussions
on each trade item as well as a new round of GATT trade talks
at a meeting on April 20, in which U.S. Trade Representative
Clayton Yeutter will join.


.I 1300
.C
grain;corn;
.W
60,000 TONNES CORN SMUGGLED INTO PHILIPPINES-PAPER.
    MANILA, April 17 - At least 60,000 tonnes of corn worth 240
mln pesos have been smuggled into the Philippines over the past
few months, the Manila Bulletin newspaper said, quoting an
official in the National Food Authority (NFA).
    The official, who was not named, said a large corn shortage
and corruption among customs and Coast Guard personnel have
jeopardised the government's ban on corn imports, which was
aimed at saving foreign currency.
    The newspaper quoted NFA Marketing Director Jig Tan as
saying monthly corn consumption stood at about 331,000 tonnes
against a national stock inventory of 191,732 tonnes.
    Tan said a continuing drought affecting about 49,150
hectares of corn has led to the loss of 43,725 tonnes of corn
worth 174.9 mln pesos and contributed to the shortage.
    The newspaper quoted Linda Geraldez, an NFA statistician,
as saying despite the drought and the shortage, the total
inventory at the end of the January/June crop season is
expected to be at least 201,000 tonnes.


.I 1301
.C
bop;trade;
.W
PAPER SAYS U.S. TRADE DEFICIT CUT TO 13.65 BILLION.
    WASHINGTON, April 17 - The Washington Post said the U.S.
Commerce Department yesterday issued a new report showing that
the U.S. Merchandise trade deficit was 13.65 billion dollars in
February, a reduction of 1.4 billion dlrs from the 15.06
billion figure the department reported only two days earlier.
    The newspaper said: "News of the unexpectedly large 15
billion deficit helped batter the dollar's value on foreign
exchange markets and boosted U.S. Interest rates.
    "However, the new report went largely unnoticed by financial
markets since such a downward revision in the deficit is a
monthly occurrence."
    The Washington Post said: "By law, the department must first
publish what a top commerce official agreed are misleading
trade figures and then wait 48 hours before putting out the
more accurate ones."
    No one was immediately available at the Commerce Department
for comment on the Washington Post report.


.I 1302
.C
lei
.W
SOUTH KOREA'S LEADING INDICATORS RISE IN FEBRUARY.
    SEOUL, April 17 - South Korea's index of leading indicators
rose 1.9 pct to 172.9 (base 1980) in February after a 0.8 pct
rise in January, to stand 17.2 pct higher than in Feburary
1986, provisional Economic Planning Board figures show.
    The index is based on 10 indicators which include export
values, letters of credit received, warehouse stocks, M-1 and
M-3 money supply figures and the composite stock exchange
index.


.I 1305
.C
money-fx
.W
JAPAN'S LDP TO CALL FOR FLEXIBLE MONETARY POLICIES.
    TOKYO, April 17 - Japan's ruling Liberal Democratic Party
(LDP) will call for adequate and flexible management of the
nation's monetary polices in its plan to expand domestic
demand, a senior LDP official told Reuters.
    Junichiro Koizumi, the head of the LDP committee working
out the plan, said the phrase should not be taken as implying
an immediate cut in Japan's 2.5 pct discount rate.
    "The LDP generally believes that there is no need for a
further discount rate cut at the moment," he said. But Koizumi
said the LDP does not rule out a rate cut if necessary in the
future.
    Bank of Japan Governor Satoshi Sumita told a press
conference on Wednesday that the central bank does not have any
intention of easing credit conditions.


.I 1307
.C
wpi
.W
INDIA'S ANNUAL INFLATION RATE DROPS MARGINALLY.
    NEW DELHI, April 17 - The Finance Ministry said India's
wholesale-price linked inflation rate dropped marginally to 5.3
pct in all fiscal 1986/87 ended March from 5.8 pct in 1985/86
and 7.1 pct in 1984/85.
    The average wholesale-price related inflation stood at 5.2
pct in March this year against 5.1 pct a year ago, the Ministry
said in a statement.
    It said wholesale prices of cement, textiles and jute fell
in 1986/87, compared with the previous year, but milk, cereals
(mainly wheat and rice), fruits and vegetables, edible oils,
tobacco and fertilisers were costlier in 1986/87.


.I 1309
.C
trade
.W
JAPAN DETAILS PLAN TO STAVE OFF TRADE PROBLEMS.
     TOKYO, April 17 - Japan's Liberal Democratic Party (LDP)
has drawn up a detailed plan calling for large tax cuts and an
increase in government purchases of foreign goods, the head of
the committee working out the plan, Junichiro Koizumi, said.
    The plan will also urge the government to double 1985's
official development assistance to 7.6 billion dlrs within five
years instead of seven as the government had promised, senior
LDP officials said at a press conference.
    LDP executive council chairman Shintaro Abe will explain
the plan to U.S. Officials when he visits the U.S. On April 19.
    Abe's visit is to prepare for Prime Minister Yasuhiro
Nakasone's talks with President Ronald Reagan later this month.
    Koizumi said the LDP plan will not specify the size of the
tax cut or the amount of domestic demand to be stimulated.
However, top LDP executives will work out figures so that Abe
will be able to offer specifics to U.S. Officials.
    The proposed increase in procurement of foreign goods by
the government will probably include the purchase of super
computers, LDP officials said.

specific trade problems with other nations and will encourage
flows of funds to developing countries, the officials said.
    The LDP expects the measures to prop up the economy and
lessen trade problems with the U.S., They added.
    The basic ideas of the LDP's plan were presented to and
welcomed by monetary authorities of the major industrial
nations in Washington last week, they said.
    The LDP plan will form the basis for the last of several
packages to stimulate Japanese domestic demand and will be
unveiled by the government in late May.


.I 1310
.C
trade;reserves;
.W
CHINA TRADE DEFICIT FALLS SHARPLY, RESERVES RISE.
    PEKING, April 17 - China's trade deficit in the first
quarter fell to 1.05 billion dlrs from 3.04 billion in the same
1986 period, customs figures show.
    Zhang Zhongji, spokesman of the State Statistical Bureau,
quoted the figures as showing exports rose 27 pct to 7.28
billion dlrs and imports fell 5.1 pct to 8.33 billion.
    He said if imports of gifts, foreign aid items and
materials for joint ventures are excluded, the deficit was only
350 mln dlrs, and the surplus on invisibles was 700 mln. As a
result, foreign exchange reserves increased somewhat from their
level at end-1986, he said, but gave no figure.
    Official figures show the reserves at 10.514 billion dlrs
at end-1986, down from 11.9 billion at end-1985.
    Zhang said one reason for the rise in exports was improved
incentives to export firms, which are being allowed to retain
more foreign exchange from the goods they sell.
    He said first quarter exports to Hong Kong and Macao rose
35.5 pct to 2.48 billion dlrs and imports rose 55.3 pct to 1.46
billion. Exports to Japan fell 2.3 pct to 1.28 billion and
imports 24.4 pct to 2.14 billion.
    Exports to the U.S. Rose 23 pct to 640 mln dlrs and imports
fell 26.7 pct to 840 mln. Exports to the EEC rose 35.1 pct to
770 mln dlrs and imports fell 3.8 pct to 1.5 billion, he said.


.I 1311
.C
rubber
.W
THAI VENTURE WILL SELL RUBBER TO CHINA.
    BANGKOK, April 17 - Teck Soon Co Ltd, a major Thai rubber
exporter has formed a joint venture with state-owned Chinese
International Economic and Technology Development Corp to
produce 50,000 tonnes of sheet rubber annually for export to
the Chinese auto industry, Teck Soon general manager Chit
Surivitchpan said.
    Chit said a new joint venture company will have a
registered capital of four mln dlrs.
    China imported 69,952 tonnes of Thai sheet rubber last year
and 60,296 tonnes in 1985.


.I 1312
.C
trade
.W
JAPAN FARM REFORM A KEY TO TRIMMING TRADE SURPLUS.
    By Linda Sieg, Reuters
    TOKYO, April 17 - Basic reform of Japan's protected farm
sector is a key to shifting its economy away from export to
domestic-led growth, a vital step if it is to trim its trade
surplus, securities analysts said.
    The farm sector, which is protected by import tariffs and
quotas, propped up by subsidies and price supports, and
sheltered by the tax system, has ample room for change, they
said.
    "In economic terms, reform would be a plus," said Christopher
Chew of brokerage firm James Capel and Co.
    The ultimate cost of the existing system is food prices
twice those in Europe and two to three times those in the U.S.,
The analysts said.
    Spending on food accounts for about one quarter of the
average household's budget and roughly 10 pct of the gross
national product (GNP), according to a study by Chew.
    Reducing these prices could increase household spending
power by five pct, his study said. The money could be spent on
products which would have a more direct impact in boosting
domestic growth, it added.
    "There's a lot of slack," a U.S. Government official in Tokyo
said. "All that money could be spent on something else."
    Direct central government subsidies to the farm sector
amount to some five billion dlrs per year. Independent
estimates put total subsidies from all sources as high as 37
billion and the analysts said much of that money is wasted.
    Changing tax laws to encourage city residents who only farm
on weekends to put their land up for sale for residential
development would also give a boost to domestic spending,
economists said.
    "Housing construction is the key strategic variable in the
expansion of domestic demand," wrote Chihiro Nakajima, professor
at Kyoto Gakuen University.
    Japanese business groups are calling for staged farm reform
to shift some of the burden of trade friction and economic
restructuring away from the manufacturing sector and onto the
farm sector. Employers groups also want change. "If you really
want to expand domestic demand, the way to do it is not to
raise wages recklessly, but to reduce commodity prices," Bumpei
Otsuki, President of the Japan Federation of Employers'
Associations told a recent press conference.
    External pressures are rising as the U.S. And Europe seek
removal of tariffs and quotas to help reduce their trade
deficits with Japan.
    But vested Japanese interests opposed to change remain well
entrenched, dimming prospects for quick reform, analysts said.
    Although the full-time farm population is falling and there
are signs the LDP is paying more attention to urban
constituencies, the ruling party remains heavily dependent on
farm votes in the rural areas. One rural vote is worth several
city votes due to the pattern of constituency borders.
    The LDP is already in political trouble over its tax reform
plan and does not want to raise another sticky issue so soon,
the analysts said.
    Consumer groups are politically weak and tend to accept the
traditional view that higher prices are a small fee to pay for
national food security, they said.
    Powerful agricultural cooperatives are fiercely opposed to
import liberalisation, but are more flexible about reforms
aimed at stepping up productivity, they said.
    Reform, when it comes, will be in response to specific
pressure rather than an all-embracing program, said Chew.


.I 1314
.C
money-supply
.W
JAPAN SEES HIGHER MONEY SUPPLY GROWTH THIS QUARTER.
    TOKYO, April 17 - The Bank of Japan said it forecast
Japan's broadly-defined M-2 money supply average plus
certificates of deposit (CDs) will rise by about nine pct in
the current April-June quarter against 8.5 pct a year earlier.
    Unadjusted M-2 plus CDs rose a preliminary 8.8 pct in
January/March 1987 compared with a nine pct rise a year
earlier, it said.
    The bank said the forecast rise is due to an increase in
floating deposits due to recent low interest rates and a shift
to private banks from the Bank of Japan of 400-1,000 billion
yen by the recently privatised Japanese Railways.


.I 1318
.C
cpi
.W
OECD CONSUMER PRICES RISE IN FEBRUARY.
    PARIS, April 17 - Consumer prices in the countries of the
Organisation for Economic Cooperation and Development (OECD)
rose 0.3 pct in February and inflation rose to 2.4 pct
year-on-year, the OECD said in a communique.
    The OECD attributed the rise in consumer prices to the
effects of the February 1986 drop in energy prices working
their way out of the index. The February increase was less than
Janauary's 0.4 pct increase but slightly above the average for
the later months of 1986.
    Inflation in the 24 western industrialised nations in
January was a revised 1.9 pct year-on-year. 
    Retail energy prices rose by 0.3 pct, less than January's
1.1 pct increase. Energy prices for consumers were still nine
pct lower than a year earlier, it said.
    Consumer prices excluding food and energy rose 0.3 pct in
February, in line with previous months, although there has been
some acceleration noticeable in the U.S. And Britain.
    Among the leading seven industrial countries, consumer
price inflation was highest in Italy at 4.2 pct, followed by
Canada at 4.0 pct, Britain at 3.9 pct, France at 3.4 pct, the
U.S. At 2.1 pct and West Germany and Japan with negative rates
of 0.5 pct and 1.4 pct respectively.


.I 1319
.C
carcass;trade;rice;orange;
.W
LYNG OPENS JAPAN TALKS ON FARM TRADE BARRIERS.
    By Greg McCune
    Tokyo, April 17 - U.S. Agriculture Secretary Richard Lyng
opens talks with Japanese government officials today well aware
his demand for the opening of Japanese rice, beef and citrus
markets is likely to be rejected.
     But in an interview with Reuters during the flight to
Tokyo yesterday, Lyng said the goal of his trip was to throw an
international spotlight on Japan's agricultural import
protection in the hope pressure would build on Tokyo to open
its markets.
    "(The Japanese) have said they are happy we are coming, but
they are not going to give us anything," Lyng said.
    U.S. Officials do not expect any Japanese concessions
during Lyng's two-week visit here. Any farm trade concessions
would be unveiled later this month, they said.
    "If there is anything of consequence to offer (Prime
Minister Yasuhiro) Nakasone would take it with him," when he
visits Washington later in the month, one U.S. Official said.
    Lyng plans to ask Japan to open the door to rice imports by
partially lifting the longstanding ban on foreign purchases.
    A private U.S. Rice trader visited Tokyo last week
requesting Japan buy 200,000 tonnes of rice for industrial uses
such as making sake. Japan has rejected the overture, saying
Tokyo maintains a policy of self-sufficiency in rice.
    Lyng will also press Japan to eliminate an import quota for
beef by April 1988 because he believes Japanese consumers would
like to buy much more beef than currently allowed.
    He cited the example of a California company which
transports live U.S. Cattle to Japan by air for slaughter to
circumvent the beef quota. The cost of transport is higher than
the value of the animal, he said.
    U.S. Officials said the Japan Livestock Industry Promotion
Corporation which regulates beef imports, was forced to borrow
from the fiscal 1987 quota earlier this year because the 1986
quota was exhausted and Japanese beef prices were rising. Japan
has said it cannot open its markets to beef imports.
    Along with beef, the U.S. Will also press Japan to
eliminate import quotas on fresh oranges and orange juice by
April, 1988. Some U.S. Officials believe Japan may eventually
be willing to scrap the quota on fresh oranges because
liberalized trade would not necessarily damage the Japanese
mandarin orange industry.
    The quota on juice may be harder to eliminate because
imports might replace domestic produced juice, U.S. And
Japanese officials have said.
   Lyng has resurrected a past U.S. Proposal that Japan buy
surplus U.S. Foodgrains for donation to developing countries,
but some U.S. Officials are skeptical action will be taken.
   Lyng will also urge Japan to put its domestic farm policies,
including rice, on the negotiating table during GATT talks in
Geneva. He said Japan must eliminate import quotas on certain
minor food products or face possible U.S. Reprisals.


.I 1322
.C
trade
.W
JAPAN DETAILS PLAN TO STAVE OFF TRADE PROBLEMS.
     TOKYO, April 17 - Japan's Liberal Democratic Party (LDP)
has drawn up a detailed plan calling for large tax cuts and an
increase in government purchases of foreign goods, the head of
the committee working out the plan, Junichiro Koizumi, said.
    The plan will also urge the government to double 1985's
official development assistance to 7.6 billion dlrs within five
years instead of seven as the government had promised, senior
LDP officials said at a press conference.
    LDP executive council chairman Shintaro Abe will explain
the plan to U.S. Officials when he visits the U.S. On April 19.
    Abe's visit is to prepare for Prime Minister Yasuhiro
Nakasone's talks with President Ronald Reagan later this month.
    Koizumi said the LDP plan will not specify the size of the
tax cut or the amount of domestic demand to be stimulated.
However, top LDP executives will work out figures so that Abe
will be able to offer specifics to U.S. Officials.
    The proposed increase in procurement of foreign goods by
the government will probably include the purchase of super
computers, LDP officials said.
    According to the plan, Japan will also strive to solve
specific trade problems with other nations and will encourage
flows of funds to developing countries, the officials said.
    The LDP expects the measures to prop up the economy and
lessen trade problems with the U.S., They added.
    The basic ideas of the LDP's plan were presented to and
welcomed by monetary authorities of the major industrial
nations in Washington last week, they said.
    The LDP plan will form the basis for the last of several
packages to stimulate Japanese domestic demand and will be
unveiled by the government in late May.


.I 1323
.C
trade
.W
BALDRIGE TO LAUNCH FAR EAST TRADE DRIVE.
    WASHINGTON, April 17 - U.S. Commerce Secretary Malcolm
Baldrige leaves on Saturday on a 10-day trip to the Far East to
help spur U.S. Trade and improve business relations with China,
South Korea and the Philippines, U.S. Officials say.
    Baldrige will also stop in Hong Kong to meet British
officials and local U.S. And Hong Kong businessmen.
    The U.S. Last year had major deficits with three of its
Asian trading partners -- South Korea 7.1 billion dlrs, Hong
Kong 6.4 billion and China 2.1 billion. The deficit with the
Philippines was 800 mln dlrs.
    Baldrige will meet South Korean President Chun Doo-hwan and
Trade Minister Rha Woong Bae on Monday to discuss opening South
Korean markets to more U.S. Goods.
    Baldrige will be in Peking from April 21 to 24. He will
meet Zheng Tuobin, minister for foreign economic relations and
trade, attend a meeting of the U.S.-China Joint Commission on
Commerce and Trade and address a management and training
organisation.
    However, U.S. Officials said a chief purpose of Baldrige's
visit would be to discuss relaxed U.S. Rules for transferring
modern technology to Chinese industries.
    In Hong Kong, Baldrige will hold meetings on April 27 with
Governor David Wilson and Trade and Industry Secretary Eric Ho,
as well as addressing the American Chamber of Commerce.
    U.S. Officials said Baldrige will meet Philippines
President Corazon Aquino on April 28 to show continued U.S.
Support for her government and to discuss steps it could take
to improve the atmosphere for American investment.
    He will also will meet Finance Secretary Jaime Ongpin and
Trade and Industry Secretary Jose Concepcion.


.I 1325
.C
grain;trade;
.W
U.S. URGES JAPAN TO OPEN FARM MARKET FURTHER.
    TOKYO, April 17 - U.S. Agriculture Secretary Richard Lyng
has asked Japan to open its farm market further to help
Washington cut its trade deficit and ease protectionist
pressures, an Agriculture Ministry official told reporters.
    Hideo Maki, Director General of the ministry's Economic
Affairs Bureau, quoted Lyng as telling Agriculture Minister
Mutsuki Kato that the removal of import restrictions would help
Japan as well as the United States.
    The meeting with Kato opened a 12-day visit to Japan by
Lyng, who is here to dicuss farm trade.
    However, Maki quoted Kato as replying that Japan was
already the world's largest grain importer.
    Kato added Japan is the largest customer for U.S. Grain and
depended on domestic output for only 53 pct of its food
requirements in 1985.
    Lyng said the U.S. Put high priority on talks on 12 farm
products named in U.S. Complaints against Japan to the General
Agreement on Tariffs and Trade (GATT) last year, as well as on
beef, citrus products and rice.
    Kato said Japan will maintain its current level of
self-sufficiency and will try not to produce surplus rice
because potential production is higher than domestic demand.
    The world farm market suffers from surpluses because of
rising production by exporting countries, he added.
    Lyng said the U.S. Has been trying to reduce farm product
output with expensive programs, Maki said.
    Maki said the U.S. And Japan will hold detailed discussions
on each trade item as well as a new round of GATT trade talks
at a meeting on April 20, in which U.S. Trade Representative
Clayton Yeutter will join.


.I 1327
.C
earn
.W
FEDERATED GUARANTY <FDGC.O> SETS STOCK SPLIT.
    MONTGOMERY, Ala., April 17 - Federated Guaranty corp said
its board declared a two-for-one stock split and raised the
quarterly dividend to 6-1/2 cts per share post-split from six
cts, both payable June One, record May 15.
    The company said shareholders at the annual meeting
approved an increase in authorized common shares to 19 mln from
10 mln and a name change to Alfa Corp.  It said the name change
should take effect next week, along with a NASDAQ ticker symbol
change to <ALFA.O>.


.I 1329
.C
trade
.W
REAGAN TO ANNOUNCE DECISION ON JAPAN SANCTIONS.
    By Robert Trautman, Reuters
    WASHINGTON, April 17 - President Reagan today is to
announce a decision on tough new tariffs on Japanese exports to
retaliate for what he calls Japan's failure to end its unfair
practices in semiconductor trade.
    The 100 pct tariffs are to be imposed on 300 mln dlrs of
Japanese goods recommended for curbs by a special panel of
experts headed by the U.S. Trade Representative's Office.
    Reagan announced last March 27 he would impose the tariffs
on certain goods taken from a list that ranged from computors
and television sets to power tools and photographic film.
    The panel this week winnowed through the list of the some
20 products and sent their recommendations yesterday to Santa
Barbara, where Reagan is vacationing.
    In his March annoucement, Reagan said "I am committed to
full enforcement of our trade agreements designed to provide
American industry with free and fair trade opportunities."
    He added the tariffs would be lifted once Japan honored the
pact it signed last year to end dumping semiconductors in world
markets and opened its home market to U.S. products.
    U.S. officials said Japan had done nothing since the March
announcement to alter Reagan's plan to invoke the sanctions.
    White House spokesman Marlin Fitzwater said yesterday:  "we
do not want a trade war, but we feel that this is the kind of
action that requires meaningful action."
    Reagan's move follows steadily rising U.S. trade deicits,
with last year's hitting a record $169.8 billion.
    About one-third of the deficit is in trade with Japan.
    Congress is weighing a trade bill to force the president to
retaliate in certain cases of unfair trade practices.
    He has opposed the legislation, saying it would prevent
negotiated solutions to trade disputes and, in any case, that
existing law was adqeuate to end unfair trade practices.
    Trade experts say his tough action against the Japanese was
as much to penalize the Japanese as to show Congress he did not
need any new trade legislation.
    The Japanese have complained that they have been honoring
the semiconductor pact, but that it would take time before the
results showed up.
    U.S. officials, however, have said their monitoring of
Japanese semiconductor shipments to East Asian countries and
Western Europe showed no letup in the dumping and that the
Japanese home markets remained shut to American exports.
    Japan has said that if Reagan imposed the tariffs, it would
file a complaint with the General Agreement on Tariff and Trade
(GATT).
    It said hoped GATT would find the U.S. retaliation had
violated the regulations of the global trading group and would
approve compensation or Japanese retaliation.
    U.S. officials have said they did not think Japan would
retaliate because it had too much to lose in any trade war with
the United States.


.I 1330
.C
earn
.W
UNION PLANTERS CORP <UPCM.O> 1ST QTR NET.
    MEMPHIS, Tenn., April 17 -
    Shr 92 cts vs 1.16 dlrs
    Qtly div 10 cts vs 10 cts prior
    Net 5,700,000 vs 5,400,000
    Avg shrs 6,100,000 vs 3,700,000
    NOTE: Dividend pay May 15, record May One.


.I 1331
.C
acq
.W
UNION PLANTERS <UPCM.O> ACQUISITIONS APPROVED.
    MEMPHIS, Tenn., April 17 - Union Planters Corp said it has
received regulatory approvals for its previously-announced
acquisitions of Borc Financial Corp and First Citizens Bank of
Hohenwald, and approval of its acquisition of Merchants State
Holding Co is expected within 10 days.
    All are to be completed during the second quarter of 1987,
it said.


.I 1332
.C
earn
.W
PIONEER SAVINGS BANK INC <PSBN.O> 2ND QTR NET.
    ROCKY MOUNT, N.C., April 17 - March 31 end
    Shr 65 cts vs 51 cts
    Net 1,016,738 vs 526,057
    Avg shrs 1,561,774 vs 1,035,162
    1st half
    Shr 1.31 dlrs vs 1.09 dlrs
    Net 2,050,911 vs 1,130,462
    Avg shrs 1,561,643 vs 1,035,162


.I 1333
.C
earn
.W
MANAGEMENT SCIENCE AMERICA INC <MSAI.O> 1ST QTR.
    ATLANTA, April 17 -
    Shr loss 29 cts vs loss two cts
    Net loss 5,168,000 vs loss 410,000
    Revs 46.5 mln vs 29.4 mln
    Avg shrs 17.6 mln vs 17.1 mln
    NOTE: Net includes tax credits of 3,938,000 dlrs vs 394,000
dlrs.


.I 1334
.C
earn
.W
GENERAL HOUSEWARES CORP <GHW> 1ST QTR NET.
    STAMFORD, Conn., April 17 -
    Shr two cts vs one ct
    Net 42,000 vs 26,000
    Sales 15.6 mln vs 15.2 mln
    NOTE: 1987 net includes gain 63,000 dlrs from change in
pension accounting.


.I 1335
.C
earn
.W
OAKITE PRODUCTS INC <OKT> 1ST QTR NET.
    BERKELEY HEIGHTS, N.J., April 17 -
    Shr 53 cts vs 48 cts
    Net 873,000 vs 773,000
    Sales 19.5 mln vs 20.0 mln


.I 1336
.C
earn
.W
BHA GROUP INC <BHAG.O> 2ND QTR MARCH 31 NET.
    KANSAS CITY, April 17 -
    Shr 18 cts vs 15 cts
    Net 387,000 vs 240,000
    Sales 9,346,000 vs 8,579,000
    Avg shrs 2,200,000 vs 1,600,000
    1st half
    Shr 36 cts vs 26 cts
    Net 734,000 vs 410,000
    Sales 18.4 mln vs 17.2 mln
    Avg shrs 2,051,648 vs 1,600,000


.I 1337
.C
earn
.W
P.A.M. TRANSPORTATION SERVICES INC <PTSI.O> NET.
    TONTITOWN, Ark., April 17 - 1st qtr
    Shr 16 cts vs 10 cts
    Net 808,850 vs 297,266
    Revs 13.9 mln vs 7,588,280
    Avg shrs 4,926,566 vs 3,123,411


.I 1338
.C
earn
.W
FIRST FEDERAL BANK <FFBN.O> 2ND QTR MARCH 31 NET.
    NASHUA, N.H., April 17 -
    Shr 84 cts vs 75 cts
    Net 475,000 vs 425,000
    Total income 7,248,000 vs 7,286,000
    1st half
    Shr 1.61 dlrs vs 1.50 dlrs
    Net 911,000 vs 847,000
    Total income 14.6 mln vs 14.2 mln


.I 1339
.C
earn
.W
GLOBAL NATURAL RESOURCES INC <GNR> 4TH QTR LOSS.
    HOUSTON, April 17 -
    Oper shr loss five cts vs loss nil
    Ope net loss 1,211,000 vs loss 2,000
    Revs 6,626,000 vs 11.0 mln
    Avg shrs 23.2 mln vs 23.5 mln
    Year
    Oper shr profit 12 cts vs loss one ct
    Oper net profit 2,632,000 vs loss 240,000
    Revs 34.8 mln vs 52.0 mln
    Avg shrs 22.9 mln vs 23.4 mln
    NOTE: Net excludes extraordinary tax charges 1,919,000 dlrs
vs 49,000 dlrs in quarter and credits 1,431,000 dlrs vs
2,335,000 dlrs in year.


.I 1341
.C
earn
.W
FIRST INTERSTATE OF IOWA INC <FIIA.O> 1ST QTR.
    DES MOINES, Iowa, April 17 -
    Shr profit two cts vs loss two cts
    Net profit 251,000 vs loss 222,000
    NOTE: Pretax net profit 295,000 dlrs vs loss 256,000 dlrs.
    Charge against earnings for loan losses 1,743,000 dlrs vs
2,743,000 dlrs and net chargeoffs 1,636,000 dlrs vs 3,865,000
dlrs.


.I 1342
.C
earn
.W
DOUBLE EAGLE PETROLEUM AND MINING CO <DBLB.O>.
    CASPER, Wyo., April 17 - 2nd qtr Feb 28
    Shr loss two cts vs loss eight cts
    Net loss 33,482 vs loss 163,130
    Revs 143,961 vs 287,131
    1st half
    Shr loss 14 cts vs loss eight cts
    Net loss 276,238 vs loss 149,407
    Revs 273,737 vs 679,860


.I 1343
.C
earn
.W
<K-TEL INTERNATIONAL INC> 2ND QTR DEC 31 LOSS.
    MINNEAPOLIS, April 17 -
    Shr loss two cts vs profit 10 cts
    Net loss 76,000 vs profit 357,000
    Sales 8,987,000 vs 15.3 mln
    1st half
    Shr loss 12 cts vs loss seven cts
    Net loss 440,000 vs loss 246,000
    Sales 13.2 mln vs 20.6 mln


.I 1344
.C
earn
.W
ELECTROMAGNETIC SCIENCES INC <ELMG.O> 1ST QTR.
    ATLANTA, April 17 -
    Shr 20 cts vs 16 cts
    Net 1,507,000 vs 1,147,000
    Sales 13.8 mln vs 9,608,000
    Backlog 52.1 mln vs 37.8 mln


.I 1345
.C
earn
.W
CAPE COD BANK AND TRUST CO <CCBT.O> 1ST QTR NET.
    HYANNIS, Mass., April 17 -
    Shr 95 cts vs 83 cts
    Shr diluted 89 cts vs 80 cts
    Net 2,297,842 vs 1,782,764
    Avg shrs 2,408,332 vs 2,160,000
    Avg shrs diluted 2,573,908 vs 2,326,667


.I 1346
.C
acq
.W
HOLIDAY CORP <HIA> SELLS STAKE IN VENTURE.
    WICHITA, Ka., April 17 - Residence Inn Corp said it has
agreed to buy Holiday Corp out of their equaly-owned joint
venture for 51.4 mln dlrs, with closing expected within the
next few weeks.
    The all-suite Residence Inn system, which is geated to
extended stays, currently has 93 open franchised or
company-owned hotels nationwide and another 55 in construction
or development.


.I 1347
.C
earn
.W
CADNETIX CORP <CADX.O> 3RD QTR MARCH 31 NET.
    BOULDER, Colo., April 17 -
    Oper shr 12 cts vs five cts
    Oper net 1,715,000 vs 730,000
    Sales 12.1 mln vs 7,719,000
    Avg shrs 13.9 mln vs 13.7 mln
    Nine mths
    Oper shr 32 cts vs 18 cts
    Oper net 4,379,000 vs 2,266,000
    Sales 32.8 mln vs 23.3 mln
    Avg shrs 13.8 mln vs 12.4 mln
    NOTE: prior year net excludes extraordinary credits of
340,000 dlrs in quarter and 1,190,000 dlrs in nine mths.


.I 1348
.C
earn
.W
BUSH INDUSTRIES INC <BSH> 1ST QTR NET.
    JAMESTOWN, N.Y., April 17 -
    Shr 44 cts vs 11 cts
    Net 1,328,000 vs 344,000
    Sales 23.0 mln vs 12.3 mln
    NOTE: Share adjusted for three-for-two stock split in
February 1987.


.I 1349
.C
earn
.W
PLASTI-LINE INC <SIGN.O> 1ST QTR NET.
    KNOXVILLE, Tenn., April 17 -
    Shr 16 cts vs 16 cts
    Net 566,000 vs 563,000
    Sales 14.2 mln vs 9,831,000


.I 1350
.C
earn
.W
ENDATA INC <DATA.O> 1ST QTR NET.
    NASHVILLE, Tenn., April 17 -
    Oper shr 16 cts vs 11 cts
    Oper net 660,000 vs 447,000
    Revs 9,936,000 vs 9,005,000
    NOTE: 1986 net excludes 381,000 dlr tax credit.


.I 1351
.C
earn
.W
ROTO-ROOTER INC <ROTO> 1ST QTR NET.
    CINCINNATI, April 17 -
    Shr 20 cts vs 16 cts
    Net 973,000 vs 775,000
    Revs 12.8 mln vs 9,678,000


.I 1352
.C
earn
.W
<BIRDSBORO CORP> 4TH QTR LOSS.
    MIAMI, April 17 -
    Shr loss 24 cts vs loss 20 cts
    Net loss 1,718,000 vs loss 1,483,000
    Sales 7,266,000 vs 6,490,000
    Year
    Shr loss 1.83 dlrs vs loss 53 cts
    Net loss 13.2 mln vs loss 3,833,000
    Sales 19.1 mln vs 29.5 mln
    NOTE: 1986 year net includes pretax realized loss on
secureity transaction of 4,124,000 dlrs.
    Net includes tax credits of 751,000 dlrs vs 606,000 dlrs in
quarter and 1,163,000 dlrs vs 2,289,000 dlrs in year.
    1986 net both periods includes gain 1,887,000 dlrs from
pension plan termination.


.I 1353
.C
earn
.W
DYNAMICS RESEARCH CORP <DRCO.O> 1ST QTR MARCH 21.
    WILMINGTON, Mass., April 17 -
    Shr 17 cts vs 13 cts
    Net 673,000 vs 514,000
    Revs 18.4 mln vs 17.2 mln
    NOTE: Share adjusted for five-for-four stock split in
January 1987.


.I 1354
.C
earn
.W
MARTIN PROCESSING INC <MPI> 1ST QTR NET.
    MARTINSVILLE, Va., April 17 -
    Oper shr 14 cts vs 10 cts
    Oper net 711,000 vs 517,000
    Sales 11.2 mln vs 11.1 mln
    NOTE: 1986 net excludes 84,000 dlr gain from discontinued
machinery division.


.I 1359
.C
earn
.W
BUSH INDUSTRIES <BSH> SEES HIGHER YEAR RESULTS.
    JAMESTOWN, N.Y., April 17 - Bush Industries Inc said it
expects higher earnings and sales for 1987, partly due to
efficiencies in manufacturing that have improved its margins.
    The company reported first quarter earnings of 1,328,000
dlrs, up from 344,000 dlrs a year before, on sales of 23.0 mln
dlrs, up from 12.3 mln dlrs.  For all of last year it earned
2,506,000 dlrs on sales of 65.4 mln dlrs.


.I 1360
.C
earn
.W
J. BILDNER AND SONS INC <JBIL.O> YEAR JAN 25 NET.
    BOSTON, April 17 -
    Shr 13 cts vs three cts
    Net 617,000 vs 112,000
    Sales 31.3 mln vs 11.4 mln
    Avg shrs 4,877,057 vs 3,310,585
    NOTE: 1987 net includes 87,000 dlr tax credit.


.I 1361
.C
earn
.W
J. BILDNER <JBIL.O> SEES IMPROVED RESULTS.
    BOSTON, April 17 - J. Bildner and Sons Inc said it expects
improved earnings and sales in the current fiscal year.
    The company reported earnings for the year ended January 25
of 617,000 dlrsl up from 112,000 dlrs a year before, on sales
of 31.3 mln dlrs, up from 11.4 mln dlrs.
    Bildner also said it plans to offer 25 mln dlrs in
Eurodollar convertible subordinated debentures due 2002 through
underwriters led by PaineWebber Group Inc <PWJ> and Kidder,
Peabody and Co Inc, with proceeds to be used to finance
expansion and reduce debt.


.I 1368
.C
acq
.W
AMOCO <AN> MAY BUY DOME <DMP>, REPORT SAYS.
    Toronto, April 17 - Amoco Corp is apparently the successful
bidder for debt-laden Dome Petroleum Ltd, according to a
published report.
    The Toronto Globe and Mail, quoting sources close to the
negotiations, today said Dome broke off talks last night with
TransCanada PipeLines Ltd, which last week announced a 4.3
billion Canadian dlr offer for all of Dome's assets.
    No financial details about the Amoco offer were available
and a Dome spokesman would neither confirm nor deny that Amoco
had emerged the winner, the newspaper said.
    However, the Dome spokesman indicated that the sale of Dome
could be finalized and announced this weekend, the Globe and
Mail said.
    Representatives of Amoco were not immediately available for
comment.
    Last Sunday, when TransCanada announced its offer, Dome
said it was also in talks with two other companies, but refused
to identify them.
    Since then, market speculation has centered on Amoco and
Exxon Corp's <XON> 70 pct-owned Imperial Oil Ltd subsidiary in
Canada.
    British Petroleum PLC <BP> and Royal Dutch/Shell Group <RD>
have also been mentioned as possible suitors for Dome.
    In the past two days, Dome management has been pressured by
the federal government to select the offer from TransCanada,
the only Canadian company in the bidding.
    Prime Minister Brian Mulroney's government appears to want
to avoid a Dome sale to a foreign company since the government
gave Dome hundreds of millions of dollars in tax breaks to
encourage oil and gas exploration in the Arctic, analysts and
officials have said.
    A purchase by TransCanada would be least likely to run
afoul of Canadian antitrust laws, however, TransCanada is
asking for tax concessions from a federal government that is
trying to hold its deficit below 30 billion Canadian dlrs,
analysts have said.
    A takeover by Amoco or Imperial would also give a foreign
oil company a dominant position in Canada's oil industry.
    Imperial Oil is already Canada's largest energy company,
with 1986 revenues of 7.1 billion Canadian dlrs. Chicago-based
Amoco had 1986 revenues of 20.23 billion U.S. dlrs. Its Amoco
Canada Petroleum subsidiary is 100 pct owned by Amoco Corp.


.I 1369
.C
earn
.W
GORMAN-RUPP CO <GRC> SETS QUARTERLY.
    MANSFIELD, Ohio, April 17 -
    Qtly div 21 cts vs 21 cts prior
    Pay June 10
    Record May Eight


.I 1370
.C
earn
.W
LILLY INDUSTRIAL COATINGS INC <LICIA> IN PAYOUT.
    INDIANAPOLIS, April 17 -
    Qtly div 10-1/2 cts vs 10-1/2 cts prior
    Pay July One
    Record June 10    


.I 1371
.C
earn
.W
GRUMMAN CORP <GQ> IN PAYOUT.
    BETHPAGE, N.Y., April 17 -
    Qtly div 25 cts vs 25 cts prior
    Pay May 20
    Record May Eight  


.I 1372
.C
earn
.W
AMBRIT INC <ABI> IN PAYOUT.
    CLEARWATER, Fla., April 17 -
    Qtly div two cts vs two cts prior
    Pay May 22
    Record May Eight  


.I 1373
.C
earn
.W
ONEOK INC <OKE> IN PAYOUT.
    TULSA, Okla., April 17 -
    Qtly div 64 cts vs 64 cts prior
    Pay May 15
    Record April 30   


.I 1374
.C
earn
.W
DIAMOND SHAMROCK OFFSHORE PARTNERS <DSP> PAYOUT.
    DALLAS, April 17 -
    Qtly div 70 cts vs 70 cts prior
    Pay June Eight
    Record May Eight  


.I 1378
.C
ipi
.W
FRENCH INDUSTRIAL PRODUCTION RISES IN FEBRUARY.
    PARIS, April 17 - French industrial production rose a
seasonally adjusted three pct in February after an unrevised
1.98 pct fall in January, the National Statistics Institute
(INSEE) said.
    The figure, which excludes construction and public works,
put the February index, base 1980, at 102 after 99 in January.
    INSEE changed its base year to 1980 from 1970 last month.


.I 1383
.C
earn
.W
RLC CORP <RLC> 2ND QTR MARCH 31 NET.
    WILMINGTON, Del., April 17 -
    Shr loss nil vs profit six cts
    Net loss 89,000 vs profit 1,136,000
    Revs 105.0 mln vs 97.,3 mln
    1st half
    Shr loss two cts vs profit 21 cts
    Net loss 396,000 vs profit 3,790,000
    Revs 212.1 mln vs 194.8 mln
    Avg shrs 18.1 mln vs 18.3 mln
    NOTE: Current quarter net includes 77,000 dlr tax credit.
    Current half net includes reversal of 2,622,000 dlrs of
investment tax credits.


.I 1385
.C
earn
.W
FRESH JUICE CO INC <FRSH.O> 1ST QTR FEB 28 NET.
    GREAT NECK, N.Y., April 17 -
    Shr loss five cts
    NEt loss 90,066
    Sales 328,127
    NOTE: Company began opeations in April 1986.


.I 1386
.C
acq
.W
FRENCH GOVERNMENT SETS TERMS OF BIMP SALE.
    PARIS, April 17 - The French Finance ministry said today a
public flotation offer opening this coming Tuesday for 39 pct
of the capital of <Banque Industrielle et Mobiliere Privee>
(BIMP) has been set at 140 francs per share.
    The offer closes next Friday. The ministry said in a
statement 51 pct of the bank's capital had been sold to a solid
core of large investors, including insurance companies and
Michelin subsidiary SPIKA, for 145 pct of the public offer
price. Ten pct of the shares have been reserved for employees,
who get a five pct discount increased to 20 pct if they keep
the shares for two years.
    Employees also get one free share for each one bought, if
the shares are held for at least one year.
    Small investors would receive one free share for every 10
bought, with an upper limit of five free shares per investor,
and on condition the shares are held for at least 18 months.
    The state-owned capital of BIMP comprises 2.51 mln shares.
The bank is being sold to the public as part of a sweeping
programme to privatise 65 state-owned groups over five years.
    In a separate statement, the ministry said last week's
privatisation offer of 1.07 mln shares in <Banque du Batiment
et des Travaux Publics> (BTP) was 65 times oversubscribed.


.I 1387
.C
interest
.W
BUDGET CHIEF MILLER WARNS FED ON INTEREST RATES.
    WASHINGTON, April 17 - White House Budget chief James
Miller said he was concerned that the Federal Reserve might
"overreact" to the decline in the value of the U.S. dollar by
raising interest rates, a move he said could cause a recession
next year.
    "Our greatest danger is overreaction," Miller told newspaper
reporters yesterday. "I'm concerned about the Fed's
overreaction. I'm concerned about what I see in recent data
showing a substantial fall in the money supply."
    Edwin Dale, Miller's spokesman, said the remarks, published
in the New York Times today, were accurate.
    Miller said he was concerned the Fed might overreact to
signals of rising inflation by tightening credit -- a move he
said could have "political consequences."
    The White House budget chief appeared to be referring to
the effect an economic slowdown could have on the presidential
and congressional elections next year.
    "My fear is that if we get into a recession we are in deep
soup, and there is no question about it," he said.
    Miller said an economic slowdown could lead to lower tax
revenues and a widening of the budget deficit.
    Miller's remarks reflected concern that the U.S. central
bank might feel compelled to tighten credit as a means of
bolstering the dollar.
    Both Treasury Secretary James Baker and Federal Reserve
Board Chairman Paul Volcker recently have warned that further
declines in the value of the U.S. dollar could jeopardize
global growth prospects.
    U.S. officials have urged Japan and West Germany to
stimulate economic growth in their countries -- a move that
could boost U.S. exports and relieve trade protectionist
pressures in the United States.


.I 1388
.C
ipi
.W
BANK OF FRANCE SEES PICKUP IN INDUSTRIAL ACTIVITY.
    PARIS, April 17 - The Bank of France said in its latest
monthly report on the French economy it expected a pickup in
industrial production registered in March to gather steam over
the next few months.
    Without giving figures, the report said last month's rise,
partly linked to efforts to catch up with production lost
earlier this year through industrial action, was due mainly to
a firming of domestic demand.
    "New progress is expected in all main sectors except capital
goods where production will remain at its present level," the
report added.
    The upbeat report comes in the wake of grim March trade
balance figures which showed a deficit in industrial trade for
the first time since June 1982.
    While the automobile industry remained unchanged from
previously boosted levels, consumer goods production grew and
was expected to accelerate except in the area of domestic
appliances. Semi-finished goods showed a clear increase in all
sectors. Construction and civil engineering, boosted by a rise
in public works, also improved, while retail trade sales in all
sectors continued to slow.


.I 1389
.C
wpi
.W
ITALIAN WHOLESALE PRICES UP 0.2 PCT IN FEBRUARY.
    Rome, April 17 - Italy's wholesale price index rose 0.2 pct
month-on-month in February 1987 after increasing by 1.1 pct in
January, the national statistics institute ISTAT said.
    The index, base 1980 equals 100, registered 173.1 in
February compared with 172.8 in January.
    The February figure represents a decline of 0.2 pct
compared with February 1986 after a year-on-year decline in
January 1987 of 1.7 pct.
                      


.I 1391
.C
trade
.W
YEUTTER SAYS JAPANESE CURB ALL BUT CERTAIN.
    WASHINGTON, April 17 - U.S. Trade Representative Clayton
Yeutter said it was all but certain President Reagan would go
ahead today and impose curbs on Japanese exports as planned.
    Asked in a television interview what the chance was for
Reagan to cancel the scheduled 100 pct tariffs on Japanese
electronic exports, he said "slim to none."
    Reagan announced on March 27 he would impose the tariffs to
retaliate for Japan's failure to honor a 1986 agreement to end
dumping computer semiconductors in world markets at less than
cost and to open its home markets to U.S. products.
    Yeutter, on the NBC program "Today," said the United States
did not want to terminate the agreement and would drop
the tariffs once Japan began fulfilling the agreement.
    He said Japanese negotiators last week told U.S. officials
they were honoring the pact, but Yeutter said it would take
time to monitor any compliance.
    Asked how long that would take, he said "We want to see a
pattern of compliance, so in a minimum I would say that would
take a few weeks."
    Yeutter said he did not think there would be much consumer
impact by the tariffs on 300 mln dlrs worth of Japanese goods
because the items selected are also readily available from
other countries and manufacturers.
    He said he did not think Japan would retaliate.
    "It seems to me it is not in the interests of either country
to get in an escalating conflict.  The Japanese understand that
full well," Yeutter said.
    He added Japan might challenge the tariffs in the General
Agreement on Tariffs and Trade (GATT), but "that's more of a
paper kind of exercise and I don't really expect to see any
adverse impact on U.S. trade."
    Yeutter also said he did not see any way the semiconductor
issue could be resolved before or during a Washington visit
later this month by Japanese Prime Minister Yasuhiro Nakasone.
    He said he hoped the visit, which is to have trade as a
major issue, would be productive but "I don't see any practical
way to resolve this particular dispute before or during his
visit."


.I 1393
.C
earn
.W
CHURCH'S FRIED CHICKEN INC <CHU> 1ST QTR NET.
    SAN ANTONIO, Texas, April 17 -
    Shr one ct vs 14 cts
    Qtly div 11-1/2 cts vs 11-1/2 cts prior
    Net 411,000 vs 5,299,000
    Revs 88.5 mln vs 108.4 mln
    NOTE: Dividend pay May 18, record May One.


.I 1400
.C
earn
.W
DOMINION RESOURCES INC <D> 1ST QTR NET.
    RICHMOND, Va., April 17 -
    Shr 1.31 dlrs vs 1.03 dlrs
    Net 123 mln vs 95 mln
    Revs 831 mln vs 764 mln
    Avg shrs 94 mln vs 91 mln
    12 mths
    Shr 4.38 dlrs vs 3.68 dlrs
    Net 409 mln vs 331 mln
    Revs 3.14 billion vs 2.77 billion
    Avg shrs 93 mln vs 90 mln


.I 1406
.C
trade
.W
U.S. COMMERCE TRADE REPORT OMITS FREIGHT COSTS.
    WASHINGTON, April 17 - The Commerce Department said on that
insurance and freight costs for imported goods of 1.45 billion
dlrs were included in the February trade deficit of 15.1
billion dlrs reported on Tuesday.
    The department is required by law to wait 48 hours after
the initial trade report to issue a second report on a "customs
value" basis, which eliminates the freight and insurance
charges from the cost of imports.
    Private-sector economists emphasized that the Commerce
Department was not revising down the deficit by 1.45 billion
dlrs but simply presenting the figures on a different basis.
    A report in the Washington Post caused a stir in the
foreign exchanges today because it gave the impression, dealers
said, that the underlying trade deficit for February had been
revised downward.
    The Commerce department would like to have the law changed
to permit it to report both sets of figures simultaneously.
    "My feeling is the second one is a better report but there's
legislation that requires us to delay it two days," said Robert
Ortner, Commerce undersecretary for economic affairs.
    "But this has been going on for a long time and no one pays
any attention to the second figure."
    The 15.1 billion dlr February trade deficit compared with a
revised January deficit of 12.3 billion dlrs.
    The law requiring a 48-hour delay in publishing the monthly
trade figure excluding freight and insurance was passed in
1979.
    Reportedly the feeling was the first figure, which includes
customs, freight and insurance, allowed a better comparison
with other countries that reported their trade balances on the
same basis.
    The second figure, which would always be lower by deducting
freight and insurance, presents the deficit in a more favorable
light for the Reagan administration.
    Ortner said he would like to see the law changed to
eliminate the 48-hour delay in reporting the two figures.
    "We're considering it," he said, "It's one of those dinosaur
laws and I think it's time has come."
    The second figure, which would always be lower by deducting
freight and insurance, presents the deficit in a more favorable
light for the Reagan administration.
    Ortner said he would like to see the law changed to
eliminate the 48-hour delay in reporting the two figures.
    "We're considering it," he said, "It's one of those dinosaur
laws and I think its time has come."


.I 1407
.C
acq
.W
HONG KONG FIRM UPS CALMAT <CZM> STAKE TO 12 PCT.
    WASHINGTON, April 17 - Industrial Equity (Pacific) Ltd, a
Hong Kong investment firm, said it raised its stake in CalMat
Co to 3,712,860 shares, or 12.2 pct of the total outstanding
common stock, from 3,312,460 shares, or 10.9 pct.
    In a filing with the Securities and Exchange Commission,
Industrial Equity, which is principally owned by Brierley
Investments Ltd, a publicly held New Zealand company, said it
bought 400,400 Calmat common shares between April 9 and 13 for
a total of 10.5 mln dlrs.


.I 1408
.C
acq
.W
FOUNDATION CUTS WURLITZER <WUR> STAKE.
    WASHINGTON, April 17 - The Farny R. Wurlitzer Foundation
told the Securities and Exchange Commission it cut its stake in
Wurlitzer Co to 89,000 shares, or 4.98 pct of the total
outstanding common stock, from 125,000 shares, or 7.0 pct.
    The foundation said it sold 36,000 Wurlitzer common shares
between March 13 and 30 at prices ranging from 3.25 to 2.375
dlrs a share.
    As long as the foundation's stake in Wurlitzer is below
five pct, it is not required to report further dealings it has
in the company's common stock.


.I 1409
.C
acq
.W
INVESTMENT FIRMS RAISE ORIENT EXPRESS<OEH> STAKE.
    WASHINGTON, April 17 - Two affiliated investment firms and
funds they control told the Securities and Exchange Commission
they raised their Orient Express Hotels Inc stake to 1,663,800
shares, or 17.0 pct of the total, from 1,560,800, or 15.9 pct.
    The firms, Boston-based FMR Corp and Bermuda-based Fidelity
International Ltd, said they bought a combined 103,000 Orient
Express common shares from March 12 to April 8 at prices
ranging from 3.05 to 3.55 dlrs each.


.I 1410
.C
acq
.W
HOSPITAL CORP <HCA> BOARD AGAINST BUYOUT BID.
    NASHVILLE, Tenn., April 17 - Hospital Corp of America said
its management believes the 47 dlr per share acquisition offer
it received from Charles R. Miller, Richard E. Ragsdale and
Richard L. Scott is not in the best interest of shareholders,
and it does not plan to meet with the individuals.
    The company said its board considered information on the
three and their bid, and "Given the lack of any demonstrated
ability on the part of these individuals to consummate an
acquisition of this magnitude, the board decided it was not
necessary to take any action on their proposal at this time."
    Hospital Corp said "The benefits of the company's ongoing
repositioning program are already being realized, and we will
continue to explore appropriate alternatives for enhancing
shareholder value."


.I 1419
.C
earn
.W
CALNY INC <CLNY> SETS QUARTERLY.
    SAN MATEO, Calif., April 17 -
    Qtly div four cts vs four cts prior
    Pay May 13
    Record April 29


.I 1420
.C
earn
.W
ROWAN <RDC> SEES SUBSTANTIAL LOSSES FOR YEAR.
    HOUSTON, April 17 - Rowan Cos Inc said it expects to incur
substantial losses in 1987 despite expected improvement in
drilling levels in the Gulf of Mexico and the North Sea.
    The offshore and onshore drilling company today reported a
first quarter loss of 18.6 mln dlrs after a 12.2 mln dlr tax
credit, compared with a year-earlier loss of 5,855,000 dlrs
after a tax credit of 8,510,000 dlrs.  For all of 1986, Rowan
lost 42.1 mln dlrs after a 47.6 mln dlr tax credit.


.I 1421
.C
earn
.W
ROWAN COS INC <RDC> 1ST QTR LOSS.
    HOUSTON, April 17 -
    Shr loss 36 cts vs loss 11 cts
    Net loss 18.6 mln vs loss 5,855,000
    Revs 23.9 mln vs 53.9 mln
    NOTE: Net includes tax credits of 12.2 mln dlrs vs
8,510,000 dlrs.


.I 1423
.C
earn
.W
CARE ENTERPRISES <CRE> 4TH QTR LOSS.
    LAGUNA HILLS, Calif., April 17 -
    Oper shr loss 64 cts vs profit 11 cts
    Oper net loss 7,229,000 vs profit 902,000
    Revs 67.6 mln vs 66.7 mln
    Avg shrs 11.3 mln vs 8,507,000
    Year
    Oper shr loss 63 cts vs profit 43 cts
    Oper net loss 6,177,000 vs profit 3,604,000
    Revs 264.8 mln vs 238.5 mln
    Avg shrs 9,827,000 vs 8,403,000
    NOTE: 1986 quarter net includes 731,000 dlr tax credit.
    1986 net excludes charges from debt restructuring of
1,976,000 dlrs in quarter and 3,800,000 dlrs in year.


.I 1425
.C
earn
.W
LANCE INC <LNCE> 1ST QTR NET.
    CHARLOTTE, N.C., April 17 -
    Shr 56 cts vs 46 cts
    Qtly div 29 cts vs 27 cts prior
    Net 9,089,000 vs 7,585,000
    Sales 86.8 mln vs 83.0 mln
    NOTE: Pay May 15, record May One.


.I 1428
.C
earn
.W
FHLBB REPORTS THRIFT RESULTS IN FOURTH QUARTER.
    WASHINGTON, April 17 - The Federal Home Loan Bank Board
said its insured savings and loan associations (thrifts) that
made a profit in the fourth quarter of 1986 reported moderate
increases in net earnings.
    It said that the 74 pct of the thrifts reporting profits
had net after-tax income of 2.3 billion dlrs, up from 2.0
billion dlrs earned by 77 pct of the profitable industry in the
third quarter.
    For 1986 as a whole, the profitable firms had a net income
of 9.2 billion dlrs, up from 7.3 billion dlrs in 1985.
     It said the 26 pct of the industry that made no profit in
the fourth quarter had losses of 3.2 billion dlrs.
    The figure for the unprofitable firms was up from 2.1
billion dlrs in the third quarter of 1986, it said.
    Over the year, these firms had total losses of 8.3 billion
dlrs, up from 3.6 billion dlrs in 1985.


.I 1432
.C
ipi
.W
SOVIET INDUSTRIAL OUTPUT UP IN FIRST QUARTER.
    MOSCOW, April 17 - Soviet industrial output in the first
quarter of this year grew by 2.5 pct compared with the first
three months of 1986, Tass news agency reported.
    A regular meeting of the Politburo heard that in March,
industry achieved the average daily rate needed to fulfil
annual targets.
    Quarterly plans were exceeded in the fuel and power sector
and agriculture, where output grew by 8.7 pct compared with the
same period last year, it said. Plans were not fulfilled by the
engineering and building ministries, the chemical and timber
sectors, rail transport and light industry, it added.


.I 1438
.C
money-fx
.W
WHITE HOUSE SAYS U.S. MONETARY POLICY CORRECT.
    SANTA BARBARA, Calif, April 17 - The White House,
distancing itself from remarks by the administration's budget
chief, said the Federal Reserve's current course of monetary
policy was appropriate.
    "The administration feels that the current course of
monetary policy is appropriate," White House spokesman Marlin
Fitwater said.
    Fitzwater said the administration did not endorse remarks
by White House budget chief James Miller, who said he was
concerned the Federal Reserve might overreact to the decline in
the value of the U.S. dollar by raising interest rates.
 More

.I 1443
.C
money-supply
.W
U.S. BUSINESS LOANS FALL 1.08 BILLION DLRS.
    WASHINGTON, April 17 - Business loans on the books of major
U.S. banks, excluding acceptances, fell 1.08 billion dlrs to
276.37 billion dlrs in the week ended April 8, the Federal
Reserve Board said.
    The Fed said that business loans including acceptances fell
1.1 billion dlrs to 278.67 billion dlrs.


.I 1444
.C
earn
.W
COMMUNICATIONS SATELLITE CORP <CQ> 1ST QTR NET.
    WASHINGTON, April 17 -
    shr 46 cts vs 76 cts
    div 30 cts vs 30 cts prior
    net 8.5 mln vs 14.0 mln
    NOTE: 1987 qtr net is after a 5.5 mln dlr reserve for a
potential refund as a result of the Federal Communications
Commission's continuing rate investigation. company said it
believes any refunds it may have to make would not materially
affect its financial position.


.I 1445
.C
earn
.W
AMERICAN MANAGEMENT SYSTEMS <AMSY.O> 1ST QTR NET.
    ARLINGTON, VA., April 17 -
    shr 21 cts vs 18 cts
    net 1,068,000 vs 902,000
    revs 38.1 mln vs 29.7 mln
    avg shrs 5,177,000 vs 5,120,000
    NOTE: shr reflects 2-for-1 stock split on June 9, 1986


.I 1446
.C
earn
.W
HYTEK MICROSYSTEMS INC <HTEK.O> 1ST QTR LOSS.
    LOS GATOS, CALIF., April 17 -
    shr loss 17 cts vs loss 14 cts
    net loss 467,000 vs loss 400,000
    revs 3,856,000 vs 3,423,000
    avg shrs 2,821,000 vs 2,797,000


.I 1447
.C
earn
.W
TVI CORP <TVIE.O> YEAR 1986 LOSS.
    BELTSVILLE, MD., April 17 -
    shr loss 38 cts vs profit two cts
    net loss 2,254,533 vs profit 106,621
    revs 3,430,970 vs 4,104,506


.I 1448
.C
earn
.W
RIGGS NATIONAL CORP <RIGS.O> 1ST QTR NET.
    WASHINGTON, April 17 -
    shr 73 cts vs 1.03 dlrs
    net 10,245,000 vs 12,364,000
    avg shrs 13,981,024 vs 11,968,524
    assets 6.07 billion vs 5.22 billion
    loans 2.92 billion vs 2.45 billion
    deposits 4.78 billion vs 4.14 billion
    NOTE: gain from sale of securities 4.6 mln vs 12.8 mln.
loan loss provision 100,000 dlrs vs 7.7 mln


.I 1451
.C
earn
.W
NORTHWEST NATURAL GAS CO <NWNG.O> 1ST QTR NET.
    PORTLAND, ORE., April 17 -
    shr 1.35 dlrs vs 1.27 dlrs
    div 39 cts vs 39 cts prior
    net 14,291,000 vs 13,211,000
    revs 52.6 mln vs 51.1 mln
    avg shrs 10,234,000 vs 9,936,000


.I 1452
.C
acq
.W
KENTUCKY CENTRAL <KENCA.O> UNIT SELLS STATIONS.
    LEXINGTON, Ken., April 17 - Kentucky Central Life Insurance
Co said its Bluegrass Broadcasting Co Inc subsidiary has agreed
to sell two Orlando, Fla., radio stations to TK Communications
Inc for 13.5 mln dlrs, subject to FCC approval.


.I 1453
.C
earn
.W
KIMBARK OIL AND GAS CO <KIMB.O> 1986 YEAR LOSS.
    DENVER, April 17 -
    shr loss 57 cts vs loss 2.88 dlrs
    net loss 3,442,000 vs loss 13,750,000
   


.I 1456
.C
earn
.W
SOUTHERN NATIONAL CORP <SNAT.O> 1ST QTR NET.
    LUMBERTON, N.C., April 17 -
    shr 47 cts vs 46 cts
    net 3,470,859 vs 3,454,577
   


.I 1457
.C
acq
.W
FIRST BANK SYSTEM <FBS> SELLS LEWISTON BANK.
    MINNEAPOLIS, April 17 - First Bank System said it has
agreeed to sell its First Bank Lewiston subsidiary, of
Lewiston, Mont., to two local bankers for undisclosed terms.
    First Bank Lewiston has assets of 101.4 mln dlrs at the end
of the first quarter.


.I 1458
.C
acq
.W
ICN <ICN> HAS FIVE PCT OF SYNCOR <SCOR.O>.
    WASHINGTON, April 17 - ICN Pharmaceuticals Inc told the
Securities and Exchange Commission it has acquired 556,500
shares of Syncor International Corp, or 5.0 pct of the total
outstanding common stock.
    ICN said it bought the stake for 3.9 mln dlrs as an
investment and has no plans to seek control of the company or
to participate in the management of it.


.I 1460
.C
acq
.W
DIXONS EXPLORING SALE OF CYCLOPS <CYL> UNIT.
     WASHINGTON, April 17 - Dixons Group Plc <DXNS.L>, the
British concern that recently acquired operational control of
Cyclops Corp, said it is exploring the possibility of selling
the Cyclops subsidiary, Busy Beaver Building Centers Inc.
    In a filing with the Securities and Exchange Commission,
Dixons said it has determined to explore the possibility of the
sale following its preliminary review of the business and
activities of Cyclops.
    Busy Beaver Building Centers is a Pittsburgh, Pa., lumber
and building materials company. Dixons won control of Cyclops
with a 95 dlr a share tender offer.


.I 1461
.C
trade
.W
JAPANESE TARIFFS SEEN AS WORLDWIDE WARNING.
    By Robert Trautman, Reuters
    WASHINGTON, April 17 - The tough trade sanctions President
Reagan imposed on Japanese exports are not only a shot across
Japan's bow but also a sign Reagan will attack unfair trade
practices worldwide, U.S. officials said.
    But Robert Crandall, a trade specialist at Brookings
Institution, a think tank, said "a shot across their bow can
often result in a shot in our stern."
    He said it left the United States open to retaliation.
    The U.S. officials said the 100 pct tariffs Reagan ordered
on 300 mln dlrs worth of Japanese goods will also show Congress
that a tough pro-trade stand can be taken under existing laws,
and no new protectionist legislation is needed.
    In the past year tough trade action had been taken against
the European Community over corn and sorghum, Taiwan over beer
and wine, South Korea over counterfeiting of copyrights,
patents and trademarkets and Japan on tobacco.
    White House spokesman Marlin Fitzwater told reporters the
tariffs - up from five pct - should be seen as a "serious signal"
to other nations on the need for fair trade practices.
    Reagan said he imposed the sanctions on certain computers,
television sets and some hand tools because Japan did not honor
an agreement to end dumping semiconductors in world markets at
less than cost and to open its markets to U.S. products. The
tariffs were placed on items which were available from other
sources so there would be little effect on the American
consumer, Fitzwater said.
    Reagan has come under heavy pressure to take tougher action
- especially against Japan - to end global unfair trade
practices and reverse the growing U.S. trade deficit.
    The alternative was that if he did not, Congress would.
    The U.S. trade gap last year was a record 169.8 billion
dlrs, and continues to rise, with Japan accounting for about
one-third of America's overall deficit.
    But there are other two-way deficits - with Canada, West
Germany, Taiwan and South Korea - and Reagan officials said the
president is ready to fight them all.
    Reagan said in announcing the sanctions today that "I regret
that these actions are necessary," but that the health and
vitality of the U.S. semiconductor industry was essential to
American competitiveness in world markets.
    "We cannot allow it to be jeopardized by unfair trading
practices," Reagan added in the statement from his California
vacation home at Santa Barbara.
    He said the tariffs would remain in force until Japan
abided by the agreement.
    U.S. officials say the action today will show Congress -
which is about to write a trade bill he does not like - that he
already has the tools needed to fight unfair trade.
    The White House aide said of the tariff action, "it wasn't
done to appease Congress, but because there was an unfair trade
practice."
    The aide added, however, "on another plane, it was an
example of how the administration uses the trade law to fight
unfair practices, an that it is not necessary to make a major
overall of our trade laws."
    But the analyst, Crandall, said the tariff action was not
in the best interests of the United States, and that
negotiations should have been pursued to resolve the issue.
    "It's very dangerous to go down the retaliatory route," he
said, "because it leads to more retaliation and restrictions in
trade."
    Crandall said, "the administration is doing this for its
political impact across the country, and therefore its impact
on Congress."
    He said, "I don't think it makes a lot of sense."
    But other analysts said it made little difference whether
the tariffs were aimed at U.S. trading partners or Congress,
and that the main point was that the trading partners were on
notice that retaliation was a weapon Reagan was ready to use.
    Spokesman Fitzwater said "we don't want a trade war," but the
imposition of sanctions showed the United States would act when
it had evidence that trade pacts were being violated.
    Crandall said, "the administration is doing this for its
political impact across the country, and therefore its impact
on Congress."
    He said, "I don't think it makes a lot of sense."
    But other analysts said it made little difference whether
the tariffs were aimed at U.S. trading partners or Congress,
and that the main point was that the trading partners were on
notice that retaliation was a weapon Reagan was ready to use.
    Spokesman Fitzwater said "we don't want a trade war," but the
imposition of sanctions showed the United States would act when
it had evidence that trade pacts were being violated.


.I 1464
.C
trade
.W
YEUTTER ALMOST SURE JAPAN WILL NOT RETALIATE.
    WASHINGTON, April 17 - U.S. Trade Representative Clayton
Yeutter said he was almost sure Japan would not retaliate
against tariffs President Reagan slapped on 300 mln dlrs of
Japanese electronic goods today.
    "I'd say it's 99 plus pct sure that it (the tariffs) will
not provoke a retaliation on American products," Yeutter told
Cable News Network.
    "Japan has far too much at stake in this relationship (with
the United States) to seriously entertain thoughts of
retaliation," Yeutter said.
    Earlier today, Reagan 
imposed 100 pct tariffs on a range of
Japanese goods in retaliation for Japan's alleged violation of
a bilateral pact governing semiconductor trade.
    Yeutter did say that U.S. farm products would be targeted
if Tokyo decided to hit back.
    "If they (Japan) were to retaliate, it would probably be on
something like American agricultural products," he said.
    "But I really think the chances of that happening are
between slim and none," he added.


.I 1467
.C
trade
.W
JAPAN WILL NOT RETALIATE NOW AGAINST U.S. TARIFFS.
    TOKYO, April 18 - Japan does not plan to take immediate
retaliatory action against implementation of U.S. Tariffs on
some Japanese electronic goods, the minister of international
trade and industry, Hajime Tamura, said in a statement.
    Japan requested bilateral consultations in accordance with
Article 23-1 of the General Agreement on Tariffs and Trade
(GATT) in Washington yesterday.
    Tamura said there was deep regret over the U.S. Measures,
which will impose 100 pct tariffs on about 300 mln dlrs worth
of Japanese imports of some small computers, colour television
sets and power tools.


.I 1672
.C
earn
.W
SOUTHAM INC <STM.TO> 1ST QTR NET.
    TORONTO, April 23 -
    Oper shr 32 cts vs 37 cts
    Oper net 18.9 mln vs 21.6 mln
    Revs 352.1 mln vs 323.0 mln
    Note: 1987 net excludes extraordinary gain of 2.8 mln dlrs
or five cts shr from sale of surplus property.


.I 1673
.C
earn
.W
LOCTITE CORP <LOC> 3RD QTR MARCH 31 NET.
    NEWINGTON, Conn., April 23 - 
    Shr 96 cts vs 53 cts
    Net 8,663,000 vs 4,798,000
    Revs 89.7 m ln vs 66.8 mln
    Nine mths
    Shr 2.33 dlrs vs 1.67 dlrs
    Net 21.1 mln vs 15.1 mln
    Revs 241.3 mln vs 192.8 mln


.I 1675
.C
earn
.W
GLENFED INC <GLN> 3RD QTR MARCH 31 NET.
    GLENDALE, Calif., April 23 - 
    Oper shr 1.54 dlrs vs 82 cts
    Oper net 33.7 mln vs 17.66 mln
    Revs 473.1 mln vs 419.0 mln
    Nine mths
    Oper shr 4.60 dlrs vs 2.39 dlrs
    Oper net 100.4 mln vs 51.0 mln
    Revs 1.38 billion vs 1.21 billion
    Assets 18.5 billion vs 15.5 billion
    Deposits 13.00 billion vs 11.29 billion
    Loans 15.04 billion vs 12.56 billion
    Note: Oper net excludes extraordinary loss 6,636,000 and
11.9 mln for 1987 qtr and nine mths on prepayment of borrowings
from the Federal Home Loan Bank Board.
    Oper also excludes tax credits of 15.8 mln vs 5,954,000 for
qtr and 17.8 mln vs 11.6 mln for nine mths.
   


.I 1676
.C
earn
.W
HORIZON INDUSTRIES INC <HRZN> 2ND QTR NET.
    CALHOUN, Ga., April 23 - Qtr ended April four
    Shr profit eight cts vs loss 22 cts
    Net profit 341,000 vs loss 903,000
    Revs 58.4 mln vs 46.3 mln
    Six mths
    Shr profit 35 cts vs loss 19 cts
    Net profit 1,466,000 vs loss 767,000
    Revs 121.4 ln vs 95.9 mln


.I 1677
.C
money-supply
.W
FED DATA PROVIDE NEW EVIDENCE OF TIGHTER POLICY.
    By Alan Wheatley, Reuters
    NEW YORK, April 23 - U.S. banking data released today are
too distorted to draw sweeping conclusions about monetary
policy, but they do support the market's assumption that the
Federal Reserve has started to tighten its grip on credit,
economists said.
    "It's clear that the Fed has firmed somewhat. Discount
window borrowings, net free reserves, the Fed funds rate
average and the pattern of reserve additions are all consistent
with a modest tightening," said Dana Johnson of First Chicago
Corp.
    Johnson, and several other economists, now estimate that
the Fed funds rate should trade between 6-1/4 and 6-3/8 pct.
    Discount window borrowings in the week to Wednesday were
935 mln dlrs a day, producing a daily average for the two-week
statement period of 689 mln dlrs, the highest since the week of
December 31, 1986, and up from 393 mln dlrs previously.
    Moreover, banks were forced to borrow a huge 5.2 billion
dlrs from the Fed on Wednesday - the highest daily total this
year - even though unexpectedly low Treasury balances at the
Fed that day left banks with over two billion dlrs more in
reserves than the Fed had anticipated.
    However, economists said it is almost certain that the Fed
is aiming for much lower discount window borrowings than
witnessed this week. They pointed to two factors that may have
forced banks to scramble for reserves at the end of the week.
    First, economists now expect M-1 money supply for the week
ended April 29 to rise by a staggering 15 to 20 billion dlrs,
partly reflecting the parking in checking accounts of the
proceeds from stock market sales and mutual fund redemptions to
pay annual income taxes.
    As banks' checking-account liabilities rise, so do the
reserves that they are required to hold on deposit at the Fed.
    Required reserves did indeed rise sharply by 2.5 billion
dlrs a day in the two weeks ended Wednesday, but economists
said the Fed may not have believed in the magnitude of the
projected M-1 surge until late in the week and so started to
add reserves too late.
    Second, an apparent shortage of Treasury bills apparently
left Wall Street dealers with too little collateral with which
to enagage in repurchase agreements with the Fed, economists
said. Thus, although there were 10.3 billion dlrs of repos
outstanding on Wednesday night, the Fed may have wanted to add
even more reserves but was prevented from doing so.
    "It's not at all inconceivable that the Fed didn't add as
much as they wanted to because of the shortage of collateral,"
said Ward McCarthy of Merrill Lynch Economics Inc.
    McCarthy estimated that the Fed is now targetting
discount-window borrowings of about 400 mln dlrs a day,
equivalent to a Fed funds rate of around 6-3/8 pct.
    After citing the reasons why the Fed probably has not
tightened credit to the degree suggested by the data,
economists said the fact that the Fed delayed arranging 
overnight injections of reserves until the last day of the
statement period was a good sign of a more restrictive policy.
    Jeffrey Leeds of Chemical Bank had not been convinced that
the Fed was tightening policy. But after reviewing today's
figures, he said, "It's fair to say that the Fed may be moving
toward a slightly less accommodative reserve posture."
    Leeds expects Fed funds to trade between 6-1/4 and 6-3/8
pct and said the Fed is unlikely to raise the discount rate
unless the dollar's fall gathers pace.
    Johnson at First Chicago agreed, citing political
opposition in Washington to a dollar-defense package at a time
when Congress sees further dollar depreciation as the key to
reducing the U.S. trade surplus with Japan.


.I 1678
.C
earn
.W
RORER GROUP INC <ROR> 1ST QTR NET.
    FORT WASHINGTON, Pa., April 23 - 
    Oper shr profit 34 cts vs loss 78 cts
    Oper net profit 7,434,000 vs loss 17.0 mln
    Revs 201.2 mln vs 171.7 mln
    Note: Year-ago oper exludes gain on sale of businesses of
139.6 mln.
    Year-ago oper includes charges of 27.8 mln resulting from
allocation of the purchase price of Revlon's businesses to
inventory and 7.1 mln for restructuring costs.


.I 1679
.C
coffee
.W
MILD COFFEE GROWERS TO MEET IN GUATEMALA.
     SAN JOSE, April 23 - A large group of "other milds"
coffee-growing nations will hold talks in Guatemala next month
to map their strategy for next September's meeting of the
International Coffee Organisation (ICO).
    Mario Fernandez, executive director of the Costa Rican
coffee institute, said delegates from Mexico, the Dominican
Republic, Peru, Ecuador, India, Papua New Guinea and five
central american nations will participate in the two-day
strategy session beginning May 4.
    The main topic will be reform of what many producing
countries perceive as the ICO's unfair distribution of export
quotas, Fernandez said.
    He said Costa Rica would press for quotas "based on the
real production and export potential of each country in the
past few years" and to distribute quotas based on "historic"
production levels rather than recent harvests and crop
estimates.


.I 1680
.C
acq
.W
US STUDY DISCUSSES DROPPED COMSAT-CONTEL MERGER.
    WASHINGTON, April 23 - A congressional study today said the
proposed, but now apparently abandoned, merger of the
Communications Satellite Corp <CQ> and Contel Corp <CTC>
would technically be legal but could violate the spirt of the
law setting up COMSAT.
    Two weeks ago before the study was completed, Contel
announced it would seek to terminate the proposed merger.
    The study by the non partisan Congressional Research
Service (CRS) said "the proposed merger appears to comply,
technically, with the mandates or letter of statutes, if may
nevertheless violate the spirit of the law."
    Comsat, created by a 1962 act of Congress, and Contel, a
corporation of local telephone and communications firms, filed
with the Federal Communications Commission last November 3 an
application for merger. Several firms had protested the
proposed merger.
    In an analysis of the law, the research service issued
several critical comments about the structure of the new firm
and said apparent domination by Contel of a restructured COMSAT
would have broken the spirit of the law setting up
COMSAT.COMSAT is the U.S. arm of Intelstat, the international
satellite communications firm. 
 
Reuter...^M

.I 1682
.C
dlr;money-fx;
.W
BANK OF JAPAN INTERVENES IN TOKYO MARKET.
    TOKYO, April 24 - The Bank of Japan intervened just after
the Tokyo market opened to support the dollar from falling
below 140.00 yen, dealers said.
    The central bank bought a moderate amount of dollars to
prevent its decline amid bearish sentiment for the U.S.
Currency, they said.
    The dollar opened at a record Tokyo low of 140.00 yen
against 140.70/80 in New York and 141.15 at the close here
yesterday. The previous Tokyo low was 140.55 yen set on April
15.


.I 1683
.C
money-supply
.W
AUSTRALIA'S M-3 MONEY SUPPLY RISE 1.5 PCT IN MARCH.
    SYDNEY, April 24 - Australia's M-3 money supply growth was
1.5 pct in March and 11.3 pct in the 12 months to March, the
Reserve Bank said.
    This compared with a revised rise of 0.5 pct in February
and 11.1 pct in the year to end-February.
    The Reserve Bank said the M-3 data for March was affected
by the start of the operations of <National Mutual Royal
Savings Bank Ltd>, which has resulted in the transfer of
deposits (equivalent to around 1.5 pct of m-3) from the United
Permanent Building Society to National Mutual Royal Savings
Bank Ltd.
    The Reserve Bank said M-3 money supply in March was 110.77
billion Australian dlrs compared with a revised 109.11 billion
in February and 99.48 billion in March, 1986.
    M-3 is deposits of the private sector held by trading and
savings banks plus holdings of notes and coins.


.I 1685
.C
dlr;money-fx;
.W
******Dollar trades at post-war low of 139.50 yen in Tokyo - brokers.
Blah blah blah.

.I 1686
.C
dlr
.W
******Many major nations yesterday intervened heavily to aid dlr - Miyazawa.
Blah blah blah.

.I 1687
.C
acq
.W
******STANDARD OIL SAYS BRITISH PETROLEUM SHARE TENDER EXTENDED UNTIL MAY 4.
Blah blah blah.

.I 1688
.C
dlr;money-fx;
.W
JAPAN HAS NO PLANS FOR NEW MEASURES TO AID DLR.
    TOKYO, April 24 - Finance Minister Kiichi Miyazawa said
Japan has no plans to take new emergency measures to support
the dollar, other than foreign exchange intervention.
    He also told reporters that many major nations yesterday
intervened heavily to support the dollar against the yen.
    Yesterday's intervention was large in terms of the
countries involved and the amounts expended, he said.
    With the continued fall of the dollar against the yen,
0speculation had arisen in currency markets here that Japan
might take new measures to support the U.S. Currency, such as
curbing capital outflows.
    Miyazawa said that yesterday's news of a 4.3 pct rise in
U.S. Gnp in the first quarter had been expected. Although the
growth looks robust on the surface, the figures in reality are
not that good, he said.
    He said the ruling Liberal Democratic Party (LDP) is
expected to come up with a final set of recommendations of ways
to stimulate the Japanese economy before Prime Minister
Yasuhiro Nakasone leaves for Washington next week.
    Commenting on yesterday's report on economic restructuring
by a high-level advisory panel to Nakasone, Miyazawa said it
was important to put the panel's recommendations into effect.


.I 1689
.C
acq
.W
STANDARD OIL SAYS BP EXTENDS TENDER.
    NEW YORK, April 23 - Standard Oil Co <SRD> said in a brief
announcement issued after a meeting of its board of directors
that British Petroleum Co PLC <BP.L> (BP) has extended its 70
dlr per share tender offer until midnight May 4.
    The offer for the 45 pct of Standard shares not owned by BP
had been due to expire midnight April 28.
    Standard Oil said discussions with BP concerning the tender
were continuing but provided no further details.
    "So long as those discussions continue, no recommendation
will be made to Standard Oil shareholders regarding the offer,"
Standard said.
    Standard directors met at the company's Cleveland
headquarters on Thursday in a regularly scheduled meeting. The
spokesman was unable to say if the meeting would continue on
Friday.
    A committee of independent directors previously obtained an
opinion from First Boston Corp that the Standard shares were
worth 85 dlrs each, 15 dlrs more than the BP offer.


.I 1692
.C
interest;money-supply;
.W
JAPAN DOES NOT INTEND TO EASE CREDIT - OFFICIALS.
    TOKYO, April 24 - The Bank of Japan does not intend to ease
credit policy further, bank officials told Reuters.
    They were responding to rumours in the Japanese bond market
that the central bank was planning to cut its 2.5 pct discount
rate soon, possibly before Prime Minister Yasuhiro Nakasone
leaves for Washington on April 29.
    Bank of Japan governor Satoshi Sumita will be in Osaka,
western Japan on April 27 and 28 for the annual meeting of the
Asian Development Bank, making a rate cut announcement early
next week a virtual impossibility, they said. April 29 is a
holiday here.


.I 1693
.C
interest
.W
NATIONAL MUTUAL CUTS AUSTRALIAN PRIME TO 17.75 PCT.
    MELBOURNE, April 24 - National Mutual Royal Bank Ltd said
it would cut its prime rate to 17.75 pct from 18.25, effective
April 27.
    The cut follows a trend toward lower rates started last
month and accelerated by Westpac Banking Corp, which yesterday
cut its prime to 17.50 pct from 18.25 pct. Westpac's 17.50 pct
is the lowest prevailing rate.


.I 1694
.C
acq
.W
ELDERS PURCHASE OF CANADIAN BREWER APPROVED.
    SYDNEY, April 24 - Elders IXL Ltd <ELXA.S> said the
Canadian government approved its bid for <Carling O'Keefe Ltd>.
    Elders earlier announced it was buying 10.9 mln shares, or
50.1 pct of Carling, from the Canadian subsidiary of Rothmans
International Plc <ROT.L> for 18 Canadian dlrs each.
    Elders chairman John Elliott said in a statement when the
offer for the ordinary shares closed on April 23, that
acceptances representing over 93 pct of outstanding shares had
been received. <IXL Holdings> would proceed to acquire the rest
compulsorily, he said.


.I 1695
.C
crude
.W
ECUADOR TO USE COLOMBIA OIL LINK FOR FIVE YEARS.
    BOGOTA, April 23 - Ecuador will use a new pipeline link
with Colombia to export crude oil for the next five years,
Colombian mines and energy minister Guillermo Perry said.
    The link will be inaugurated on May 8. It was built to
allow Ecuador to resume exports of crude oil halted on March 5
by earthquake damage to its Lago Agrio to Balao pipeline,
    Once that pipeline is repaired, Ecuador will exceed its
OPEC quota in order to offset lost income and pay debts
contracted with Venezuela and Nigeria since the quake, Ecuador
mines and energy minister Javier Espinosa said.
    The two ministers were speaking at a news conference after
signing an agreement for joint oil exploration and exploitation
of the jungle border zone between the two nations. Drilling
will begin in September.
    "The agreement to transport Ecuadorean crude oil is not only
for this emergency period but for the next five years, with
possibility of an extension. Between 20,000 and 50,000 barrels
per day (bpd) will be pumped along it," Perry said.
    Espinosa said Ecuador planned to pump 35 mln barrels
through the link in the next five years, at a cost of 75 cents
per barrel during the first year.
    The 43-km link, with a maximum capacity of 50,000 bpd, will
run from Lago Agrio, the centre of of Ecuador's jungle
oilfields, to an existing Colombian pipeline that runs to the
Pacific port of Tumaco.
    Espinosa said the 32-km stretch of the link built on the
Ecuadorean side cost 10.5 mln dlrs. Perry gave no figures for
Colombia's 11 km segment but said it was "insignificant compared
with what we are going to earn."
    OPEC member Ecuador was pumping around 250,000 bpd before
the quake. Lost exports of 185,000 bpd are costing it 90 mln
dlrs per month, Espinosa said.


.I 3809
.C
trade
.W
ASIAN EXPORTERS FEAR DAMAGE FROM U.S.-JAPAN RIFT.
    By William Kazer, Reuters
    HONG KONG, April 8 - Mounting trade friction between the
U.S. And Japan has raised fears among many of Asia's exporting
nations that the row could inflict far-reaching economic
damage, businessmen and officials said.
    They told Reuter correspondents in Asian capitals a U.S.
Move against Japan might boost protectionist sentiment in the
U.S. And lead to curbs on American imports of their products.
    But some exporters said that while the conflict would hurt
them in the long-run, in the short-term Tokyo's loss might be
their gain.
    The U.S. Has said it will impose 300 mln dlrs of tariffs on
imports of Japanese electronics goods on April 17, in
retaliation for Japan's alleged failure to stick to a pact not
to sell semiconductors on world markets at below cost.
    Unofficial Japanese estimates put the impact of the tariffs
at 10 billion dlrs and spokesmen for major electronics firms
said they would virtually halt exports of products hit by the
new taxes.
    "We wouldn't be able to do business," said a spokesman for
leading Japanese electronics firm Matsushita Electric
Industrial Co Ltd <MC.T>.
    "If the tariffs remain in place for any length of time
beyond a few months it will mean the complete erosion of
exports (of goods subject to tariffs) to the U.S.," said Tom
Murtha, a stock analyst at the Tokyo office of broker <James
Capel and Co>.
    In Taiwan, businessmen and officials are also worried.
    "We are aware of the seriousness of the U.S. Threat against
Japan because it serves as a warning to us," said a senior
Taiwanese trade official who asked not to be named.
    Taiwan had a trade trade surplus of 15.6 billion dlrs last
year, 95 pct of it with the U.S.
    The surplus helped swell Taiwan's foreign exchange reserves
to 53 billion dlrs, among the world's largest.
    "We must quickly open our markets, remove trade barriers and
cut import tariffs to allow imports of U.S. Products, if we
want to defuse problems from possible U.S. Retaliation," said
Paul Sheen, chairman of textile exporters <Taiwan Safe Group>.
    A senior official of South Korea's trade promotion
association said the trade dispute between the U.S. And Japan
might also lead to pressure on South Korea, whose chief exports
are similar to those of Japan.
    Last year South Korea had a trade surplus of 7.1 billion
dlrs with the U.S., Up from 4.9 billion dlrs in 1985.
    In Malaysia, trade officers and businessmen said tough
curbs against Japan might allow hard-hit producers of
semiconductors in third countries to expand their sales to the
U.S.
    In Hong Kong, where newspapers have alleged Japan has been
selling below-cost semiconductors, some electronics
manufacturers share that view. But other businessmen said such
a short-term commercial advantage would be outweighed by
further U.S. Pressure to block imports.
    "That is a very short-term view," said Lawrence Mills,
director-general of the Federation of Hong Kong Industry.
    "If the whole purpose is to prevent imports, one day it will
be extended to other sources. Much more serious for Hong Kong
is the disadvantage of action restraining trade," he said.
    The U.S. Last year was Hong Kong's biggest export market,
accounting for over 30 pct of domestically produced exports.
    The Australian government is awaiting the outcome of trade
talks between the U.S. And Japan with interest and concern,
Industry Minister John Button said in Canberra last Friday.
    "This kind of deterioration in trade relations between two
countries which are major trading partners of ours is a very
serious matter," Button said.
    He said Australia's concerns centred on coal and beef,
Australia's two largest exports to Japan and also significant
U.S. Exports to that country.
    Meanwhile U.S.-Japanese diplomatic manoeuvres to solve the
trade stand-off continue.
    Japan's ruling Liberal Democratic Party yesterday outlined
a package of economic measures to boost the Japanese economy.
    The measures proposed include a large supplementary budget
and record public works spending in the first half of the
financial year.
    They also call for stepped-up spending as an emergency
measure to stimulate the economy despite Prime Minister
Yasuhiro Nakasone's avowed fiscal reform program.
    Deputy U.S. Trade Representative Michael Smith and Makoto
Kuroda, Japan's deputy minister of International Trade and
Industry (MITI), are due to meet in Washington this week in an
effort to end the dispute.


.I 3811
.C
grain
.W
CHINA DAILY SAYS VERMIN EAT 7-12 PCT GRAIN STOCKS.
    PEKING, April 8 - A survey of 19 provinces and seven cities
showed vermin consume between seven and 12 pct of China's grain
stocks, the China Daily said.
    It also said that each year 1.575 mln tonnes, or 25 pct, of
China's fruit output are left to rot, and 2.1 mln tonnes, or up
to 30 pct, of its vegetables. The paper blamed the waste on
inadequate storage and bad preservation methods.
    It said the government had launched a national programme to
reduce waste, calling for improved technology in storage and
preservation, and greater production of additives. The paper
gave no further details.


.I 3812
.C
crude;nat-gas;
.W
JAPAN TO REVISE LONG-TERM ENERGY DEMAND DOWNWARDS.
    TOKYO, April 8 - The Ministry of International Trade and
Industry (MITI) will revise its long-term energy supply/demand
outlook by August to meet a forecast downtrend in Japanese
energy demand, ministry officials said.
    MITI is expected to lower the projection for primary energy
supplies in the year 2000 to 550 mln kilolitres (kl) from 600
mln, they said.
    The decision follows the emergence of structural changes in
Japanese industry following the rise in the value of the yen
and a decline in domestic electric power demand.
    MITI is planning to work out a revised energy supply/demand
outlook through deliberations of committee meetings of the
Agency of Natural Resources and Energy, the officials said.
    They said MITI will also review the breakdown of energy
supply sources, including oil, nuclear, coal and natural gas.
    Nuclear energy provided the bulk of Japan's electric power
in the fiscal year ended March 31, supplying an estimated 27
pct on a kilowatt/hour basis, followed by oil (23 pct) and
liquefied natural gas (21 pct), they noted.


.I 3815
.C
rubber;tin;grain;sugar;corn;trade;rice;
.W
THAI TRADE DEFICIT WIDENS IN FIRST QUARTER.
    BANGKOK, April 8 - Thailand's trade deficit widened to 4.5
billion baht in the first quarter of 1987 from 2.1 billion a
year ago, the Business Economics Department said.
    It said Janunary/March imports rose to 65.1 billion baht
from 58.7 billion. Thailand's improved business climate this
year resulted in a 27 pct increase in imports of raw materials
and semi-finished products.
    The country's oil import bill, however, fell 23 pct in the
first quarter due to lower oil prices.
    The department said first quarter exports expanded to 60.6
billion baht from 56.6 billion.
    Export growth was smaller than expected due to lower
earnings from many key commodities including rice whose
earnings declined 18 pct, maize 66 pct, sugar 45 pct, tin 26
pct and canned pineapples seven pct.
    Products registering high export growth were jewellery up
64 pct, clothing 57 pct and rubber 35 pct.


.I 3816
.C
palm-oil;veg-oil;
.W
INDONESIA SEES CPO PRICE RISING SHARPLY.
    JAKARTA, April 8 - Indonesia expects crude palm oil (CPO)
prices to rise sharply to between 450 and 550 dlrs a tonne FOB
sometime this year because of better European demand and a fall
in Malaysian output, Hasrul Harahap, junior minister for tree
crops, told Indonesian reporters.
    Prices of Malaysian and Sumatran CPO are now around 332
dlrs a tonne CIF for delivery in Rotterdam, traders said.
    Harahap said Indonesia would maintain its exports, despite
making recent palm oil purchases from Malaysia, so that it
could possibly increase its international market share.
    Indonesia, the world's second largest producer of palm oil
after Malaysia, has been forced to import palm oil to ensure
supplies during the Moslem fasting month of Ramadan.
    Harahap said it was better to import to cover a temporary
shortage than to lose export markets.
    Indonesian exports of CPO in calendar 1986 were 530,500
tonnes, against 468,500 in 1985, according to central bank
figures.


.I 3822
.C
ship
.W
AUSTRALIAN FOREIGN SHIP BAN ENDS BUT NSW PORTS HIT.
    SYDNEY, April 8 - Tug crews in New South Wales (NSW),
Victoria and Western Australia yesterday lifted their ban on
foreign-flag ships carrying containers but NSW ports are still
being disrupted by a separate dispute, shipping sources said.
    The ban, imposed a week ago over a pay claim, had prevented
the movement in or out of port of nearly 20 vessels, they said.
    The pay dispute went before a hearing of the Arbitration
Commission today.
    Meanwhile, disruption began today to cargo handling in the
ports of Sydney, Newcastle and Port Kembla, they said.
    The industrial action at the NSW ports is part of the week
of action called by the NSW Trades and Labour Council to
protest changes to the state's workers' compensation laws.
    The shipping sources said the various port unions appear to
be taking it in turn to work for a short time at the start of
each shift and then to walk off.
    Cargo handling in the ports has been disrupted, with
container movements most affected, but has not stopped
altogether, they said.
    They said they could not say how long the disruption will
go on and what effect it will have on shipping movements.


.I 3823
.C
rubber;palm-oil;veg-oil;coffee;lumber;
.W
INDONESIAN COMMODITY EXCHANGE MAY EXPAND.
    By Jeremy Clift, Reuters
    JAKARTA, April 8 - The Indonesian Commodity Exchange is
likely to start trading in at least one new commodity, and
possibly two, during calendar 1987, exchange chairman Paian
Nainggolan said.
    He told Reuters in a telephone interview that trading in
palm oil, sawn timber, pepper or tobacco was being considered.
    Trading in either crude palm oil (CPO) or refined palm oil
may also be introduced. But he said the question was still
being considered by Trade Minister Rachmat Saleh and no
decision on when to go ahead had been made.
    The fledgling exchange currently trades coffee and rubber
physicals on an open outcry system four days a week.
    "Several factors make us move cautiously," Nainggolan said.
"We want to move slowly and safely so that we do not make a
mistake and undermine confidence in the exchange."
    Physical rubber trading was launched in 1985, with coffee
added in January 1986. Rubber contracts are traded FOB, up to
five months forward. Robusta coffee grades four and five are
traded for prompt delivery and up to five months forward,
exchange officials said.
    The trade ministry and exchange board are considering the
introduction of futures trading later for rubber, but one
official said a feasibility study was needed first. No
decisions are likely until after Indonesia's elections on April
23, traders said.
    Trade Minister Saleh said on Monday that Indonesia, as the
world's second largest producer of natural rubber, should
expand its rubber marketing effort and he hoped development of
the exchange would help this.
    Nainggolan said that the exchange was trying to boost
overseas interest by building up contacts with end-users.
    He said teams had already been to South Korea and Taiwan to
encourage direct use of the exchange, while a delegation would
also visit Europe, Mexico and some Latin American states to
encourage participation.
    Officials say the infant exchange has made a good start
although trading in coffee has been disappointing.
    Transactions in rubber between the start of trading in
April 1985 and December 1986 totalled 9,595 tonnes, worth 6.9
mln dlrs FOB, plus 184.3 mln rupiah for rubber delivered
locally, the latest exchange report said.
     Trading in coffee in calendar 1986 amounted to only 1,905
tonnes in 381 lots, valued at 6.87 billion rupiah.
     Total membership of the exchange is now nine brokers and
44 traders.


.I 3824
.C
wheat;grain;
.W
SRI LANKA GETS USDA APPROVAL FOR WHEAT PRICE.
    COLOMBO, April 8 - Food Department officials said the U.S.
Department of Agriculture approved the Continental Grain Co
sale of 52,500 tonnes of soft wheat at 89 U.S. Dlrs a tonne C
and F from Pacific Northwest to Colombo.
    They said the shipment was for April 8 to 20 delivery.


.I 3825
.C
gold
.W
WESTERN MINING TO OPEN NEW GOLD MINE IN AUSTRALIA.
    MELBOURNE, April 8 - Western Mining Corp Holdings Ltd
<WMNG.S> (WMC) said it will establish a new joint venture gold
mine in the Northern Territory at a cost of about 21 mln dlrs.
    The mine, to be known as the Goodall project, will be owned
60 pct by WMC and 40 pct by a local W.R. Grace and Co <GRA>
unit. It is located 30 kms east of the Adelaide River at Mt.
Bundey, WMC said in a statement
    It said the open-pit mine, with a conventional leach
treatment plant, is expected to produce about 50,000 ounces of
gold in its first year of production from mid-1988. Annual ore
capacity will be about 750,000 tonnes.


.I 3826
.C
acq
.W
SUMITOMO BANK AIMS AT QUICK RECOVERY FROM MERGER.
    By Linda Sieg, Reuters
    TOKYO, April 8 - Sumitomo Bank Ltd <SUMI.T> is certain to
lose its status as Japan's most profitable bank as a result of
its merger with the Heiwa Sogo Bank, financial analysts said.
    Osaka-based Sumitomo, with desposits of around 23.9
trillion yen, merged with Heiwa Sogo, a small, struggling bank
with an estimated 1.29 billion dlrs in unrecoverable loans, in
October.
    But despite the link-up, Sumitomo President Koh Komatsu
told Reuters he is confident his bank can quickly regain its
position.
    "We'll be back in position in first place within three
years," Komatsu said in an interview.
    He said that while the merger will initially reduce
Sumitomo's profitability and efficiency, it will vastly expand
Sumitomo's branch network in the Tokyo metropolitan area where
it has been relatively weak.
    But financial analysts are divided on whether and how
quickly the gamble will pay off.
    Some said Sumitomo may have paid too much for Heiwa Sogo in
view of the smaller bank's large debts. Others argue the merger
was more cost effective than creating a comparable branch
network from scratch.
    The analysts agreed the bank was aggressive. It has
expanded overseas, entered the lucrative securities business
and geared up for domestic competition, but they questioned the
wisdom of some of those moves.
    "They've made bold moves to put everything in place. Now
it's largely out of their hands," said Kleinwort Benson Ltd
financial analyst Simon Smithson.
    Among Sumitomo's problems are limits placed on its move to
enter U.S. Securities business by taking a share in American
investment bank Goldman, Sachs and Co.
    Sumitomo last August agreed to pay 500 mln dlrs for a 12.5
pct limited partnership in the bank, but for the time being at
least, the Federal Reserve Board has forbidden them to exchange
personnel, or increase the business they do with each other.
    "The tie-up is widely looked on as a lame duck because the
Fed was stricter than Sumitomo expected," said one analyst.
    But Komatsu said the move will pay off in time.
    "U.S. Regulations will change in the near future and if so,
we can do various things. We only have to wait two or three
years, not until the 21st century," Komatsu said.
    Komatsu is also willing to be patient about possible routes
into the securities business at home.
    Article 65 of the Securities and Exchange Act, Japan's
version of the U.S. Glass-Steagall Act, separates commercial
from investment banking.
    But the walls between the two are crumbling and Komatsu
said he hopes further deregulation will create new
opportunities.
    "We need to find new business chances," Komatsu said. "In some
cases these will be securities related, in some cases trust
bank related. That's the kind of deregulation we want."
    Until such changes occur, Sumitomo will focus on such
domestic securities business as profitable government bond
dealing and strengthening relations with Meiko Securities Co
Ltd, in which it holds a five pct share, Komatsu said.
    He said Sumitomo is cautiously optimistic about entering
the securities business here through its Swiss universal bank
subsidiary, Banca del Gottardo.
     The Finance Ministry is expected to grant licences to
securities subsidiaries of U.S. Commercial banks soon,
following a similar decision for subsidiaries of European
universal banks in which the parent holds a less than 50 pct.
    But Komatsu is reluctant to push hard for a similar
decision on a Gottardo subsidiary.
    "We don't want to make waves. We expect this will be allowed
in two or three years," he said.
    Like other city banks, Sumitomo is also pushing to expand
lending to individuals and small and medium businesses to
replace disappearing demand from big business, he added.
    The analysts said Sumitomo will have to devote a lot of
time to digesting its most recent initiatives, including the
merger with ailing Heiwa Sogo.
    "It's (Sumitomo) been bold in its strategies," said
Kleinwort's Smithson.
    "After that, it's a question of absorbing and juggling
around. It will be the next decade before we see if the
strategy is right or wrong."


.I 3827
.C
tin
.W
SUBROTO SAYS INDONESIA SUPPORTS TIN PACT EXTENSION.
    JAKARTA, April 8 - Mines and Energy Minister Subroto
confirmed Indonesian support for an extension of the sixth
International Tin Agreement (ITA), but said a new pact was not
necessary.
    Asked by Reuters to clarify his statement on Monday in
which he said the pact should be allowed to lapse, Subroto said
Indonesia was ready to back extension of the ITA.
    "We can support extension of the sixth agreement," he said.
"But a seventh accord we believe to be unnecessary."
    The sixth ITA will expire at the end of June unless a
two-thirds majority of members vote for an extension.


.I 3832
.C
money-fx;interest;
.W
BUNDESBANK ALLOCATES 6.1 BILLION MARKS IN TENDER.
    FRANKFURT, April 8 - The Bundesbank accepted bids for 6.1
billion marks at today's tender for a 28-day securities
repurchase pact at a fixed rate of 3.80 pct, a central bank
spokesman said.
    Banks, which bid for a total 12.2 billion marks liquidity,
will be credited with the funds allocated today and must buy
back securities pledged on May 6.
    Some 14.9 billion marks will drain from the market today as
an earlier pact expires, so the Bundesbank is effectively
withdrawing a net 8.1 billion marks from the market with
today's allocation.
    A Bundesbank spokesman said in answer to enquiries that the
withdrawal of funds did not reflect a tightening of credit
policy, but was to be seen in the context of plentiful
liquidity in the banking system.
    Banks held an average 59.3 billion marks at the Bundesbank
over the first six days of the month, well clear of the likely
April minimum reserve requirement of 51 billion marks.
    The Bundesbank spokesman noted that by bidding only 12.2
billion marks, below the outgoing 14.9 billion, banks
themselves had shown they felt they had plenty of liquidity.
    Dealers said the Bundesbank is keen to prevent too much
liquidity accruing in the market, as that would blunt the
effectiveness of the security repurchase agreement, its main
open-market instrument for steering market interest rates. Two
further pacts are likely this month over the next two weeks.
    The Bundesbank is currently steering call money between 3.6
and 3.8 pct, although short-term fluctuations outside that
range are possible, dealers said.


.I 3835
.C
acq;copper;
.W
BOND CORP STILL CONSIDERING ATLAS MINING BAIL-OUT.
    MANILA, April 8 - Bond Corp Holdings Ltd <BONA.S> and Atlas
Consolidated Mining and Development Corp <ATLC.MN> are still
holding talks on a bail-out package for the troubled mining
firm, an Atlas statement said.
    Atlas, the Philippines' biggest copper producer, said it
had been hit by depressed world copper prices. It reported a
net loss of 976.38 mln pesos in the year ending December 1986,
compared with a net loss of 1.53 billion in 1985.
    The company said it had been able to cut its losses because
its scaled-down copper operations in the central island of Cebu
started in the second half of 1986.
    Atlas said negotiations were continuing on the acquisition
by Bond of the company's existing bank loans and their
restructuring into a gold loan.
    A memorandum of understanding signed by the two sides in
October last year said Bond would acquire Atlas' total loans of
275 mln dlrs, to be repaid by the mining company in gold.
    Atlas said the two sides were also discussing equity
infusion into Atlas and the creation of a development fund for
further exploration and development of the company's gold
properties in the central province of Masbate.
    Wilson Banks, general manager of <Bond Corp International
Ltd> in Hong Kong, told Reuters the Atlas statement on the
negotiations was "reasonably accurate."
    Banks said Bond Corp was seriously considering several
investments in the Philippines but did not give details.
    In its statement, Atlas said development of the pre-World
War Two underground mines in Masbate had been accelerated and
the ore tonnage had increased, extending the operation's life
at least until 1993.


.I 3837
.C
ipi
.W
CHINA INDUSTRIAL OUTPUT RISES IN FIRST QUARTER.
    PEKING, April 8 - China's industrial output rose 14.1 pct
in the first quarter of 1987 against the same 1986 period, the
People's Daily said.
    Its overseas edition said the growth rate, which compares
with a target of seven pct for the whole of 1987, was "rather
high" but the base in the first quarter of 1986 was on the low
side. Industrial output grew 4.4 pct in the first quarter of
1986.
    It said China's industrial production this year has been
normal but product quality and efficiency need further
improvement. It gave no further details.


.I 3841
.C
oilseed;grain;corn;livestock;soybean;carcass;trade;rice;
.W
JAPAN MINISTRY SAYS OPEN FARM TRADE WOULD HIT U.S.
    By Fumiko Fujisaki, Reuters
    TOKYO, April 8 - Japan's Agriculture Ministry, angered by
U.S. Demands that Japan open its farm products market, will
tell U.S. Officials at talks later this month that
liberalisation would harm existing U.S. Farm exports to Japan,
a senior ministry official said.
    "Imports from the U.S. Would drop due to active sales drives
by other suppliers," the official, who declined to be named,
said. "Japan is the largest customer for U.S. Farm products and
it is not reasonable for the U.S. To demand Japan liberalise
its farm import market," he said.
    Agriculture Minister Mutsuki Kato has said if the U.S.
Insists Japan open its protected rice market it will also open
its wheat market, where volume and origin are regulated to
protect local farmers.
    Australia and Canada could then increase their wheat
exports as they are more competitive than the U.S., He said.
End-users would also buy other origins, grain traders said.
    U.S. Agriculture Secretary Richard Lyng, who is due to
visit Japan for talks between April 16-27, has said he will ask
Japan to offer a share of its rice market to U.S. Suppliers and
remove quotas on U.S. Beef and citrus imports.
    Other countries are already cutting into the U.S. Market
share here. Australia, the largest beef supplier to Japan, has
been trying to boost exports prior to the expiry of a four-year
beef accord next March 31.
    Imports of U.S. Corn have fallen due to increased sales
from China and South America, while Japanese soybean imports
from Brazil are expected to rise sharply this year, although
the U.S. Will remain the largest supplier.
    U.S. Feedgrain sales will also drop if Japan opens up its
beef imports, since Japan depends almost entirely on feedgrain
imports, mainly from the U.S., Japanese officials said.
    An indication of the U.S. Position came last December when
Under Secretary of Agriculture Daniel Amstutz said Japan has
the potential to provide one of the largest boosts to U.S.
Agricultural exports, with the beef market alone representing
some one billion dlrs in new business.
    The U.S. Has also asked the General Agreement on Tariffs
and Trade to investigate the legality of Japanese import
controls on 12 other farm products, including fruit juices,
purees and pulp, tomato juice, ketchup and sauce, peanuts,
prepared beef products and miscellaneous beans.
    To help calm heated trade relations with the U.S., Japan's
top business group Keidanren has urged the government to remove
residual import restrictions on agricultural products.
    But Agriculture Minister Kato has ruled out any emotional
reaction, and the senior ministry official said the farm issue
should not become a scapegoat for trade pressure in the
industrial sector.
    "Japan is the largest buyer of U.S. Farm products, and these
issues should not be discussed on the same table," the official
said.


.I 3842
.C
earn
.W
AMATIL PROPOSES TWO-FOR-FIVE BONUS SHARE ISSUE.
    SYDNEY, April 8 - Amatil Ltd <AMAA.S> said it proposes to
make a two-for-five bonus issue out of its revaluation reserve
to shareholders registered May 26.
    Shareholders will be asked to approve the issue and an
increase in authorised capital to 175 mln shares from 125 mln
at a general meeting on May 1, it said in a statement.
    The new shares will rank for dividends declared after
October 31. Amatil, in which B.A.T. Industries Plc <BTI.L>
holds a 41 pct stake, said it does not expect to maintain its
latest annual dividend rate of 29 cents a share on the enlarged
capital.


.I 3843
.C
earn
.W
BOWATER 1986 PRETAX PROFITS RISE 15.6 MLN STG.
    LONDON, April 8 -
    Shr 27.7p vs 20.7p
    Div 6.0p vs 5.5p making 10.0p vs 9.25p
    Turnover 1.34 billion stg vs 1.29 billion
    Pretax profit 48.0 mln vs 32.4 mln
    Tax 14.4 mln vs 6.9 mln
    Company name is Bowater Industries Plc <BWTR.L>
    Trading profit 63.4 mln vs 45.1 mln
    Trading profit includes -
    Packaging and associated products 23.2 mln vs 14.2 mln
    Merchanting and services 18.4 mln vs 9.6 mln
    Tissue and timber products 9.0 mln vs 5.8 mln
    Interest debit 15.4 mln vs 12.7 mln
    Minority interests 7.0 mln debit vs 6.2 mln debit
    Extraordinary items 15.4 mln credit vs 11.9 mln debit


.I 3844
.C
money-fx;interest;
.W
U.K. MONEY MARKET DEFICIT FORECAST AT 250 MLN STG.
    LONDON, April 8 - The Bank of England said it forecast a
shortage of around 250 mln stg in the money market today.
    Among the main factors affecting liquidity, bills maturing
in official hands and the take-up of treasury bills will drain
some 505 mln stg, while bills for repurchase by the market will
remove around 194 mln. In addition, a rise in note circulation
and bankers' balances below target will each drain around 110
mln stg.
    Partly offsetting these outflows, exchequer transactions
will add some 690 mln stg to the system today.


.I 3845
.C
bop;trade;
.W
SOUTH KOREA MOVES TO SLOW GROWTH OF TRADE SURPLUS.
    By Moon Ihlwan, Reuters
    SEOUL, April 8 - South Korea's trade surplus is growing too
fast and the government has started taking steps to slow it
down, Deputy Prime Minister Kim Mahn-je said.
    He told a press conference the government planned to
increase investment, speed up the opening of the local market
to foreign imports and gradually adjust its currency to hold
the surplus "at a proper level."
    But he said the government would not allow the won to
appreciate too much in a short period of time. South Korea has
been under pressure from Washington to revalue the won.
    The U.S. Wants South Korea to cut its trade surplus with
the U.S., Which rose to 7.4 billion dlrs in 1986 from 4.3
billion dlrs in 1985.
    Kim, who is also economic planning minister, said prospects
were bright for the South Korean economy, but the government
would try to hold the current account surplus to around five
billion dlrs a year for the next five years.
    "Our government projections of eight pct GNP growth, five
billion dlrs of (current account) surplus and 12 pct growth in
exports all seemed to be reasonable early this year. But now
the surplus is growing faster than we expected," he said.
    Trade ministry officials said South Korea's exports rose 35
pct to 9.34 billion dlrs in the first three months of this
year, while imports rose only 8.5 pct to 8.2 billion dlrs.
    Kim said the swing of South Korea's current account to a
surplus of 4.65 billion dlrs in 1986 from an 890 mln dlr
deficit in 1985 was very significant. The surplus enabled the
country to reduce its foreign debt last year for the first
time.
    South Korea's foreign debt, which fell to 44.5 billion dlrs
in 1986 from 46.8 billion in 1985, is still among the largest
in Asia.
    "This huge amount of our foreign debt has been one of the
major constraints on our development... Last year was a major
turning point for the Korean economy," Kim said.
    Kim said his government plannned to reduce the ratio of
foreign debt to the country's GNP to about 20 pct in 1991, from
about 50 pct in 1986.
    "The government, however, does not want to accelerate
reducing the debt by making an excessive trade surplus," he
said.
    Kim said a sudden rise in the surplus would cause inflation
and lead to trade friction with Seoul's major trading partners,
particularly the United States.
    "We need a surplus because we have to reduce our debt, but
we are taking measures to hold the size of the surplus at a
proper level," Kim said.


.I 3846
.C
gas;lead;
.W
FINNS AND CANADIANS TO STUDY MTBE PRODUCTION PLANT.
    HELSINKI, April 8 - Finland's national oil company Neste Oy
<NEOY.HE> said in a statement it had agreed with Canadian firms
to study the feasibility of building a plant in Edmonton,
Canada, to produce a replacement for lead in petrol.
    The prospective plant would cost an estimated 270 mln
Canadian dlrs and would produce methyl tertiary butyl ether
(MTBE) from raw materials available locally, it said.
    The partners in the study are Neste Oy, Celanese Canada
Inc, Hoechst Celanese Corporation and Trade Mountain Pipe Line
Company Ltd, of Vancouver, B.C.
    The Edmonton site was suitable because of the raw materials
availability, the proximity to pipeline transportation and the
important capital and operating advantages gained by locating
on an existing Celanese Canada site, the statement said.
    The partners would look into the feasibility of a plant
producing 500,000 tonnes per annum of MTBE, an octane enhancer
that can replace tetra ethyl lead.
    Most of the MTBE would be targeted for the United States
where lead levels in gasoline are being lowered because of
health concerns, the statement added.
    Canadian lead limits are currently 11 times as high as the
U.S. Limit but lead is scheduled for virtual elimination in
Canada by 1993, which should create a Canadian demand for MTBE,
it said.
    Finland's Neste Oy, whose turnover last year was over five
billion dlrs, has extensive experience with MTBE. It has a
major investment in an MTBE plant in Saudi Arabia.
    The Edmonton, Alberta plant would be scheduled to go on
stream in late 1989, the statement said.


.I 3848
.C
acq
.W
CRA SOLD FORREST GOLD FOR 76 MLN DLRS - WHIM CREEK.
    SYDNEY, April 8 - <Whim Creek Consolidated NL> said the
consortium it is leading will pay 76.55 mln dlrs for the
acquisition of CRA Ltd's <CRAA.S> <Forrest Gold Pty Ltd> unit,
reported yesterday.
    CRA and Whim Creek did not disclose the price yesterday.
    Whim Creek will hold 44 pct of the consortium, while
<Austwhim Resources NL> will hold 27 pct and <Croesus Mining
NL> 29 pct, it said in a statement.
    As reported, Forrest Gold owns two mines in Western
Australia producing a combined 37,000 ounces of gold a year. It
also owns an undeveloped gold project.


.I 3850
.C
jobs
.W
GERMAN INDUSTRIAL EMPLOYMENT SEEN STAGNATING.
    WEST BERLIN, April 8 - The number of workers employed in
the West German industrial sector stagnated in the last quarter
of 1986 as a 50,000 increase in overall employment benefited
only the services branch, the DIW economic institute said.
    A DIW report added the general downturn in the economy
since last Autumn had had a negative effect on the willingness
of firms to take on workers. It referred to a marked downturn
in the number of workers taken on in the capital goods sector.
    New orders for manufacturing industry goods have mostly
fallen or stagnated in recent months, but data for February
finally showed a reversal of the trend, with a 1.9 pct rise.


.I 3855
.C
earn
.W
BOWATER INDUSTRIES PROFIT EXCEED EXPECTATIONS.
    LONDON, April 8 - Bowater Industries Plc <BWTR.L> 1986
pretax profits of 48.0 mln stg exceeded market expectations of
around 40 mln and pushed the company's shares up sharply to a
high of 491p from 468p last night, dealers said.
    The shares later eased back to 481p. Bowater reported a
32.4 mln stg profit in 1985.
    The company said in a statement accompanying the results
that the underlying trend showed improvement and it intended to
expand further by developing existing businesses and seeking
new opportunities.
    It added that it had appointed David Lyon, currently
managing director of Redland Plc <RDLD.L> as its new chief
executive.
    Analysts noted that Bowater's profits of 18.9 mln stg from
13.2 mln previously had been given a boost by pension benefits
of 4.5 mln stg.
    Profit from Australia and the Far East showed the greatest
percentage rise, jumping 55.0 pct to 15.5 mln from 10.0 mln,
while the profit from U.K. Operations rose 30.7 pct to 24.7
mln, and Europe, 42.9 pct to 11.0 mln.


.I 3856
.C
earn
.W
CITIBANK NORWAY UNIT LOSES SIX MLN CROWNS IN 1986.
    OSLO, April 8 - Citibank A/S <CCI.N>, the Norwegian
subsidiary of the U.S.-based bank, said it made a net loss of
just over six mln crowns in 1986 -- although foreign bankers
said they expect it to show 1987 profits after two lean years.
    Citibank's Oslo treasury head Bjoern Sejerstad told
Reuters, Citibank, one of seven foreign bank subsidiaries
operating in Norway, lost money because of restructuring for
investment banking away from commercial banking and an economic
slump in Norway following last year's plunge in oil prices.
    Foreign banks have been allowed to operate susbidiaries in
Norway since 1985.
    Foreign banking analysts in Oslo said access to Norway's
second-hand securities and equities markets, to be approved
later this spring, and lower primary reserve requirements would
make profit this year.
    Citibank lost 490,000 crowns in Norway in 1985, but
Sejerstad said a profit was likely this year because of planned
liberalisation and better economic performance, helped by a
steadier oil price of around 18 dlrs a barrel.
    Earlier this year, Chase Manhattan Bank's <CMB.N>
subsidiary decided to stop foreign exchange trading after heavy
losses and focus instead on fee-based merchant banking.


.I 3858
.C
earn
.W
VIEILLE MONTAGNE SAYS 1986 CONDITIONS UNFAVOURABLE.
    BRUSSELS, April 8 - A sharp fall in the dollar price of
zinc and the depreciation of the U.S. Currency created
unfavourable economic conditions for Vieille Montagne SA
<VMNB.BR> in 1986.
    It said in a statement that the two factors led to a
squeeze on refining margins and an 18.24 pct fall in sales and
services income despite an unchanged level of activity.
    Vieille Montagne, which is actively pursuing a
restructuring program, reported a 198 mln franc net loss, after
187 mln francs in provisions for the closure of an electrolysis
plant, compared with a 250 mln franc net profit in 1985.


.I 3859
.C
earn
.W
VIEILLE MONTAGNE REPORTS LOSS, DIVIDEND NIL.
    BRUSSELS, April 8 - 1986 Year
    Net loss after exceptional charges 198 mln francs vs profit
    250 mln
    Exceptional provisions for closure of Viviez electrolysis
    Plant 187 mln francs vs exceptional gain 22 mln
    Sales and services 16.51 billion francs vs 20.20 billion
    Proposed net dividend on ordinary shares nil vs 110 francs
    Company's full name is Vieille Montagne SA <VMNB.BR>.


.I 3860
.C
tin
.W
EC MAINLY FOR TIN EXTENSION, NO U.K. STAND TAKEN.
    BRUSSELS, April 8 - European Community (EC) members of the
International Tin Council, except Britain, have said they are
prepared to back an extension of the International Tin
Agreement, an EC spokesman said.
    He said at a meeting of EC states' representatives here
yesterday, Britain undertook to communicate its own decision to
its partners today. It said it was not ready yesterday to take
a stand but did not say why.
    He added nine other EC states backed an extension. Spain
and Portugal, which are not members of the International Tin
Council, raised no objections to a common EC stance in favour.


.I 3864
.C
trade
.W
JAPAN GIVEN LITTLE HOPE OF AVOIDING U.S. SANCTIONS.
    TOKYO, April 8 - A top U.S. Official said Japan has little
chance of convincing the U.S. To drop threatened trade
sanctions, despite the efforts of a Japanese team that left for
Washington today.
    Michael Armacost, Under Secretary of State for Political
Affairs, was asked at a press conference whether Japan's moves
to boost its domestic economy and open its markets could
persuade the U.S. Not to impose tariffs on Japanese imports
said, and replied: "...It is probably too early for the figures
to demonstrate that the situation has turned around and to
permit the result you have described."
    Armacost said the U.S. Hopes Japan will take steps to lift
its domestic economy and reduce dependence on exports, remove
barriers to imports and settle outstanding trade issues.
    "There are obvious problems at the moment in the trade area,
but we do not wish those problems to divert attention from
important areas of cooperation that continue to exist on
security and political issues," he said.
    "The question is whether through cooperative actions between
our governments we can reduce the (trade) imbalance or whether
Congress takes action to reduce it through protectionist
legislation," he said.


.I 3865
.C
zinc
.W
THAI ZINC EXPORTS FALL IN MARCH.
    BANGKOK, April 8 - Thai zinc ingot exports fell to 882
tonnes in March from 1,764 in February and 3,008 in March 1986,
the Mineral Resources Department said.
    A spokesman for Padaeng Industry Co Ltd, the country's sole
exporter, attributed the decline to the company's lower stocks,
which averaged 5,000 tonnes in the first quarter against 16,000
tonnes in late 1985 when it began exporting.
    The department said major buyers included China, Japan, the
Philippines, South Korea, Singapore and Taiwan.
    Thailand exported 4,842 tonnes of zinc ingots during the
first quarter, down from 14,937 a year ago.


.I 3868
.C
sugar
.W
EC SUGAR TENDER HARD TO PREDICT - LONDON TRADE.
    LONDON, April 8 - The outcome of today's European Community
(EC) white sugar tender is extremely difficult to predict after
last week's substantial award of 102,350 tonnes at the highest
ever rebate of 46.864 European currency units (Ecus) per 100
kilos, traders said.
    Some said they believed the tonnage would probably be
smaller, at around 60,000 tonnes, but declined to give a view
on the likely restitution. Last week, the European Commission
accepted 785,000 tonnes of sugar into intervention by operators
protesting about low rebates. This might be a determining
factor in today's result, they added.


.I 3869
.C
sugar
.W
NORTH YEMEN CALLS SUGAR BUYING TENDER - TRADE.
    LONDON, April 8 - North Yemen has called a buying tender
for Saturday for the purchase of 30,000 tonnes of white sugar
for arrival in June, traders said.


.I 3871
.C
acq
.W
ANHEUSER-BUSCH JOINS BID FOR SAN MIGUEL.
    MANILA, April 8 - Anheuser-Busch Companies Inc <BUD.N> has
joined several other foreign bidders for sequestered shares of
the Philippines' largest food and beverage maker San Miguel
Corp <SANM.MN>, the head of a government panel which controls
the shares told Reuters.
    Ramon Diaz, Secretary of the Presidential Commission on
Good Government (PCGG), said Anheuser-Busch had told the
government it was interested in buying 14 mln "B" shares of San
Miguel. He did not disclose the offered price.
    Diaz said Australian brewer Alan Bond's Bond Corp Holdings
Ltd had offered 150 pesos per share for the "B" shares.
    Diaz said New York investment bank Allen and Co Inc had
earlier said it was interested in buying all 38.1 mln
sequestered shares. He told Reuters last month Elders IXL Ltd
<ELXA.S>, the Melbourne-based brewing company, had also bid for
the "B" shares.
    The Hong Kong Economic Journal last month quoted a
spokesman of Australian stock broker Jacksons Ltd as saying
that <Barwon Farmlands Ltd>, an Australian firm owned 30 pct by
<Ariadne Australia Ltd>, was planning a Filipino branch in
order to buy the entire block of 38.1 mln shares.
    Anheuser-Busch last year made a 150 mln dlr bid to buy <San
Miguel Brewery Ltd>, a Hong Kong listed company which is 69.65
pct owned by <Neptunia Corp Ltd>, a San Miguel Corp subsidiary.
    The talks broke down last June after the two sides said
they could not agree on the terms of the sale.


.I 3873
.C
money-fx;interest;
.W
ECONOMIC SPOTLIGHT - AUSTRALIAN MARKETS BOOMING.
    By Peter Bale, Reuters
    SYDNEY, April 8 - Australian markets are booming as foreign
fund managers redirect capital away from the United States and
other traditional markets, analysts said.
    High short-term interest rates, a bullish stock market and
an increasingly stable currency reflect a massive inflow of
fresh funds in the last two months, largely from Japanese and
U.S. Investors, analysts polled by Reuters said.
    Fund managers want quality markets to park their cash in
and have settled on Australia, Britain and Canada as they
diversify from volatile U.S. Dollar instruments, they said.
    A one percentage point fall in key 10-year bonds rates in
the past month, record share prices and a 10-month high for the
currency of 0.71 U.S. Dlrs all illustrated the inflow.
    Official figures on the latest inflow of investment capital
are not available, but brokers said they received almost daily
inquiries from Japan and the United States.
    "These people have got trillions of dollars sloshing about
and they don't know what to do with it. Some of that is ending
up here with the attraction of high interest rates and
reasonable currency stability," National Australia Bank Ltd
economist Brian Hamley said.
    "There is a 'flight to quality'," Hamley said. "Australia may
not be in the best (economic) position, but there aren't too
many other countries where you'd want to put your money."
    The stronger Australian dollar was also attracting
investors taking advantage of an appreciating currency against
the volatility of the U.S. Unit, analysts said.
    "We're looking a more favoured market than perhaps the U.S.
Where some people would be concerned about the value of the
U.S. Dollar," Lloyds Bank NZA Ltd chief economist Will Buttrose
said. "Why not put the money in Australia where entry is cheap
and the currency looks stable?"
    But turning that capital into more permanent productive
investment depends on government economic policy, he said.
    "It will only disappear if people lose confidence in the
direction in the economy," Buttrose said, adding that offshore
investors would carefully watch the government's promised tough
economic statement on May 14.
    While happy to invest in bonds and other vehicles yielding
interest unobtainable elsewhere, fund managers could just as
easily reverse the flow -- particularly the Japanese, who were
badly hurt in the past by rapid falls in the Australian dollar
and hefty jumps in bond rates, analysts said.
    "It will remain very edgy money. If something was not to be
delivered, if the statement wasn't considered tough enough, one
might see a substantial outflow," Buttrose said.
    Offshore investors are eager to see Australia take tough
economic decisions to curb its 100 billion dlr foreign debt and
stubborn current account deficit, analysts said.
    "They are giving us the benefit of the doubt and I think
they would like to leave the money here," Buttrose said.
    Reserve Bank policy has also reflected the increased
interest in investment in Australia and the need to shield
Japanese investors from rapid currency fluctuations.
    Reserve Governor Bob Johnston last week acknowledged an
element of targeting the rate against the yen in currency
policy when he said authorities could not take their "eyes off
the yen" because of the crucial role of Japanese investors.
    Analysts said they believed the Reserve Bank had worked
successfully in recent months to keep the Australian dollar
within the range of 100 to 103 yen.
    Apart from its recovery against a weak U.S. Dollar, the
Australian dollar has also risen almost three pct on a
trade-weighted basis in the last three weeks.
    Offshore buying has also played a role in the booming
Australian share market. It has followed Wall Street and other
markets, but is also setting its own trend in response to the
weight of both domestic and offshore funds pouring into
equities, particularly in the gold sector.
    The key all ordinaries index rose to a record 1,758.3
today, nearly 20 pct above its level at the end of 1986, while
the gold index has nearly doubled to a record 3,081.0 in the
same period.
    The property sector is also sought after, with Japanese
companies that have invested heavily in the United States in
recent years turning their attention to undervalued real
estate, particularly in the tourism field.
    Analysts pointed to the recent sale of Sydney's five-star
Regent Hotel to Japanese interests for more than 145 mln dlrs
as indicative of the type of property being sought.
    "They think they find good value real estate here which,
with long term and fixed capital investment, is the kind of
investment Australia needs," Buttrose added.


.I 3874
.C
gnp;cpi;
.W
ECONOMIC SPOTLIGHT - KUWAITI ECONOMY.
    By Rory Channing, Reuters
    KUWAIT, April 8 - Kuwait's oil-reliant and debt-ridden
economy has started to pull out of a nosedive but oil prices
will determine the pace of recovery, bankers and economists
say.
    Crucial will be the ability of the 13-member OPEC to hold
oil prices around a new benchmark of 18 dlrs a barrel in the
northern hemisphere summer when demand usually slackens.
    Bankers estimate the economy, measured in terms of gross
domestic product (gdp), shrank 19 pct in real terms last year
after contracting 8.1 pct the year before.
    This was after taking into account inflation in consumer
prices of 1.5 pct in 1985, slowing to 1.0 pct in 1986.
    Factors depressing economic activity include the
6-1/2-year-old Iran-Iraq war on Kuwait's doorstep, which
threatens the emirate's vital oil export lifeline through the
Gulf and has sapped business confidence.
    But sentiment received a much-needed boost in September
when, after a series of piecemeal steps to combat a debt crisis
caused by the 1982 crash of local stock market, a comprehensive
new debt settlement program was introduced.
    The share crash, result of a speculative spree in forward
trading, left 95 billion dlrs of post-dated cheques in default.
    The cheques were also used as collateral for consumer
spending, thus generating an informal credit system.
    Much of the debt has been watered down but big sums are
still owed by individuals and companies.
    There was some 4.4 billion dinars (about 15.7 billion dlrs)
in outstanding bank credit at the end of 1986, of which
one-quarter to one-third was estimated by bankers to rank as
bad or doubtful debt. But the government has repeatedly said it
will not allow any banks to go under.
    The new debt settlement scheme entails a rescheduling of
problem credit over 10 to 15 years, depending on whether
debtors have regular cash flows or not.
    Banks' shareholders and depositors will have their rights
guaranteed by the government -- an edict of vital significance
in a country of only 1.7 mln people where the financial sector
is the biggest after oil.
    Kuwait is better placed than any other OPEC country to ride
out the oil glut, bankers and economists say.
    Kuwait has an OPEC quota of 948,000 barrels per day (bpd)
compared with production capacity of 4.0 mln bpd mentioned last
year by Oil Minister Sheikh Ali al-Khalifa al-Sabah.
    But strategic diversification into downstream operations in
Europe several years ago and a hefty refining investment at
home gives it guaranteed markets abroad and enables it to sell
over one-half of its output as high-grade refined oil products.
    Oil industry sources say Kuwait is able to get an average
2.00 dlrs a barrel more by selling oil in the form of processed
product such as gas oil, kerosene and naphtha, rather than as
crude.
    Bankers say the rebound in oil prices is the major reason
for cautious optimism. Other reasons are low domestic
inflation, a bottoming out of the fall in imports in recent
years and signs government spending on productive sectors will
remain steady.
    External accounts are in good shape, with an estimated 1.8
billion dinar current account surplus in 1986, 16 pct below
that for 1985, but still an achievement in the recession-hit
Gulf.
    Kuwait's petrodollar reserves in mid-1986 were put
officially at over 80 billion dlrs, earning investment income
of the equivalent of about 3.65 billion dlrs a year.
    But for the first time since the end of the oil boom, these
reserves may not be enough to prevent a "real" budget deficit for
the 1986/87 fiscal year ending June 30, bankers say.
    In a budget portrayed by bankers as mildly contractionary,
revenues for 1986/87 were cut 38.6 pct and spending 11 pct,
doubling the nominal deficit to 1.33 billion dinars.
    This left out income from state reserves, usually excluded
in official budget accounting, which are forecast by bankers at
up to 1.0 billion dinars in 1986/87, resulting in some
shortfall.
    Bankers say it is too early to venture a forecast for
economic growth this year or next.
    "It depends on oil prices," one said. "This summer is
important."
    Cabinet Affairs Minister Rashid al-Rashid said last Sunday
the cabinet has ratified recommendations to rationalise state
spending in favour of productive sectors and reactivate the
economy.
    He gave no details but bankers say these are expected to be
spelled out in the 1987/88 budget, possibly in June.


.I 3875
.C
palm-oil;oilseed;veg-oil;soybean;soy-oil;
.W
MALAYSIA MAY NOT MEET 1987 OIL PALM TARGET.
    KUALA LUMPUR, April 8 - Malaysia is unlikely to meet its
targeted output of five mln tonnes of oil palm in calendar
1987, oil palm growers told Reuters.
    Output in 1987 is expected to reach around 4.5 mln tonnes,
unchanged from 1986, because of drought, low use of fertiliser
and overstressed palms, they said.
    The growers were asked for their reaction to an Oil World
newsletter report that Malaysia's oil palm output is likely to
drop sharply this year.
    Palm oil now sells at around 700 ringgit a tonne, or about
115 ringgit less than soybean oil, but Malaysia must sell more
palm oil to prevent a stock buildup that could damage the
industry, a leading grower told Reuters.
    The country's palm oil stocks now total some 500,000 tonnes
against about 800,000 last March, the growers said.
    The growers expect palm oil prices to ease later this year
due to pressure from South American and U.S. Soybean output.
    The current South American oilseed harvest, mainly soybean,
is likely to be around 25.7 mln tonnes against the previous
21.7 mln tonne crop, they said.
    In addition, new U.S. Soybean plantings are also expected
to enter the market around November when Malaysian palm oil
output peaks.
    They said new planting of palms is also likely to slow,
with some 50,000 hectares expected to be planted with new trees
against 100,000 in 1986, although the effects of this reduction
will not be felt for about another three years.


.I 3882
.C
earn
.W
******JARDINE MATHESON SAID IT SETS TWO-FOR-FIVE BONUS ISSUE REPLACING "B" SHARES.
Blah blah blah.

.I 3883
.C
acq
.W
MONIER SAYS BRITAIN'S REDLAND MAY BID FOR IT.
    SYDNEY, April 8 - Diversified building materials group
Monier Ltd <MNRA.S> said talks are taking place which may lead
to Britain's Redland Plc <RDLD.L> making an offer for the
Monier shares it does not already hold, chairman Bill Locke
said.
    Redland already holds about 49 pct of Monier's 156.28 mln
issued shares, he said in a brief notice to the Australian
Stock Exchange.
    Locke said shareholders would be advised as soon as the
discussions progressed and recommended that they keep their
shares.
    Monier shares were trading at a 1987 high of 3.10 dlrs
today, up from the previous peak of 2.80 at yesterday's close,
and well above the 1987 low of 2.18 dlrs.
    Monier is the largest concrete roof tile manufacturer in
Australia, the U.S. And New Zealand and the world's largest
marketer of fly ash, according to its annual report for 1985/86
ended June 30.
    It recently reported first-half 1986/87 net fell to 15.02
mln dlrs from 17.09 mln a year earlier due to the Australian
housing downturn, although foreign earnings rose.


.I 3886
.C
earn
.W
ISUZU PLANS NO INTERIM DIVIDEND.
    TOKYO, April 8 - Isuzu Motor Ltd <ISUM.T> will pay no
dividend for the first half year ending April 30, 1987, as the
company is expected to mark a 12 billion yen parent company
current loss in the first half due to slow exports caused by
the yen's appreciation, a company spokesman said.
    The company has paid no dividend since the year ended
October 31, 1983, when it paid five yen.
    It had a 4.44 billion yen current profit in the first half
of 1985/86.


.I 3887
.C
trade
.W
JAPANESE OFFICIAL TAKES DATA TO MICROCHIP TALKS.
    TOKYO, April 8 - Ministry of International Trade and
Industry (MITI) Vice Minister Makoto Kuroda leaves for
Washington today with data he hopes will refute U.S. Charges
Japan has violated a pact on microchip trade.
    A three-man Japanese trade team is already in Washington
laying the groundwork for talks between Kuroda and Deputy U.S.
Trade Representative Michael Smith aimed at persuading the U.S.
Not to impose tariffs on certain Japanese products.
    But Kuroda said he is taking no new proposals. "I have
nothing in my briefcase except an explanation of the current
situation," Kuroda told the daily newspaper Asahi Shimbun.
    Kuroda said the U.S. Decision was based on incorrect data
and an exaggerated sense of MITI's power to control market
forces. "The U.S. Has excessive expectations. To stabilise
supply-demand relations which have been disrupted by excess
inventories since 1985 will take some time," he said.
    Kuroda also laid part of the blame for low U.S. Chip sales
in Japan on a lack of effort by American firms here.
    He said if he fails in talks tomorrow and Friday to
forestall sanctions, he will seek further talks with U.S. Trade
Representative Clayton Yeutter. U.S. Officials said this week's
talks are unlikely to delay imposition of tariffs.


.I 3890
.C
acq
.W
BELL GROUP CONFIRMS STANDARD CHARTERED STAKE.
    PERTH, April 8 - The Bell Group Ltd <BLLA.S> said it now
holds 14.9 pct of the issued capital of Standard Chartered Plc
<STCH.L> after acquiring further shares.
    The one-sentence statement from Bell's headquarters
confirmed what its brokers Warburg Securities told Reuters in
London yesterday.
    Bell previously held 10 pct of Standard.
    Bell chairman Robert Holmes a Court, who is also a director
of Standard, was not available for comment on his company's
intentions in boosting its holding and other company officials
contacted here by Reuters declined to comment.


.I 3892
.C
acq
.W
NIPPON STEEL DENIES CHINA SEEKING JAPANESE PLANTS.
    TOKYO, April 8 - Nippon Steel Corp <NSTC.T> denied local
newspaper reports that China has been seeking to buy steel
plants from Japanese firms which plan to suspend output under
the recently announced rationalisation program.
    The Mainichi Shimbun quoted Nippon Steel as saying that
China's State Planning Commission and some Chinese firms have
asked Japanese makers to sell them steel works and rolling
mills to expand steelmaking cheaply. It named no sources.
    A Nippon Steel spokesman told Reuters that China has made
no such official request, and the company was not considering
such sales at the moment.
    But Mainichi quoted Nippon Steel officials as saying if
prices are reasonable, they would export their used mills to
China.
    The paper said China's crude steel output totalled 52 mln
tonnes in calendar 1986 and that it plans to increase to 80 mln
by 1996.
    Japan's steel industry rationalisation plan is aimed at
cutting production capacity sharply over the next few years.


.I 3894
.C
earn
.W
JARDINE MATHESON REPLACES "B" SHARE BY BONUS ISSUE.
    HONG KONG, April 8 - Jardine Matheson Holdings Ltd
<JARD.HK> said it will withdraw the previously announced
four-for-one bonus issue of "B" shares and replace it by a
two-for-five bonus issue of ordinary shares.
    A statement said the firm expects to pay total dividends
for 1987 of not less than 40 cents a share on the expanded
capital.
    Jardine Matheson decided to withdraw its issue because of a
joint announcement earlier today by Ronald Li, chairman of the
Stock Exchange of Hong Kong, and Securities Commissioner Ray
Astin, that the listings of new "B" shares would be barred.
    The official announcement said this will include the
proposal by Jardine Matheson.
    But the Jardine statement quoted chairman Simon Keswick as
saying: "We continue to believe that the issuing of "B" shares
would benefit shareholders, and regret that they will not be
given the opportunity to vote on the matter at this stage."
    Keswick said the "B" share issue will benefit Jardine
Matheson's shareholders by giving the firm flexibility to issue
ordinary shares for expansion in future without diluting
existing shareholders' voting rights.
    However, he added: "We certainly welcome (the Secretary for
Monetary Affairs) David Nendick's referral of this very
important matter to the Standing Committee on Company Law
Reform and are hopeful that the process will lead to the
development of general principles which can be embraced by all
constituents of the Hong Kong market."


.I 3895
.C
trade
.W
JAPAN GIVEN LITTLE HOPE OF AVOIDING U.S. SANCTIONS.
    TOKYO, April 8 - A top U.S. Official said Japan has little
chance of persuading the U.S. to drop threatened trade
sanctions, despite the efforts of a Japanese team that left for
Washington today.
    Michael Armacost, Under Secretary of State for Political
Affairs, was asked at a press conference whether Japan's moves
to boost its domestic economy and open its markets could
persuade the U.S. Not to impose tariffs on Japanese imports
said, and replied: "...It is probably too early for the figures
to demonstrate that the situation has turned around and to
permit the result you have described."
    Armacost said the U.S. Hopes Japan will take steps to lift
its domestic economy and reduce dependence on exports, remove
barriers to imports and settle outstanding trade issues.
    "There are obvious problems at the moment in the trade area,
but we do not wish those problems to divert attention from
important areas of cooperation that continue to exist on
security and political issues," he said.
    "The question is whether through cooperative actions between
our governments we can reduce the (trade) imbalance or whether
Congress takes action to reduce it through protectionist
legislation," he said.


.I 3896
.C
dlr;money-fx;yen;
.W
BANK OF JAPAN INTERVENES SOON AFTER TOKYO OPENING.
    TOKYO, April 8 - The Bank of Japan bought a small amount of
dollars shortly after the opening at around 145.30 yen, dealers
said.
    The central bank intervened as a medium-sized trading house
sold dollars, putting pressure on the U.S. Currency, they said.
    The dollar was also supported by a major electrical
consumer goods company, which was a speculative dollar buyer at
around 145.25 yen, they added.
    The dollar opened at 145.33 yen against 145.60/70 in New
York and 145.25 at the close here yesterday.


.I 3901
.C
cpi
.W
INDONESIAN INFLATION RATE 8.8 PCT IN 1986/87.
    JAKARTA, April 8 - Inflation was by 8.8 pct in Indonesia
during fiscal 1986/87 to March 31, compared to 5.66 pct the
previous year, Information Minister Harmoko said after a
cabinet session to discuss the economic situation.


.I 3902
.C
money-fx;interest;
.W
U.K. MONEY MARKET GIVEN 53 MLN STG ASSISTANCE.
    LONDON, April 8 - The Bank of England said it provided the
money market with 53 mln stg assistance in the morning session.
    This compares with the bank's estimate of a shortage in the
system of around 300 mln stg which it earlier revised up from
250 mln.
    The central bank made outright purchases of bank bills
comprising 46 mln stg in band three at 9-3/4 pct and seven mln
stg in band four at 9-11/16 pct.


.I 3904
.C
acq
.W
SAN MIGUEL DEAL HIT BY MORE LAWSUITS.
    MANILA, April 8 - A bid by San Miguel Corp (SMC) <SANM.MN>
to buy back 38.1 mln sequestered shares from United Coconut
Planters Bank (UCPB) has been hit by two new lawsuits, sources
in the Philippine food and brewery company said.
    A Manila court yesterday issued an injunction barring UCPB
from selling the shares, which represent 31 pct of SMC's
outstanding capital stock of 121 mln shares, until hearings on
April 21 on a petition filed by Eduardo Cojuangco, a former
chairman of both SMC and UCPB.
    Cojuangco said the Coconut Industry Investment Fund (CIIF)
and 1.4 mln farmers were the rightful owners of the shares.
    Cojuangco said the shares were held in trust by UCPB and
represented a blue chip investment. His petition said UCPB's
plans to sell the shares to SMC were "a serious breach of
fiduciary duties."
    The SMC sources said the proposed share sale could also be
held up by a second derivative suit filed before the Securities
and Exchange Commission (SEC) by Eduardo de los Angeles, a
government nominee on the company's board.
    De los Angeles, who represents SMC's minority stockholders,
asked the SEC to block the transaction, approved last week by
the company's board.
    On April 2 the board sanctioned the repurchase of the
sequestered shares for 4.79 billion pesos at 126 pesos per
share. De los Angeles told the SEC the company's retained
earnings of 1.33 billion pesos would be wiped out by the
purchase of the shares and would prevent the declaration of
dividends.
    De los Angeles said the share purchase would also violate
an SMC agreement with its creditors to maintain a 2.2-to-1 debt
to equity ratio. He quoted SMC's chief financial director Ramon
del Rosario as telling the board that the transaction would
boost the ratio to 2.5-to-1.
    In petitioning the SEC, de los Angeles amended an earlier
suit two weeks ago in which he charged SMC Chairman Andres
Soriano III and nine other directors of violating their duties.
    De los Angeles' earlier complaint related to SMC assuming
last December a 26.5 mln dlr loan contracted by SMC's Hong Kong
subsidiary <Neptunia Corp> for a down payment on the shares.
The loan assumption was again ratified by last week's board
meeting.
    An arbitration panel set up by President Corazon Aquino to
resolve the ownership issue is expected to submit its report by
April 15.
    "The amended suit filed by Eduardo de los Angeles is part of
a continuing attempt by certain elements, in complete disregard
of the facts and with questionable motives, to delay an early
disposition of the sequestered shares," San Miguel Corp said in
a statement.
    "Coming as it does, when San Miguel Corp and UCPB have
reached agreement on the price of the shares and the method of
payment, this suit is in direct contravention of the
government's expressed desire to reach an amicable settlement
of the controversy by April 15," the statement added.
    A San Miguel spokesman said he had no comment on
Cojuangco's court petition, adding: "Any statement coming from
us might be interpreted as adversarial."
    Meanwhile, Ramon Diaz, the head of a government panel which
sequestered the shares last year, said Soriano was not eligible
to buy the major portion of the shares because he was a United
States citizen.
    The sequestered shares are split into 24 mln "A" shares,
which can only be owned by Filipinos, and 14 mln "B" shares which
are available to foreign buyers.
    SMC sources said Soriano personally was not among
prospective buyers. They said the shares would be purchased by
the <A.Soriano> group of companies, SMC, Neptunia and unnamed
institutional investors. Soriano was named as one of the buyers
in a bid in March 1986 for 33 mln shares controlled by UCPB.
    The sale was aborted when Diaz's Presidential Commission on
Good Government sequestered the shares on suspicion they were
owned by Cojuangco, a close associate of former President
Ferdinand Marcos. Cojuangco lives in self-imposed exile in the
U.S.. The shares grew to 38.1 mln after a 15 pct stock dividend
announced last June.
    "We have no objection to Soriano buying the "B" shares," Diaz
told Reuters. "But everything is on hold now."
    The SMC spokesman said he did not know if the controversy
would be resolved before the company's annual stockholders'
meeting, scheduled for May 14.
    San Miguel Corp reported sales revenue of 12.2 billion
pesos in 1986, 11 pct above its 10.9 billion peso sales in
1985. It said unaudited net profit was in the neighbourhood of
700 mln pesos, an increase of about 50 pct over 1985.


.I 3905
.C
sugar
.W
RAIN BOOSTS CENTRAL QUEENSLAND SUGAR CANE CROP.
    SYDNEY, April 8 - Good rains of one to four inches in the
past 10 days have boosted moisture-stressed sugar cane crops in
the Mackay-Burdekin region of Queensland's central coast, an
Australian Sugar Producers' Association spokesman said.
    As previously reported, the region has been undergoing a
severe dry spell, partly relieved by scattered rainfall, since
December, following the virtual failure of the summer wet
season.
    Mills in the area have been reporting that their crops are
beginning to look healthy and greener and are putting on growth
since the rains began, the spokesman said from Brisbane.
    Although the Mackay-Burdekin crop outlook is much better
than it was, there will be some cane losses, the spokesman
said. But is too early to say what they will be and more rain
is needed to restore sub-soil moisture.
    Elsewhere, in far north Queensland, the Bundaberg region
and southern Queensland, the cane is in excellent condition and
some mills are forecasting record crops, he said.
    Initial 1987 crop estimates will probably be compiled
towards the end of May, he said.
    The cane crush normally runs from June to December.


.I 3906
.C
sugar
.W
FRENCH TRADERS FORECAST EC SUGAR TENDER.
    PARIS, April 8 - The European Community (EC) is expected to
award export licences at today's weekly tender for above 60,000
and possibly up to 100,000 tonnes of white sugar after last
week's award for 102,350 tonnes, traders here said.
    They expected a maximum rebate of between 46.40 and 46.50
Ecus per 100 kilos, compared to last week's 46.864.
    Earlier, traders in London said the outcome of the tender
was very hard to predict after last week's substantial award
and the placing of 785,000 tonnes of sugar into intervention.
They said they believed the tonnage would be around 60,000 but
declined to give a rebate figure.


.I 3909
.C
earn
.W
ITALY'S LA FONDIARIA TO REPORT HIGHER 1986 PROFITS.
    Milan, April 8 - Italian insurer La Fondiaria Spa <LFDI.MI>
said it expects to report consolidated group profit in 1986
significantly higher than the 60 billion lire reported in 1985.
    The company said in a statement that parent company net
profit last year will rise from the 72 billion lire reported in
1985. Consolidated group premiums totaled 1,700 billion lire in
1986 compared with 1,490 billion the previous year.
    Iniziativa Meta <INZI.MI>, the financial services unit of
Montedison Spa <MONI.MI>, controls the largest single stake in
Florence-based Fondiaria with 49.9 pct.


.I 3911
.C
nickel
.W
NICKEL PRICES UNLIKELY TO RISE MUCH - SHEARSON.
    LONDON, April 8 - Nickel prices are unlikely to rise
significantly from current levels unless further steps are
taken to reduce production, Shearson Lehman Brothers said in
its quarterly nickel market report.
    The market had recovered slightly to around 1.72 dlrs a lb
yesterday from its four year low of 1.55 dlrs in early January,
due to the absence of Soviet nickel cathode deliveries, but
Shearson sees Soviet shipments soon returning to last year's
buoyant levels, which should ease current tightness.
    Output reductions by producers will take effect later this
year but are likely to be offset by increases elsewhere.
    Shearson said the nickel market will be virtually in
balance during 1987, with total non-Socialist world demand at
556,000 tonnes, compared with an estimated 544,000 tonnes in
1986, production at 505,000 tonnes (504,000) and imports from
Socialist countries at 47,000 tonnes (50,000).
    It forecast prices will edge higher during the year from a
first quarter average of 1.67 dlrs a lb up to 1.77 dlrs in the
last quarter. The year's average will be around 1.72 dlrs a lb
compared with 1.76 dlrs in 1986, using London Metal Exchange
cash metal prices in dollar terms and assuming an average 1987
sterling exchange rate of 1.55 dlrs.


.I 3913
.C
earn
.W
HIGHER 1986 PROFIT FOR DUTCH CHEMICAL FIRM DSM.
    HEERLEN, Netherlands, April 8 - The fully state-owned Dutch
chemical firm NV DSM <DSMN.AS> said its 1986 net profit rose to
412 mln guilders from 402 mln in 1985, while turnover fell to
17.7 billion guilders in 1986 from 24.1 billion in 1985.
    The company said 1986 dividend, which will be paid to the
Dutch state in its capacity of the firm's sole shareholder,
would be raised to 98 mln guilders from 70 mln guilders in
1985.
    In an initial comment on its 1986 results, DSM said the
drop in 1986 turnover had been caused mainly by losses in the
company's fertilizer division.


.I 3914
.C
dlr;money-fx;
.W
POEHL WARNS AGAINST FURTHER DOLLAR FALL.
    WASHINGTON, April 8 - Bundesbank President Karl Otto Poehl
said a weaker dollar would be risky and a further appreciation
of the mark would damage prospects for sustained West German
economic growth.
    In a speech to the Institute of Contempory German Affairs
here, Poehl said "It would be an extremely risky policy to aim
for a further substantial decline in the value of the dollar to
correct the trade deficit."
    He said the United States could face a vicious circle of
depreciation, inflation and more depreciation if it took that
route.
    Poehl noted West Germany had already taken steps to meet
U.S. Demands for greater stimulation of its domestic economy,
accelerating tax cuts, cutting interest rates and tolerating
above-target money supply growth.
    He said he would have been happy to have brought forward
five billion marks of tax cuts now planned for January 1988 to
the beginning of this year, but he said the government faced
political constraints getting such measures through the upper
house of the West German parliament.
    But there were also limits to the impact West Germany could
accept on exports from a rising mark, he said.
    Poehl said West Germany relied on exports for about
one-third of its gross national product, so a substantial
erosion of export markets could not be offset by increasing
demand at home.
    "A further appreciation of the mark could even be an
obstacle to further growth," he said.
    Poehl said the Bundesbank had tolerated rapid money supply
growth last year because the country enjoyed low inflation and
because external factors, including low oil prices and
favourable terms of trade, had given some extra leeway.
    But Poehl said West Germany now faced a difficult dilemma
over monetary policy.
    The underlying rate of inflation was now two pct, not the
reported negative inflation rates last year, and West Germany
was affected more than before by exchange rate developments.
    "For the time being, we will have to focus our policy more
on the external side, and we can live with a more expansionary
money supply. But we must be very careful," he said.
    He said he shared some of the U.S. Concern about Japan's
trade surpluses, which affected European countries as well as
the United States.
    Poehl welcomed the so-called Louvre accord of monetary
officials of major industrialized countries, saying the
importance of the February 22 agreement to stabilize exchange
rates had been underestimated.
    All partners had agreed that the dollar was at about the
right level, and that further changes would damage growth, he
said.
    "This was a remarkable change in attitude, especially on the
part of our American colleagues," he said.
    But he said there was still a danger that the correction of
the dollar's value could overshoot.


.I 3915
.C
acq
.W
CINCINNATI BELL <CSN> STARTS AUXTON <AUXT> BID.
    NEW YORK, April 8 - Cincinnati Bell Inc said it has started
its previously-announced 15.75 dlr per share tender offer for
all shares of Auxton Computer Enterprises Inc.
    In a newspaper advertisement, the company said the tender
and withdrawal rights will expire May Five unless extended. The
offer, which has been approved by the Auxton board and is to be
followed by a merger at the same price, is conditioned on
receipt of a majority of Auxton's voting stock on a fully
diluted basis.


.I 3916
.C
earn
.W
CALIFORNIA BIOTECH <CBIO> SEES 1ST QTR LOSS.
    MOUNTAIN VIEW, Calif., April 8 - California Biotechnology
Inc said it expects to report a loss of 1,300,000 dlrs to
1,600,000 dlrs for the first quarter due to increased
investment in research and manufacturing and a scaleup of
production.
    The company said research spending is running 50 to 60 pct
above a year ago as it tries to commercialize its products as
quickly as possible, and increased expenditures are expected to
continue for several more quarters.  It said operating results
will fluctuate quarter to quarter, depending on the timing of
significant payments from commercial partners.
    In the first three months of 1986, the company lost 150,000
dlrs.  The company changed its fiscal year in 1986 to a
calendar year from a year ending November 30.  For the first
quarter of last year, ended February 28, California Biotech
earned 114,000 dlrs.


.I 3917
.C
earn
.W
PALL CORP <PLL> SETS QUARTERLY DIVIDEND.
    GLEN COVE, N.Y., April 8 -
    Qtly div 8-1/2 cts vs 8-1/2 cts prior
    Pay May One
    Record April 20


.I 3924
.C
acq
.W
UNILEVER SEEKS BUYER FOR STAUFFER CHEMICAL.
    LONDON, April 8 - Unilever Plc and NV <UN.AS> has issued a
prospectus through investment bankers Goldman Sachs and Co
seeking a buyer for <Stauffer Chemical Co> of the U.S., Which
it acquired with the recent takeover of <Chesebrough-Pond's
Inc>, a Unilever spokesman said.
    He noted Unilever has been indicating plans to dispose of
Stauffer, plus some smaller assets of Chesebrough, since the
bid was made in December.
    The Stauffer sale prospectus has been sent in recent weeks
to a number of companies expressing interest.
    The Unilever spokesman declined to say how much the group
expected to receive for Stauffer.
    Chesebrough's footwear and tennis racket businesses are
also likely to be disposed of, he added.
    Immediately available financial information on Stauffer,
which is wholly-owned, was limited, he added. Nine month sales
to September 1986 were about 1.2 billion dlrs.
    Unilever aquired Chesebrough for 3.2 billion dlrs in order
to benefit from its well-known toiletry brands and food
products.


.I 3926
.C
acq
.W
******CONRAC CORP SAID IT HAS ENTERED TALKS ON ITS ACQUISITION WITH SEVERAL PARTIES.
Blah blah blah.

.I 3932
.C
acq
.W
CONRAC <CAX> IN MERGER TALKS WITH SEVERAL.
    STAMFORD, Conn., April 8 - Conrac Corp sait has started
negotiations with several interested parties on its possible
acquisition.
    It said there can be no assurance that any transaction will
result from the talks.  It gave no further details.
    Mark IV Industries Inc <IV> started tendering for all
Conrac shares at 25 dlrs each on March 24 and owned 9.9 pct of
Conrac before starting the bid.
    Conrac is a producer and marketer of computer-related
information display and communications equipment which also
produces special purpose architectural and industrial products.
    It owns Code-A-Phone Corp, a producer of telephone
answering machines.
    For 1986, the company reported profits of 7.8 mln dlrs, or
1.16 dlrs a share, on sales of 153.9 mln dlrs. It has nearly
6.8 mln shares outstanding.


.I 3934
.C
groundnut
.W
JAPAN'S LDP URGES MORE IMPORTS OF 12 FARM ITEMS.
    TOKYO, April 8 - The ruling Liberal Democratic Party (LDP)
has proposed expanding imports of 12 farm products named in a
U.S. Complaint against Japan to the General Agreement on
Tariffs and Trade last year, an LDP official said.
    The products include fruit juices, purees and pulp, some
tomato products, peanuts, prepared beef products and beans.
    The proposal will be used as the basis for a more detailed
LDP economic package to cut the trade surplus with the U.S. The
party is expected to formalise the package before April 19,
when LDP General Council Chairman Shintaro Abe visits
Washington.


.I 3937
.C
earn
.W
COMPUTER RESEARCH INC <CORE> 2ND QTR FEB 28 NET.
    PITTSBURGH, April 8 -
    Shr 14 cts vs nine cts
    Net 217,572 vs 153,454
    Revs 2,530,273 vs 2,558,924
    1st half
    Shr 19 cts vs 11 cts
    Net 299,838 vs 174,739
    Revs 4,865,249 vs 4,495,021


.I 3940
.C
ship
.W
AUSTRALIAN FOREIGN SHIP BAN ENDS.
    SYDNEY, April 8 - Tug crews in New South Wales (NSW),
Victoria and Western Australia yesterday lifted their ban on
foreign-flag ships carrying containers but NSW ports are still
being disrupted by a separate dispute, shipping sources said.
    The ban, imposed a week ago over a pay claim, had prevented
the movement in or out of port of nearly 20 vessels, they said.
The pay dispute went before a hearing of the Arbitration
Commission today.
    Meanwhile, disruption began today to cargo handling in the
ports of Sydney, Newcastle and Port Kembla, they said.
    The industrial action at the NSW ports is part of the week
of action called by the NSW Trades and Labour Council to
protest changes to the state's workers' compensation laws.


.I 3941
.C
earn
.W
******RUBBERMAID INC 1ST QTR SHR 28 CTS VS 22 CTS.
Blah blah blah.

.I 3942
.C
ship
.W
INDEPENDENT CHAIRMAN FOR DUTCH CARGO DISPUTE.
    ROTTERDAM, April 8 - The two sides in the Rotterdam port
general cargo dispute have agreed to appoint an independent
chairman, Han Lammers, to preside over future meetings,
employers' spokesman Gerard Zeebregts said.
    Lammers, Queen's Commissioner for the province of
Flevoland, will not act as a mediator but will draw up an
agenda and procedures for meetings between the employers and
unions on a work-practice agreement and proposed redundancies.
    Two months of strikes in the sector began on January 19 in
protest at employers' proposals for 350 redundancies from the
4,000-strong workforce this year.
    The strikes were called off by the main port union FNV on
March 13 following an Amsterdam court's interim injunction
against the redundancies on procedural grounds.
    The court is due to make a final ruling on May 7 but
Zeebregts said he expected the judgment to go against the
employers and they were therefore very likely to restart the
complicated legal redundancy procedures in the near future.
    Meanwhile, the dispute over a new work-practice agreement
in the port's grain sector continued, with 30 maintenance
workers on strike, although loading was not affected, a
spokesman for Graan Elevator Mij, the largest employer in the
sector, said.
    The employers have written to the union asking it to
reconsider its position and a meeting of union members has been
called for tomorrow.


.I 3943
.C
earn
.W
ELECTRO RENT CORP <ELRC> 3RD QTR FEB 28 NET.
    SANTA MONICA, Calif., April 8 -
    Shr 20 cts vs 32 cts
    Net 1,358,000 vs 2,476,000
    Revs 27.1 mln vs 26.2 mln
    Avg shrs 6,852,000 vs 7,764,000
    Nine mths
    Shr 68 cts vs 1.05 dlrs
    Net 4,957,000 vs 8,129,000
    Revs 82.6 mln vs 78.8 mln
    Avg shrs 7,316,000 vs 7,754,000


.I 3945
.C
earn
.W
RUBBERMAID INC <RBD> 1ST QTR NET.
    WOOSTER, Ohio, April 8 -
    Shr 28 cts vs 22 cts
    Net 20.6 mln vs 16.1 mln
    Sales 238.0 mln vs 188.8 mln


.I 3946
.C
earn
.W
WTC INTERNATIONAL INC <WAF> 4TH QTR FEB 28 NET.
    TORRANCE, Calif., April 8 -
    Shr profit 13 cts vs loss 33 cts
    Net profit 1,149,000 vs loss 2,833,000
    Rev 51.8 mln vs 47.8 mln
    Year
    Shr profit 24 cts vs loss 18 cts
    Net profit 2,050,000 vs loss 1,551,000
    Rev 200.6 mln vs 180.1 mln


.I 3947
.C
money-fx;interest;
.W
U.K. MONEY MARKET GIVEN FURTHER 166 MLN STG HELP.
    LONDON, April 8 - The Bank of England said it provided the
market with further help totalling 166 mln stg during the
afternoon.
    In band one, it bought 31 mln stg of treasury bills and
three mln stg of bank bills at 9-7/8 pct, while in band two it
bought 69 mln stg of bank bills at 9-13/16 pct. In addition, it
bought 63 mln stg of band three bank bills at 9-3/4 pct.
    This brings the total assistance by the Bank so far today
to 219 mln stg against a liquidity shortage it has estimated at
around 300 mln stg.


.I 3948
.C
earn
.W
******MEAD CORP 1ST QTR OPER SHR 1.09 DLRS VS 67 CTS.
Blah blah blah.

.I 3950
.C
earn
.W
RUBBERMAID <RBD> SEES CONTINUED IMPROVEMENT.
    WOOSTER, Ohio, April 8 - Rubbermaid Inc said its incoming
order rates continue strong and it expects to continue
recording favorable year to year comparisons in each remaining
quarter of 1987.
    Today the company reported first quarter earnings of 20.6
mln dlrs on sales of 238.0 mln dlrs, up from earnings of 16.1
mln dlrs on sales of 188.8 mln dlrs.


.I 3951
.C
earn
.W
CAYUGA SAVINGS BANK <CAYB> 1ST QTR NET.
    AUBURN, N.Y., April 8 -
    Shr 55 cts vs 41 cts
    Net 494,000 vs 204,000
    Avg shrs 896,655 vs 494,155


.I 3952
.C
earn
.W
JOHNSTOWN SAVINGS BANK FSB <JSBK> 1ST QTR NET.
    JOHNSTOWN, Pa., April 8 -
    Shr 33 cts vs not given
    Net 642,484 vs 362,883
    NOTE: Company went public in October 1986.
    Net includes pretax loan loss provisions of 90,000 dlrs vs
56,250 dlrs and gain on sale of securities of 113,432 dlrs vs
88,946 dlrs.


.I 3953
.C
earn
.W
HOME SAVINGS AND LOAN ASSOCIATION INC <HSLD>.
    DURHAM, N.C., April 8 - 2nd qtr March 31
    Shr 57 cts vs not given
    Net 790,874 vs 628,020
    1st half
    Shr 1.15 dlrs vs not given
    Net 1,588,985 vs 1,073,163
    NOTE: Company recently went public.


.I 3954
.C
earn
.W
GEODYNAMICS CORP <GDYN> 3RD QTR FEB 27 NET.
    SANTA BARBARA, Calif., April 8 -
    Shr 21 cts vs 20 cts
    Net 596,000 vs 594,000
    Revs 8,693,000 vs 8,164,000
    Nine mths
    Shr 61 cts vs 58 cts
    Net 1,784,000 vs 1,653,000
    Revs 26.3 mln vs 23.0 mln


.I 3957
.C
jobs
.W
SWEDISH UNEMPLOYMENT STEADY IN MARCH.
    STOCKHOLM, April 8 - Swedish unemployment was steady at 2.2
pct of the workforce in March compared with the previous month,
the Central Bureau of Statistics said.
    In March 1986, the figure stood at 2.4 pct.


.I 3958
.C
earn
.W
COMPAQ <CPQ> EXPECTS HIGHER FIRST QUARTER NET.
    HOUSTON, April 8 - Compaq Computer Corp said it expects
sales and earnings for the first quarter of 1987 to be higher
than analysts expectations due to strong demand for its
products.
    Rod Canion, president and chief executive officer of
Compaq, said he expects sales of over 200 mln dlrs for the
period ending March 31, above analysts' estimates of 165-185
mln dlrs. He added that earnings per share would exceed
analysts estimates of as high as 42 cts a share.
    Compaq reported earnings of 8.3 mln dlrs, or 30 cts a
share, and sales of 144 mln dlrs for the first quarter 1986.
    The company said demand for its DESKPRO 386, PORTABLE III
and the new COMPAQ DESKPRO 286 will contribute to the sales
increase.
    "The initial demand for the recently introduced COMPAQ
PORTABLE III and the new models of the COMPAQ DESKPRO 286
exceeds that of any other Compaq personal computers," Canion
said. "We saw continued demand for our personal computers
across the quarter, with March (1987) being a particularly
strong month.


.I 3961
.C
acq
.W
I.U. INTERNATIONAL <IU> TO SELL INSURANCE UNITS.
    PHILADELPHIA, April 8 - I.U. International Co said it
reached a preliminary agreement to sell the Hawaiian Insurance
Cos to Hawaiian Electric Industries Inc. <HE>.
    Terms of the transaction were not disclosed, the company
said.
    The transaction is subject to the execution of definitive
agreements, certain governmental approvals and approvals by the
boards of directors involved, I.U. International said.
    Hawaiian Electric said the planned purchase was part of its
strategy to increase the company's investment in selected
service industries in Hawaii, including financial services.


.I 3964
.C
earn
.W
CXR TELCOM CORP <CXRL> 3RD QTR MARCH 31 NET.
    MOUNTAIN VIEW, Calif., April 8 -
    Shr nil vs nil
    Net 215,000 vs 16,000
    Revs 2,800,000 vs 1,100,000
    Nine mths
    Shr one ct vs nil
    Net 620,000 vs 231,000
    Revs 8,100,000 vs 2,100,000


.I 3965
.C
acq
.W
PROXMIRE OUTLINES INSIDER TRADING LEGISLATION.
    WASHINGTON, April 8 - Senate Banking Committee Chairman
William Proxmire (D-Wis) said he planned to introduce
legislation shortly to require greater public disclosure of
corporate takeovers and fairer treatment for all shareholders.
    Speaking to the National Association of Manufacturers,
Proxmire said recent insider trading stock scandals increased
the chance that Congress will act to curb abuses.
    "We are proposing legislation that would provide for more
disclosure, would be fairer to all shareholders, and would
insure that takeovers are properly financed," he said.
    Among the provisions, the bill would reduce the threshold
for notifying the Securities and Exchange Commission that a
investor or group has acquired a percentage of stock in a
company to three pct from the current five pct threshold within
10 days, Proxmire said.
    In addition, there would be a pre-notificaton requirement
that an investor intended to aquire three pct that would have
to filed with the SEC.
    Proxmire said the pre-notification requirement was meant to
prevent arbitragers from having a jump on the general public in
knowing about coming takeover attempts.
    Proxmire said he would call for extending the period that a
tender offer must be kept open under the Williams Act to 60
business days from the current 20 business days.
    His bill would provide for private suits if the acquiring
company violated the time period on the tender offer.
    To correct abuses in the financing of takeovers, Proxmire
said the legislation would aim at insuring current margin
requirments are properly enforced.
    The Federal Reserve Board has a 50 pct margin requirement
for purchasing stock, but Proxmire said it is not generally
enforced in hostile takeovers.
    Rather, the groups or individuals leading a takeover
declare that they can raise the capital for a takeover without
actually putting any of their own money, Proxmire said.
    He said his bill would allow private suits for damages for
failure to meet the Federal Reserve's 50 pct margin
requirements.
    The bill also would require more disclose when several
investors form an alliance in a hostile takeover.
    "When Pickens and Icahn get together we want people to know
about it," Proxmire said.
    Proxmire said he favored the approach used in Britain
towards two-tiered tender offers that insures that all
shareholders recieve equal treatment.
    He said he expected amendments to the bill also would cover
defensive mechanisms such as green mail and poison pills.
    Proxmire said he intended to introduce his bill later this
month and predicted the Senate committee would act this spring.
    He said he was hopeful Congress could pass a bill this
year.


.I 3966
.C
earn
.W
HELEN OF TROY CORP <HELE> 4TH QTR FEB 28 NET.
    EL PASO, Texas, April 8 -
    Shr 17 cts vs 13 cts
    Net 598,000 vs 392,000
    Sales 10.2 mln vs 7,474,000
    Avg shrs 3,432,000 vs 3,045,000
    Year
    Oper shr profit 1.05 dlrs vs loss 47 cts
    Oper net profit 3,498,000 vs loss 1,427,000
    Sales 52.2 mln vs 40.8 mln
    Avg shrs 3,320,000 vs 3,060,000
    NOTE: Latest year net excludes 782,000 dlr tax credit.


.I 3967
.C
earn
.W
BANKERS TRUST <BT> PUTS BRAZIL ON NON-ACCRUAL.
    NEW YORK, April 8 - Bankers Trust New York Corp said it has
placed its approximately 540 mln dlrs of medium- and long-term
loans to Brazil on non-accrual status and that first-quarter
net income will be reduced by about seven mln dlrs as a result.
    Brazil suspended interest payments on its 68 billion dlrs
of medium- and long-term debt on February 22.
    U.S. banking regulations do not require banks to stop
accruing interest on loans until payments are 90 days overdue,
but Bankers Trust said it acted now because of "the high
potential of a continued suspension that would result in
reaching the 90-day limit in the second quarter of 1987."
    Assuming no cash payments at current interest rates are
received for the rest of 1987, Bankers Trust estimated that
full-year net income would be reduced by about 30 mln dlrs.
    Bankers Trust said it assumes that debt negotiations
between Brazil and its commercial bank lenders will lead to the
resumption of interest payments.
    The negotiations resume in New York on Friday when central
bank governor Francisco Gros is expected to ask banks for a
90-day rollover of some 9.5 billion dlrs of term debt that
matures on April 15.


.I 3968
.C
earn
.W
<FIRST MERCANTILE CURRENCY FUND INC> 1ST QTR NET.
    Toronto, April 8 -
    Shr profit 63 cts vs 22 cts
    Net 775,868 vs 276,446
    Revs 2,255,742 vs 706,130


.I 3969
.C
sugar
.W
****** UK INTERVENTION BD SAYS EC SOLD 118,350 TONNES WHITE SUGAR AT REBATE 46.496 ECUS.
Blah blah blah.

.I 3970
.C
money-fx
.W
STOLTENBERG SEES MOVES TO STRENGTHEN PARIS ACCORD.
    WASHINGTON, April 8 - West German Finance Minister Gerhard
Stoltenberg said today's meetings of major industrial countries
would look at ways of strengthening the Paris accord on
stabilizing foreign exchange rates.
    Stoltenberg told journalists he saw no fundamental weakness
of the February 22 agreement of the Group of Five countries and
Canada to keep exchange rates near the then-current levels.
    But he declined to say what measures would be discussed
ahead of a communique of the Group of Seven ministers later
today.
    Stoltenberg and Bundesbank President Karl Otto Poehl said
the importance of the Paris agreement, also known as the Louvre
accord, had been underestimated.
    Stoltenberg said there is greater agreement now among major
countries than six months ago, at the time of the annual
meeting of the International Monetary Fund and World Bank,
marked by sharp discord between the United States and its major
trading partners.
    "There is no fundamental weakness of the Paris accord," he
said. "We will be looking at ways of strengthening it, but I do
not want to discuss that here.
    Stoltenberg said the Louvre agreement was working despite a
"slight firming" of the yen against the dollar.
    And Poehl noted that the dollar/mark parity was unchanged
since February 22 without the Bundesbank having had to sell
marks to support the dollar.
    "The Louvre agreement has been honored by the market," he
said.
    Poehl said West Germany had lived up to its side of the
bargain in Paris by preparing the way for tax cuts to be
accelerated as a way of stimulating growth.
    Poehl said, however, that Japan had not yet fulfilled its
pledges for economic stimulation.
    "And we will have to see if the United States is able to do
what they promised in Paris on reducing the budget deficit --
and get it through Congress," he added.
    Stoltenberg reiterated West German concern about a further
fall in the dollar, noting that the mark was up 85 pct against
the dollar and nearly 20 pct on a trade-weighted basis.
    "You cannot expect that to go unnoticed in an economy. And
it is not just a German problem, it is a European problem," he
said.


.I 3971
.C
sugar
.W
U.K. INTERVENTION BOARD DETAILS EC SUGAR SALES.
    LONDON, April 8 - A total 118,350 tonnes of current series
white sugar received export rebates of a maximum 46.496
European Currency Units (Ecus) per 100 kilos at today's
European Community (EC) tender, the U.K. Intervention Board
said.
    Out of this, traders in the U.K. Received 37,800 tonnes, in
France 34,500, in West Germany 20,000, in Belgium 18,500, in
Spain 5,800 and in Denmark 1,750 tonnes, it added.
    Earlier today, London traders had declined to give a
projected view on the level of subsidy although some said total
tonnage awards would be around 60,000 tonnes.
    Paris traders foresaw between 60,000 and 100,000 tonnes
being authorised for export at a 46.40/46.50 Ecu subsidy.
    Cumulative sales authorisations for the current season
(1986/87) now stand at 2,194,970 tonnes (43 weeks).
    Last week saw 102,350 tonnes whites authorised for export
under licences to end-Sep at the higest ever rebate of 46.864
European Currency Units (Ecus) per 100 kilos.


.I 3976
.C
earn
.W
MEAD <MEA> EXPECTS IMPROVED EARNINGS THIS YEAR.
    DAYTON, Ohio, April 8 - Mead Corp said the outlook for its
major paper markets looks strong for the second quarter and
augurs well for its earnings in 1987.
    "The generally strong outlook bodes well for significantly
improved earnings this year," Burnell Roberts, chairman and
chief executive officer said.
    Earlier, the company reported first quarter earnings of
34.2 mln dlrs, or 1.09 dlrs a share, versus 20.3 mln dlrs, or
65 cts a share, in last year's first quarter.
    In 1986 the company reported earnings from continuing
operations of 109.3 mln dlrs, or 3.50 dlrs a share.
    Mead said its first quarter benefitted from stronger market
conditions and improved operations.
    "The combination of capital improvement programs and more
employee involvement has been paying off throughout our paper
operations," Roberts said.
    He added that Mead's pulp and paperboard businesses are
operating well as prices have improved and strong demand has
placed most products in a sold-out position through the middle
of the year.
    Mead said sales of its unbleached coated paperboard was
particularly strong, up 13 pct versus the first quarter 1986.


.I 3978
.C
earn
.W
AMERTEK INC <ATEKF> 1ST QTR NET.
    WOODSTOCK, Ontario, April 8 -
    Shr profit 20 cts vs loss three cts
    Net profit 849,299 vs loss 82,512
    Revs 7,929,138 vs 3,849,224


.I 3981
.C
earn
.W
ALEX BROWN INC <ABSB> 1ST QTR MARCH 27 NET.
    BALTIMORE, April 8 -
    Shr primary 78 cts vs 68 cts
    Shr diluted 75 cts vs 68 cts
    Qtrly div six cts vs five cts
    Net 7,929,000 vs 6,569,000
    Revs 78.7 mln vs 61.9 mln
    NOTE: Pay date for the qtrly div is April 28 for
shareholders of record April 20.


.I 3983
.C
earn
.W
TOWN AND COUNTRY JEWELRY MANUFACTURING <TCJC>.
    CHELSEA, Mass., April 8 - 4thh qtr Feb 28
    Shr 46 cts vs 22 cts
    Net 2,139,034 vs 854,182
    Sales 30.8 mln vs 20.6 mln
    Avg shrs 5,280,854 vs 4,559,646
    Year
    Shr 1.34 dlrs vs 1.15 dlrs
    Net 5,935,117 vs 4,156,171
    Sales 107.2 mln vs 71.6 mln
    Avg shrs 5,281,387 vs 3,616,183
    NOTE: Town and Country Jewelry Manufacturing Corp.


.I 3984
.C
acq
.W
PAXAR CORP <PAKS> MAKES ACQUISITION.
    PEARL RIVER, N.Y., April 8 - Paxar Corp said it has
acquired Thermo-Print GmbH of Lohn, West Germany, a distributor
of Paxar products, for undisclosed terms.


.I 3985
.C
earn
.W
<MARK'S WORK WEARHOUSE LTD> YEAR JAN 31 NET.
    Calgary, Alberta, April 8 -
    Shr 10 cts vs 32 cts
    Net 975,000 vs 3,145,000
    Sales 159.1 mln vs 147.3 mln


.I 3987
.C
acq
.W
CANADIAN BASHAW, ERSKINE RESOURCES TO MERGE.
    Edmonton, Alberta, April 8 - Canadian Bashaw Leduc Oil and
Gas Ltd said it agreed to merge with Erskine Resources Ltd.
Terms were not disclosed.
    Ownership of the combined company with 18.8 pct for the
current shareholders of Canadian Bashaw and 81.2 pct to the
current shareholders of Erskine, the companies said.


.I 3988
.C
earn
.W
ENTOURAGE <ENTG> HAS FIRST QUARTER LOSS.
    HOUSTON, April 8 - Entourage International Inc said it had
a first quarter loss of 104,357 dlrs, after incurring 70,000
dlrs in costs for an internal audit, a report for shareholders
and proxy soliciation and 24,000 dlrs in startup expenses for
opening London offices.
    The company went public during 1986.
    Entourage also said it has started marketing a solid
perfume packaged in a lipstick tube called "Amadeus," retailing
at 15 dlrs.
    The company also said it has acquired North Country Media
Group, a video productions company.


.I 3989
.C
earn
.W
<MR. JAX FASHIONS INC> YEAR FEB 28 NET.
    Vancouver, British Columbia, April 8 -
    Shr 58 cts vs 29 cts
    Net 3,141,000 vs 1,440,000
    Sales 24.7 mln vs 13.0 mln


.I 3994
.C
earn
.W
******F.W. WOOLWORTH CO SAYS IT HIKES DIVIDEND TO 33 CTS A SHARE FROM 28 CTS.
Blah blah blah.

.I 3995
.C
earn
.W
F.W. WOOLWORTH CO <Z> HIKES DIVIDEND.
    NEW YORK, April 8 -
    Qtly div 33 cts vs 28 cts prior
    Pay June 1
    Record May 1


.I 3996
.C
sugar
.W
DUTCH SUGAR BEET PLANTING HALF FINISHED.
    ROTTERDAM, April 8 - Roughly half of this year's expected
130,000 hectare Dutch sugar beet crop is already in the ground,
a spokesman for Suiker Unie, the largest sugar processor in the
Netherlands, told Reuters.
    Conditions are generally good and the average sowing date
for the crop is expected to be around April 11, against April
23 last year, and a 10-year average of April 14, the spokesman
added.
    "It is far too early yet to say what kind of output we can
expect when it comes to harvest in September, but at least the
crop is off to a very good start," he said.
    Last year, the Netherlands planted a record 137,600
hectares of sugar beet and produced a record 1.2 mln tonnes of
white sugar, substantially more than the country's combined "A"
and "B" quota of 872,000 tonnes.
    This year, however, a self-imposed quota system has been
introduced with the aim of cutting plantings to 130,000
hectares and reducing white sugar output to around 915,000
tonnes to minimise the amount of non-quota "C" sugar produced.
    Only farmers with a record of growing suger beet have been
allotted quotas. This is expected to prevent the area being
boosted by dairy or cereal farmers moving into sugar.


.I 3999
.C
earn
.W
******J.P. MORGAN AND CO INC 1ST QTR SHR 1.22 DLRS VS 1.28 DLRS.
Blah blah blah.

.I 4000
.C
sugar
.W
EC COMMISSION DETAILS SUGAR TENDER.
    BRUSSELS, April 8 - The EC Commission confirmed it granted
export licences for 118,350 tonnes of current series white
sugar at a maximum export rebate of 46.496 European Currency
Units (ECUs) per 100 kilos.
    Out of this, traders in France received 34,500 tonnes, in
the U.K. 37,800, in West-Germany 20,000, in Belgium 18,500, in
Spain 5,800 and in Denmark 1,750 tonnes.


.I 4003
.C
earn
.W
VOLKSWAGEN DIVIDEND DECISION DUE TOMORROW.
    WOLFSBURG, West Germany, April 8 - Volkswagen AG <VOWG.F>,
VW, is due to make a formal announcement about its 1986
dividend tomorrow after saying the 1985 level of 10 marks per
ordinary share would be held, despite massive losses because of
a suspected foreign currency fraud.
    A spokesman said VW's supervisory board will meet tomorrow
to discuss the payout.  A statement will be made afterwards.
    VW has also said disclosed profits for 1986 will reach
their 1985 level, despite provisions of a possible 480 mln
marks linked to the currency affair. The figure is virtually
the same as the 477 mln mark 1985 parent company net profit.
    When VW first confirmed the currency scandal on March 10 it
said the management board would propose an unchanged 10-mark
dividend to the supervisory board. A dividend of 11 marks would
be proposed for the company's new preference shares.
    Share analysts said they saw supervisory board approval of
the management board proposal as virtually a formality.
"Anything else would be more than a surprise," one said.
    Company sources said VW would have to dig into reserves to
maintain the disclosed profit. Parent company reserves stood at
around three billion marks at end-1985.


.I 4006
.C
earn
.W
CITYTRUST BANCORP INC <CITR> 1ST QTR NET.
    BRIDGEPORT, Conn., April 8 -
    Shr 1.40 dlrs vs 1.16 dlrs
    Net 5,776,000 vs 4,429,000
    Avg shrs 4,132,828 vs 3,834,117


.I 4007
.C
acq
.W
SOUTHMARK <SM> ACQUIRES 28 NURSING HOMES.
    DALLAS, April 8 - Southmark Corp said it acquired 28
long-term care facilities containing for approximately 70 mln
dlrs in cash.
    It said the facilities, which contain approximately 2,500
beds in seven western states, were bought from Don Bybee and
Associates, of Salem,Ore.
    The acquistion brings to 57 health care facilities acquired
in the last three months, the company said.


.I 4009
.C
earn
.W
J.P. MORGAN AND CO INC <JPM> 1ST QTR NET.
    NEW YORK, April 8 -
    shr 1.22 dlrs vs 1.28 dlrs
    net 226.4 mln vs 233.9 mln
    assets 80.45 billion vs 70.23 billion
    loans 35.16 billion vs 35.99 billion
    deposits 45.22 billion vs 39.68 billion
    return on assets 1.14 pct vs 1.35 pct
    return on common equity 18.20 pct vs 22.08 pct
    NOTE: 1987 qtr net was reduced by 20 mln dlrs because 1.3
billion dlrs of loans to Brazil were placed on non-accrual.
    loan loss provision 35 mln dlrs vs 70 mln year earlier.


.I 4010
.C
earn
.W
FIRSTBANC CORP OF OHIO <FBOH> 1ST QTR NET.
    AKRON, Ohio, April 8 -
    Shr 74 cts vs 67 cts
    Net 8,067,000 vs 7,317,000
   


.I 4011
.C
earn
.W
MAYFAIR SUPER MARKETS INC <MYFRA> 2ND QTR NET.
    ELIZABETH, N.J., April 8 -Qtr ends Feb 28
    Shr Class A 61 cts vs 48 cts
    Shr Class B 59 cts vs 46 cts
    Net 2,358,000 vs 1,876,000
    Revs 122,508,000 vs 105,871,000
    Six mths
    Shr Class A 1.15 dlrs vs 86 cts
    Shr Class B 1.13 dlrs vs 84 cts
    Net 4,485,000 vs 3,378,000
    Revs 242,453,000 vs 210,117,000
    NOTE: qtr and six mths prior figures reflect two-for-one
stock split in August 1986.


.I 4012
.C
earn
.W
HANOVER INSURANCE <HINS> GET SPLIT APPROVAL.
    WORCESTER, Mass., April 8 - Hanover Insurance Co said its
stockholders approved a two-for-one stock split.
    As a result of the split, Hanover said it increases the
number of authorized shares of capital stock from 10.4 mln,
having a par value of one dlr, to 20.9 mln, also having a par
value of one dlr.
    The stock split is payable April 30 to stockholders of
record April 10, Hanover said.


.I 4014
.C
acq
.W
NATIONAL GUARDIAN <NATG> MAKES ACQUISITIONS.
    GREENWICH, Conn., April 8 - National Guardian Corp said it
has acquired a number of security services companies recently,
with aggregate revenues of about 3,500,000 dlrs, for an
aggregate cost of about 2,700,000 dlrs.
    It said it acquired guard service companies C.S.C. Security
Gaurd Service of Paramus, N.J., from Cartel Security
Consultants Inc, the Guard Services Division of Security
Services of America of Wayne, N.J., Capital Investigations and
Protective Agency of Hackensack, N.J., and Meyer Detective
Agency Inc of National Park, N.J.
    The company said it bought alarm service operations
Certified Security Services Inc of Key West, Fla., Custom
Security Services of Myrtle Beach, S.C., A-T-E Security Group
Inc of Houston and the Louisville, Kent and Nashville, Tenn,
offices of Wells Fargo Alarm Services.


.I 4015
.C
earn
.W
UNIVERSAL MEDICAL <UMBIZ> DISTRIBUTION SET.
    MILWAUKEE, WIS., April 8 -
    Qtly distribution 7-1/2 cts vs 7-1/2 cts prior (excluding
2-1/2 cts special)
    Pay April 30
    Record April 22
    NOTE: Full name is Universal Medical Buildings L.P.


.I 4016
.C
grain;corn;
.W
ZAMBIA DOES NOT PLAN RETAIL MAIZE PRICE HIKE.
    LUSAKA, April 8 - The Zambian government has no immediate
plans to follow last week's increase in the producer price of
maize with a hike in the retail price of maize meal, an
official of the ruling party said.
    Last December, a 120 pct increase in the consumer price for
refined maize meal, a Zambian staple, led to food riots in
which at least 15 people died.
    That price increase, which President Kenneth Kaunda later
revoked, followed pressure by the International Monetary Fund
(IMF) to reduce the government's subsidy bill.
    However, if the producer price rise, from 6.10 dlrs to 8.67
dlrs per 90-kg bag, is not accompanied by a retail price
increase, the government will have to spend more on subsidies,
a practice discouraged by the IMF.
    "There is no way out but to raise the subsidy levels of
meal. It (the government) would have to choose between the
demands of the IMF and those of the people," a Ministry of
Agriculture economist said.


.I 4020
.C
acq
.W
WEDGESTONE REALTY <WDG> ACQUISITION APPROVED.
    NEWTON, Mass., April 8 - Wedgestone Realty Investors Trust
said shareholkders have approved the acquisition of its
advisor, Wedgestone Advisory Corp, for 600,000 shares.
    It said completion is expected to take place April 10.


.I 4021
.C
heat
.W
SUN <SUN> CUTS HEATING OIL BARGE PRICE.
    NEW YORK, April 8 - Sun Co's Sun Refining and Marketing Co
subsidiary said it is decreasing the price it charges contract
barge customers for heating oil in ny harbor by 0.50 cent a
gallon, effective today.
    The 0.50 cent a gallon price reduction brings Sun's heating
oil contract barge price to 50 cts a gallon, the company said.


.I 4026
.C
wheat;grain;corn;sunseed;sorghum;
.W
FURTHER ARGENTINE COARSE GRAIN LOSSES FEARED.
    By Manuel Villanueva
    BUENOS AIRES, April 8 - Argentine grain producers adjusted
their yield estimates for the 1986/87 coarse grain crop
downward in the week to yesterday after the heavy rains at the
end of March and beginning of April, trade sources said.
    They said sunflower, maize and sorghum production estimates
had been reduced despite some later warm, dry weather, which
has allowed a return to harvesting in some areas.
    However, as showers fell intermittently after last weekend,
producers feared another spell of prolonged and intense rain
could cause more damage to crops already badly hit this season.
    Rains in the middle of last week reached an average of 27
millimetres in parts of Buenos Aires province, 83 mm in
Cordoba, 41 in Santa Fe, 50 in Entre Rios and Misiones, 95 in
Corrientes, eight in Chaco and 35 in Formosa.
    There was no rainfall in the same period in La Pampa.
    Producers feared continued damp conditions could produce
rotting and lead to still lower yield estimates for all the
crops, including soybean.
    However, as the lands began drying later in the week
harvesting advanced considerably, reaching between 36 and 40
pct of the area sown in the case of sunflower.
    Deterioration of the sunflower crop evident in harvested
material in Cordoba, La Pampa and Buenos Aires forced yield
estimates per hectare to be adjusted down again.
    The season's sunflowerseed production is now forecast at
2.1 mln to 2.3 mln tonnes, against 2.2 mln to 2.4 mln forecast
last week and down 43.9 to 48.8 pct on the 1985/86 record of
4.1 mln.
    Area sown to sunflowers was two to 2.2 mln hectares, 29.9
to 36.3 pct below the record 3.14 mln hectares last season.
    Maize harvesting has also reached 36 to 40 pct of the area
sown. It is near completion in Cordoba and Santa Fe and will
begin in La Pampa and southern Buenos Aires later in April.
    Production estimates for maize were down from last week at
9.5 mln to 9.8 mln tonnes, against 9.6 mln to 9.9 mln estimated
previously.
    This is 22.2 to 23.4 pct below the 12.4 mln to 12.6 mln
tonnes estimated by private sources for the 1985/86 crop and
21.9 to 25.8 pct down on the official figure of 12.8 mln
tonnes.
    Maize was sown on 3.58 mln to 3.78 mln hectares, two to
seven pct down on last season's 3.85 mln.
    Sorghum was harvested on 23 to 25 pct of the area sown in
Cordoba, Santa Fe and Chaco. Harvest will start in La Pampa and
Buenos Aires in mid-April.
    The total area sown was 1.23 mln to 1.30 mln hectares, 10.3
to 15.2 pct down on the 1.45 mln sown last season.
    The new forecast for the sorghum crop is 2.9 mln to 3.2 mln
tonnes compared with three mln to 3.3 mln forecast last week,
and is 23.8 to 29.3 pct down on last season's 4.1 mln to 4.2
mln tonne crop.
    The soybean crop for this season was not adjusted,
remaining at a record 7.5 mln to 7.7 mln tonnes, up 4.2 to 5.5
pct on the 7.2 mln to 7.3 mln estimated by private sources for
1985/86 and 5.6 to 8.5 pct higher than the official figure of
7.1 mln.
    The area sown to soybeans this season was a record 3.7 mln
to 3.8 mln hectares, 10.8 to 13.8 pct up on the record 3.34 mln
sown in 1985/86.
    The soybean crop is showing excessive moisture in some
areas and producers fear they may discover more damage. Some
experimental harvesting was carried out in Santa Fe on areas
making up only about one pct of the total crop but details on
this were not available.
    Preparation of the fields for the 1987/88 wheat crop, which
will be sown between May and August or September, has so far
not been as intense as in previous years.


.I 4028
.C
jobs
.W
DUTCH ADJUSTED UNEMPLOYMENT RISES IN MARCH.
    THE HAGUE, April 8 - Dutch seasonally adjusted unemployment
rose in the month to end-March to a total 693,000 from 690,600
at end-February, but was well down from 730,100 at end-March
1986, Social Affairs Ministry figures show.
    The figure for male jobless rose by 2,000 in the month to
436,500 compared with 470,700 a year earlier. The figure for
women was 256,500 at end-March against 256,100 a month earlier
and 259,400 at end-March 1986.
    On an unadjusted basis total unemployment fell by 16,500 in
the month to end-March to 692,200. In March 1986 the figure was
725,000.
    A ministry spokesman said the unadjusted figures showed a
smaller than usual seasonal decrease for the time of year,
because of particularly cold weather delaying work in the
building industry. He said this explained the increase in the
adjusted statistics.
    Total vacancies available rose by 1,900 to 26,300 at
end-March. A year earlier the figure was 28,763.


.I 4029
.C
earn
.W
HARTMARX CORP <HMX> BOOSTS DIVIDEND.
    CHICAGO, April 8 
    Qtly div 25 cts vs 23 cts prior qtr
    Pay 15 May
    Record 1 May

.I 4031
.C
money-fx
.W
TOP OFFICIALS ARRIVE AT TREASURY FOR G-5 TALKS.
    WASHINGTON, April 8 - Top officials of leading industrial
nations arrived at the U.S. Treasury main building to begin a
meeting of the Group of Five.
    Officials seen arriving by Reuter correspondents included
West German Finance Minister Gerhard Stoltenberg and Bundesbank
President Karl Otto Poehl, French Finance Minister Edouard
Balladur and his central banker Jacques de Larosiere.
    Also seen arriving were Japanese Finance Minister Kiichi
Miyazawa and Japan's central bank governor Satoshi Sumita and
British Chancellor of the Exchequer and central bank governor
Robin Leigh Pemberton.
    There was no immediate sign of Italian or Canadian
officials. Monetary sources have said a fully blown meeting of
the Group of Seven is expected to begin around 3 p.m. local
time (1900 gmt) and last at least until 6 p.m. (2200 gmt), when
a communique is expected to be issued.
    Italian sources said Italian acting Finance Minister
Giovanni Goria met Treasury Secretary James Baker last night.
    At those talks Baker apparently convinced Goria, who
declined to attend the February meeting of the Group of Seven
in Paris, that Italy would participate fully in any meaningful
decisions.


.I 4032
.C
interest
.W
FED EXPECTED TO SET CUSTOMER REPURCHASES.
    NEW YORK, April 8 - The Federal Reserve is expected to
intervene in the government securities market to supply
temporary reserves indirectly via customer repurchase
agreements, economists said.
    Economists expect the Fed to execute 2.0-2.5 billion dlrs
of customer repos to offset pressures from the end of the
two-week bank reserve maintenance period today. Some also look
for a permanent reserve injection to offset seasonal pressures
via an outright purchase of bills or coupons this afternoon.
     The Federal funds rate opened at 6-3/8 pct and remained at
that level, up from yesterday's 6.17 pct average.


.I 4035
.C
acq
.W
READER'S DIGEST ASSOCIATION SELLS UNIT.
    PLEASANTVILLE, N.Y., April 8 - <The Reader's Digest
Association Inc> said it sold its subsidiary, Source
Telecomputing Corp, to the venture capital firm of <Welsh,
Carson, Anderson and Stowe>.
    The purchase price was not disclosed, Reader's Digest said.
    It said it purchased an 80 pct stake in Source in 1980 and
earned an unspecified profit on 14 mln dlrs in revenues in
1986.


.I 4036
.C
earn
.W
WEIS MARKETS INC <WMK> 1ST QTR MARCH 28 NET.
    SUNBURY, Pa., April 8 -
    Shr 59 cts vs 51 cts
    Net 18.0 mln vs 15.6 mln
    Revs 278.6 mln vs 272.2 mln


.I 4038
.C
earn
.W
CONTINENTAL BANK INITIAL DISTRIBUTION APPROVED.
    TORONTO, April 8 - Continental Bank of Canada said
shareholders approved a capital reorganization to allow an
initial payout by the end of May to common shareholders from
last year's 200 mln Canadian dlr sale of most Continental
assets to <Lloyds Bank PLC>'s Lloyds Bank Canada.
    The bank said the initial distribution would take the form
of a stock dividend of cumulative redeemable retractable class
A series two preferred shares entitling holders to monthly
floating rate dividends at 72 pct of prime and to 12.75 dlrs a
share on retraction.
    Continental said the initial payout was subject to Canadian
government approval.
    The bank reiterated that total distributions to common
shareholders would range from 16.50 dlrs a share to 17.25 dlrs
including the initial stock dividend and a final distribution
in late 1988 or early 1989.
    The payout of existing preferred shareholders will be
completed just before next month's initial distribution to
common shareholders, Continental added.
   


.I 4039
.C
earn
.W
ATLAS CONSOLIDATED MINING AND DEVELOPMENT <ACMB>.
    NEW YORK, April 8 - 4th qtr
    Shr loss 17 cts vs loss 22 cts
    Net loss 14.5 mln vs loss 18.0 mln
    Revs 27.3 mln vs 23.7 mln
    Year
    Shr 58 cts vs 1.01 dlrs
    Net loss 48.3 mln vs loss 84.2 mln
    Revs 111.7 mln vs 141.9 mln
    NOTE: Atlas Consolidated Mining and Development Corp of
Manila.
    Translated from Philippine pesos at 20.3489 pesos to dollar
vs 18.5571 in quarter and 20.2315 vs 18.2743 in year.


.I 4043
.C
acq
.W
SCI-MED <SMLS> BOARD AGREES TO BRISTOL<BMY>DEAL.
    MINNEAPOLIS, MINN., April 8 - Sci-Med Life Systems Inc said
its directors approved a previously proposed agreement of
merger with Bristol-Myers Co.
    The proposed transaction is subject to completion of a due
diligence investigation, including a review by Bristol-Myers of
a patent infringement suit served on Sci-Med by Advanced
Cardiovascular Systems Inc on March 31, 1987.
    Bristol-Myers has the right to call off the agreement under
certain circumstances, it said.
    Sci-Med said it continues to believe the patent suit is
without merit.


.I 4044
.C
acq
.W
FIDELCOR <FICR> COMPLETES SALE OF UNIT.
    PHILADELPHIA, April 8 - Fidelcor Inc said it has completed
the sale of its Industrial Valley Title Insurance Co subsidiary
to a group of investors including the unit's management for
undisclosed terms.
    Industrial Valley has assets of about 37.6 mln dlrs and was
acquired last year along with IVB Financial Corp.


.I 4045
.C
earn
.W
DATA TRANSLATION INC <DATX> 1ST QTR FEB 28 NET.
    MARLBORO, Mass., April 8 -
    Shr 18 cts vs 13 cts
    Net 575,000 vs 379,000
    Sales 6,625,000 vs 4,537,000
    Avg shrs 3,173,000 vs 2,977,000


.I 4046
.C
earn;acq;crude;pet-chem;
.W
ENERGY/U.S. PETROCHEMICAL INDUSTRY.
    By JULIE VORMAN, Reuters
    HOUSTON, April 8 - Cheap oil feedstocks, the weakened U.S.
dollar and a plant utilization rate approaching 90 pct will
propel the streamlined U.S. petrochemical industry to record
profits this year, with growth expected through at least 1990,
major company executives predicted.
    This bullish outlook for chemical manufacturing and an
industrywide move to shed unrelated businesses has prompted GAF
Corp <GAF>, privately-held Cain Chemical Inc, and other firms
to aggressively seek acquisitions of petrochemical plants.
    Oil companies such as Ashland Oil Inc <ASH>, the
Kentucky-based oil refiner and marketer, are also shopping for
money-making petrochemical businesses to buy.
    "I see us poised at the threshold of a golden period," said
Paul Oreffice, chairman of giant Dow Chemical Co <DOW>, adding,
"There's no major plant capacity being added around the world
now. The whole game is bringing out new products and improving
the old ones."
    Analysts say the chemical industry's biggest customers,
automobile manufacturers and home builders that use a lot of
paints and plastics, are expected to buy quantities this year.
    U.S. petrochemical plants are currently operating at about
90 pct capacity, reflecting tighter supply that could hike
product prices by 30 to 40 pct this year, said John Dosher,
managing director of Pace Consultants Inc of Houston. Demand
for some products such as styrene could push profit margins up
by as much as 300 pct, he said.
    Oreffice, speaking at a meeting of chemical engineers in
Houston, said Dow would easily top the 741 mln dlrs it earned
last year and predicted it would have the best year in its
history.
    In 1985, when oil prices were still above 25 dlrs a barrel
and chemical exports were adversely affected by the strong U.S.
dollar, Dow had profits of 58 mln dlrs. "I believe the entire
chemical industry is headed for a record year or close to it,"
Oreffice said.
    GAF chairman Samuel Heyman estimated that the U.S. chemical
industry would report a 20 pct gain in profits during 1987.
Last year, the domestic industry earned a total of 13 billion
dlrs, a 54 pct leap from 1985.
    The turn in the fortunes of the once-sickly chemical
industry has been brought about by a combination of luck and
planning, said Pace's John Dosher.
    Dosher said last year's fall in oil prices made feedstocks
dramatically cheaper and at the same time the American dollar
was weakening against foreign currencies. That helped boost
U.S. chemical exports.
    Also helping to bring supply and demand into balance has
been the gradual market absorption of the extra chemical
manufacturing capacity created by Middle Eastern oil producers
in the early 1980s.
    Finally, virtually all major U.S. chemical manufacturers
have embarked on an extensive corporate restructuring program
to mothball inefficient plants, trim the payroll and eliminate
unrelated businesses. The restructuring touched off a flurry of
friendly and hostile takeover attempts.
    GAF, which made an unsuccessful attempt in 1985 to acquire
Union Carbide Corp <UK>, recently offered three billion dlrs
for Borg Warner Corp <BOR>, a Chicago manufacturer of plastics
and chemicals. Another industry powerhouse, W.R. Grace <GRA> 
has divested its retailing, restaurant and fertilizer
businesses to raise cash for chemical acquisitions.
    But some experts worry that the chemical industry may be
headed for trouble if companies continue turning their back on
the manufacturing of staple petrochemical commodities, such as
ethylene, in favor of more profitable specialty chemicals that
are custom-designed for a small group of buyers.
    "Companies like DuPont <DD> and Monsanto Co <MTC> spent the
past two or three years trying to get out of the commodity
chemical business in reaction to how badly the market had
deteriorated," Dosher said. "But I think they will eventually
kill the margins on the profitable chemicals in the niche
market." Some top chemical executives share the concern.
    "The challenge for our industry is to keep from getting
carried away and repeating past mistakes," GAF's Heyman
cautioned. "The shift from commodity chemicals may be
ill-advised. Specialty businesses do not stay special long."
    Houston-based Cain Chemical, created this month by the
Sterling investment banking group, believes it can generate 700
mln dlrs in annual sales by bucking the industry trend.
    Chairman Gordon Cain, who previously led a leveraged buyout
of Dupont's Conoco Inc's chemical business, has spent 1.1
billion dlrs since January to buy seven petrochemical plants
along the Texas Gulf Coast.
    The plants produce only basic commodity petrochemicals that
are the building blocks of specialty products.
    "This kind of commodity chemical business will never be a
glamorous, high-margin business," Cain said, adding that demand
is expected to grow by about three pct annually.
    Garo Armen, an analyst with Dean Witter Reynolds, said
chemical makers have also benefitted by increasing demand for
plastics as prices become more competitive with aluminum, wood
and steel products. Armen estimated the upturn in the chemical
business could last as long as four or five years, provided the
U.S. economy continues its modest rate of growth.


.I 4048
.C
earn
.W
FIDATA CORP <FID> 4TH QTR LOSS.
    NEW YORK, April 8 -
    Shr loss two cts vs profit 38 cts
    Net loss 90,000 vs profit 1,685,000
    Revs 1,826,000 vs 29.3 mln
    Year
    Shr profit 3.37 dlrs vs profit 46 cts
    Net profit 15.0 mln vs profit 2,047,000
    Revs 26.2 mln vs 123.6 mln
    NOTE: Net includes pretax securities sale gain 10,000 dlrs
vs loss 1,000 dlrs in quarter and gain 486,000 dlrs vs loss
112,000 dlrs in year.
    Net includes pretax gains on sale of businesses of nil vs
4,656,000 dlrs in quarter and 26.0 mln dlrs vs 4,656,000 dlrs
in year.
    Net includes pretax losses on disposition of product line
of nil vs 3,150,000 dlrs in quarter and 3,300,000 dlrs vs
3,150,000 dlrs in year.
    Quarter net includes tax credits of 102,000 dlrs vs 736,000
dlrs.
    Net includes reversal of tax loss carryforwards of 259,000
dlrs vs 264,000 dlrs in quarter and tax loss carryforwards of
8,635,000 dlrs vs 579,000 dlrs in year.


.I 4050
.C
earn
.W
MARBLE FINANCIAL CORP <MRBL> 1ST QTR NET.
    RUTLAND, Vt., April 8 -
    Oper shr 26 cts vs not given
    Oper net 866,000 vs 480,000
    NOTE: 1987 net excludes 157,000 dlr gain from termination
of pension plan.
    Company went public in August 1986.


.I 4052
.C
acq
.W
******DOMINION TEXTILE CALLS REPORT OF BID FOR BURLINGTON RUMOR.
Blah blah blah.

.I 4053
.C
earn
.W
******RAYTHEON CO 1ST QTR SHR 1.37 DLRS VS 1.19 DLRS.
Blah blah blah.

.I 4057
.C
earn
.W
******FLEET FINANCIAL GROUP 1ST QTR SHR 73 CTS VS 60 CTS .
Blah blah blah.

.I 4060
.C
earn
.W
DIEBOLD INC <DBD> DECLARES DIVIDEND.
    CANTON, Ohio, April  8 -
    Qtly div 30 cts vs 30 cts prior
    Pay June 8
    Record May 18


.I 4061
.C
earn
.W
INDEPENDENT BANK CORP <IBCP> REGULAR DIVIDEND.
    IONIA, MICH., April 8 -
    Qtly div 10 cts vs 10 cts previously
    Pay April 20
    Record April 10


.I 4062
.C
earn
.W
RAYTHEON CO <RTN> 1ST QTR NET.
    LEXINGTON, Mass., April 8 -
    Shr 1.37 dlrs vs 1.19 dlrs
    Net 101.8 mln vs 92.3 mln
    Revs 1.750 billion vs 1.725 billion
    Avg shrs 74.2 mln vs 77.8 mln


.I 4065
.C
earn
.W
WALTHAM SAVINGS BANK <WLBK> INITIAL DIVIDEND.
    WALTHAM, Mass, APril 8 -
    Qtly div eight cts vs N.A.
    Payable May 11
    Record April 24


.I 4073
.C
earn
.W
FLEET FINANCIAL GROUP <FLT> 1ST QTR NET.
    PROVIDENCE, R.I., April 8 -
    Shr primary 73 cts vs 60 cts
    Shr diluted 70 cts vs 58 cts
    Net 38,528,000 vs 31,680,000
    Avg shares 52,087,634 vs 51,294,652
    NOTE: Qtr net interest income is 130.7 mln dlrs vs 114.8
mln dlrs. Earnings per share reflects two-for-one common stock
split on March 15.


.I 4074
.C
acq
.W
DOMINION CALLS BURLINGTON <BUR> REPORT RUMOR.
    MONTREAL, April 8 - <Dominion Textile Inc> considers a
published report that it has bought a stake in Burlington
Industries Inc and is considering making a joint bid for the
company to be a rumor, a company spokesman said.
    "As far as I am concerned and the company is concerned, they
are rumors and we're not commenting on rumors," spokesman Michel
Dufour told Reuters in response to a query.
    "All the information that has been given out publicly is
that, yes, Dominion Textile is interested in making an
acquisition that big...probably based on that people are
starting all sorts of rumors," he said.
    Dufour said yes when asked whether the report was only a
rumor, but said the company was not prepared to comment
further. Dominion Textile president and chairman Thomas Bell
was out of town and unavailable for comment.
    Dominion Textile last year made an unsuccesful 104-mln-
U.S.-dlr bid for Avondale Mills and has maintained a 120-mln-
U.S.-dlr line of credit to be used for an American acquisition.
    Dufour said the company has been negotiating with "many"
U.S. textile companies but would not say whether Burlington
Industries was one of them.
    Burlington's stock rose sharply this morning on the report,
which said Dominion Textile had joined with U.S. investor Asher
Edelman to buy a stake in the company and to consider making a
takeover offer.
    Dominion Textile, which reported operating profit of 11.1
mln Canadian dlrs last year on sales of 926.5 mln dlrs, has
repeatedly said it will concentrate on expanding into the U.S. 
   The company has said it plans to diversify into new product
and market areas in addition to expanding its textile
operations.


.I 4076
.C
earn
.W
RAYTHEON <RTN> NET RISES ON OPERATIONS.
    LEXINGTON, Mass., April 8 - Raytheon said a 10 pct rise in
its first quarter net to 101.8 mln dlrs reflected improved
operations and a lower effective tax rate.
    The company said revenue gains in electronics, major
appliances and other lines were offset by decreases in energy
services and aircraft products. Revenues in the quarter rose
1.4 pct to 1.75 billion dlrs, it said.
    The company said backlog stood at 7.520 billion dlrs, down
from 7.912 billion dlrs a year earlier. It said a five year
3.55 billion dlr U.S. defense contract was awarded shortly
after the close of the first quarter.


.I 4077
.C
earn
.W
GENERAL INSTRUMENT CORP <GRL> 4TH QTR LOSS.
    NEW YORK, April 8 - Ended Feb 28
    Shr loss 2.80 dlrs vs profit 17 cts
    Net loss 90.5 mln vs profit 5,271,000
    Revs 240.9 mln vs 159.4 mln
    Year
    Shr loss 2.49 dlrs vs loss 2.07 dlrs
    Net loss 80.4 mln vs loss 66.5 mln
    Revs 787.9 mln vs 612.4 mln
    NOTE: Includes loss of 89.6 mln dlrs vs loss 14.5 mln dlrs
in year and loss of 91.6 mln dlrs in current qtr from
discontinued operations.
    1986 qtr includes pretax gain of five mln dlrs from
settlement of litigation and tax gain of 5.1 mln dlrs from
change in estimated effective tax rate.


.I 4078
.C
cocoa
.W
COCOA EXPORTERS EXPECTED TO LIMIT SALES.
    By Roger May, Reuters
    YAOUNDE, April 8 - Major cocoa exporters are likely to
limit sales in the weeks ahead in an effort to boost world
prices, sources close to a meeting of the Cocoa Producers
Alliance (CPA) said.
    The sources said the depressed world market had been one of
the main topics discussed in a closed door meeting of the
11-member CPA which began on Monday.
    They said producers agreed that cutting sales would aid the
buffer stock manager of a new international cocoa pact in his
effort to support prices.
    Major cocoa producing and consuming nations agreed
operation rules for the buffer stock at a meeting in London
last month and the stock manager is expected to enter the
market soon.
    Prices, under the weight of three successive cocoa
surpluses, recently fell to the level at which the manager has
to buy cocoa under stock rules.
    The buffer stock aims to keep prices within a pre-set range
by buying when prices fall and selling when they rise.
    "The world's cocoa price at present is just not interesting,"
commented one delegate representing a major CPA producer.
    Another source said that with much of the 1986/87
(October-September) world cocoa crop sold, limiting sales in
the near term concerns essentially next year's harvest.
    The sources noted, however, that the cocoa industry in
Brazil, the world's number two producer, is in private hands.
This means limiting sales is more difficult than in major West
African producers, where sales are made or authorized by
commodity marketing boards.
    The CPA includes the world's top three producers, Ivory
Coast, Brazil and Ghana, and accounts for 80 pct of all output.
    The meeting here is due to end tomorrow evening.


.I 4079
.C
interest
.W
FED ADDS RESERVES VIA OVERNIGHT REPURCHASES.
    NEW YORK, April 8 - The Federal Reserve entered the U.S.
Government securities market to arrange overnight System
repurchase agreements, a Fed spokesman said.
    Dealers said that Federal funds were trading at 6-3/8 pct
when the Fed began its temporary and direct supply of reserves
to the banking system.


.I 4080
.C
wheat;grain;
.W
HONDURAS SEEKING PL-480 BULK WHEAT APRIL 13.
    WASHINGTON, April 8 - Honduras will tender April 13 under
Public Law 480 for approximately 52,500 tonnes of various
wheats in bulk, an agent for the country said.
    The agent said Honduras is seeking U.S. no. 2 or better
northern spring/DNS, with 14 pct protein minimum and 13 pct
moisture maximum, and U.S. no. 2 or better hard red winter,
with 12 pct protein minimum and 13 pct moisture maximum.
    The agent said NS/DNS laydays include July 1-10 for
7,500-9,500 tonnes, Aug 1-10 for 8,000-10,000 tonnes, and Sept
15-25 for 12,500-14,500 tonnes.
    HRW laydays include June 20-30 on 5,000-7,000 tonnes, July
15-25 for 6,500-8,500 tonnes, and September 15-25 for
7,000-9,000 tonnes.
    Offers are due by 1550 hrs EDT, April 13, and will remain
valid until 1000 hrs EDT, April 14, the agent said.


.I 4086
.C
earn
.W
J.P. MORGAN <JPM> NET HURT BY BRAZIL, TRADING.
    NEW YORK, April 8 - J.P. Morgan and Co Inc said its
first-quarter earnings fell by 3.2 pct, largely reflecting its
previously announced decision to place on non-accrual status
its 1.3 billion dlrs of medium- and long-term loans to Brazil.
    That decision, spurred by Brazil's suspension of interest
payments on February 20, reduced the quarter's net income by 20
mln dlrs to 226.4 mln dlrs, compared with 233.9 mln in the
first three months of 1986.
    Morgan also reported a loss of 1.8 mln dlrs from securities
underwriting and trading, in contrast to a gain of 45.4 mln
dlrs in the year-earlier period.
    In the fourth quarter of 1986, Morgan posted other trading
losses of 5.5 mln dlrs because of setbacks in the trading and
underwriting of Euromarket securities.
    Conditions in some sectors of the Euromarket remained
difficult last quarter, with floating rate notes suffering
heavy price falls, but a spokeswoman was unable to say whether
Morgan's trading losses were restricted to the Euromarket.
    On the positive side, Morgan reduced its provision for loan
losses to 35 mln dlrs from 70 mln a year earlier. Foreign
exchange trading income rose to 82 mln dlrs from 72.6 mln and
trust income increased to 95.9 mln dlrs from 75.9 mln.
    Morgan said other operating income, mainly fees and
commissions, rose to 102.2 mln dlrs from 88.4 mln, but net
investment securities gains dropped to 43.1 mln from 58.1 mln.
    Net interest earnings were 490.4 mln dlrs in the first
quarter, down from 499.4 mln a year earlier, and net yield fell
to 2.79 pct from 3.20 pct.
    If Brazil had not been placed on non-accrual, which means
that interest can be recorded as income only when payments are
actually received, net interest earnings would have been 525.9
mln dlrs and net yield 2.99 pct. If Brazil does not resume
payments, 1987 net would be cut by 72 mln dlrs, Morgan added.
    After the provision for loan losses, Morgan's allowance for
credit losses at the end of March totaled 953 mln dlrs compared
with 910 mln at end-1986 and 815 mln a year earlier.
    It reported net recoveries of six mln dlrs after
charge-offs of eight mln, compared with net charge-offs of 49
mln dlrs after recoveries of three mln a year earlier.
    Excluding Brazil, non-accruing loans at quarter's end were
583 mln dlrs, down from 633 mln at end-1986 and 684 mln a year
earlier. Non-interest expenses rose to 371.1 mln dlrs from
303.5 mln dlrs, with more than half the increase related to
personnel costs, Morgan said.


.I 4087
.C
earn
.W
ATLAS CONSOLIDATED MINING <ACMB> 4TH QTR.
    MANILA, Philippines, April 8 -
    Shr loss 17.3 cts vs 21.5 cts
    Net loss 14.5 mln vs loss 18.0 mln
    Revs 27.3 mln vs 23.7 mln
    Year
    Shr loss 58 cts vs loss 1.01 dlrs
    Net loss 48.3 mln vs loss 84.2 mln
    Revs 111.7 mln vs 141.9 mln


.I 4089
.C
oilseed;grain;corn;soybean;
.W
BRAZIL GRAIN HARVEST FACES STORAGE PROBLEMS.
    SAO PAULO, April 8 - Storage problems with Brazil's record
grain crop are likely to result in losses of about five mln
tonnes, an Agriculture Ministry spokesman said.
    Ministry spokesman Leonardo Brito, speaking from Brasilia,
told Reuters he believed that about five mln tonnes of this
year's estimated crop of 65 mln tonnes would be lost.
    He said part of this would be the normal loss inevitable in
harvesting, but that most of it would stem from storage
problems.
    Brazil has a storage capacity of 66 mln tonnes,
theoretically sufficient for the crop.
    But Brito said that the storage capacity was badly
distributed. The states of Sao Paulo, Parana and Rio Grande do
Sul had between them 70 pct of the nation's capacity, but were
responsible for only 50 to 60 pct of production.
    The biggest problems are concentrated in the Centre-West
growing regions, where rising production has outpaced storage
capacity.
    Brito said the Centre-West, whose crops include soya and
maize, had between 30 and 40 pct of the nation's grains
production but only 20 pct of its storage space.
    In addition to the poor distribution of storage units,
there is the problem that too much of the capacity is geared to
storing grain in sacks, while not enough is suitable for
storing loose grain, Brito said.
    Finally, there is a shortage of lorries to transport the
crops.
    The sheer scale of the task in transporting the record crop
has been evident from television reports, which have shown
enormous queues of lorries waiting outside granaries.


.I 4090
.C
earn
.W
FLEET <FLT> SHAREHOLDERS APPROVE SHARE INCREASE.
    PROVIDENCE, R.I., April 8 - Fleet Financial Group said its
shareholders approved an increase in shares of the company's
authorized common stock to 100,000,000 shares from 75,000,000
shares currently.
    The company said shareholders approved the move at the
annual meeting in Providence today when the company reported
that its first quarter earnings rose to 38.5 mln dlrs, or 73
cts a share, from 31.7 mln dlrs, or 60 cts a share, in the
first quarter 1986.
    J. Terence Murray, chairman and president of Fleet
Financial, said, "Fleet's mortgage banking activities in
particular continued to produce signficant income increases (in
the first quarter)."
    Murray said Fleet's mortgage servicing portfolio reached
22.1 billion dlrs by March 31, including 1.8 billion dlrs
purchased in March.


.I 4092
.C
earn
.W
ROWE FURNITURE CORP <ROWE> 1ST QTR FEB 28.
    SALEM, Va, April 8 -
    Shr 42 cts vs 35 cts
    Net 854,000 vs 839,000
    Revs 23.2 mln vs 21.9 mln


.I 4093
.C
earn
.W
REUTERS CHAIRMAN URGES FREER INFORMATION FLOWS.
    LONDON, April 8 - Exchanges and telecommunications
authorities should abolish their restrictions on full and free
dissemination of information to the investment and banking
communities, Reuters Holdings Plc <RTRS.L> chairman Sir
Christopher Hogg said.
    In the 1986 annual repoprt, he said lengthy negotiations
had brought agreement with the Tokyo and London Stock Exchanges
for fuller, but still not complete, access to market data
through Reuter services.
    "Many other markets maintain restrictions," he added.
    Hogg said members of some markets appear to believe that
information restrictions protected their interests.
    In other cases, exchanges seem to be limiting the
distribution of data in order to provide competitive advantage
to their own commercial information businesses.
    He also noted that despite increasing liberalisation in the
telecommunications field, some countries continue to protect
their state monopolies at the expense of other economic
sectors.
    "Reuter dealing services remain excluded from such
countries. As a result, banking communities serving entire
economies are put at a competitive disadvantage," he added.
    Reuters increased its 1986 pre-tax profit by 39 pct from
the previous year to 130.1 mln stg on a 43 pct rise in revenues
to 620.9 mln stg.
    Earnings per ordinary share were up 47 pct to 19.4p. The
annual shareholder meeting will be held in London on April 29.


.I 4094
.C
acq
.W
CCL INDUSTRIES PURCHASES STAKE IN MONOBLOC.
    Toronto, April 8 - <CCL Industries Inc> said it purchased a
majority interest in Monobloc U.S.A. from Envases Metalurgicos
de Alava of Spain.
    Terms were not disclosed.
    CCL also said it agreed to exchange present and future
technology with Envases.


.I 4095
.C
tin
.W
PARIS GROUP PUBLISHING DAILY FRANC TIN PRICE.
    PARIS, April 8 - The Association of White Metals has
decided to publish a daily tin price here in French francs per
100 kilos, the French Federation of Non-Ferrous Metals said.
    The price, quoted for the first time yesterday, was
introduced as the lack of tin quotes was causing problems for
some French companies, a spokesman for the non-ferrous metals
association said.
    Today's price was set at 4,776 francs per 100 kilos and
Tuesday's at 4,790.
    The International Chamber of Commerce stopped publishing a
tin price after the London Metal Exchange (LME) stopped tin
trading on October 24, 1985.
    The Association has tested the basis it uses to calculate a
French franc price over the last few months to ensure it was
reliable, the spokesman said.
    The French franc price is pre-tax, for specified quality, a
minimum 99.9 pct purity, at a French port or border railway
station and a minimum delivery of 10 tonnes.
    The French Federation of Non-Ferrous Metals groups various
metal associations including the Association of White Metals.


.I 4101
.C
earn
.W
RHODES INC <RHD> DECLARES DIVIDEND.
    ATLANTA, Ga., April 8 -
    Qtly div nine cts vs nine cts prior
    Pay July 15
    Record June 15


.I 4102
.C
acq
.W
MADEIRA IN LETTER OF INTENT TO BE ACQUIRED.
    SALT LAKE CITY, UTAH, April 8 - <Madeira Inc> said it
signed a letter of intent to be acquired by Tradevest Inc
through a stock-for-stock exchange.
    After completion of the transaction, Tradevest would own 90
pct of the issued outstanding stock of Madeira.


.I 4103
.C
earn
.W
CELLTRONICS <CELT> DECLARES ONE-FOR-10 SPLIT.
    SAN DIEGO, April 8 - Celltronics Inc said its directors
declared a one-for-10 reverse stock split of its common stock.
    It said the split will be payable April 17 to shareholders
of record April 16.


.I 4104
.C
earn
.W
MONTEDISON'S AGRIMONT UNIT 1986 EARNINGS.
    NEW YORK, April 8 - <Montedison SPA> of Italy said net
consolidated profit for its Agrimont Group, formed in June
1986, totalled 1.5 billion lire in 1986.
    Agrimont SPA, the holding company for Montedison's
Agro-Industrial businesses, had sales of 810 billion lire and a
net profit of about 1.1 billion lire, after amortization costs
of 35 billion lire and a 13 billion lire reduction in the value
of inventory due to falling market prices, Montedison said.
    Agrimont, still wholly owned by Montedison, is taking steps
to be traded on the Milan exchange, the company said.
    The company said that 1986 was characterized by an unstable
fertlizer market due to the weak dollar and the decline of
international prices for products sold in Europe and the U.S
where Agrimont operates through its Conserv division.
    In pesticides and in animal health care products Agrimont
maintained its previous level of revenues and market share in
1986, Montedison said.
    Montedison said it named Ettore dell'Isola to the newly
created position of president of Agrimont.
    Montedison also said it named Renato Picco, managing
director of <Eridania SPA> and Gianfranco Ceroni, managing
director of <Italiana Olii e Sifi>, both of whom are members
of the the Ferruzzi Group's management board, to Argimont's
board of directors. Ferruzzi owns about 40 pct of Montedison,
the company said.
    


.I 4105
.C
acq
.W
DATRON <DATR> AGREES TO BUYOUT BY OFFICERS.
    MINNEAPOLIS, MINN., April 8 - Datron Corp said it agreed to
merge with GGFH Inc, a Florida-based company formed by the four
top officers of the company.
    According to terms of the proposed transaction, each share
of Datron common stock, excluding those shares owned by the
four officers, will be bought for six dlrs a share, it said.
    Datron's officers hold about 73 pct of the total 896,000
Datron common shares outstanding.
    Upon completion of the proposed transaction, the officers
of Datron would own 100 pct of the company. The merger is
subject to GGHF's receiving financing for the plan, Datron
said.
    Shareholders of Datron will be asked to approve the plan at
their annual meeting to be held in June or July, and the merger
is expected to be completed by July 31, it said.


.I 4107
.C
acq
.W
******TRUMP AND INTERSTATE PROPERTIES IN TALKS TO ACQUIRE ALEXANDERS.
Blah blah blah.

.I 4109
.C
earn
.W
SOUND WAREHOUSE INC <SWHI> 3RD QTR FEB 28 NET.
    DALLAS, April 8 -
    Shr 26 cts vs 52 cts
    Net 1,386,000 vs 2,773,000
    Revs 47.7 mln vs 38.5 mln
    Nine mths
    Shr 52 cts vs 97 cts
    Net 2,765,000 vs 5,419,000
    Revs 116.9 mln vs 97 mln


.I 4111
.C
acq
.W
TRUMP AND INTERSTATE IN TALKS FOR ALEXANDERS.
    NEW YORK, April 8 - Donald Trump and Interstate Properties
said they were holding preliminary discussions regarding a
possible joint acquisition of Alexanders Inc at 47 dlrs per
share.    
    The possible acquisition is subject to any applicable real
estate gains and transfer taxes, the joint statement said.
    Trump and Interstate, which presently own about 40 pct of
Alexander's common stock, said they intend to keep the company
as a retailer if they succed in their acquisition.
    There can be no assurances that the parties will reach any
agreement regarding an acquisition or what price might be
offered, the statement said.


.I 4112
.C
oilseed;rapeseed;
.W
JAPAN BUYS 4,000 TONNES CANADIAN RAPESEED.
    WINNIPEG, April 8 - Japan bought 4,000 tonnes of Canadian
rapeseed overnight at an undisclosed price for last half
May/first half June shipment, trade sources said.


.I 4113
.C
earn
.W
TELECRAFTER CORP <SWHI> 2ND QTR FEB 28 NET.
    LAKEWOOD, Colo, April 8 -
    Shr profit 12 cts vs loss 14 cts
    Net profit 183,000 vs loss 234,000
    Revs 2.4 mln vs 1.5 mln
    Six months
    Shr profit 22 cts vs loss 22 cts
    Net profit 345,000 vs loss 358,000
    Revs 5.2 mln vs 2.9 mln
    NOTE:1987 2nd qtr and six months include gains of 78,000
dlrs and 154,000 dlrs for tax loss carryforward.


.I 4115
.C
wheat;grain;
.W
TUNISIA EXPECTED TO TENDER FOR FRENCH WHEAT.
    PARIS, April 8 - Tunisia is expected to tender April 14 for
100,000 tonnes of French soft wheat for delivery between May
and August and which would be covered by the French export
credit agency, COFACE, export credits, traders said here.
    No official tender has been announced yet by Tunisia, they
said.
    France has sold a total of 200,000 tonnes of soft wheat to
Tunisia since the begining of the current campaign which was
covered by COFACE export credits. Of this amount, a total of
150,000 tonnes was exported by March 1, they said.


.I 4119
.C
earn
.W
COLT INDUSTRIES INC <COT> 1ST QTR NET.
    NEW YORK, April 8 -
    Shr 28 cts vs 16 cts
    Net 9,387,000 vs 25,617,000
    Revs 410.1 mln vs 393.5 mln
    Avg shrs 35.4 mln vs 164.7 mln
    NOTE: 1987 net reflects interest expense on debt incurred
to finance recapitalization in Oct. 1986. Prior year earnings
restated to reflect recapitalization plan.


.I 4121
.C
acq
.W
YANKEE <YNK> UNIT NOT TO SELL SUBSIDIARY.
    COHASSET, Mass., April 8 - Yankee Cos Inc said its Eskey
Inc <ESK> subsidiary has decided not to sell its Yale E. Key
unit.
    Further details were not disclosed.


.I 4124
.C
earn
.W
MAYFAIR SUPER MARKETS INC <MYFRA> 2ND QTR FEB 28.
    LAKEWOOD, Colo, April 8 -
    Shr 59 cts vs 46 cts
    Net 2.4 mln vs 1.9 mln
    Revs 122.5 mln vs 105.9 mln
    Six months
    Shr 1.13 dlrs vs 84 cts
    Net 4.5 mln vs 3.4 mln
    Revs 242.5 mln vs 210.1 mln
    NOTE: 1986 share adjusted for 2-for-1 stock split.


.I 4127
.C
earn
.W
<BATON BROADCASTING INC> SIX MTHS FEB 28 NET.
    TORONTO, April 8 -
    Shr 33 cts vs 31 cts
    Net 9,219,017 vs 8,515,539
    Revs 112.0 mln vs 95.4 mln


.I 4128
.C
earn
.W
UNITED CABLE TELEVISION CORP <UCT> 3RD QTR NET.
    DENVER, April 8 -
    Shr loss 24 cts vs profit seven cts
    Net loss 5,952,000 vs profit 2,078,000
    Revs 55.9 mln vs 50.6 mln
    Avg shrs 25.2 mln vs 24.7 mln
    Nine mths
    Shr loss 11 cts vs profit 24 cts
    Net loss 2,673,000 vs profit 6,800,000
    Revs 162.6 mln vs 143.9 mln
    Avg shrs 25.0 mln vs 24.4 mln
    NOTE: Current year net both periods includes pretax charge
seven mln dlrs from increase in reserve for investments in
broadcast television entities and tax credits of 1,002,000 dlrs
in quarter and 520,000 dlrs in nine mths.


.I 4129
.C
acq
.W
CANADA ALLOWS PUBLISHING TAKEOVER BY HARCOURT.
    OTTAWA, April 8 - Investment Canada said it has allowed the
indirect takeover of Holt, Rinehart and Winston Canada Ltd.,
W.B. Saunders Co of Canada Ltd and Les Editions HRW Ltd by
Harcourt Brace Jovanovich Canada Inc.
    The government agency said, however, Harcourt Canada has
agreed to sell control of the firms to Canadian interests
within two years.
    Harcourt Canada's U.S. parent, Harcourt Brace Jovanovich
Inc <HBJ>, indirectly acquired the Canadian book publishing
companies when it purchased Holt Rinehart and Winston from CBS
Inc <CBS> last October.           


.I 4132
.C
acq
.W
TALKING POINT/BURLINGTON INDUSTRIES <BUR>.
    By Patti Domm, Reuters
    New York, April 8 - The largest U.S. textile maker focused
on its own business as its competitors found merger partners,
but now Burlington Industries Inc may have restructured itself
into an attractive takeover candidate, analysts said.
    The takeover spotlight fell today on Burlington, which rose
4-7/8 to 52-7/8 on speculation that investor Asher Edelman and
Dominion Textiles Inc of Canada bought an almost five pct
stake.
    A published report said Edelman and Dominion jointly
acquired a stake in Burlington and were weighing a takeover
offer. Edelman would not comment, and a spokesman for
Montreal-based Dominion called the report just "rumors."
    Burlington said it did not know if the report was true.
    Wall Street professionals said they were not convinced of
the story or that Edelman and Dominion would be the victors if
Burlington actually came into play.
    Arbitragers said past comments from Dominion, however,
added credence to the speculation. Dominion has said that it
was looking for a takeover in the U.S.
    Last year, Dominion unsuccessfully bid for Avondale Mills
and has maintained a 120 mln dlr line of credit to be used for
a U.S. acquisition.
    A Dominion spokesman said Canada's largest textile producer
has been negotiating with "many" U.S. textile companies, but
would not say whether Burlington was among them.
    "There have been acquisitions in this area. It's not
unusual that someone could be looking at Burlington after the
housecleaning they've done," said Eileen Gormley of Thomson
McKinnon.
    Burlington sold its domestic operations, which made sheets
and other linens, to J.P. Stevens and Co Inc for 110 mln dlrs
last year. It also has reorganized management, and focused its
operations on businesses that would be less affected by foreign
competition, Gormley said.
    "They've pulled back so as not to be a commodity marketer,"
said Gormley. She said in moving more heavily into industrial
fabrics, Burlington bought C.H. Masland, which supplies carpets
and other fabric to the auto industry.
    "In the past, they just spent and never realized the return
on the outlays they did make," she said.
    "You look at their record over the year, and I think
they're poised to be more profitable than they had been in the
past," Gormley said.
     She estimated 1987 earnings of 2.50 dlrs per share, up
from 2.01 dlrs per share.
    Some analysts today recommended clients not buy Burlington
at its current levels.
    Edward Johnson of Johnson Redbook said he recommends
selling. He said he believes the stock is worth only about 50
dlrs on a takeover basis and about 46 dlrs on an earnings
basis.
    Some arbitragers, however, said takeover values have been
placed on the company of 60 to 65 dlrs per share.
    "After Asher's (Edelman) recent history, a lot of people
don't find him very credible anymore," said one arbitrager.
    Another, however, said Edelman succeeds in forcing
managements to take steps to enhance shareholder values even if
he doesn't win the target company.
    Edelman was unsuccessful last year in offers for Lucky
Stores Inc and Fruehauf Corp. He did succeed in buying
Ponderosa Inc.
    The stocks of other textile makers rose along with
Burlington.
    J.P. Stevens <STN> climbed 5/8 to 44-7/8, and Fieldcrest
Cannon Inc <FLD>, the result of a merger of Fieldcrest and
Cannon, rose 1-1/8 to 39-3/4. West Point-Pepperell Inc <WPM>
rose 1-7/8 to 67-1/8.


.I 4135
.C
earn
.W
STERIVET LABORATORIES LTD <STVTF> 1ST QTR NET.
    TORONTO, April 8 -
    Shr profit 10 cts vs loss 17 cts
    Net profit 206,000 vs loss 281,000
    Revs 1,022,00 vs 344,000


.I 4136
.C
earn
.W
STERIVET LABORATORIES LTD <STVTF> YEAR LOSS.
    TORONTO, April 8 -
    Shr loss 48 cts vs loss 19 cts
    Net loss 746,000 vs loss 342,000
    Revs 3,213,000 vs 2,925,000


.I 4137
.C
trade
.W
JAPAN IN LAST-DITCH EFFORT TO AVERT TARIFFS.
    By Robert Trautman, Reuters
    WASHINGTON, April 8 - Senior Japanese officials tomorrow
open talks with American trade negotiators in a last-ditch
effort to avert new high U.S. tariffs to be imposed on a wide
variety of Japanese electronic exports.
    Makoto Kuroda, vice minister of Japan's Ministry of
International Trade and Industry (MITI), is to hold two days of
meetings with the Deputy U.S. Trade Representative, Michael
Smith, and the Under Secretary of Commerce, Bruce Smart.
    The new tariffs, to go into effect on April 17, are in
retaliation for Japan's failure to adhere to an agreement to
end dumping semiconductors in world markets at below cost and
to open its home market to U.S. semiconductor shipments.
    They are to be imposed on goods which use semiconductors,
including television and audio equipment and computers.
    Both U.S. and Japanese officials have said there was little
likelihood the talks would do anything to avert the 100 pct
duties on 300 mln dlrs worth of Japanese shipments.
    President Reagan announced the planned tariffs on March 27
after he said that close monitoring of the July 1986
U.S.-Japanese semiconductor pact convinced U.S. officials that
Japan was not honoring the agreement.
    In making the annoucement, Reagan said "I am committed to
the full enforcement of our trade agreements designed to
provide American industry with free and fair trade."
    Trade analysts said his move was aimed as much at Japan's
semiconductor trade practices, which are said to have injured
the U.S. semiconductor industry, as Congress, which has
complained about presidential timidity on trade issues.
    Congressional Democrats have pledged to enact aggressive
trade laws to counter what they contend has been Reagan's
inaction to redress the growing U.S. trade deficit, which last
year reached 169.8 billion dlrs.
    About one-third of the deficit was with Japan.
    Reagan said there were recent signs Japan was beginning to
adhere to the pact and that was why he was not terminating it.
    Kuroda said on leaving Tokyo today he had no new proposals
but did have an explanation of the semiconductor situation.
    He told the daily newspaper Ashai Shimbun that Reagan's
decision was based on inaccurate data and an exaggerated sense
of MITI's power to control Japanese traders.
    "The United States has excessive expectations.," he said. To
stabilize supply-demand relations which have been disrupted by
excess inventories since 1985 will take some time."
    He also said that U.S. firms had not been aggressive enough
in trying to sell in the Japanese market.


.I 4139
.C
acq
.W
HOECHST CELANESE SENDS REPORT ON NEW FACILITIES.
    SOMERVILLE, N.J., April 8 - <Hoechst Celanese Corp> said it
sent propsective customers a confidential report describing its
polyester textile fiber facilities in North Carolina and South
Carolina.
    The company did not disclose any prices.
    The report describes the facilities in Darlington County,
S.C., and Fayetteville, N.C., the company said. The report also
decribes related manufacturing, marketing, administrative and
technical resources that could be made avialable to a buyer.
    Hoechst Celanese was formed Feb 27 by the merger of
Celanese Corp and American Hoechst Corp. The merger took place
after an agreement was reached with the Federal Trade
Commission that certain domestic polyester textile fiber assets
of the combined companies would be divested, it said.
    Hoechst Celanese said it has the option of divesting either
the South Carolina facilities of the former American Hoechst or
a package of polyester textile fiber facilities of the former
Celanese.


.I 4140
.C
earn
.W
MELLON PARTICIPATING MORTGAGE TRUST <MPMTS> DIV.
    NEW YORK, April 8 -
    Qtly div 25 cts vs 25 cts prior
    Payable May 6
    Record April 24


.I 4144
.C
acq
.W
U.K. GEC DECLINES COMMENT ON U.S. PURCHASE RUMOUR.
    LONDON, April 8 - General Electric Co Plc <GECL.L> (GEC)
declined comment on rumours on the London stock market that it
is planning another purchase in the U.S. Medical equipment
field, in addition to its existing U.S. Subsidiary <Picker
International Inc>.
    A GEC spokesman said that it is company policy not to
comment on acquisition rumours.
    Stock Exchange traders said the rumour helped GEC's share
price to rise 5p, to a final 206p from yesterday's closing
price of 201p.


.I 4145
.C
earn
.W
PRESTON CORP <PTRK> SEES FIRST QUARTER LOSS.
    PRESTON, Md., April 8 - Preston corp said it expects to
report a loss of about 300,000 dlrs or five cts per share for
the first quarter, compared with a profit of 1,081,000 dlrs or
19 cts per share a year before.          
    The trucking company attributed the loss to the continued
rate of discounted in its primary markets, flat revenues and
increased costs, including uninsured claims expense resulting
from adverse weather conditions during the last three months.
    It said results outside the Northeast were strong, and it
expects to show improved results for the rest of the year.


.I 4154
.C
trade
.W
WHITE HOUSE STANDING FIRM ON JAPANESE SANCTIONS.
    WASHINGTON, April 8 - Presidential spokesman Marlin
Fitzwater said U.S. trade sanctions against Japan were likely
take effect on April 17 in spite of a "full court press" by
Japanese officials to avoid them.
    "All indications are they will take effect," he said.
    "I would say Japan is applying the full court press ... They
certainly are putting both feet forward in terms of explaining
their position," Fitzwater told reporters.
    He noted high level meetings on the trade dispute are
underway here but said, "I don't think there's anything I can
report and I don't believe there's been any official movement."


.I 4155
.C
earn
.W
******DOW JONES AND CO INC FIRST QUARTER SHR 69 CTS VS 64 CTS.
Blah blah blah.

.I 4158
.C
earn
.W
<HAYES-DANA INC> 1ST QTR NET.
    TORONTO, April 8 -
    Shr 30 cts vs 28 cts
    Net 5,000,000 vs 4,600,000
    Revs 125.2 mln vs 123.9 mln
    Note: 52 pct-owned by Dana Corp <DCN>.


.I 4162
.C
cocoa
.W
COCOA TERMINAL DEPOSITS TO BE CUT 25 PCT - ICCH.
    LONDON, April 8 - The basic deposit on cocoa futures
contracts will be reduced by 25 pct as from Friday, April 10,
taking the required deposit for one 10 tonne lot to 300 stg
from 400 previously, a spokesman for the International
Commodity Clearing House (ICCH) said.
    The deposit for spread contracts will be similarly cut, to
150 stg for a one 10 tonne lot from 200 previously, he said.
    The ICCH had been looking at cocoa market fluctuations over
a period of weeks, he said, adding the market's basic stability
had warranted a cut in deposit rates.
    The decision to cut deposits was taken by the ICCH after
consultation with the London Cocoa Terminal Market, the
spokesman said.
    The cuts were likely to attract more business to the
market, he said.


.I 4163
.C
earn
.W
ELECTRO RENT CORP <ELRC> 3RD QTR FEB 28 NET.
    SANTA MONICA, Calif., April 8 -
    Shr 20 cts vs 32 cts
    Net 1,358,000 vs 2,476,000
    Revs 27.1 mln vs 26.2 mln
    Nine Mths
    Shr 68 cts vs 1.05 dlrs
    Net 4,957,000 vs 8,129,000
    Revs 82.6 mln vs 78.8 mln


.I 4168
.C
earn
.W
******WALGREEN CO 2ND QTR SHR 62 CTS VS 58 CTS.
Blah blah blah.

.I 4171
.C
earn
.W
JUDY'S INC <JUDY> 4TH QTR JAN 31 LOSS.
    VAN NUYS, Calif., April 8 -
    Shr loss two cts vs profit nine cts
    Net loss 74,000 vs profit 418,000
    Sales 18.2 mln vs 17.5 mln
    Year
    Shr profit nine cts vs profit 26 cts
    Net profit 426,000 vs profit 1,170,000
    Sales 58.7 mln vs 56.7 mln


.I 4172
.C
earn
.W
ORANGE-CO INC <OJ> 2ND QTR FEB 28 NET.
    BLOOMFIELD HILLS, Mich., April 8 -
    Shr profit 2.26 dlrs vs loss 81 cts
    Net profit 9,785,000 vs loss 3,422,000
    Revs 26.0 mln vs 18.9 mln
    Avg shrs 4,316,000 vs 4,207,000
    1st half
    Shr profit 2.75 dlrs vs loss 1.07 dlrs
    Net profit 11.9 mln vs loss 4,486,000
    Revs 39.0 mln vs 37.2 mln
    Avg shrs 4,318,000 vs 4,181,000
    NOTE: Current year net both periods includes gain 9,500,000
dlrs from sale of Orange-Co of Florida subsidiary to American
Agrnomics Corp <AGR>.
    Net includes pretax real estate disposition loss 920,000
dlrs vs gain 52,000 dlrs in quarter and loss 863,000 dlrs vs
gain 117,000 dlrs in half.
    Prior year net includes tax credits of 2,132,000 dlrs in
quarter and 3,039,000 dlres in half.
    Current half net includes 2,051,000 dlr pretax gain
2,051,000 dlrs from change in accounting.


.I 4173
.C
earn
.W
DOW JONES AND CO INC <DJ> 1ST QTR NET.
    NEW YORK, April 8 -
    Shr 69 cts vs 64 cts
    Net 66,719,000 vs 61,773,000
    Rev 285.6 mln vs 259.7 mln
    NOTE: Earnings include after-tax gain of 29.4 mln dlrs, or
30 cts a share, versus after-tax gain of 31.4 mln dlrs, or 32
cts a share, for 1986 first quarter. Earnings per share
reflects a 50 pct stock dividend in the form of a class B
common stock distribution on June 30, 1986.
   


.I 4176
.C
earn
.W
LORD ABBETT AND CO MUTUAL FUND DIVIDENDS.
    NEW YORK, April 8 -
    LORD ABBETT BOND DEBENTURE FUND
    Qtly div 28 cts vs 29 cts prior
    Pay May 5
    Record April 9
    ---
    LORD ABBETT U.S. GOVERNMENT SECURITIES FUND
    Daily div 2.9 cts vs 2.9 cts prior
    Pay May 15
    Record May 15
    LORD ABBETT TAX FREE INCOME FUND NATIONAL SERIES
    Daily div 6.7 cts vs 6.7 cts prior
    Pay May 15
    Record May 15
    ---
    LORD ABBETT TAX FREE INCOME NEW YORK SERIES
    Daily div 6.7 cts vs 6.7 cts prior
    Pay May 15
    Record May 15
    LORD ABBETT TAX FREE INCOME TEXAS SERIES
    Daily div 5.9 cts vs 5.9 cts prior
    Pay May 15
    Record May 15
    ---
    LORD ABBETT CALIFORNIA TAX FREE INCOME
    Daily div of 6.2 cts vs 6.2 cts prior
    Pay May 15
    Record May 15


.I 4177
.C
earn
.W
HEINEKEN SEES HIGHER PROFITS, WIDER PENETRATION.
    By Emma Robson, Reuters
    AMSTERDAM, April 8 - Dutch brewer Heineken NV said it hoped
to maintain for a number of years a similar earnings growth to
the 7.5 pct increase in net profit achieved in 1986, despite
continuing investments in a reorganization program and efforts
to extend world penetration.
    Heineken last month reported a 1986 net profit of 285 mln
guilders, after 265 mln in 1985.
    Chairman Freddie Heineken said the company, Europe's
leading beer producer with six pct of market share in 1986,
said sales increased by 6.3 pct to 42.1 mln hectoliters.
    The volume increase was due mainly to a rise in the U.S.,
Where the brand Amstel Lite saw great demand, and in Europe,
where sales accounted for 25.5 pct of the total.
    Turnover, despite losses in guilder terms due to weaker
foreign currencies, rose by 4.4 pct, to 6.7 billion guilders.
    Further consolidation of foreign companies, including the
increase of its stake in leading Spanish brewery <El Aguila
S.A.> to 51.2 pct, new ventures and modernization, particularly
in French and Spanish interests, eroded profit margins. The
company still planned to invest 700 mln guilders this year in
restructuring and marketing, Heineken said.
    Heineken's Spanish activities should start yielding profit
next year, Heineken said, adding that its French operations had
already turned to profit after vast rationalization last year.
    Vice Chairman Gerard van Schaik said the decision by the
European Court of Justice in Luxembourg to allow foreign beer
into the closed West German market -- Europe's biggest beer
market -- offered interesting possibilities for Heineken. "We
have the beer, but distribution and sales is the important
point," van Schaik said, adding that since the ruling Heineken
had been inundated by German traders seeking joint ventures.
    "The question is not if we want to penetrate the German
market, but how we are to do it," van Schaik said, adding that
while the widely traveled Germans seemed to be developing a
taste for foreign beer, the internal structure was very
regionalized.
     Heineken board member Hans Coebergh, responsible for
African operations, said he saw Africa as one of the most
important beer growth markets in the long term.
     He said the company, present in Africa since 1932 and with
majority stakes in six breweries and interests in 25, was
hampered by the lack of hard currencies there.
    Africa, where beer consumption averages only nine liters
per head per year and sales are limited by import restrictions
and currency risks, nonetheless accounted for 6.5 pct of total
1986 sales.
    On-site production is rendered expensive by the high price
of imports of essential ingredients. But Heineken scientists
have been looking at other possibilities.
    To balance the costs of imported malt, Heinken launched on
the Nigerian market a new beer made of 50 pct sorghum, which
had sold successfully, Coebergh said.
    Heineken is urging farmers to grow the traditional raw
materials, but Coebergh noted that banana and palm beer were
popular in Rwanda . "This is a possibility, but we could not
possibly achieve the Heineken flavor," Coebergh said.
    Chairman Heineken said the company's seven year efforts to
penetrate the Soviet market had finally resulted this week in a
contract that relaxed some of the restrictions they faced.
    But again, a lack of hard currencies limited Heineken's
market potential. Heineken now has seven bars in Moscow that
are enjoying good sales, but the bars only accept western
money.


.I 4180
.C
earn
.W
WALGREEN CO <WAG> VOTES QUARTERLY DIVIDEND.
    DEERFIELD, ILL., April 8 -
    Qtly div 13-1/2 cts vs 12-1/2 cts prior qtr
    Pay 12 June
    Record 21 May


.I 4181
.C
coffee
.W
COLOMBIA BUSINESS ASKED TO DIVERSIFY FROM COFFEE.
    BOGOTA, April 8 - A Colombia government trade official has
urged the business community to aggressively diversify its
activities and stop relying so heavily on coffee.
    Samuel Alberto Yohai, director of the Foreign Trade
Institute, INCOMEX, said private businessmen should not become
what he called "mental hostages" to coffee, traditionally
Colombia's major export.
    The National Planning Department forecast that in 1987
coffee will account for only one-third of total exports, or
about 1.5 billion dlrs, with oil and energy products making up
another third and non-traditional exports the remainder.


.I 4183
.C
crude
.W
TURKEY CALLS FOR DIALOGUE TO SOLVE DISPUTE.
    ANKARA, April 8 - Turkey said today its disputes with
Greece, including rights on the continental shelf in the Aegean
Sea, should be solved through negotiations.
    A Foreign Ministry statement said the latest crisis between
the two NATO members stemmed from the continental shelf dispute
and an agreement on this issue would effect the security,
economy and other rights of both countries.
    "As the issue is basicly political, a solution can only be
found by bilateral negotiations," the statement said. Greece has
repeatedly said the issue was legal and could be solved at the
International Court of Justice.
    The two countries approached armed confrontation last month
after Greece announced it planned oil exploration work in the
Aegean and Turkey said it would also search for oil.
    A face-off was averted when Turkey confined its research to
territorrial waters. "The latest crises created an historic
opportunity to solve the disputes between the two countries,"
the Foreign Ministry statement said.
    Turkey's ambassador in Athens, Nazmi Akiman, was due to
meet Prime Minister Andreas Papandreou today for the Greek
reply to a message sent last week by Turkish Prime Minister
Turgut Ozal. The contents of the message were not disclosed.


.I 4187
.C
acq
.W
FRONTIER INSURANCE <FRTR> IN ACQUISITION TALKS.
    MONTICELLO, N.Y., April 8 - Frontier Insurance Group Inc
said it is currently negotiating to acquire the business of
Medical Quadrangle Inc, formerly its largest medical
malpractice insurance producer, and the business of its other
malpractice producer, Medical Professional Liability Agency
Inc.
    It gave no details.


.I 4188
.C
earn
.W
FRONTIER INSURANCE GROUP INC <FRTR> 4TH QTR NET.
    MONTICELLO, N.Y., April 8 -
    Oper shr 25 cts vs six cts
    Oper net 840,000 vs 139,000
    Revs 8,290,000 vs 4,743,000
    Avg shrs 3,335,029 vs 2,400,000
    Year
    Oper shr 97 cts vs 53 cts
    Oper net 2,546,000 vs 1,275,000
    Revs 28.8 mln vs 18.5 mln
    Avg shrs 2,635,665 vs 2,400,000
    NOTE: Net excludes investment gain four cts shr vs loss six
cts in quarter and gain five cts vs loss six cts in year.


.I 4189
.C
rice
.W
GATT OFFICIAL MEETS WITH U.S. FARM LEADERS.
    WASHINGTON, April 8 - The official in charge of
agricultural matters in the new round of global trade talks is
in Washington today and tomorrow to meet with congressional and
Reagan administration officials.
    Aart de Zeeuw, chairman of the General Agreement on Tariffs
and Trade's negotiating group on agriculture, met this morning
with members of the House Agriculture Committee.
    Committee sources said De Zeeuw expressed concern over
protectionism and high farm price supports. House lawmakers
noted that in 1985 the United States took steps to reduce loan
rates, committee staff said.
    "Members told him (De Zeeuw) that we lowered our (U.S.) loan
rates and can't eliminate subsidies unilaterally," one source
said.
    De Zeeuw was told of the U.S. lawmakers' frustration with
Japan's restrictive rice import policy, and members defended
the U.S. dairy policy, which aims to cut surplus production by
subsidizing producers to trim herds, sources said.
    Later today De Zeeuw will meet the Senate Agriculture
members and Undersecretary of State Affairs Allen Wallis.
    Tomorrow, De Zeeuw is to meet the House Ways and Means
Trade Subcommittee and the Senate Finance Committee, before
visiting Agriculture Secretary Richard Lyng.
    De Zeeuw goes to Canada later this week. His trip to North
America is part of his attempt to meet farm policy leaders in
the key GATT member states.
    The negotiating group on agriculture held its first meeting
in February and is expected to meet again in May.


.I 4190
.C
earn
.W
SOUTHINGTON SAVINGS BANK <SSBB> 1ST QTR NET.
    SOUTHINGTON, Conn., April 8 -
    Shr 39 cts vs not given
    Net 707,000 vs 505,000
    NOTE: Company went public in July 1986.


.I 4191
.C
earn
.W
CATERPILLAR INC <CAT> VOTES QUARTERLY DIVIDEND.
    PEORIA, ILL., April 8 -
    Qtly div 12-1/2 cts vs 12-1/2 cts prior qtr
    Pay 20 May
    Record 20 April


.I 4193
.C
acq
.W
CORRECTED - DATRON <DATR> AGREES TO BUYOUT.
    MINNEAPOLIS, MINN., April 8 - Datron Corp said it agreed to
merge with GGHF Inc, a Florida-based company formed by the four
top officers of the company.
    According to terms of the proposed transaction, each share
of Datron common stock, excluding those shares owned by the
four officers, will be converted into six dlrs a share, it
said.
    Datron's officers hold about 73 pct of the total 896,000
Datron common shares outstanding, it said.
(corrects company name, GGHF, in first paragraph)


.I 4194
.C
earn
.W
WALGREEN CO <WAG> 2ND QTR FEB 28 NET.
    DEERFIELD, Ill, April 8 -
    Shr 62 cts vs 58 cts
    Qtly div 13-1/2 cts vs 13-1/2 cts prior
    Net 38.8 mln vs 35.7 mln
    Revs 1.18 billion vs one billion
    Six mths
    Shr 84 cts vs 86 cts
    Net 52 mln vs 52.9 mln
    Revs 2.14 billion vs 1.82 billion
    NOTE: Results include charge of four cts shr for latest six
mths vs credit of five cts shr for prior six mths from
investment tax credit
     Dividend payable June 12, record May 21


.I 4195
.C
dlr;money-fx;interest;
.W
J.P. MORGAN<JPM> SAYS DLR MAY PREVENT FED EASING.
    NEW YORK, April 8 - The relatively high level of real U.S.
interest rates suggests that there is scope for further
declines in money market rates, but the Federal Reserve is
unlikely to promote such a drop as long as the dollar remains
volatile, said J.P. Morgan and Co Inc chairman Lewis Preston.
    He said in response to a reporter's question after the
bank's annual meeting that money market rates could decline
further but, "I don't think the Fed is going to encourage that
as long as the exchange markets are as volatile as they are."
    On the other hand, he said that, barring a collapse of the
dollar, he did not see rates going much higher.
    He said that Morgan's recent rise in its prime lending rate
was "purely a reflection of an increase in a whole spectrum of
rates."
    Preston reiterated earlier company forecasts that the U.S.
economy should show roughly 2.5 to three pct real growth this
year.
    He also said that as a consequence of the dollar's decline
and oil price rises, inflation would rise "moderately" to a 3.5
to four pct rate in 1987.


.I 4196
.C
earn
.W
MEDTRONIC <MDT> SEES 15 PCT EARNINGS GROWTH.
    NEW YORK, April 8 - Medtronic Inc said it sees 15 pct
growth in sales and earnings for the year ending April 30,
1988.
    At an analysts meeting here the company said that for the
year ending April 30, 1987 it will earn about 73 mln dlrs, or
about 5.15-5.35 dlrs a share on sales of about 500 mln dlrs.
    In the year ago period, the company earned 53.4 mln dlrs,
or 3.65 dlrs a share, on sales of 402.8 mln dlrs.
    Winston Wallin, Medtronic chairman, said the company will
improve market share in fiscal 1988 in cardiac pacemakers and
expand its cardiovascular therapeutic product line.
    Wallin cautioned analysts not to quickly change their per
share estimates for the company as he said Medtronic will have
heavy sales and marketing expenses in fiscal 1988.
    He said the company intends to reinvest its earnings in its
businesses and not in its dividends. "Shareholders are better
off if we grow the business rather than reinvest in dividends
or share repurchases," he said.
    Wallin said he sees Medtronic's share of the total
worldwide pacemaker market increasing to 42 pct in fiscal 1988,
from 40 pct in fiscal 1987.
    He said the worldwide market for cardiovascualr therapeutic
products, which includes pacemakers, valves, catheters and
lasers, will be valued at about 2.5 billion dlrs 1990 and will
double that by 1995.
    Wallin said, "Our objective is to get a hold of new
products and start building market share if we have to beg,
borrow or steal to get into new markets."
    In the past, Medtronic's pacemakers have been plagued with
a number of problems leading to product recalls. Regulators
also have criticized the industry, citing quality problems and
a needless overprescription of pacemakers.
    "We have no knowledge of any major problems in our
pacemakers or leads," Wallin said. "We intend to re-establish
our company as the quality leader in the industry."
    Glen Nelson, executive vice president for Medtronics, said
the company intends to diversify internally and through
acquisitions of companies in areas of Medtronic's expertise,
such as drug delivery systems.
    Wallin said the 15 pct earnings growth for fiscal 1988 does
not include dilutions from acquisitions. "We hope to have some
safety provisions so that we won't have any major dilutions
from an acquisition."
    Wallin also said the company will have virtual exclusivity
in rate responsive pacemakers for all of fiscal 1988.
    The company markets Activitrax, the first single chamber
pacemaker that varies heartrate in response to physical
activity.
    Siemens AG, a West German company, is also developing a
rate responsive pacemaker.
   


.I 4200
.C
acq
.W
SPIE BATIGNOLLES COULD INCREASE COMSTOCK HOLDING.
    PARIS, April 8 - Construction group <Spie Batignolles> is
negotiating to increase its holding in U.S. Engineering and
electrical installations firm <Comstock>.
    Spie Batignolles, a subsidiary of Schneider SA <SCHN.PA>,
said in a statement it was negotiating to invest 20 mln dlrs in
Comstock in the form of bonds convertible into shares.
    Spie Batignolles has held a 20 pct stake in Comstock since
February 1986. A spokesman said if Spie Batignolles converted
all the new bonds, it could open the way for the French company
to take control of Comstock but he gave no other details.


.I 4202
.C
tin
.W
TALKS CONTINUE ON TIN AGREEMENT EXTENSION.
    LONDON, April 8 - Discussions on the possible extension of
the sixth International Tin Agreement (ITA) began at the
quarterly session of the International Tin Council (ITC) but
the Council is still waiting for decisions from various member
states.
    A number of producer governments in particular have not
decided their final position on whether the ITA should be
extended for up to two years or wound down after it expires on
June 30, according to delegate sources.
    Earlier today European Community (EC) members decided to
back an extension, with the exception of Britain, which
undertook to communicate its decision to its EC partners later.
    Delegates said it could be Friday before all the member
countries declare their positions on the possible extension.
Today's full Council session started shortly before 1500 GMT
after the scheduled 1330 start was delayed by an EC
coordination meeting.
    The council reconvenes at 0930 GMT tomorrow, although
delegates said the morning is likely to be taken up with minor
technical matters and the main issue will probably not be
discussed before the afternoon session.


.I 4203
.C
cotton
.W
PAKISTAN COTTON CROP SEEN RECORD 7.6 MLN BALES.
    KARACHI, April 8 - Pakistan is likely to produce a record
7.6 mln bales (375 lbs each) of cotton from the current 1986/87
crop, exceeding a target of 7.2 mln bales, Food and Agriculture
Minister Mohammad Ibrahim Baluch said.
    He told a Pakistan Central Cotton Committee meeting here
the present was the third consecutive poroduction
record-setting year and said the momentum would be accelerated
in the future, the official APP news agency reported.
    Baluch said indications were that Pakistan is to attain a
record cotton production of 7.6 mln bales, compared to the
1985/86 crop of 7.2 mln bales which also represented the target
earlier set by authorities for this year's production.


.I 4204
.C
earn
.W
TRANZONIC COS <TNZ> 4TH QTR FEB 28 NET.
    CLEVELAND, April 8 -
    Shr 54 cts vs 24 cts
    Net 633,300 vs 300,859
    Sales 15.2 mln vs 13.0 mln
    Avg shrs 1,165,047 vs 1,224,982
    Year
    Shr two dlrs vs 1.64 dlrs
    Net 2,379,400 vs 2,011,924
    Sales 58.6 mln vs 54.0 mln
    Avg shrs 1,187,828 vs 1,223,511


.I 4205
.C
earn
.W
******SECURITY PACIFIC EXPECTS BRAZIL LOAN ACTION TO CUT NET BY 7.2 MLN DLRS.
Blah blah blah.

.I 4206
.C
trade
.W
WHITE HOUSE SAYS JAPANESE TARRIFFS LIKELY.
    WASHINGTON, April 8 - The White House said high U.S.
Tariffs on Japanese electronic goods would likely be imposed as
scheduled on April 17, despite an all-out effort by Japan to
avoid them.
    Presidential spokesman Marlin Fitzwater made the remark one
day before U.S. And Japanese officials are to meet under the
emergency provisions of a July 1986 semiconductor pact to
discuss trade and the punitive tariffs.
    Fitzwater said: "I would say Japan is applying the
full-court press...They certainly are putting both feet forward
in terms of explaining their position." But he added that "all
indications are they (the tariffs) will take effect."


.I 4209
.C
earn
.W
SHOWBOAT <SBO> TO TAKE CHARGE, SEES 3RD QTR LOSS.
    ATLANTIC CITY, N.J., April 8 - Showboat Inc will take a
charge of 19 to 20 mln dlrs pretax against results for the
third quarter ended March 31, director and assistant to the
president J. Kell Houssels III told Reuters.
    He said the charge results from pre-operating expenses of
its recently-opened Atlantic City, N.J., Showboat Hotel, Casino
and Bowling Center and will cause a loss for the third quarter
and probably for all of fiscal 1987 as well.
    But Houssels said Showboat's earnings for fiscal 1988
should show a sharp increase from fiscal 1986 levels due to the
contribution of the new Atlantic City facility.
    Showboat earned 1,753,000 dlrs in last year's third
quarter.  For all of fiscal 1986 it earned 5,769,000 dlrs.
    Houssels said Showboat since the opening of the Atlantic
City hotel/casino, Showboat has had to start charging interest
expenses connected with debt it sold to finance the facility
directly against income rather than capitalizing the interest
as it had been able to do previously.
    Showboat opened the hotel during its third quarter and
gaming began last Thursday on a regular basis after test gaming
was completed earlier in the week.


.I 4210
.C
earn
.W
SECURITY PACIFIC <SPC> LOANS PUT ON NON-ACCRUAL.
    LOS ANGELES, April 8 - Security Pacific Corp said it is
placing medium and long-term loans to Brazil and Ecuador on a
non-accrual basis as of March 31, a move that will reduce first
quarter earnings by 7.2 mln dlrs, or nine cts per share, after
taxes.
    Despite the anticipated reduction to quarterly earnings,
Security Pacific said it still expects to report first quarter
earnings higher than the 88 mln dlrs, or 1.11 dlrs per share
reported for the first quarter of 1986.
    The bank holding company said the action affects 401 mln
dlrs of loans to Brazil and 73 mln of loans to Ecuador.
    Brazil suspended interest payments on its 68 billion dlrs
of medium- and long-term debt on February 20.
    Ecuador, which has foreign debt of roughly eight billion
dlrs, has not paid any interest to foreign banks since
February.
    In March Ecuador said it would suspend interest payments
for the rest of the year because of an earthquake which halted
the export of oil, which accounts for about 75 pct the
country's export revenues.
    In its announcement, Security Pacific said it will record
interest income only as it is received in cash.
    The company also said it believes that Brazil will reach an
agreement with its banks and that interest payments will resume
later in 1987.
    The Brazilian negotiations resume on Friday in New York
when Central Bank Governor Francisco Gros is expected to ask
banks for a 90-day roll-over of some 9.5 billion dlrs of term
debt that matures on April 15.


.I 4213
.C
crude
.W
IRAQI TROOPS REPORTED PUSHING BACK IRANIANS.
    BAGHDAD, April 8 - Iraq said today its troops were pushing
Iranian forces out of positions they had initially occupied
when they launched a new offensive near the southern port of
Basra early yesterday.
    A High Command communique said Iraqi troops had won a
significant victory and were continuing to advance.
    Iraq said it had foiled a three-pronged thrust some 10 km
(six miles) from Basra, but admitted the Iranians had occupied
ground held by the Mohammed al-Qassem unit, one of three
divisions attacked.
    The communique said Iranian Revolutionary Guards were under
assault from warplanes, helicopter gunships, heavy artillery
and tanks.
    "Our forces are continuing their advance until they purge
the last foothold" occupied by the Iranians, it said.
    (Iran said its troops had killed or wounded more than 4,000
Iraqis and were stabilising their new positions.)
    The Baghdad communique said Iraqi planes also destroyed oil
installations at Iran's southwestern Ahvaz field during a raid
today. It denied an Iranian report that an Iraqi jet was shot
down.
    Iraq also reported a naval battle at the northern tip of
the Gulf. Iraqi naval units and forces defending an offshore
terminal sank six Iranian out of 28 Iranian boats attempting to
attack an offshore terminal, the communique said.
   


.I 4216
.C
earn
.W
GOLDEN ENTERPRISES INC <GLDC> 3RD QTR FEB 28 NET.
    BIRMINGHAM, Ala., April 8 -
    Shr 15 cts vs nine cts
    Qtly div six cts vs six cts in prior qtr
    Net 2,002,261 vs 1,168,638
    Revs 29.2 mln vs 29.3 mln
    Avg shrs 13.1 mln vs 13.0 mln
    Nine mths
    Shr 49 cts vs 36 cts
    Net 6,404,536 vs 4,623,295
    Revs 92.2 mln vs 88.2 mln
    Avg shrs 13.1 mln vs 13.0 mln
    NOTE: Dividend is payable April 30 to holders of record
April 20


.I 4217
.C
money-fx
.W
GROUP OF FIVE MEETING ENDS.
    WASHINGTON, April 8 - A meeting of finance ministers and
central bankers of the Group of Five ended after nearly three
and a half hours.
    West German Finance Minister Gerhard Stoltenberg and
British Chancellor of the Exchequer Nigel Lawson declined to
comment on the meeting as they emerged from the U.S. Treasury.
    A European monetary official said the ministers of the
Group of Seven countries would gather at about three p.m. local
(1900 GMT) at the Treasury.


.I 4220
.C
livestock
.W
USDA TO PROPOSE FOREIGN MEAT INSPECTION RULE.
    WASHINGTON, April 8 - The U.S. Agriculture Department is
preparing a proposal that would require all foreign meat
products to be inspected at their point of arrival in the
United States, a USDA official said.
    Donald Houston, administrator of USDA's Food Safety and
Inspection Service, FSIS, told a House Agriculture subcommittee
USDA was developing a proposed change in regulations that would
put an end to the current practice of permitting foreign meat
products to be unloaded at one port and inspected at another
port.
    Houston said the requirement would be phased in over
several years to "avoid disruptions and economic hardship."


.I 4221
.C
earn;crude;
.W
UNION TEXAS OIL RESERVES DROPPED IN 1986.
    HOUSTON, April 8 - Union Texas Petroleum said its worldwide
proved reserves fell to 511 mln barrels of oil equivalent at
the end of 1986 from 555 mln barrels reported in 1985.
    In its newly released annual report, Union Texas said it
replaced about 71 pct of its production of 56 mln barrels of
oil equivalent last year after taking into account the sale of
27 mln barrels of U.S. reserves.
    Union Texas, the nation's largest independent oil and gas
producer based on revenues, is a privately-held company owned
by Kohlberg Kravis Roberts and Co and Allied-Signal Inc <ALD>.
    The Houston-based company said it lost 57.5 mln dlrs on
1.26 billion dlrs in sales last year, compared to profits of
165 mln dlrs on 2.04 billion dlrs in sales in 1985.
    Union Texas said it received an average of 13.35 dlrs per
barrel for its international oil production and 2.99 dlrs per
mcf for its foreign natural gas sales. The majority of the
company's total energy production is in the United Kingdom,
Indonesia and Pakistan.
    In the United States, Union Texas said it completed
evaluation work on its oil find in Alaska's Colville Delta
area.
    "Although significant oil reserves were confirmed,
development of this discovery will not be economical without
substantially higher prices," the company said.
    Union Texas said it planned to spend about 42 mln dlrs over
the next two years to develop its Eugene Island Block 371 in
the Gulf of Mexico.
    In 1987, the company said it budgeted 178 mln dlrs for
capital spending, less than half of the amount spent in 1985
and down from 199 mln dlrs budgeted last year. Union Texas also
said it would seek acquisitions of oil and gas properties as
well as petrochemical-related businesses.


.I 4222
.C
acq
.W
UAL <UAL> MAY RESPOND TO PILOTS TODAY.
    New York, April 8 - UAL Inc may have a response this
afternoon to the pilots union proposal to buy its United
Airlines unit, a UAL spokesman said.
    "Obviously, we have a lot of movement in our stock, and we
need to get a clarification out," the spokesman said, adding
that there was a "50-50" chance a statement would be released
today.
    The pilots earlier this week offered to buy the airline for
2.3 billion dlrs, and assume 2.2 billion dlrs of existing debt.
    Takeover speculation has driven UAL's stock for several
weeks. UAL last month said New York Real estate developer
Donald Trump held a position in its stock, and that he also
held discussions with its chairman.
    The developer indicated in those talks that he took the
position as an investment, but he revealed no other plans.
    Today, rumors circulated that Coniston Partners were buying
UAL stock. UAL jumped five to 70-3/4 on volume of more than 3.2
mln shares.
    "United has got to consider this proposal. I think the
pilot's proposal is realistic. I don't exptect them to take it,
but it could put some interesting options in front of UAL
management," said Timothy Pettee, Bear Stearns and co analyst.
    Analysts have said UAL made itself vulnerable to attack
when it diversified away from its core airline. It added Hertz
rental cars, Westin and Hilton International hotels in a
strategy to become a travel service company.
    The strategy left its stock in a slump and its pilots union
concerned that the company was not focussing enough attention
on its airline.
    UAL has stood firm on its strategy. It is emphasizing its
new focus by changing its name to Allegis, as of May one.
    But takeover speculation has escalated, and Wall Street has
been busy calculating break up values well in excess of 100
dlrs per share. Traders today described the buying in UAL as
widespread, indicative to them that big institutions believe
the stock is in play.
    Market sources have said that although Trump attracted
attention to the stock, the pilots proposal acted as a
catalyst, kicking off a new round of speculation and perhaps
throwing the company into the hands of another buyer.
    "The first domino is you have an investor with a
considerable stake. the second domino is the union. That type
of attitude has been a precursor to airline deals in the past,"
said Pettee.
    "What's interesting is the values are there. There's
something for everybody," he said.



.I 4223
.C
earn
.W
HARTMARX <HMX> TARGETS EARNINGS GROWTH.
    CHICAGO, April 8 - Hartmarx Corp, following a year of
restructuring, continues to target record earnings for fiscal
1987, Chairman John Meinert told the annual meeting.
    Meinert reiterated an earlier comment that earnings for the
remainder of the year must double the 1986 level to meet that
goal. In fiscal 1986, ended November 30, 1986, Hartmarx
reported earnings of 24.8 mln dlrs, or 1.20 dlrs a share, down
from the prior year's 42.7 mln dlrs, or 2.25 dlrs a share.
    The 110-year-old apparel manufacturer recently posted
first-quarter earnings of 54 cts a share, up from 40 cts a year
ago.
    Meinert told shareholders Hartmarx has no plans to sell any
of its divisions. He added, "We have the financial capacity to
take advantage of acquisitions."
    In 1987, Meinert said the company will open five new and 10
redesigned Kuppenheimer direct-to-consumer stores in Atlanta,
Detroit, St. Louis, Washington, D.C. and San Francisco.
    He said the company's women's apparel continues to grow,
and Hartmarx has on the drawing board a Briar concept store
which will feature ties, shirts and some tailored clothing.


.I 4225
.C
money-supply
.W
******FED'S HELLER SEES RETURN TO SLOWER MONEY SUPPLY GROWTH.
Blah blah blah.

.I 4226
.C
earn
.W
******GENERAL ELECTRIC CO 1ST QTR SHR 1.37 DLRS VS 1.18 DLRS.
Blah blah blah.

.I 4227
.C
crude
.W
GHANA TO BUY CRUDE OIL FROM IRAN.
    LONDON, April 8 - Ghana will import 15,000 tonnes of crude
oil annually from Iran under an agreement reached in Tehran
today, the Iranian news agency IRNA reported.
    The agency, received in London, said the accord was reached
between Iranian Oil Minister Gholamreza Aqazadeh and a visiting
Ghanaian delegation headed by Foreign Minister Obed Asamoah.
    IRNA said that under the agreement, Iran will also provide
technical and scientific assistance in manpower training and
oil exploitation, production and refining.


.I 4229
.C
money-supply
.W
FED'S HELLER SAYS MONETARY GROWTH TO BE SLOWER.
    WASHINGTON, April 8 - Robert Heller, a member of the
Federal Reserve Board, said he expects "more modest levels" of
growth in the money supply this year.
    "In my view, this would not only be a logical, but also a
most desireable development," he said in a speech prepared for
delivery to an economic forum at Chapman College in Orange,
Calif.
    A text was released in Washington.
    He said the effect of lower inflation and financial
deregulation on monetary aggregates was now largely finished.
    "Consequently, monetary growth may return to more modest
levels," Heller said. He noted growth in the money supply slowed
after mid-January.
    "I would not be surprised at all if the monetary aggregates
were to grow rather slowly during the balance of the year as
well," he added.
    Heller said there was a danger of renewed price inflation.
    "The pricing behavior of American producers in response to
price increases of their foreign competitors will be crucial
for our economic future," he said.
    Widespread domestic price rises in response to rising
import prices would "generalize the inflationary forces
emanating from the foreign trade sector" and might not gain more
market share for U.S. producers.
    "A return to the stagflation of the late 1970s may well be
the result of such a behavior pattern," Heller warned.
    He said "we at the Federal Reserve will have to be
disciplined in our conduct of monetary policy." 
    Heller said said the government should also exercise fiscal
discipline and cut the deficit by spending restraint rather
than new taxes.
    "The imposition of new taxes would tend to rekindle
inflation and certainly would not make us more competitive in
international markets," Heller said.
    He said the U.S. economy should expand by nearly three pct
during 1987, aided by higher exports to Europe and Canada.
    A free trade agreement currently being negotiated with
Canada "would be exceedingly helpful in allowing American
producers to compete more effectively in that country," Heller
said.


.I 4230
.C
earn
.W
GENERAL ELECTRIC CO <GE> 1ST QTR NET.
    FAIRFIELD, Conn., April 8 -
    Shr 1.37 dlrs vs 1.18 dlrs
    Net 624 mln vs 537 mln
    Sales 8.32 billion vs 5.88 billion
    NOTE: Prior year does not include results of RCA Corp.


.I 4233
.C
earn
.W
ENERGY DEVELOPMENT <EDP> HAD YEAR LOSS.
    LOS ANGELES, April 8 - Energy Development Partners Ltd said
it had an operating loss for the year ended December 31 of 2.4
mln dlrs, or 40 cts per share.
    But it said a 41.5 mln dlr non-cash writeoff of oil and gas
properties taken in the first quarter resulted in a net loss of
43.9 mln dlrs, or 7.21 dlrs per share.
    Energy Development Partners, is a limited partnership which
began operating in September 1985.
    Full year revenues totaled 23.7 mln dlrs, the company also
said.
    It said proved reserves at December 31 totaled 4.8 mln
barrels of oil and 88 mln cubic feet of natural gas.


.I 4236
.C
money-fx
.W
INDUSTRIAL NATIONS RECONVENE FOR TALKS.
    WASHINGTON, April 8 - Financial ministers and central
bankers of leading industrial nations reconvened here this
afternoon.
    Canadian Finance Minister Michael Wilson said on entering
the meeting the ministers would review the Paris agreement.
Asked if he was satisfied with West German and Japanese
stimulus, Wilson replied, "They could do a little more."
    French Finance Minister Edouard Balladur, meanwhile,
confirmed there would be a communique at the end of the
meeting.
    Finance ministers and central bankers of Britain, FRance,
Canada and West Germany were seen by Reuter correspondents
returning to a Treasury building.
    Japanese officials and Bundesbank President Karl Otto Poehl
did not appear to have left the building at the end of earlier
Group of Five talks which broke up around 2 p.m. local time
(1800 gmt).
    There was no sign, however, of the Italian delegation whose
position was thrown into question this morning by the
resignation of the Christian Democratic wing of Italy's
Socialist-led government.
    European monetary officials said later that the Italian
delegation was inside the building.
    This meant that a full blown meeting of the Group of Seven
was in progress.


.I 4237
.C
livestock
.W
U.S. MEAT, POULTRY INSPECTION CALLED FAULTY.
    WASHINGTON, April 8 - The U.S. meat and poultry inspection
programs are incapable of protecting consumers from
contaminated products, groups representing inspectors and
consumers charged.
    "The whole trend of inspection for the last 10 years has
been to corrupt and to degrade the system where today the
public is at constant risk to contaminated and adulterated
meat," Kenneth Blaylock, president of the American Federation of
Government Employees, told a House Agriculture subcommittee.
    "The American consumer has little reason to feel confident
about the safety of meat and poultry being offered to him
today," said Rodney Leonard, executive director of the Community
Nutrition Institute.
    "Company management is less concerned about the risk to
health than about raising plant output and company profits,"
Leonard told a hearing of the House Agriculture Subcommittee on
Livestock, Dairy and Poultry.
    Kenneth Morrison, staff associate at the Government
Accountability Project, said inspectors consistently disclose
violations of federal law, demonstrating a "serious breakdown in
the entire inspection system."
    Morrison told of chicken fat for flavoring being
contaminated by "intestines dragging in a water trough used to
flush away the condemned product, fecal material, human spit,
chewing gum and paper towels used by plant employees to blow
their noses."
    Donald Houston, administrator of the U.S. Agriculture
Department's Food Safety and Inspection Service, FSIS, defended
the government's program, calling it "one of the most respected
public health programs in the world."
    FSIS inspects an estimated 127 mln head of cattle and 4.5
billion chicken and turkeys every year.
    Houston said inspection programs have kept pace with
change, but conceded that the danger of chemical residues in
the meat and poultry supply has increased.
    He also said that, although he was confident the bacterium
salmonella eventually could be eradicated, it would take time
and much money to contain the growing problem.
    Salmonella, which in extreme cases can cause death, is
found in approximately 37 pct of U.S. broilers, 12 pct of raw
pork and three to five pct of raw beef, Houston said.
    The number of reported cases has doubled over the past 20
years, he said, to 40,000 cases annually.
    "We certainly really have not found an effective means of
turning this disease around," said Rep. James Olin (D-Va.)
    The National Research Council recommended in 1985 that FSIS
intensify efforts to develop rapid diagnostic procedures for
detecting microoganisms.
    But the meat and poultry industries have said such controls
would cost too much.
    "Hopefully we will not overreact by installing unnecessarily
complicated procedures that may become obstacles to the real
goal of providing an increasingly safer, more nutritious and
economical meat supply for consumers," Stanley Emerling,
executive vice president of the National Association of Meat
Purveyors, said.
    Blaylock, speaking on behalf of food inspectors, said a new
program allowing elimination of USDA inspection functions at
certain plants "voids the law in letter and spirit, and must be
repealed or we will see rising consumer fraud and an epidemic
of death and illness for which there will be no prevention nor
legal recourse."
    Subcommittee Chairman Charles Stenholm (D-Tex.) said the
panel would hold a hearing on salmonella June 2.


.I 4238
.C
acq
.W
CHRYSLER <C> RENAULT DELAY AM MOTORS <AMO> PACT.
    DETROIT, April 8 - Chrysler Corp and Regie Natiionale des
Usines Renault said they agreed to extend by up to two weeks
the period for reaching definitive agreement on Chrysler's
proposed 1.5 billion dlr takeover of American Motors Corp.
    The letter of intent signed by Chrysler and Renault on
March nine set April nine as the target date for completing
negotiations.
    However, the letter also allowed room for an extension of
that date to April 23 if an agreement could not be reached.
    The two companies said they "now plan to complete work by
April 23."
    Chrysler and Renault said, "Given the complex nature of the
deal, the need for additional time was to be expected."
    The March letter of intent between the two companies says
that Chrysler could ask Renault to extend the agreement date
"in the event that prior to April 9, 1987, Chrysler discovers
an unforeseen problem in the course of its 'due diligence'
investigation of the company," referring to American Motors.
    A Chrysler spokeswoman would not say whether some problem
had cropped up in the talks. She stuck by the company's
statement that more time was needed because the talks are
complex. "That is our definition of the delay," she said.
    Under the previous agreement between Chrysler and Renault,
their letter of intent would be terminated on April nine or
when an agreement was reached. But the letter could be amendend
by a written agreement by both companies.
    The Chrysler spokeswoman said, "We are still working toward
a definitive agreement." Said another Chrysler official who is
not part of the talks but who would be told if the deal were in
trouble: "There are no glitches."
    Analysts also downplayed the significance of the delay. "I
can't visualize where they wouldn't want it to be done," said
Donaldson Lufkin Jenrette analyst Richard Henderson.


.I 4241
.C
earn
.W
RITE AID CORP <RAD> SETS DIVIDEND.
    SHIREMANSTOWN, Pa., April 8 -
    Qtly div 16-1/2 cts vs 16-1/2 cts
    Pay April 27
    Record April 20


.I 4242
.C
earn
.W
AIRSENSORS INC <ARSN> 3RD QTR JAN 31 LOSS.
    TUKWILA, Wash., April 8 -
    Shr loss five cts vs loss six cts
    Net loss 696,777 vs loss 598,095
    Sales 472,812 vs 41,454
    Nine mths
    Shr loss 15 cts vs loss 17 cts
    Net loss 2,194,482 vs loss 1,751,884
    Sales 800,336 vs 151,884


.I 4245
.C
iron-steel;trade;
.W
******CANADA PLANS TO MONITOR STEEL IMPORTS, EXPORTS, TRADE MINISTER SAYS.
Blah blah blah.

.I 4246
.C
earn
.W
GENERAL ELECTRIC <GE> 1ST QTR HELPED BY RCA.
    FAIRFIELD, Conn., April 8 - General Electric Corp said its
first quarter results were significantly higher due to the
strong results of RCA, which was acquired last year.
    General Electric also attibuted continued strong
performances in plastics, major appliances and the Employers
Reinsurance Corp for its strong quarter.
    GE recorded net earnings for the first quarter 1987 of 624
mln dlrs, or 1.37 dls per shr, up 16 pct from 537 mln dlrs, or
1.18 dlrs per share for the same quarter a year ago.
    General Electric chairman John Welch Jr reiterated the
company's outlook for 1987 in which it expects double-digit GE
earnings growth for the year. He said the first quarter results
are in line with those expectations.
    General Electric cited the strong results in TV network and
station operations of the National Broadcasting Co, which was
not part of GE in the first quarter of 1986, as one reason for
its strong earnings.
    It also noted that aircraft engine operating profit was
much higher than a year ago, caused by a increase in shipments
than the 1986 quarter, which was impacted by a strike.
    Aerospace revenues were sharply higher in this year's first
quarter from a year ago, mainly because of the inclusion of
RCA's aerospace and defense business, the company said.
    In addition, consumer products revenues were up from last
year, mainly because of including sales of RCA video products.
    General Electric said restructuring provisions of 308 mln
dlrs before taxes to implement various strategic moves were
charged against operations in the first quarter of 1987. It
added that there was a one-time gain of 281 mlns dlrs after
taxes from an inventory accounting change.
    And technical products revenues and operating profit were
ahead of last year, led by a strong increases in medical
systems volume and the inclusion this year of RCA's
communications and related services.


.I 4247
.C
copper
.W
TECK STILL IN TALKS ON B.C. COPPER VENTURE.
    VANCOUVER, British Columbia, April 8 - <Teck Corp> said it
was continuing talks about joining a joint copper venture at
Highland Valley, British Columbia, held by affiliates Cominco
Ltd <CLT> and <Lornex Mining Corp>, but did not know when
negotiations would be completed.
    Teck vice-president of administration John Guminski said in
reply to a query that the talks had been "ongoing for a long
time." He declined to speculate on the outcome.
    Cominco, 29.5 pct owned by a consortium led by Teck, is
optimistic that the talks will soon be concluded, spokesman Don
Townson told Reuters.
    "I think all partners are hopeful that the situation will be
resolved," Cominco's Townson said.
    "We're optimistic that they will be concluded shortly," he
added. Townson declined to specify when the talks might end.
    Cominco and Teck's 22 pct-owned Lornex agreed in January
1986 to form the joint venture, merging their Highland Valley
copper operations.
    Cominco and Lornex share equally in control and management
of the Highland Valley operations, while Cominco has a 55 pct
share of production and Lornex receives 45 pct.
    For the six months following July 1, 1986, when the venture
officially started production, Highland Valley had total ore
milled of 22.6 mln short tons, grading an average of 0.41 pct
copper, Townson said.
    Cominco's share of production was 43,000 short tons of
copper contained in concentrate, 1,200 short tons of Molybdenum
in concentrate, 340,000 ounces of silver and 800 ounces of
gold, he said.
    A consortium, 50 pct owned by Teck and 25 pct each by MIM
(Canada) Inc and Metallgesellschaft Canada Ltd, acquired its
Cominco stake last year from Canadian Pacific Ltd <CP>.


.I 4248
.C
earn
.W
BANPONCE CORP <BDEP> 1ST QTR NET.
    NEW YORK, April 8 -
    Shr 1.08 dlrs vs 1.00 dlr
    Net 6,215,538 vs 5,757,013


.I 4253
.C
earn
.W
XEBEC <XEBC> TO REPORT 2ND QTR LOSS.
    LOS GATOS, Calif., April 8 - Xebec Corp said it expects to
report a loss for its second quarter ended April three, due
principally to a decline in sales to International Business
Machines Corp <IBM>, the company's largest customer.
    Xebec also said it expects revenues to total about 23 mln
dlrs.
    The company reported a second quarter loss last year of 1.9
mln dlrs, or 14 cts per share, on 23.9 mln in revenues.
    Xebec said IBM has historically accounted for about 50 pct
of the company's revenues, but that total fell to 20 pct during
the quarter just ended.
    IBM had used Xebec's hard disk drive controller products in
the IBM PC/XT, a product which IBM is phasing out.
    Xebec said it intends to continue streamlining its
operations in light of the loss of business.
    The company also said it has already consolidated two of
its plants in Nevada and it now plans to sell unused and
surplus assets to provide additional liquidity.


.I 4254
.C
wheat;grain;
.W
CCC ACCEPTS EXPORT BID FOR WHEAT FLOUR TO IRAQ.
    WASHINGTON, April 8 - The Commodity Credit Corporation has
accepted a bid for an export bonus to cover a sale of 12,500
tonnes of wheat flour to Iraq, the U.S. AGriculture Department
said.
    The bonus awarded was 113.0 dlrs per tonne and will be paid
to Peavey Company in the form of commodities from CCC stocks.
    The wheat flour is for delivery May 15-June 15, 1987, the
department said.
    An additional 162,500 tonnes of wheat flour are still
available to Iraq under the Export Enhancement Program
initiative announced January 7, 1987, USDA said.


.I 4256
.C
wheat;grain;
.W
EGYPT AUTHORIZED TO BUY PL-480 WHEAT - USDA.
    WASHINGTON, April 8 - Egypt has been authorized to purchase
about 200,000 tonnes of U.S. wheat under an existing PL-480
agreement, the U.S. Agriculture Department said.
    It may buy the wheat, valued at 22.0 mln dlrs, between
April 15 and August 31, 1987, and ship it from U.S. ports by
September 30, the department said.


.I 4257
.C
earn
.W
CATERPILLAR <CAT> REAFFIRMS FIRST QUARTER OUTLOOK.
    PEORIA, ILL., April 8 - Caterpillar Inc, in remarks
delivered at its annual meeting in San Francisco, reiterated
its expectation of a loss in the first quarter.
    It said results would be hurt by a 25 mln dlr one-time
charge by Caterpillar Mitsubishi, a 50-pct owned affiliate. The
company said it expected profit from operations for the full
year to improve over 1986.
    In remarks prepared for delivery to shareholders, President
Peter Donis said Caterpillar's targeted five pct cost reduction
in 1987 "will be difficult to achieve because the weaker dollar
has limited opportunities to obtain lower material costs."


.I 4259
.C
acq
.W
BROKER BOOSTS ZONDERVAN <ZOND> STAKE TO 7.1 PCT.
    WASHINGTON, April 8 - An investor group headed by
Minneapolis, Minn., broker Jeffrey Wendel said it raised its
stake in Zondervan Corp to 292,900 shares, or 7.1 pct of the
total outstanding, from 238,900 shares, or 5.8 pct.
    In a filing with the Securities and Exchange Commission,
the Wendel group said it bought 54,000 Zondervan common shares
between March 24 and April 3 at prices ranging from 27.87 to
29.96 dlrs a share.
    The Wendel group has acted in cooperation with another
shareholder group headed by London investor Christopher Moran,
who sought unsuccessfully last year to take over Zondervan.


.I 4261
.C
earn
.W
KIENA TWO-FOR-ONE SHARE SPLIT APPROVED.
    TORONTO, April 8 - <Kiena Gold Mines Ltd> said shareholders
approved a previously reported proposed two-for-one common
stock split.
    Record date of the split will be April 21, Kiena said.


.I 4263
.C
earn
.W
HANOVER INSURANCE <HINS> RAISES DIVIDEND.
    WORCESTER, Mass., April 8 - Hanover Insurance Co said its
board declared a quarterly dividend of nine cts per share
payable May 15 to holders of record April 17.
    The dividend comes after a two-for-one stock split,
effective April 10, which was approved by shareholders today.
    The company paid a dividend of 14 cts per share on a
pre-split basis.


.I 4264
.C
acq
.W
DAY INT'L <DAY> TO SELL UNIT.
    DAYTON, Ohio, April 8 - Day International Corp said it has
entered into a letter of intent to sell its Allen Industries
Inc unit to a group including the unit's current management.
    Day said the sale could enable Day to accelerate its
earnings for its current fiscal year ending October 31, 1987.
    "Net earnings for the full year (ending October 31)
should be in the ball park of some analysts' estimates of 16
mln dlrs to 19 mln dlrs," Richard Jacob, Day chairman and chief
executive officer said.
    Day reported earnings of 3.1 mln dlrs, or 39 cts a share,
in fiscal 1986.
    Day said the agreement is subject to the preparation and
negotiation of a definitive agreement and the ability of the
group to obtain financing.


.I 4266
.C
earn
.W
RITE AID CORP <RAD> SETS QUARTERLY DIVIDEND.
    SHIREMANSTOWN, Pa., April 8 -
    Qtly div 16.5 cts vs 16.5 cts
    Pay April 27
    Record April 20


.I 4270
.C
grain;corn;
.W
SOUTH KOREA CORN IMPORTS MAY INCREASE - USDA.
    WASHINGTON, April 8 - South Korea's purchase of about 2.4
mln tonnes of U.S. corn in the past six months -- close to
double last year's total -- indicates that imports from the
United States, as well as total imports are set for a dramatic
jump, the U.S. Agriculture Department said.
    In its World Production and Trade Report, the department
said total South Korea corn imports for the 1986/87 season
(Oct-Sept) are estimated at 4.3 mln tonnes, with about 3.4 mln
tonnes from the United States.
    During the 1985/86 season, imports totaled only 1.3 mln
tonnes of U.S. corn out of a total of 3.6 mln tonnes.
    Ite appears the Koreans are shifting back to U.S. corn in
light of competitive U.S. prices and uncertain supplies from
China, Argentina and South Africa, it said.


.I 4273
.C
livestock;l-cattle;
.W
MEXICAN CATTLE IMPORTS TO BE BRANDED - USDA.
    WASHINGTON, April 8 - All steers imported into the United
States from Mexico must now be branded with the letter M on the
right jaw, the U.S. Agriculture Department said.
    In its World Production and Trade Report, the department
said the branding is necessary to improve surveillance for
bovine tuberculosis because it provides a permanent way to
identify Mexican steers.
    The requirement is not expected to affect the number of
Mexican steers imported into the United States and the brand
will be applied before the animals arrive at U.S. ports of
entry.
    Last November, the Mexican Government authorized an export
quota of nearly 1.1 mln head of live cattle for the 1986/87
season (Aug-July), most of which goes to the United States.


.I 4275
.C
earn
.W
VULCAN <VUL> SEES FIRST QUARTER OPERATING LOSS.
    CINCINNATI, April 8 - Vulcan Corp's first quarter operating
results will show a loss, Chairman Lloyd I. Miller told told
the annual meeting.
    The company reported a profit of 365,883 dlrs, 23 cts a
share, for the first quarter last year with one cent a share
coming from non-operating factors, a spokesman said.
    Miller attributed the expected loss to completion of the
purchase transfer and consolidation of operating assets of the
O'Sullivan Rubber Division, saying this was proving more costly
and taking more time than originally anticipated.
    Vulcan is working to resolve the problems, Miller told
shareholders, adding it appears it will take most of 1987 to
find solutions.
   


.I 4277
.C
acq
.W
UAL <UAL> HAS NO COMMENT ON STOCK RISE.
    NEW YORK, April 8 - UAL Inc, citing company policy, told
the New York Stock Exchange it would not comment on the unusual
rise in its stock.
    UAL, parent of United Airlines, closed up 6-1/4 at 72 on
volume of 3.9 mln shares.
    Wall Street traders said UAL's stock soared in response to
the the proposed 4.6 billion dlr buyout offer by United Air's
pilots union and on a general rise in air fares throughout the
industry.


.I 4278
.C
earn
.W
STRATA CORP <STATA> YEAR DEC 31 LOSS.
    COLUMBUS, Ohio, April 8 -
    Shr loss 1.11 dlrs vs loss 1.53 dlrs
    Net loss 7.1 mln vs loss 8.8 mln
    Revs 3.1 mln vs eight mln


.I 4279
.C
earn
.W
STRATA <STATA> 1986 EARNINGS REPORT QUALIFIED.
    COLUMBUS, Ohio, April 8 - Strata Corp said its 1986
earnings report contained a qualified opinion from its
independent auditors.
    Strata said it owed 1.4 mln dlrs in overdue interest to its
lender at the end of 1986, and the entire 10.9 mln dlr
principle has been classified as a liability.
    The company, which has an agreement to merge with <Lomak
Petroleum Inc>, lost 7.1 mln dlrs in 1986 against a loss of 8.8
mln dlrs a year earlier.


.I 4282
.C
earn
.W
DAYTON HUDSON CORP <DH> VOTES QUARTERLY PAYOUT.
    MINNEAPOLIS, MINN., April 8 - 
    Qtly div 23 cts vs 23 cts prior qtr
    Pay 10 June
    Record 20 May


.I 4283
.C
earn
.W
VULCAN CORP <VUL> REGULAR DIVIDEND.
    CINCINNATI, April 8 -
    Qtly div 20 cts vs 20 cts in prior qtr
    Payable June 10
    Record May 22


.I 4285
.C
acq
.W
******NAT'L DISTILLERS SAYS IT AGREES TO SELL SPIRITS UNIT FOR 545 MLN DLRS TO AMERICAN BRANDS.
Blah blah blah.

.I 4286
.C
grain
.W
USDA SEEKS COMMENTS ON GRAIN DISCOUNT SCHEDULE.
    WASHINGTON, April 8 - The U.S. Agriculture Department is
seeking public comments on the question of adjusting the
Commodity Credit Corporation's (CCC) discount and premium
schedules to improve the quality of grain it accepts as loan
collateral or under price support programs.
    The premiums and discounts schedule are based on quality
factors such as moisture content and kernel damage. The
schedule stipulates the premiums and discounts used for valuing
grain the CCC accepts or purchases during the year.
    The department said it is possible that producers could be
encouraged to delivery higher quality grain to CCC by adjusting
the premiums and discounts.
    Comments are due by April 24 and a report to Congress is
required by law by May 10.


.I 4289
.C
acq
.W
CASCADE IMPORTERS UNIT ACQUIRES PARIS COMPANY.
    WEST NYACK, N.Y., April 8 - <Cascade Importers Inc USA>'s
Cascade International Europa GmbH of West Germany, said it
tentatively acquired worldwide rights for the products of Madam
Gre from the Bernard Tapie Group in Paris.
    The agreement calls for Cascade to have the rights for the
manufacturing and trading of perfumes, skin care and treatment
products, and cosmetics of the group, it said.
    Cascade said the agreement also includes the exclusive
rights to trade through duty-free channels worldwide the
designer Gres accessories.
    In addition, Cascade said it was granted an option to
purchase all the assets including the plant and equipment
located in France. 
    The company said the cosmetic product line in the U.S.
market alone could represent 20 mln dlrs in revenue.


.I 4290
.C
earn
.W
ARMEL INC <AML> 4TH QTR LOSS.
    FORT LAUDERDALE, Fla., April 8 -
    Oper shr loss 79 cts vs loss 2.32 dlrs
    Oper net loss 2,536,896 vs loss 6,562,472
    Revs 13.8 mln vs 14.5 mln
    Year
    Oper shr loss 59 cts vs loss 2.35 dlrs
    Oper net loss 1,712,896 vs loss 5,747,472
    Revs 43.6 mln vs 44.2 mln
    NOTE: 1986 excludes charge of 12 cts per share in the
fourth quarter and gain of 11 cts per share in the year.



.I 4291
.C
acq
.W
NATIONAL DISTILLERS <DR> TO SELL SPIRITS UNIT.
    NEW YORK, April 8 - National Distillers and Chemical Corp
said it signed a definitive agreement to sell its spirits
division for 545 mln dlrs to James Beam Distilling Co, a unit
of American Brands Inc <AMB>.
    The sale of the spirits division was made under the
company's previously announced plan to sell its spirits and
wines businesses, it said. The wine business was sold last
month for 128 mln dlrs to Heublein Inc, part of Grand
Metropolitan PLC, National Distillers said.
    The purchase price will be paid in cash, a National
Distillers spokeswoman said.
    The sale permits National to focus on its core businesses,
chemicals and propane marketing.
    Proceeds from the sale will be used to repay debt and for
other corporate purposes, the company said.
    In a separate statement, American Brands said the sale
would be for 545 mln dlrs plus the assumption of liabilities.
    The sale would be subject to compliance with the
Hart-Scott-Rodino Antitrust Improvements Act and other
regulatory approvals, the company said.
    National's distilled spirits business has sales of about
580 mln dlrs, American Brands said. National's spirits brands
include Gilbey's gin and vodka, DeKuyper Liqueurs and Windsor
Supreme Canadian Whisky.


.I 4292
.C
earn
.W
MANAGEMENT SCIENCE <MSAI> LOSS MAY TOP 20 CTS.
    ATLANTA, April 28 - Management Science America Inc,
clarifying statements made earlier today, said its loss for the
first quarter could exceed 20 cts a share because of
non-recurring expenses associated with the acquisition of
several companies, including Comserv Inc.
    Earlier today, the company told a meeting of investors here
that the first quarter loss would be 20 cts a share.
   


.I 4293
.C
interest
.W
WOJNILOWER SEES DROP IN U.S. INTEREST RATES.
    NEW YORK, April 8 - The Federal Reserve will promote lower
interest rates this year to sustain world economic growth,
First Boston Corp managing director Albert Wojnilower said.
    As much as the Fed would like to take a tough line against
inflation, it cannot act to slow the growth of credit without
subverting national U.S. economic policy.
    "On selected occasions when the dollar seems steady, and,
because the trade deficit is not responding, the United States
decided to push Germany and Japan harder to meet their
commitments to economic growth, the Federal Reserve will do its
part by moving rates down," Wojnilower said in a report.
    "Justifiably not anticipating either a recession or
seriously higher interest rates, securities market participants
have seen little to fear," Wojnilower said.
    He said last week's "hiccup" in money and currency rates
and bond and stock prices was probably caused by Japanese
window dressing for March 31 end-of-fiscal-year accounts.
    Wojnilower said the U.S. probably enjoyed above-average
economic growth in the first quarter. However, the pick-up
seems to reflect an unsustainable pace of inventory building
and the prospect for the full year is still for real gross
national product growth of about 2-1/2 pct, he said.


.I 4294
.C
acq
.W
RAYTECH <RAY> BUYS WEST GERMAN COMPANY.
    NEW YORK, April 8 - Raytech Corp said it acquired
<Raybestos Industrie-Produkte GmBH> for 7.5 mln dlrs.
    Raybestos, with manufacturing facilities in Radevormwald,
West Germany, produces friction materials for use in clutch and
braking applications.


.I 4295
.C
earn
.W
INTERCARE <CARE> TO POST 4TH QTR LOSS.
    CULVER CITY, Calif., April 8 - Intercare Inc said it
expects to report a substantial loss for its fourth quarter
ended January 31 because of a writeoff of expenses associated
with its recently terminated debt and equity offering.
    The company also said the write off includes expenses
associated with the acquisition of U.S. Medical Enterprises
Inc, and with the restructuring of certain partnerships.
    Intercare also said it increased its reserve against
accounts receivable.
    Executives at the company were not immediately available to
provide additional details.
    Intercare also said it has implemented a workforce
reduction, closed two medical centers and is considering
additional closings as a means of reducing a working capital
deficit.


.I 4296
.C
iron-steel;trade;
.W
CANADA TO MONITOR STEEL IMPORTS, EXPORTS.
    OTTAWA, April 8 - Canada plans to monitor steel shipments
flowing in and out of the country in an attempt to appease
concerns in the U.S. over the high level of Canadian steel
exports, Trade Minister Pat Carney said.
    "To help maintain our open access to the U.S. steel market,
the government is taking further action to ensure we have more
accurate data on exports and imports and that Canada is not
used as a backdoor to the U.S. market by offshore suppliers,"
Carney said.
    Carney also said Canadian companies were being asked to
exercise prudence in the U.S. market and both countries were
considering establishing a joint commission to study the
growing steel problem.
    Carney told the House of Commons she will soon announce an
amendment to the Exports and Imports Permits Act to set up the
monitoring program.
    Canadian steel shipments to the U.S. have risen to 5.7 pct
cent of the U.S. market in recent months, almost double the
level just two years ago, Canadian trade officials said.
    The increase in Canadian shipments comes at a time of
growing anger in the U.S. over rising steel imports from
several countries in the face of a decline in the domestic
steel industry.
    Some U.S. lawmakers have proposed Canada's share of the
American market be limited to 2.4 pct.


.I 4297
.C
earn
.W
UNITED TECH <UTX> SEES NO EARNINGS IMPACT.
    HARTFORD, Conn., April 8 - United Technologies Corp said
the decision by an international consortium not to develop a
new engine would have no impact on 1987 or 1988 earnings.
    <International Aero Engines>, IAE, 30 pct owned by United
Technologies' Pratt and Whitney division, has decided not to
launch a superfan version of its V2500 engine.
    "We've told analysts that IAE's decision not to launch a
full development program of the IAE superfan for certification
in 1991 will have no short term impact on earnings," a United
Technologies spokesman told Reuters.
    Short term refers to 1987 and 1988, the spokesman said. He
declined to elaborate.
    IAE's other owners are Rolls Royce PLC, <Japanese Aero
Engines Corp>, Fiat SPA and <MTU> of West Germany.
    Analysts are estimating United Technologies will earn 3.75
dlrs to 4.50 dlrs a share in 1987. It reported earnings of 36
cts a share in 1986, which included two large writeoffs.


.I 4298
.C
earn
.W
STEWART AND STEVENSON <SSSS> 4TH QTR NET.
    HOUSTON, April 8 -
    Shr profit 72 cts vs profit 14 cts
    Net profit 3,309,000 vs profit 609,000
    Revs 72 mln vs 65 mln
    Year
    Shr nil vs loss 4.13 dlrs
    Net profit 1,000 vs loss 19 mln
    Revs 249 mln vs 269 mln
    NOTE: Full name Stewart and Stevenson Services Inc.


.I 4304
.C
earn
.W
WESTAMERICA BANCORP <WAB> 1ST QTR NET.
    SAN RAFAEL, Calif., April 8 -
    Shr 98 cts vs 63 cts
    Net 2,602,000 vs 1,571,000
    Loans 834.8 mln vs 729.0 mln
    Deposits 1.04 billion vs 942.1 mln
    Assets 1.15 billion vs 1.02 billion


.I 4305
.C
crude;nat-gas;
.W
U.S.SENATE LIFTS SOME BANS ON NATURAL GAS.
    WASHINGTON, April 8 - The Senate unanimously approved
legislation to lift a ban on new construction of natural
gas-fired power plants and other large industrial gas-burning
plants.
    The bill, sponsored by Senate Energy Committee chairman
Bennett Johnston, also repeals mandatory incremental pricing of
natural gas which was designed to protect residential consumers
from major price increases by forcing some industrial users to
pay higher than market prices.
    "This legislation will open up new natural gas markets," the
Lousiana Democrat said.
    The gas restrictions were enacted in 1978 in response to a
shortage of natural gas and predictions of higher prices.
    "Now both oil and gas prices are severely depressed,"
Johnston said.
    In a compromise with coal producers, the bill requires new
baseload electric powerplants be designed to accomodate
modifications necessary to burning coal or another alternate
fuel.


.I 4307
.C
earn
.W
SOUTHEAST BANCORP <STB> ACTS ON BRAZILIAN DEBT.
    WASHINGTON, April 8 - Following the lead of other major
banks, Southeast Banking Corp told the Securities and Exchange
Commission it would place 54.2 mln dlrs of medium- and
long-term Brazilian debt on non-accrual or cash status.
    Based on current interest rates, it estimated in a filing
that the move will reduce net income by about 800,000 dlrs in
the first quarter and 3.2 mln dlrs for all of 1987. The company
also said it did not believe the Brazilian debt situation would
have a "material adverse" effect on it.
    It also said it would issue 1,080,000 common shares in
connection with its acquisition of Popular Bancshares Corp.


.I 4308
.C
earn
.W
WILLIAMS <WMB> SEES FLAT PIPELINE VOLUMES IN 1987.
    TULSA, April 8 - Williams Cos said it expected oil and
fertilizer transportation volumes to be flat in 1987 but said
operating profits from the pipeline unit should improve from
49.4 mln dlrs earned last year when a seven mln dlr special
charge was incurred.
    Williams Pipeline Co took the charge against earnings in
1986 for the removal of more than 500 miles of old pipeline
from service and for casualty losses. Companywide, Williams had
a net loss of 134 mln dlrs on total revenues of 1.85 billion
dlrs, a decline from profits of 32 mln dlrs on sales of 2.46
billion in 1985.
    In its annual report, Williams said its Northwest Pipeline
Corp and Williams Natural Gas Co had natural gas costs that are
among the lowest in the nation, averaging 2.04 dlrs and 2.07
dlrs per mcf, respectively, last year. Total natural gas
reserves for both units declined to 10,010 billion cubic feet
in 1986 from 11,334 billion cubic feet the previous year.
    The company said its Williams Natural Gas unit, which has
less take-or-pay exposure than most major pipelines, should
show improvement in its 1987 operating results because of
changes tariff and federal tax rates.
    The company's gas marketing business is expected to have
somewhat lower earnings in 1987 because of competition in its
operating region, the annual report said. The gas marketing
unit earned 26.0 mln dlrs on sales of 285.6 mln dlrs last year.
    Williams also said it expected a substantial decline in its
debt to equity ratio this year because of more than 250 mln
dlrs received in cash from the sale of Agrico Chemical Co and
proceeds from the sale and leaseback of Williams
Telecommunications Co. The telecommunications business, a
2,000-mile fiber optic system for long distance use, will not
be profitable until late 1988, Williams said.


.I 4309
.C
earn
.W
SUPER VALU STORES INC <SVU> 4TH QTR FEB 28 NET.
    MINNEAPOLIS, April 8 -
    Shr 38 cts vs 25 cts
    Net 28,339,000 vs 18,650,000
    Sales 2.27 billion vs 1.97 billion
    Avg shrs 74,485,000 vs 74,270,000
    Year
    Shr 1.20 dlrs vs 1.23 dlrs
    Net 89,301,000 vs 91,247,000
    Sales 9.07 billion vs 7.91 billion
    Avg shrs 74,387,000 vs 74,184,000
    NOTE: 1986 period ended February 22, 1986
    1986 earnings include net loss of unconsolidated subsidiary
of 162,000 dlrs in the quarter and 702,000 dlrs for the year


.I 4310
.C
earn
.W
PARKER DRILLING CO <PKD> 2ND QTR FEB 28 LOSS.
    TULSA, OKLA., April 8 -
    Shr loss 70 cts vs loss 57 cts
    Net loss 20,616,000 vs loss 16,854,000
    Revs 23.1 mln vs 60.1 mln
    Six mths
    Shr loss 1.38 dlrs vs loss 1.02 dlrs
    Net loss 40,780,000 vs loss 29,996,000
    Revs 61.0 mln vs 114.9 mln


.I 4312
.C
coffee
.W
COFFEE COULD DROP TO 70/80 CTS, CARDENAS SAYS.
    BOGOTA, April 8 - International coffee prices could drop to
between 70 and 80 cents a lb by next October if no agreement is
reached to support the market, Jorge Cardenas, manager of
Colombia's National Coffee Growers' Federation said.
    Speaking at a forum for industrialists, he said one of the
reasons was that the market was already saturated and that
producers will have excess production and stockpiles of 39 mln
(60-kg) bags in 1987.
    Today, May futures in New York settled at 107.90 cents a
lb.


.I 4318
.C
acq
.W
HBO <HBOC> URGES SHAREHOLDERS AGAINST ANDOVER.
    ATLANTA, Ga., April 8 - HBO and Co said it sent a letter of
strongly urging shareholders not to sign any proxy cards sent
by Andover Group.
    ON March 30, Andover Group, a two-man general partnership
which owns about seven pct of HBO's stock, filed preliminary
proxy materials with the Securities and Exchange Commission
seeking to nominate an alternative slate of directors at the
company's April 30 annual meeting.
    Andover had expressed an interest to acquire the company in
September 1986 but HBO has never received an offer from them,
it said.
    In addition, HBO said its financial condition is improving
rapidly as the result of a significant restructuring
implemented in 1986.
    It expects the company to report net income of about 40 cts
per share in 1987 and a very significant increase in 1988.
    For the year ended December 1986, the company reported a
loss of 3.6 mln dlrs, or 16 cts per share.


.I 4319
.C
earn
.W
(CFCF INC) SIX MTHS FEB 28 NET.
    MONTREAL, April 8 -
    Shr 51 cts vs 56 cts
    Net 5,645,000 vs 6,153,000
    Revs 45.9 mln vs 45.3 mln            


.I 4320
.C
acq
.W
UAP MAKES ACQUISITIONS.
    MONTREAL, April 8 - <UAP Inc> said it has acquired Slater
Auto Electric Ltd, with two Ontario stores, and United Diesel
Engine Parts Ltd, of Dartmouth, Nova Scotia, for undisclosed
terms. It said the transactions, together with acquisitions
earlier this year, will increase its annual sales by about 4.5
mln dlrs.


.I 4322
.C
gas;crude;
.W
******EIA SAYS DISTILLATE STOCKS UNCHANGED, GASOLINE OFF 200,000, CRUDE UP 6.3 MLN.
Blah blah blah.

.I 4324
.C
veg-oil;wheat;grain;corn;
.W
USDA DISCUSSING PL 480 AGREEMENT WITH MOROCCO.
    WASHINGTON, April 8 - The U.S. Agriculture Department is
currently discussing an amendment to a PL 480 agreement signed
with Morocco on January 22, but the mix of commodities under
the amendment has not been determined, a U.S. Agriculture
Department official said.
    The official noted the agreement signed in January provided
for the supply of about 55,000 tonnes of vegetable oil, 55,000
tonnes of corn and 126,000 tonnes of wheat, all for delivery
during the current fiscal year, ending this September 30.
    No purchase authorizations for the commodities provided in
the January agreement have been announced by the department.


.I 4327
.C
gas;crude;
.W
EIA SAYS DISTILLATE STOCKS UNCHANGED IN WEEK.
    WASHINGTON, April 8 - Distillate fuel stocks held in
primary storage were unchanged in the week ended April three at
106.9 mln barrels, the Energy Information Administration (EIA)
said.
    In its weekly petroleum status report, the Department of
Energy agency said gasoline stocks were off 200,000 barrels in
the week to 248.1 mln barrels and refinery crude oil stocks
rose 6.3 mln barrels to 335.8 mln.
    The EIA said residual fuel stocks fell 100,000 barrels to
38.1 mln barrels and crude oil stocks in the Strategic
Petroleum Reserve (SPR) rose 1.1 mln barrels to 520.0 mln.
    The total of all crude, refined product and SPR stocks rose
9.4 mln barrels to 1,561.1, it said.


.I 4328
.C
earn
.W
HAWKEYE <HWKB> 1986 ANNUAL REPORT QUALIFIED.
    DES MOINES, IOWA, April 8 - Hawkeye Bancorp's 1986 annual
financial results were qualified by its auditors, according to
the annual report.
    "...there are conditions which may indicate that the
company will be unable to continue as a going concern,"
auditors Deloitte Haskins and Sells said in Hawkeye's annual
report to shareholders.
    Hawkeye reported a 1986 loss of almost 59 mln dlrs, citing
an increase in its loan loss provision to 34.7 mln dlrs and
restructuring costs of 27 mln dlrs.
    However, Hawkeye, with assets of 1.09 billion dlrs at 1986
year end, said it expects "to have sufficient cash to meet its
obligations for the next 12-month period."
    Last July the bank holding company reached a debt
restructuring agreement which identifed 17 bank subsidiaries
and five non-bank operations for disposition.
    "The restructuring has improved Hawkeye's financial
condition, but it does not assure that Hawkeye will be able to
survive as a going concern," the report said.
    Hawkeye's survival will depend on its ability to comply
with provisions of the debt restructuring and regulatory
agreements and on its ability to return to profitable
operations, it said.
    There can be no assurance that Hawkeye will be able to meet
these requirements. However, the company "believes it will be
able to do so," Hawkeye said.


.I 4331
.C
earn
.W
<WASHINGTON BANCORPORATION> 1ST QTR NET.
    WASHINGTON, April 8 - 
    Shr 33 cts vs 37 cts
    Net 2,051,000 vs 1.8 mln
    Assets 1.7 billion vs 1.5 billion
    Deposits 1.4 billion vs 1.2 billion
    Loans 1.1 billion vs 900 mln
    Note: Year-ago results restated to reflect merger with
Colson Inc.


.I 4332
.C
acq
.W
DOME <DMP> PLAN MAY FORCE SALE OF ENCOR STAKE.
    TORONTO, April 8 - Dome Petroleum Ltd's proposal to
restructure debt of more than 6.10 billion Canadian dlrs
includes provisions that may force the company to sell its 42
pct stake in <Encor Energy Corp Inc>, Dome said in a U.S.
Securities and Exchange Commission filing.
    Dome said in the filing that its debt plan proposes making
payments under a five year income debenture to the lender whose
debt is secured by Dome's Encor shares.
    After the five years are up, "under certain circumstances
the shares of Encor may be required to be disposed," the company
said.
    Dome has pledged its 42.5 mln Encor shares as security for
part of its debt to <Canadian Imperial Bank of Commerce>,
estimated last year at 947 mln dlrs.
    Analysts have said Commerce Bank was pressing Dome to sell
the stock to pay down its debt.
    Dome's Encor shares had a market value of 313 mln dlrs on
March 17, 1987, the company's filing said.
    As previously reported, Dome is seeking approval in
principle for the debt restructuring plan. Dome said in the
filing it proposed lenders sign a letter of understanding in
early April, with implementation to be effective July 1, 1987.
    Dome Petroleum reiterated in the SEC filing that its
existence as a going concern is dependent on continuing the
interim debt plan, due to expire on June 30, and winning
agreement for its proposed restructuring plan.
    "The company believes that the negotiation and
implementation of the proposed debt restructuring plan is
realistic and achievable," Dome said.
    "However, the final outcome of the negotiations cannot be
predicted at this time," it said.


.I 4334
.C
gas;crude;
.W
RECENT U.S. OIL DEMAND OFF 2.6 PCT FROM YEAR AGO.
    WASHINGTON, April 8 - U.S. oil demand as measured by
products supplied fell 2.6 pct in the four weeks ended April
three to 15.73 mln barrels per day (bpd) from 16.16 mln in the
same period a year ago, the Energy Information Administration
(EIA) said.
    In its weekly petroleum status report, the Energy
Department agency said distillate demand was off 7.9 pct in the
period to 2.90 mln bpd from 3.15 mln a year earlier.
    Gasoline demand averaged 6.76 mln bpd, off 3.1 pct from
6.98 mln last year, while residual fuel demand was 1.15 mln
bpd, off 16.9 pct from 1.39 mln, the EIA said.
    So far this year, distillate demand fell 2.3 pct to 3.20
mln bpd from 3.28 mln in 1986, gasoline demand was 6.63 mln
bpd, off 0.3 pct from 6.65 mln, and residual fuel demand fell
4.9 pct to 1.35 mln bpd from 1.42 mln, the EIA said.
    Year-to-date domestic crude output was estimated at 8.40
mln bpd, off 7.6 pct from 9.09 mln a year ago, while gross
crude imports averaged 3.92 mln bpd, up 27.1 pct from 3.08 mln,
it said.


.I 4335
.C
trade
.W
DEFICIT CUTS SEEN UNABLE TO CURE TRADE DEFICIT.
    By Irwin Arieff
    WASHINGTON, April 8 - Financial analysts say they are
pleased with congressional moves to trim next year's federal
budget deficit but believe the actions will do little to help
improve the U.S. trade deficit or buoy the economy.
    The House of Representatives is expected to vote tomorrow
to approve a trillion-dollar budget blueprint for the coming
fiscal year that reduces the deficit by 38 billion dlrs.
    Similarly, the Senate Budget Committee has approved a plan
that would cut federal red ink by about 37 billion dlrs next
year.
        "In terms of the economy, 37-38 billion dlrs is
infinitesimal, so cuts of this magnitude will have little
impact on the economy and the trade deficit," said Stanley
Collander, a Touche Ross federal budget policy analyst.
    "At best, it will have a small positive effect," Collander
said in an interview.
    Federal Reserve Board Chairman Paul Volcker has repeatedly
told Congress that cutting federal red ink would go a long way
to help reduce the massive trade deficit and also help ease
some of the downward pressure on the value of the dollar.
    The U.S. government has attempted to remedy the trade
imbalance by driving down the value of the dollar. But Volcker
has warned that a further fall in the dollar's value is fraught
with danger.
    Such a decline, he has said, could refuel inflation as
imported goods become more expensive and chase away foreign
capital needed to finance the federal budget deficit.
    In addition, in February, U.S. officials meeting with other
major industrialized nations in Paris agreed that the value of
the dollar had dropped enough and that world exchange rates
should be stabilized at around current levels.
    As part of that agreement, Japan and West Germany agreed to
take steps to stimulate their economies and the United States
agreed to cut its budget deficit.
    The alternative to driving down the dollar any further as a
way to deal with the trade deficit, Volcker said recently, is
to reduce U.S. consumption, particularly federal spending.
    "If you don't deal with the budget deficit, everything else
you do is going to be counterproductive," Volcker said in recent
testimony before the Senate Banking Committee.
    Volcker also said he would prefer to further tighten the
government's purse strings than have the Fed tighten the credit
supply if action was needed to fight inflationary pressures or
to assure the continued flow of foreign capital into the United
States.
    Analysts say that Fed tightening now could choke off the
current modest economic expansion and threaten a recession.
    Kemper Financial Services economist John Silvia stressed
that any deficit reduction was better than none.
    But he said the size of the cuts under consideration were 
not enough to give the Federal Reserve Board the flexibility it
needs to steer the economy or to keep the value of the dollar
from plunging further in world exchange markets.
    "There's no doubt that some deficit reduction helps, but if
your objective is to stabilize the dollar and perserve the
Fed's flexibility to conduct monetary policy, then the answer
is, it's not enough," Silvia told Reuters.
    The U.S. trade deficit has become one of the government's
most vexing and persistent problems.
    The 1986 deficit was 169.8 billion dlrs and there is as yet
little indication that this year's figure will be any lower,
though administration officials have predicted it will drop by
about 20 to 30 billion dlrs by year's end.
    In the past, Volcker has joked that he never lost sleep
worrying whether Congress would cut too much fat from the
federal budget.
    On the other hand, he also has made it clear he is not
attached to the gradually declining deficit ceilings set for
the 1986-1991 period by last year's Gramm-Rudman balanced
budget law.
    While the new law set a ceiling of 108 billion dlrs for
next year's federal deficit, both the House and Senate Budget
Committees have conceded that their budget plans would fall
short of the deficit reduction goal by about 25 billion dlrs.
    "For political reasons, 35 to 40 billion dlrs is about the
most you're going to get" out of Congress at the present time,
said Touche Ross's Collander. "To do something more than that
would be extraordinary, remarkable and very, very difficult."
    Collander said the real danger for Congress was to end up
short of the deficit reduction goal set by its Budget panels.
    "To an extent, this has become the minimum acceptable
reduction level," he explained. "Anything less than that will now
look like a failure to Wall Street."
    The budget plan now under debate on the House floor would
lower an estimated 171 billion dlr deficit for the year
beginning on October one to about 133 billion dlrs by cutting
defense and domestic programs by 38 billion dlrs from their
anticipated spending levels for next year.
    The Senate Budget Committee has called for a deficit of
nearly 134 billion dlrs with about 18.5 billion dlrs in new 
taxes and about the same amount in spending cuts.


.I 4337
.C
earn
.W
STEWART AND STEVENSON SERVICES <SSSS> 4TH QTR.
    HOUSTON, April 8 - 4th qtr ended Jan 31.
    Shr profit 72 cts vs profit 14 cts
    Net profit 3,309,000 vs 609,000
    Revs 72 mln vs 65 mln
    Year
    Shr profit nil vs loss 4.13 dlrs
    Net profit 1,000 vs loss 19 mln
    Revs 245 mln vs 269.1 mln


.I 4339
.C
earn
.W
WESTAMERICA BANCORPORATION <WSAM> 1ST QTR NET.
    SAN RAFAEL, Calif., April 8 - 
    Shr 98 cts vs 63 cts
    Net 2,602,000 vs 1,571,000
    Assets 1.15 billion vs 1.02 billion
    Deposits 1.04 billion vs 942.1 mln
    Loans 834.8 mln vs 729.0 mln
    Return on avg assets 0.92 pct vs 0.63 pct


.I 4340
.C
coffee
.W
COLOMBIA COFFEE REGISTRATIONS REMAIN OPEN.
    BOGOTA, April 8 - Colombia's coffee export registrations
remain open and there are no plans to close them since a new
marketing policy means an unlimited amount can be registered,
Gilberto Arango, president of the private exporters'
association said.
    "The philosophy of the new policy is not to close
registrations. Nobody so far said may would be closed," he told
Reuters.
    On March 13, Colombia opened registrations for April and
May for an unlimited amount.
    Without giving breakdowns, Arango said private exporters
had registered 1,322,804 bags this calendar year up to April 6,
or roughly 440,000 bags per month, slightly lower than the
average in recent years.
    He estimated the amount of bags registered by the national
coffee growers' federation at about the same, meaning a total
of about 900,000 bags registered and sold per month by
Colombia.
    "The only change that could happen is, because of the
volume, we would be told that from such a date, registrations
would be for June shipment, etc" Arango said.


.I 4342
.C
earn
.W
GATEWAY BANCORP INC <GBAN> 1ST QTR NET.
    NEW YORK, April 8 -
    Shr 32 cts vs 34 cts
    Net 902,178 vs 662,647
    Deposits 174.7 mln vs 134.4 mln
    NOTE: Per share amounts adjusted to reflect 10-for-one
stock split effective Sept 16, 1986.


.I 4346
.C
acq
.W
MORE AMERICAN BRANDS <AMB> ACQUISITIONS SEEN.
    By PATTI DOMM, Reuters
    NEW YORK, April 8 - American Brands Inc's 545 mln dlrs
acquisition of National Distillers and Chemical Corp's liquor
business is expected to be one of a series of acquisitions by
the tobacco company, analysts said.
     "They were very frustrated with their inability to get
Chesebrough. They said they were looking for an acquisition. It
doesn't surprise me that they came up with another one," said
Allan Kaplan of Merrill Lynch and Co.
    American Brands failed late last year in its 2.9 billion
dlrs bid for Chesebrough-Ponds Inc when Unilever N.V. agreed to
buy the company. But since then, Wall Street has been
speculating that American Brands would find another candidate
to help reduce its earnings exposure to tobacco.
    "This is just typical," said George Thompson of
Prudential-Bache securities. "There's going to be more to come
here. American Brands had to make an acquisition because
tobacco is still a significant part of earnings. Their position
is a little less favorable than Philip Morris and RJ Reynolds,"
he said.
cash flow from its low growth tobacco, but the tobacco business
does require great amounts of capital expenditures. It can
therefore use its funds to make acquisitions. Analysts said the
National Distillers' spirits company, which makes Gilbey's gin
and vodka, Old Grandad and Old Crow whiskey, is not quite the
type of acquisition they envisioned.
    "The distilled spirits business has been in a steady
gradual decline for sometime, as has the tobacco business,"
said Thompson.
 REUTER...

.I 4347
.C
money-fx;interest;
.W
BUNDESBANK CALLS FOR CENTRAL BANK COOPERATION.
    FRANKFURT, April 8 - Bundesbank board member Claus Koehler
called on central banks of major industrialised nations to
cooperate closely on exchange and interest rate policies.
    In a lecture at the University of Surrey, pre-released
here, Koehler said that the only alternative to cooperation was
protectionism and control on capital movements.
    "Central banks have sufficient experience of exchange market
transactions to steer exchange rates where they want to have
them," he said. He added that West German growth forecasts would
have to be revised downward because of the recent dollar drop
to 1.80 marks from above two marks at the start of 1987.
    Koehler said that transactions on foreign exchange markets
had parted company with transactions in goods, services and
investments. It was the scale of speculative transactions that
determined market trends.
    Speculative inflows could cause monetary aggregates to
grow. To reverse such a rise in the money stock, interest rates
would have to be lowered to allow funds to drain off.
    "In other words, the monetary policy measures required are
different from -- and sometimes diametrically opposed to --
those needed when the money stock is increasing as a result of
mounting economic activity," Koehler said.
    The dollar fall was one means of reducing the massive U.S.
Current account deficit. But attempts to keep the depreciation
going by talking the dollar down posed problems.
    The sharp drop of the dollar had led to an immediate steep
rise in the cost of U.S. Imports and a sharp fall in the cost
of European imports. But the volume effect of falling imports
to the U.S. And rising imports to Europe would take time to
make itself felt compared with the price effect.
    "Hence the depreciation of the dollar may well be going
further than would be necessary to adjust the current account
over the medium term," Koehler said.
    A reduction in the U.S. Current account deficit would occur
only if the growth rate of GNP was higher than domestic demand.
In Japan and West Germany by contrast, domestic demand should
rise faster than GNP.
    "In Germany this did indeed happen in 1986," Koehler said.
    If a further appreciation of the dollar was to be
prevented, the U.S. Current account deficit could be offset by
an inflow of foreign funds into the U.S..
    But only if there was an appropriate interest rate
differential would Europe and Japan look for financial
investment in the U.S.
    When selecting monetary policy instruments, a central bank
had to pay greater heed than in the past to the impact its
measures might have on expectations and consequent decisions.
    Koehler said the Bundesbank was changing money market rates
by operating on the open market rather than adjusting leading
interest rates because of the signal this gives to the market
and its substantial impact on exchange rates.
    It was not only important to achieve the domestic goals of
price stability, economic growth and full employment but also
to tackle international problems like the exchange rate
problem, the debt problem and the current account problem.
    A strategy had to be designed that helped "the safeguarding
of non-inflationary economic growth in an international
monetary system largely free of disruptions," Koehler said.
    Given the system of floating exchange rates, it was
necessary for central banks to agree to intervene. It sufficed
to tell the market where central banks saw exchange rates over
the next few years and intervention points should not be set,
because they were only testing points for the market, he said.
    In order to keep the international monetary system free of
disruptions central banks should not only intervene jointly but
also cooperate on interest rate policies, Koehler said.


.I 4348
.C
jobs
.W
AUSTRALIAN UNEMPLOYMENT RISES IN MARCH.
    CANBERRA, April 9 - Australia's seasonally adjusted
unemployment rate rose to 8.4 pct of the estimated workforce in
March from 8.2 pct in February and 7.9 pct a year earlier, the
Statistics Bureau said.
    The number of jobless rose to 650,700 from 631,900 in
February and 593,200 a year earlier, the Bureau said.
    Unadjusted, the number of unemployed rose to 702,600 from
699,600 in February but the rate eased to 9.0 pct from 9.1,
reflecting a slight increase in the estimated workforce. In
March 1986, 640,400 persons, or 8.5 pct of the workforce, were
out of work.


.I 4349
.C
acq
.W
CSR SAYS IT IS RETAINING NON-DELHI GAS-OIL STAKES.
    SYDNEY, April 9 - CSR Ltd <CSRA.S> said its sale of <Delhi
Petroleum Pty Ltd> will not affect the other oil and gas
interests it manages or operates.
    CSR sold Delhi, which holds an average 25 pct in the Santos
Ltd <STOS.S>-led Cooper-Eromanga Basin onshore gas and liquids
joint ventures, to an Exxon Corp <XON> unit for 985 mln dlrs on
April 1.
    In a statement to clarify the position, CSR said it will
retain its Roma Gas unit, the associated Roma-Brisbane gas
pipeline and the Bula oilfield on Seram, Indonesia, plus
exploration interests in Queensland and Hainan Island, China.


.I 4350
.C
grain;rice;
.W
JAPAN MINISTRY HAS NO COMMENT ON RICE TALKS REPORT.
    TOKYO, April 9 - The Agriculture Ministry declined comment
on a local newspaper report that Japan had agreed to hold talks
on its closed rice market in the new GATT round.
    "We have no idea about the report and cannot comment," a
spokesman told Reuters.
    Nihon Keizai Shinbun, quoting unnamed government sources,
said Japan would tell U.S. Agriculture Secretary Richard Lyng
and U.S. Trade Representative Clayton Yeutter of its
intentions. The two are due to visit Japan later this month for
farm talks.
    The U.S. Has been pressing Japan to discuss the rice issue
at the new round of General Agreement on Tariffs and Trade
talks. But Japan has said GATT is not the right forum.
    Imports of rice to Japan are banned under the Foodstuff
Control Act.
    Nihon Keizai said Japan's plan resulted from worries about
mounting trade tension with the U.S. At the GATT talks, Japan
will try to persuade the U.S. That its rice policy is
justified, it said.
    The 93-nation world trade body began the Uruguay trade
round last September. It will take four years to negotiate.


.I 4351
.C
alum
.W
SHOWA DENKO EXPORTS ALUMINIUM CASTING EQUIPMENT.
    TOKYO, April 9 - <Showa Denko Ltd> said it is exporting
aluminium billet casting equipment and technology to countries
that have recently begun aluminium smelting.
    A company official said it won a 500 mln yen order to
deliver 10 sets of casting equipment to Venezuela's Venalum by
end-1987. He said it received an order for one set from
Aluminium Bahrain B.S.C. Last year and expects further orders
from the Bahrain smelter.
    Showa Denko withdrew from smelting last year but expects to
increase its sales of equipment and technology, he said.


.I 4354
.C
trade
.W
ASIAN EXPORTERS FEAR DAMAGE FROM U.S.-JAPAN RIFT.
    By William Kazer, Reuters
    HONG KONG, April 8 - Mounting trade friction between the
U.S. And Japan has raised fears among many of Asia's exporting
nations that the row could inflict far-reaching economic
damage, businessmen and officials said.
    They told Reuter correspondents in Asian capitals a U.S.
Move against Japan might boost protectionist sentiment in the
U.S. And lead to curbs on American imports of their products.
    But some exporters said that while the conflict would hurt
them in the long-run, in the short-term Tokyo's loss might be
their gain.
    The U.S. Has said it will impose 300 mln dlrs of tariffs on
imports of Japanese electronics goods on April 17, in
retaliation for Japan's alleged failure to stick to a pact not
to sell semiconductors on world markets at below cost.
    Unofficial Japanese estimates put the impact of the tariffs
at 10 billion dlrs and spokesmen for major electronics firms
said they would virtually halt exports of products hit by the
new taxes.
    "We wouldn't be able to do business," said a spokesman for
leading Japanese electronics firm Matsushita Electric
Industrial Co Ltd <MC.T>.
    "If the tariffs remain in place for any length of time
beyond a few months it will mean the complete erosion of
exports (of goods subject to tariffs) to the U.S.," said Tom
Murtha, a stock analyst at the Tokyo office of broker <James
Capel and Co>.
    In Taiwan, businessmen and officials are also worried.
    "We are aware of the seriousness of the U.S. Threat against
Japan because it serves as a warning to us," said a senior
Taiwanese trade official who asked not to be named.
    Taiwan had a trade trade surplus of 15.6 billion dlrs last
year, 95 pct of it with the U.S.
    The surplus helped swell Taiwan's foreign exchange reserves
to 53 billion dlrs, among the world's largest.
    "We must quickly open our markets, remove trade barriers and
cut import tariffs to allow imports of U.S. Products, if we
want to defuse problems from possible U.S. Retaliation," said
Paul Sheen, chairman of textile exporters <Taiwan Safe Group>.
    A senior official of South Korea's trade promotion
association said the trade dispute between the U.S. And Japan
might also lead to pressure on South Korea, whose chief exports
are similar to those of Japan.
    Last year South Korea had a trade surplus of 7.1 billion
dlrs with the U.S., Up from 4.9 billion dlrs in 1985.
    In Malaysia, trade officers and businessmen said tough
curbs against Japan might allow hard-hit producers of
semiconductors in third countries to expand their sales to the
U.S.
    In Hong Kong, where newspapers have alleged Japan has been
selling below-cost semiconductors, some electronics
manufacturers share that view. But other businessmen said such
a short-term commercial advantage would be outweighed by
further U.S. Pressure to block imports.
    "That is a very short-term view," said Lawrence Mills,
director-general of the Federation of Hong Kong Industry.
    "If the whole purpose is to prevent imports, one day it will
be extended to other sources. Much more serious for Hong Kong
is the disadvantage of action restraining trade," he said.
    The U.S. Last year was Hong Kong's biggest export market,
accounting for over 30 pct of domestically produced exports.
    The Australian government is awaiting the outcome of trade
talks between the U.S. And Japan with interest and concern,
Industry Minister John Button said in Canberra last Friday.
    "This kind of deterioration in trade relations between two
countries which are major trading partners of ours is a very
serious matter," Button said.
    He said Australia's concerns centred on coal and beef,
Australia's two largest exports to Japan and also significant
U.S. Exports to that country.
    Meanwhile U.S.-Japanese diplomatic manoeuvres to solve the
trade stand-off continue.
    Japan's ruling Liberal Democratic Party yesterday outlined
a package of economic measures to boost the Japanese economy.
    The measures proposed include a large supplementary budget
and record public works spending in the first half of the
financial year.
    They also call for stepped-up spending as an emergency
measure to stimulate the economy despite Prime Minister
Yasuhiro Nakasone's avowed fiscal reform program.
    Deputy U.S. Trade Representative Michael Smith and Makoto
Kuroda, Japan's deputy minister of International Trade and
Industry (MITI), are due to meet in Washington this week in an
effort to end the dispute.


.I 4356
.C
crude;nat-gas;
.W
JAPAN TO REVISE LONG-TERM ENERGY DEMAND DOWNWARDS.
    TOKYO, April 8 - The Ministry of International Trade and
Industry (MITI) will revise its long-term energy supply/demand
outlook by August to meet a forecast downtrend in Japanese
energy demand, ministry officials said.
    MITI is expected to lower the projection for primary energy
supplies in the year 2000 to 550 mln kilolitres (kl) from 600
mln, they said.
    The decision follows the emergence of structural changes in
Japanese industry following the rise in the value of the yen
and a decline in domestic electric power demand.
    MITI is planning to work out a revised energy supply/demand
outlook through deliberations of committee meetings of the
Agency of Natural Resources and Energy, the officials said.
    They said MITI will also review the breakdown of energy
supply sources, including oil, nuclear, coal and natural gas.
    Nuclear energy provided the bulk of Japan's electric power
in the fiscal year ended March 31, supplying an estimated 27
pct on a kilowatt/hour basis, followed by oil (23 pct) and
liquefied natural gas (21 pct), they noted.


.I 4358
.C
rubber;palm-oil;veg-oil;coffee;lumber;
.W
INDONESIAN COMMODITY EXCHANGE MAY EXPAND.
    By Jeremy Clift, Reuters
    JAKARTA, April 8 - The Indonesian Commodity Exchange is
likely to start trading in at least one new commodity, and
possibly two, during calendar 1987, exchange chairman Paian
Nainggolan said.
    He told Reuters in a telephone interview that trading in
palm oil, sawn timber, pepper or tobacco was being considered.
    Trading in either crude palm oil (CPO) or refined palm oil
may also be introduced. But he said the question was still
being considered by Trade Minister Rachmat Saleh and no
decision on when to go ahead had been made.
    The fledgling exchange currently trades coffee and rubber
physicals on an open outcry system four days a week.
    "Several factors make us move cautiously," Nainggolan said.
"We want to move slowly and safely so that we do not make a
mistake and undermine confidence in the exchange."
    Physical rubber trading was launched in 1985, with coffee
added in January 1986. Rubber contracts are traded FOB, up to
five months forward. Robusta coffee grades four and five are
traded for prompt delivery and up to five months forward,
exchange officials said.
    The trade ministry and exchange board are considering the
introduction of futures trading later for rubber, but one
official said a feasibility study was needed first. No
decisions are likely until after Indonesia's elections on April
23, traders said.
    Trade Minister Saleh said on Monday that Indonesia, as the
world's second largest producer of natural rubber, should
expand its rubber marketing effort and he hoped development of
the exchange would help this.
    Nainggolan said that the exchange was trying to boost
overseas interest by building up contacts with end-users.
    He said teams had already been to South Korea and Taiwan to
encourage direct use of the exchange, while a delegation would
also visit Europe, Mexico and some Latin American states to
encourage participation.
    Officials say the infant exchange has made a good start
although trading in coffee has been disappointing.
    Transactions in rubber between the start of trading in
April 1985 and December 1986 totalled 9,595 tonnes, worth 6.9
mln dlrs FOB, plus 184.3 mln rupiah for rubber delivered
locally, the latest exchange report said.
     Trading in coffee in calendar 1986 amounted to only 1,905
tonnes in 381 lots, valued at 6.87 billion rupiah.
     Total membership of the exchange is now nine brokers and
44 traders.


.I 4359
.C
acq
.W
SUMITOMO BANK AIMS AT QUICK RECOVERY FROM MERGER.
    By Linda Sieg, Reuters
    TOKYO, April 8 - Sumitomo Bank Ltd <SUMI.T> is certain to
lose its status as Japan's most profitable bank as a result of
its merger with the Heiwa Sogo Bank, financial analysts said.
    Osaka-based Sumitomo, with desposits of around 23.9
trillion yen, merged with Heiwa Sogo, a small, struggling bank
with an estimated 1.29 billion dlrs in unrecoverable loans, in
October.
    But despite the link-up, Sumitomo President Koh Komatsu
told Reuters he is confident his bank can quickly regain its
position.
    "We'll be back in position in first place within three
years," Komatsu said in an interview.
    He said that while the merger will initially reduce
Sumitomo's profitability and efficiency, it will vastly expand
Sumitomo's branch network in the Tokyo metropolitan area where
it has been relatively weak.
    But financial analysts are divided on whether and how
quickly the gamble will pay off.
    Some said Sumitomo may have paid too much for Heiwa Sogo in
view of the smaller bank's large debts. Others argue the merger
was more cost effective than creating a comparable branch
network from scratch.
    The analysts agreed the bank was aggressive. It has
expanded overseas, entered the lucrative securities business
and geared up for domestic competition, but they questioned the
wisdom of some of those moves.
    "They've made bold moves to put everything in place. Now
it's largely out of their hands," said Kleinwort Benson Ltd
financial analyst Simon Smithson.
    Among Sumitomo's problems are limits placed on its move to
enter U.S. Securities business by taking a share in American
investment bank Goldman, Sachs and Co.
    Sumitomo last August agreed to pay 500 mln dlrs for a 12.5
pct limited partnership in the bank, but for the time being at
least, the Federal Reserve Board has forbidden them to exchange
personnel, or increase the business they do with each other.
    "The tie-up is widely looked on as a lame duck because the
Fed was stricter than Sumitomo expected," said one analyst.
    But Komatsu said the move will pay off in time.
    "U.S. Regulations will change in the near future and if so,
we can do various things. We only have to wait two or three
years, not until the 21st century," Komatsu said.
    Komatsu is also willing to be patient about possible routes
into the securities business at home.
    Article 65 of the Securities and Exchange Act, Japan's
version of the U.S. Glass-Steagall Act, separates commercial
from investment banking.
    But the walls between the two are crumbling and Komatsu
said he hopes further deregulation will create new
opportunities.
    "We need to find new business chances," Komatsu said. "In some
cases these will be securities related, in some cases trust
bank related. That's the kind of deregulation we want."
    Until such changes occur, Sumitomo will focus on such
domestic securities business as profitable government bond
dealing and strengthening relations with Meiko Securities Co
Ltd, in which it holds a five pct share, Komatsu said.
    He said Sumitomo is cautiously optimistic about entering
the securities business here through its Swiss universal bank
subsidiary, Banca del Gottardo.
     The Finance Ministry is expected to grant licences to
securities subsidiaries of U.S. Commercial banks soon,
following a similar decision for subsidiaries of European
universal banks in which the parent holds a less than 50 pct.
    But Komatsu is reluctant to push hard for a similar
decision on a Gottardo subsidiary.
    "We don't want to make waves. We expect this will be allowed
in two or three years," he said.
    Like other city banks, Sumitomo is also pushing to expand
lending to individuals and small and medium businesses to
replace disappearing demand from big business, he added.
    The analysts said Sumitomo will have to devote a lot of
time to digesting its most recent initiatives, including the
merger with ailing Heiwa Sogo.
    "It's (Sumitomo) been bold in its strategies," said
Kleinwort's Smithson.
    "After that, it's a question of absorbing and juggling
around. It will be the next decade before we see if the
strategy is right or wrong."


.I 4361
.C
money-fx;interest;
.W
BUNDESBANK ALLOCATES 6.1 BILLION MARKS IN TENDER.
    FRANKFURT, April 8 - The Bundesbank accepted bids for 6.1
billion marks at today's tender for a 28-day securities
repurchase pact at a fixed rate of 3.80 pct, a central bank
spokesman said.
    Banks, which bid for a total 12.2 billion marks liquidity,
will be credited with the funds allocated today and must buy
back securities pledged on May 6.
    Some 14.9 billion marks will drain from the market today as
an earlier pact expires, so the Bundesbank is effectively
withdrawing a net 8.1 billion marks from the market with
today's allocation.
    A Bundesbank spokesman said in answer to enquiries that the
withdrawal of funds did not reflect a tightening of credit
policy, but was to be seen in the context of plentiful
liquidity in the banking system.
    Banks held an average 59.3 billion marks at the Bundesbank
over the first six days of the month, well clear of the likely
April minimum reserve requirement of 51 billion marks.
    The Bundesbank spokesman noted that by bidding only 12.2
billion marks, below the outgoing 14.9 billion, banks
themselves had shown they felt they had plenty of liquidity.
    Dealers said the Bundesbank is keen to prevent too much
liquidity accruing in the market, as that would blunt the
effectiveness of the security repurchase agreement, its main
open-market instrument for steering market interest rates. Two
further pacts are likely this month over the next two weeks.
    The Bundesbank is currently steering call money between 3.6
and 3.8 pct, although short-term fluctuations outside that
range are possible, dealers said.


.I 4362
.C
acq;copper;
.W
BOND CORP STILL CONSIDERING ATLAS MINING BAIL-OUT.
    MANILA, April 8 - Bond Corp Holdings Ltd <BONA.S> and Atlas
Consolidated Mining and Development Corp <ATLC.MN> are still
holding talks on a bail-out package for the troubled mining
firm, an Atlas statement said.
    Atlas, the Philippines' biggest copper producer, said it
had been hit by depressed world copper prices. It reported a
net loss of 976.38 mln pesos in the year ending December 1986,
compared with a net loss of 1.53 billion in 1985.
    The company said it had been able to cut its losses because
its scaled-down copper operations in the central island of Cebu
started in the second half of 1986.
    Atlas said negotiations were continuing on the acquisition
by Bond of the company's existing bank loans and their
restructuring into a gold loan.
    A memorandum of understanding signed by the two sides in
October last year said Bond would acquire Atlas' total loans of
275 mln dlrs, to be repaid by the mining company in gold.
    Atlas said the two sides were also discussing equity
infusion into Atlas and the creation of a development fund for
further exploration and development of the company's gold
properties in the central province of Masbate.
    Wilson Banks, general manager of <Bond Corp International
Ltd> in Hong Kong, told Reuters the Atlas statement on the
negotiations was "reasonably accurate."
    Banks said Bond Corp was seriously considering several
investments in the Philippines but did not give details.
    In its statement, Atlas said development of the pre-World
War Two underground mines in Masbate had been accelerated and
the ore tonnage had increased, extending the operation's life
at least until 1993.


.I 4365
.C
oilseed;wheat;grain;corn;livestock;soybean;carcass;trade;rice;
.W
JAPAN MINISTRY SAYS OPEN FARM TRADE WOULD HIT U.S.
    By Fumiko Fujisaki, Reuters
    TOKYO, April 8 - Japan's Agriculture Ministry, angered by
U.S. Demands that Japan open its farm products market, will
tell U.S. Officials at talks later this month that
liberalisation would harm existing U.S. Farm exports to Japan,
a senior ministry official said.
    "Imports from the U.S. Would drop due to active sales drives
by other suppliers," the official, who declined to be named,
said. "Japan is the largest customer for U.S. Farm products and
it is not reasonable for the U.S. To demand Japan liberalise
its farm import market," he said.
    Agriculture Minister Mutsuki Kato has said if the U.S.
Insists Japan open its protected rice market it will also open
its wheat market, where volume and origin are regulated to
protect local farmers.
    Australia and Canada could then increase their wheat
exports as they are more competitive than the U.S., He said.
End-users would also buy other origins, grain traders said.
    U.S. Agriculture Secretary Richard Lyng, who is due to
visit Japan for talks between April 16-27, has said he will ask
Japan to offer a share of its rice market to U.S. Suppliers and
remove quotas on U.S. Beef and citrus imports.
    Other countries are already cutting into the U.S. Market
share here. Australia, the largest beef supplier to Japan, has
been trying to boost exports prior to the expiry of a four-year
beef accord next March 31.
    Imports of U.S. Corn have fallen due to increased sales
from China and South America, while Japanese soybean imports
from Brazil are expected to rise sharply this year, although
the U.S. Will remain the largest supplier.
    U.S. Feedgrain sales will also drop if Japan opens up its
beef imports, since Japan depends almost entirely on feedgrain
imports, mainly from the U.S., Japanese officials said.
    An indication of the U.S. Position came last December when
Under Secretary of Agriculture Daniel Amstutz said Japan has
the potential to provide one of the largest boosts to U.S.
Agricultural exports, with the beef market alone representing
some one billion dlrs in new business.
    The U.S. Has also asked the General Agreement on Tariffs
and Trade to investigate the legality of Japanese import
controls on 12 other farm products, including fruit juices,
purees and pulp, tomato juice, ketchup and sauce, peanuts,
prepared beef products and miscellaneous beans.
    To help calm heated trade relations with the U.S., Japan's
top business group Keidanren has urged the government to remove
residual import restrictions on agricultural products.
    But Agriculture Minister Kato has ruled out any emotional
reaction, and the senior ministry official said the farm issue
should not become a scapegoat for trade pressure in the
industrial sector.
    "Japan is the largest buyer of U.S. Farm products, and these
issues should not be discussed on the same table," the official
said.


.I 4366
.C
bop;trade;
.W
SOUTH KOREA MOVES TO SLOW GROWTH OF TRADE SURPLUS.
    By Moon Ihlwan, Reuters
    SEOUL, April 8 - South Korea's trade surplus is growing too
fast and the government has started taking steps to slow it
down, Deputy Prime Minister Kim Mahn-je said.
    He told a press conference the government planned to
increase investment, speed up the opening of the local market
to foreign imports and gradually adjust its currency to hold
the surplus "at a proper level."
    But he said the government would not allow the won to
appreciate too much in a short period of time. South Korea has
been under pressure from Washington to revalue the won.
    The U.S. Wants South Korea to cut its trade surplus with
the U.S., Which rose to 7.4 billion dlrs in 1986 from 4.3
billion dlrs in 1985.
    Kim, who is also economic planning minister, said prospects
were bright for the South Korean economy, but the government
would try to hold the current account surplus to around five
billion dlrs a year for the next five years.
    "Our government projections of eight pct GNP growth, five
billion dlrs of (current account) surplus and 12 pct growth in
exports all seemed to be reasonable early this year. But now
the surplus is growing faster than we expected," he said.
    Trade ministry officials said South Korea's exports rose 35
pct to 9.34 billion dlrs in the first three months of this
year, while imports rose only 8.5 pct to 8.2 billion dlrs.
    Kim said the swing of South Korea's current account to a
surplus of 4.65 billion dlrs in 1986 from an 890 mln dlr
deficit in 1985 was very significant. The surplus enabled the
country to reduce its foreign debt last year for the first
time.
    South Korea's foreign debt, which fell to 44.5 billion dlrs
in 1986 from 46.8 billion in 1985, is still among the largest
in Asia.
    "This huge amount of our foreign debt has been one of the
major constraints on our development... Last year was a major
turning point for the Korean economy," Kim said.
    Kim said his government plannned to reduce the ratio of
foreign debt to the country's GNP to about 20 pct in 1991, from
about 50 pct in 1986.
    "The government, however, does not want to accelerate
reducing the debt by making an excessive trade surplus," he
said.
    Kim said a sudden rise in the surplus would cause inflation
and lead to trade friction with Seoul's major trading partners,
particularly the United States.
    "We need a surplus because we have to reduce our debt, but
we are taking measures to hold the size of the surplus at a
proper level," Kim said.


.I 4367
.C
gas;lead;
.W
FINNS AND CANADIANS TO STUDY MTBE PRODUCTION PLANT.
    HELSINKI, April 8 - Finland's national oil company Neste Oy
<NEOY.HE> said in a statement it had agreed with Canadian firms
to study the feasibility of building a plant in Edmonton,
Canada, to produce a replacement for lead in petrol.
    The prospective plant would cost an estimated 270 mln
Canadian dlrs and would produce methyl tertiary butyl ether
(MTBE) from raw materials available locally, it said.
    The partners in the study are Neste Oy, Celanese Canada
Inc, Hoechst Celanese Corporation and Trade Mountain Pipe Line
Company Ltd, of Vancouver, B.C.
    The Edmonton site was suitable because of the raw materials
availability, the proximity to pipeline transportation and the
important capital and operating advantages gained by locating
on an existing Celanese Canada site, the statement said.
    The partners would look into the feasibility of a plant
producing 500,000 tonnes per annum of MTBE, an octane enhancer
that can replace tetra ethyl lead.
    Most of the MTBE would be targeted for the United States
where lead levels in gasoline are being lowered because of
health concerns, the statement added.
    Canadian lead limits are currently 11 times as high as the
U.S. Limit but lead is scheduled for virtual elimination in
Canada by 1993, which should create a Canadian demand for MTBE,
it said.
    Finland's Neste Oy, whose turnover last year was over five
billion dlrs, has extensive experience with MTBE. It has a
major investment in an MTBE plant in Saudi Arabia.
    The Edmonton, Alberta plant would be scheduled to go on
stream in late 1989, the statement said.


.I 4370
.C
earn
.W
BOWATER INDUSTRIES PROFIT EXCEED EXPECTATIONS.
    LONDON, April 8 - Bowater Industries Plc <BWTR.L> 1986
pretax profits of 48.0 mln stg exceeded market expectations of
around 40 mln and pushed the company's shares up sharply to a
high of 491p from 468p last night, dealers said.
    The shares later eased back to 481p. Bowater reported a
32.4 mln stg profit in 1985.
    The company said in a statement accompanying the results
that the underlying trend showed improvement and it intended to
expand further by developing existing businesses and seeking
new opportunities.
    It added that it had appointed David Lyon, currently
managing director of Redland Plc <RDLD.L> as its new chief
executive.
    Analysts noted that Bowater's profits of 18.9 mln stg from
13.2 mln previously had been given a boost by pension benefits
of 4.5 mln stg.
    Profit from Australia and the Far East showed the greatest
percentage rise, jumping 55.0 pct to 15.5 mln from 10.0 mln,
while the profit from U.K. Operations rose 30.7 pct to 24.7
mln, and Europe, 42.9 pct to 11.0 mln.


.I 4371
.C
earn
.W
CITIBANK NORWAY UNIT LOSES SIX MLN CROWNS IN 1986.
    OSLO, April 8 - Citibank A/S <CCI.N>, the Norwegian
subsidiary of the U.S.-based bank, said it made a net loss of
just over six mln crowns in 1986 -- although foreign bankers
said they expect it to show 1987 profits after two lean years.
    Citibank's Oslo treasury head Bjoern Sejerstad told
Reuters, Citibank, one of seven foreign bank subsidiaries
operating in Norway, lost money because of restructuring for
investment banking away from commercial banking and an economic
slump in Norway following last year's plunge in oil prices.
    Foreign banks have been allowed to operate susbidiaries in
Norway since 1985.
    Foreign banking analysts in Oslo said access to Norway's
second-hand securities and equities markets, to be approved
later this spring, and lower primary reserve requirements would
make profit this year.
    Citibank lost 490,000 crowns in Norway in 1985, but
Sejerstad said a profit was likely this year because of planned
liberalisation and better economic performance, helped by a
steadier oil price of around 18 dlrs a barrel.
    Earlier this year, Chase Manhattan Bank's <CMB.N>
subsidiary decided to stop foreign exchange trading after heavy
losses and focus instead on fee-based merchant banking.


.I 4375
.C
trade
.W
JAPAN GIVEN LITTLE HOPE OF AVOIDING U.S. SANCTIONS.
    TOKYO, April 8 - A top U.S. Official said Japan has little
chance of convincing the U.S. To drop threatened trade
sanctions, despite the efforts of a Japanese team that left for
Washington today.
    Michael Armacost, Under Secretary of State for Political
Affairs, was asked at a press conference whether Japan's moves
to boost its domestic economy and open its markets could
persuade the U.S. Not to impose tariffs on Japanese imports
said, and replied: "...It is probably too early for the figures
to demonstrate that the situation has turned around and to
permit the result you have described."
    Armacost said the U.S. Hopes Japan will take steps to lift
its domestic economy and reduce dependence on exports, remove
barriers to imports and settle outstanding trade issues.
    "There are obvious problems at the moment in the trade area,
but we do not wish those problems to divert attention from
important areas of cooperation that continue to exist on
security and political issues," he said.
    "The question is whether through cooperative actions between
our governments we can reduce the (trade) imbalance or whether
Congress takes action to reduce it through protectionist
legislation," he said.


.I 4377
.C
acq
.W
ANHEUSER-BUSCH JOINS BID FOR SAN MIGUEL.
    MANILA, April 8 - Anheuser-Busch Companies Inc <BUD.N> has
joined several other foreign bidders for sequestered shares of
the Philippines' largest food and beverage maker San Miguel
Corp <SANM.MN>, the head of a government panel which controls
the shares told Reuters.
    Ramon Diaz, Secretary of the Presidential Commission on
Good Government (PCGG), said Anheuser-Busch had told the
government it was interested in buying 14 mln "B" shares of San
Miguel. He did not disclose the offered price.
    Diaz said Australian brewer Alan Bond's Bond Corp Holdings
Ltd had offered 150 pesos per share for the "B" shares.
    Diaz said New York investment bank Allen and Co Inc had
earlier said it was interested in buying all 38.1 mln
sequestered shares. He told Reuters last month Elders IXL Ltd
<ELXA.S>, the Melbourne-based brewing company, had also bid for
the "B" shares.
    The Hong Kong Economic Journal last month quoted a
spokesman of Australian stock broker Jacksons Ltd as saying
that <Barwon Farmlands Ltd>, an Australian firm owned 30 pct by
<Ariadne Australia Ltd>, was planning a Filipino branch in
order to buy the entire block of 38.1 mln shares.
    Anheuser-Busch last year made a 150 mln dlr bid to buy <San
Miguel Brewery Ltd>, a Hong Kong listed company which is 69.65
pct owned by <Neptunia Corp Ltd>, a San Miguel Corp subsidiary.
    The talks broke down last June after the two sides said
they could not agree on the terms of the sale.


.I 4379
.C
money-fx;interest;
.W
ECONOMIC SPOTLIGHT - AUSTRALIAN MARKETS BOOMING.
    By Peter Bale, Reuters
    SYDNEY, April 8 - Australian markets are booming as foreign
fund managers redirect capital away from the United States and
other traditional markets, analysts said.
    High short-term interest rates, a bullish stock market and
an increasingly stable currency reflect a massive inflow of
fresh funds in the last two months, largely from Japanese and
U.S. Investors, analysts polled by Reuters said.
    Fund managers want quality markets to park their cash in
and have settled on Australia, Britain and Canada as they
diversify from volatile U.S. Dollar instruments, they said.
    A one percentage point fall in key 10-year bonds rates in
the past month, record share prices and a 10-month high for the
currency of 0.71 U.S. Dlrs all illustrated the inflow.
    Official figures on the latest inflow of investment capital
are not available, but brokers said they received almost daily
inquiries from Japan and the United States.
    "These people have got trillions of dollars sloshing about
and they don't know what to do with it. Some of that is ending
up here with the attraction of high interest rates and
reasonable currency stability," National Australia Bank Ltd
economist Brian Hamley said.
    "There is a 'flight to quality'," Hamley said. "Australia may
not be in the best (economic) position, but there aren't too
many other countries where you'd want to put your money."
    The stronger Australian dollar was also attracting
investors taking advantage of an appreciating currency against
the volatility of the U.S. Unit, analysts said.
    "We're looking a more favoured market than perhaps the U.S.
Where some people would be concerned about the value of the
U.S. Dollar," Lloyds Bank NZA Ltd chief economist Will Buttrose
said. "Why not put the money in Australia where entry is cheap
and the currency looks stable?"
    But turning that capital into more permanent productive
investment depends on government economic policy, he said.
    "It will only disappear if people lose confidence in the
direction in the economy," Buttrose said, adding that offshore
investors would carefully watch the government's promised tough
economic statement on May 14.
    While happy to invest in bonds and other vehicles yielding
interest unobtainable elsewhere, fund managers could just as
easily reverse the flow -- particularly the Japanese, who were
badly hurt in the past by rapid falls in the Australian dollar
and hefty jumps in bond rates, analysts said.
    "It will remain very edgy money. If something was not to be
delivered, if the statement wasn't considered tough enough, one
might see a substantial outflow," Buttrose said.
    Offshore investors are eager to see Australia take tough
economic decisions to curb its 100 billion dlr foreign debt and
stubborn current account deficit, analysts said.
    "They are giving us the benefit of the doubt and I think
they would like to leave the money here," Buttrose said.
    Reserve Bank policy has also reflected the increased
interest in investment in Australia and the need to shield
Japanese investors from rapid currency fluctuations.
    Reserve Governor Bob Johnston last week acknowledged an
element of targeting the rate against the yen in currency
policy when he said authorities could not take their "eyes off
the yen" because of the crucial role of Japanese investors.
    Analysts said they believed the Reserve Bank had worked
successfully in recent months to keep the Australian dollar
within the range of 100 to 103 yen.
    Apart from its recovery against a weak U.S. Dollar, the
Australian dollar has also risen almost three pct on a
trade-weighted basis in the last three weeks.
    Offshore buying has also played a role in the booming
Australian share market. It has followed Wall Street and other
markets, but is also setting its own trend in response to the
weight of both domestic and offshore funds pouring into
equities, particularly in the gold sector.
    The key all ordinaries index rose to a record 1,758.3
today, nearly 20 pct above its level at the end of 1986, while
the gold index has nearly doubled to a record 3,081.0 in the
same period.
    The property sector is also sought after, with Japanese
companies that have invested heavily in the United States in
recent years turning their attention to undervalued real
estate, particularly in the tourism field.
    Analysts pointed to the recent sale of Sydney's five-star
Regent Hotel to Japanese interests for more than 145 mln dlrs
as indicative of the type of property being sought.
    "They think they find good value real estate here which,
with long term and fixed capital investment, is the kind of
investment Australia needs," Buttrose added.


.I 4380
.C
gnp;cpi;
.W
ECONOMIC SPOTLIGHT - KUWAITI ECONOMY.
    By Rory Channing, Reuters
    KUWAIT, April 8 - Kuwait's oil-reliant and debt-ridden
economy has started to pull out of a nosedive but oil prices
will determine the pace of recovery, bankers and economists
say.
    Crucial will be the ability of the 13-member OPEC to hold
oil prices around a new benchmark of 18 dlrs a barrel in the
northern hemisphere summer when demand usually slackens.
    Bankers estimate the economy, measured in terms of gross
domestic product (gdp), shrank 19 pct in real terms last year
after contracting 8.1 pct the year before.
    This was after taking into account inflation in consumer
prices of 1.5 pct in 1985, slowing to 1.0 pct in 1986.
    Factors depressing economic activity include the
6-1/2-year-old Iran-Iraq war on Kuwait's doorstep, which
threatens the emirate's vital oil export lifeline through the
Gulf and has sapped business confidence.
    But sentiment received a much-needed boost in September
when, after a series of piecemeal steps to combat a debt crisis
caused by the 1982 crash of local stock market, a comprehensive
new debt settlement program was introduced.
    The share crash, result of a speculative spree in forward
trading, left 95 billion dlrs of post-dated cheques in default.
    The cheques were also used as collateral for consumer
spending, thus generating an informal credit system.
    Much of the debt has been watered down but big sums are
still owed by individuals and companies.
    There was some 4.4 billion dinars (about 15.7 billion dlrs)
in outstanding bank credit at the end of 1986, of which
one-quarter to one-third was estimated by bankers to rank as
bad or doubtful debt. But the government has repeatedly said it
will not allow any banks to go under.
    The new debt settlement scheme entails a rescheduling of
problem credit over 10 to 15 years, depending on whether
debtors have regular cash flows or not.
    Banks' shareholders and depositors will have their rights
guaranteed by the government -- an edict of vital significance
in a country of only 1.7 mln people where the financial sector
is the biggest after oil.
    Kuwait is better placed than any other OPEC country to ride
out the oil glut, bankers and economists say.
    Kuwait has an OPEC quota of 948,000 barrels per day (bpd)
compared with production capacity of 4.0 mln bpd mentioned last
year by Oil Minister Sheikh Ali al-Khalifa al-Sabah.
    But strategic diversification into downstream operations in
Europe several years ago and a hefty refining investment at
home gives it guaranteed markets abroad and enables it to sell
over one-half of its output as high-grade refined oil products.
    Oil industry sources say Kuwait is able to get an average
2.00 dlrs a barrel more by selling oil in the form of processed
product such as gas oil, kerosene and naphtha, rather than as
crude.
    Bankers say the rebound in oil prices is the major reason
for cautious optimism. Other reasons are low domestic
inflation, a bottoming out of the fall in imports in recent
years and signs government spending on productive sectors will
remain steady.
    External accounts are in good shape, with an estimated 1.8
billion dinar current account surplus in 1986, 16 pct below
that for 1985, but still an achievement in the recession-hit
Gulf.
    Kuwait's petrodollar reserves in mid-1986 were put
officially at over 80 billion dlrs, earning investment income
of the equivalent of about 3.65 billion dlrs a year.
    But for the first time since the end of the oil boom, these
reserves may not be enough to prevent a "real" budget deficit for
the 1986/87 fiscal year ending June 30, bankers say.
    In a budget portrayed by bankers as mildly contractionary,
revenues for 1986/87 were cut 38.6 pct and spending 11 pct,
doubling the nominal deficit to 1.33 billion dinars.
    This left out income from state reserves, usually excluded
in official budget accounting, which are forecast by bankers at
up to 1.0 billion dinars in 1986/87, resulting in some
shortfall.
    Bankers say it is too early to venture a forecast for
economic growth this year or next.
    "It depends on oil prices," one said. "This summer is
important."
    Cabinet Affairs Minister Rashid al-Rashid said last Sunday
the cabinet has ratified recommendations to rationalise state
spending in favour of productive sectors and reactivate the
economy.
    He gave no details but bankers say these are expected to be
spelled out in the 1987/88 budget, possibly in June.


.I 4381
.C
palm-oil;oilseed;veg-oil;soybean;soy-oil;
.W
MALAYSIA MAY NOT MEET 1987 OIL PALM TARGET.
    KUALA LUMPUR, April 8 - Malaysia is unlikely to meet its
targeted output of five mln tonnes of oil palm in calendar
1987, oil palm growers told Reuters.
    Output in 1987 is expected to reach around 4.5 mln tonnes,
unchanged from 1986, because of drought, low use of fertiliser
and overstressed palms, they said.
    The growers were asked for their reaction to an Oil World
newsletter report that Malaysia's oil palm output is likely to
drop sharply this year.
    Palm oil now sells at around 700 ringgit a tonne, or about
115 ringgit less than soybean oil, but Malaysia must sell more
palm oil to prevent a stock buildup that could damage the
industry, a leading grower told Reuters.
    The country's palm oil stocks now total some 500,000 tonnes
against about 800,000 last March, the growers said.
    The growers expect palm oil prices to ease later this year
due to pressure from South American and U.S. Soybean output.
    The current South American oilseed harvest, mainly soybean,
is likely to be around 25.7 mln tonnes against the previous
21.7 mln tonne crop, they said.
    In addition, new U.S. Soybean plantings are also expected
to enter the market around November when Malaysian palm oil
output peaks.
    They said new planting of palms is also likely to slow,
with some 50,000 hectares expected to be planted with new trees
against 100,000 in 1986, although the effects of this reduction
will not be felt for about another three years.


.I 4385
.C
acq
.W
MONIER SAYS BRITAIN'S REDLAND MAY BID FOR IT.
    SYDNEY, April 8 - Diversified building materials group
Monier Ltd <MNRA.S> said talks are taking place which may lead
to Britain's Redland Plc <RDLD.L> making an offer for the
Monier shares it does not already hold, chairman Bill Locke
said.
    Redland already holds about 49 pct of Monier's 156.28 mln
issued shares, he said in a brief notice to the Australian
Stock Exchange.
    Locke said shareholders would be advised as soon as the
discussions progressed and recommended that they keep their
shares.
    Monier shares were trading at a 1987 high of 3.10 dlrs
today, up from the previous peak of 2.80 at yesterday's close,
and well above the 1987 low of 2.18 dlrs.
    Monier is the largest concrete roof tile manufacturer in
Australia, the U.S. And New Zealand and the world's largest
marketer of fly ash, according to its annual report for 1985/86
ended June 30.
    It recently reported first-half 1986/87 net fell to 15.02
mln dlrs from 17.09 mln a year earlier due to the Australian
housing downturn, although foreign earnings rose.


.I 4386
.C
trade
.W
JAPANESE OFFICIAL TAKES DATA TO MICROCHIP TALKS.
    TOKYO, April 8 - Ministry of International Trade and
Industry (MITI) Vice Minister Makoto Kuroda leaves for
Washington today with data he hopes will refute U.S. Charges
Japan has violated a pact on microchip trade.
    A three-man Japanese trade team is already in Washington
laying the groundwork for talks between Kuroda and Deputy U.S.
Trade Representative Michael Smith aimed at persuading the U.S.
Not to impose tariffs on certain Japanese products.
    But Kuroda said he is taking no new proposals. "I have
nothing in my briefcase except an explanation of the current
situation," Kuroda told the daily newspaper Asahi Shimbun.
    Kuroda said the U.S. Decision was based on incorrect data
and an exaggerated sense of MITI's power to control market
forces. "The U.S. Has excessive expectations. To stabilise
supply-demand relations which have been disrupted by excess
inventories since 1985 will take some time," he said.
    Kuroda also laid part of the blame for low U.S. Chip sales
in Japan on a lack of effort by American firms here.
    He said if he fails in talks tomorrow and Friday to
forestall sanctions, he will seek further talks with U.S. Trade
Representative Clayton Yeutter. U.S. Officials said this week's
talks are unlikely to delay imposition of tariffs.


.I 4388
.C
acq
.W
BELL GROUP CONFIRMS STANDARD CHARTERED STAKE.
    PERTH, April 8 - The Bell Group Ltd <BLLA.S> said it now
holds 14.9 pct of the issued capital of Standard Chartered Plc
<STCH.L> after acquiring further shares.
    The one-sentence statement from Bell's headquarters
confirmed what its brokers Warburg Securities told Reuters in
London yesterday.
    Bell previously held 10 pct of Standard.
    Bell chairman Robert Holmes a Court, who is also a director
of Standard, was not available for comment on his company's
intentions in boosting its holding and other company officials
contacted here by Reuters declined to comment.


.I 4390
.C
acq
.W
NIPPON STEEL DENIES CHINA SEEKING JAPANESE PLANTS.
    TOKYO, April 8 - Nippon Steel Corp <NSTC.T> denied local
newspaper reports that China has been seeking to buy steel
plants from Japanese firms which plan to suspend output under
the recently announced rationalisation program.
    The Mainichi Shimbun quoted Nippon Steel as saying that
China's State Planning Commission and some Chinese firms have
asked Japanese makers to sell them steel works and rolling
mills to expand steelmaking cheaply. It named no sources.
    A Nippon Steel spokesman told Reuters that China has made
no such official request, and the company was not considering
such sales at the moment.
    But Mainichi quoted Nippon Steel officials as saying if
prices are reasonable, they would export their used mills to
China.
    The paper said China's crude steel output totalled 52 mln
tonnes in calendar 1986 and that it plans to increase to 80 mln
by 1996.
    Japan's steel industry rationalisation plan is aimed at
cutting production capacity sharply over the next few years.


.I 4391
.C
earn
.W
JARDINE MATHESON REPLACES "B" SHARE BY BONUS ISSUE.
    HONG KONG, April 8 - Jardine Matheson Holdings Ltd
<JARD.HK> said it will withdraw the previously announced
four-for-one bonus issue of "B" shares and replace it by a
two-for-five bonus issue of ordinary shares.
    A statement said the firm expects to pay total dividends
for 1987 of not less than 40 cents a share on the expanded
capital.
    Jardine Matheson decided to withdraw its issue because of a
joint announcement earlier today by Ronald Li, chairman of the
Stock Exchange of Hong Kong, and Securities Commissioner Ray
Astin, that the listings of new "B" shares would be barred.
    The official announcement said this will include the
proposal by Jardine Matheson.
    But the Jardine statement quoted chairman Simon Keswick as
saying: "We continue to believe that the issuing of "B" shares
would benefit shareholders, and regret that they will not be
given the opportunity to vote on the matter at this stage."
    Keswick said the "B" share issue will benefit Jardine
Matheson's shareholders by giving the firm flexibility to issue
ordinary shares for expansion in future without diluting
existing shareholders' voting rights.
    However, he added: "We certainly welcome (the Secretary for
Monetary Affairs) David Nendick's referral of this very
important matter to the Standing Committee on Company Law
Reform and are hopeful that the process will lead to the
development of general principles which can be embraced by all
constituents of the Hong Kong market."


.I 4392
.C
trade
.W
JAPAN GIVEN LITTLE HOPE OF AVOIDING U.S. SANCTIONS.
    TOKYO, April 8 - A top U.S. Official said Japan has little
chance of persuading the U.S. to drop threatened trade
sanctions, despite the efforts of a Japanese team that left for
Washington today.
    Michael Armacost, Under Secretary of State for Political
Affairs, was asked at a press conference whether Japan's moves
to boost its domestic economy and open its markets could
persuade the U.S. Not to impose tariffs on Japanese imports
said, and replied: "...It is probably too early for the figures
to demonstrate that the situation has turned around and to
permit the result you have described."
    Armacost said the U.S. Hopes Japan will take steps to lift
its domestic economy and reduce dependence on exports, remove
barriers to imports and settle outstanding trade issues.
    "There are obvious problems at the moment in the trade area,
but we do not wish those problems to divert attention from
important areas of cooperation that continue to exist on
security and political issues," he said.
    "The question is whether through cooperative actions between
our governments we can reduce the (trade) imbalance or whether
Congress takes action to reduce it through protectionist
legislation," he said.


.I 4396
.C
cpi
.W
INDONESIAN INFLATION RATE 8.8 PCT IN 1986/87.
    JAKARTA, April 8 - Inflation was by 8.8 pct in Indonesia
during fiscal 1986/87 to March 31, compared to 5.66 pct the
previous year, Information Minister Harmoko said after a
cabinet session to discuss the economic situation.


.I 4397
.C
acq
.W
SAN MIGUEL DEAL HIT BY MORE LAWSUITS.
    MANILA, April 8 - A bid by San Miguel Corp (SMC) <SANM.MN>
to buy back 38.1 mln sequestered shares from United Coconut
Planters Bank (UCPB) has been hit by two new lawsuits, sources
in the Philippine food and brewery company said.
    A Manila court yesterday issued an injunction barring UCPB
from selling the shares, which represent 31 pct of SMC's
outstanding capital stock of 121 mln shares, until hearings on
April 21 on a petition filed by Eduardo Cojuangco, a former
chairman of both SMC and UCPB.
    Cojuangco said the Coconut Industry Investment Fund (CIIF)
and 1.4 mln farmers were the rightful owners of the shares.
    Cojuangco said the shares were held in trust by UCPB and
represented a blue chip investment. His petition said UCPB's
plans to sell the shares to SMC were "a serious breach of
fiduciary duties."
    The SMC sources said the proposed share sale could also be
held up by a second derivative suit filed before the Securities
and Exchange Commission (SEC) by Eduardo de los Angeles, a
government nominee on the company's board.
    De los Angeles, who represents SMC's minority stockholders,
asked the SEC to block the transaction, approved last week by
the company's board.
    On April 2 the board sanctioned the repurchase of the
sequestered shares for 4.79 billion pesos at 126 pesos per
share. De los Angeles told the SEC the company's retained
earnings of 1.33 billion pesos would be wiped out by the
purchase of the shares and would prevent the declaration of
dividends.
    De los Angeles said the share purchase would also violate
an SMC agreement with its creditors to maintain a 2.2-to-1 debt
to equity ratio. He quoted SMC's chief financial director Ramon
del Rosario as telling the board that the transaction would
boost the ratio to 2.5-to-1.
    In petitioning the SEC, de los Angeles amended an earlier
suit two weeks ago in which he charged SMC Chairman Andres
Soriano III and nine other directors of violating their duties.
    De los Angeles' earlier complaint related to SMC assuming
last December a 26.5 mln dlr loan contracted by SMC's Hong Kong
subsidiary <Neptunia Corp> for a down payment on the shares.
The loan assumption was again ratified by last week's board
meeting.
    An arbitration panel set up by President Corazon Aquino to
resolve the ownership issue is expected to submit its report by
April 15.
    "The amended suit filed by Eduardo de los Angeles is part of
a continuing attempt by certain elements, in complete disregard
of the facts and with questionable motives, to delay an early
disposition of the sequestered shares," San Miguel Corp said in
a statement.
    "Coming as it does, when San Miguel Corp and UCPB have
reached agreement on the price of the shares and the method of
payment, this suit is in direct contravention of the
government's expressed desire to reach an amicable settlement
of the controversy by April 15," the statement added.
    A San Miguel spokesman said he had no comment on
Cojuangco's court petition, adding: "Any statement coming from
us might be interpreted as adversarial."
    Meanwhile, Ramon Diaz, the head of a government panel which
sequestered the shares last year, said Soriano was not eligible
to buy the major portion of the shares because he was a United
States citizen.
    The sequestered shares are split into 24 mln "A" shares,
which can only be owned by Filipinos, and 14 mln "B" shares which
are available to foreign buyers.
    SMC sources said Soriano personally was not among
prospective buyers. They said the shares would be purchased by
the <A.Soriano> group of companies, SMC, Neptunia and unnamed
institutional investors. Soriano was named as one of the buyers
in a bid in March 1986 for 33 mln shares controlled by UCPB.
    The sale was aborted when Diaz's Presidential Commission on
Good Government sequestered the shares on suspicion they were
owned by Cojuangco, a close associate of former President
Ferdinand Marcos. Cojuangco lives in self-imposed exile in the
U.S.. The shares grew to 38.1 mln after a 15 pct stock dividend
announced last June.
    "We have no objection to Soriano buying the "B" shares," Diaz
told Reuters. "But everything is on hold now."
    The SMC spokesman said he did not know if the controversy
would be resolved before the company's annual stockholders'
meeting, scheduled for May 14.
    San Miguel Corp reported sales revenue of 12.2 billion
pesos in 1986, 11 pct above its 10.9 billion peso sales in
1985. It said unaudited net profit was in the neighbourhood of
700 mln pesos, an increase of about 50 pct over 1985.


.I 4398
.C
sugar
.W
RAIN BOOSTS CENTRAL QUEENSLAND SUGAR CANE CROP.
    SYDNEY, April 8 - Good rains of one to four inches in the
past 10 days have boosted moisture-stressed sugar cane crops in
the Mackay-Burdekin region of Queensland's central coast, an
Australian Sugar Producers' Association spokesman said.
    As previously reported, the region has been undergoing a
severe dry spell, partly relieved by scattered rainfall, since
December, following the virtual failure of the summer wet
season.
    Mills in the area have been reporting that their crops are
beginning to look healthy and greener and are putting on growth
since the rains began, the spokesman said from Brisbane.
    Although the Mackay-Burdekin crop outlook is much better
than it was, there will be some cane losses, the spokesman
said. But is too early to say what they will be and more rain
is needed to restore sub-soil moisture.
    Elsewhere, in far north Queensland, the Bundaberg region
and southern Queensland, the cane is in excellent condition and
some mills are forecasting record crops, he said.
    Initial 1987 crop estimates will probably be compiled
towards the end of May, he said.
    The cane crush normally runs from June to December.


.I 4399
.C
nickel
.W
NICKEL PRICES UNLIKELY TO RISE MUCH - SHEARSON.
    LONDON, April 8 - Nickel prices are unlikely to rise
significantly from current levels unless further steps are
taken to reduce production, Shearson Lehman Brothers said in
its quarterly nickel market report.
    The market had recovered slightly to around 1.72 dlrs a lb
yesterday from its four year low of 1.55 dlrs in early January,
due to the absence of Soviet nickel cathode deliveries, but
Shearson sees Soviet shipments soon returning to last year's
buoyant levels, which should ease current tightness.
    Output reductions by producers will take effect later this
year but are likely to be offset by increases elsewhere.
    Shearson said the nickel market will be virtually in
balance during 1987, with total non-Socialist world demand at
556,000 tonnes, compared with an estimated 544,000 tonnes in
1986, production at 505,000 tonnes (504,000) and imports from
Socialist countries at 47,000 tonnes (50,000).
    It forecast prices will edge higher during the year from a
first quarter average of 1.67 dlrs a lb up to 1.77 dlrs in the
last quarter. The year's average will be around 1.72 dlrs a lb
compared with 1.76 dlrs in 1986, using London Metal Exchange
cash metal prices in dollar terms and assuming an average 1987
sterling exchange rate of 1.55 dlrs.


.I 4400
.C
dlr;money-fx;
.W
POEHL WARNS AGAINST FURTHER DOLLAR FALL.
    WASHINGTON, April 8 - Bundesbank President Karl Otto Poehl
said a weaker dollar would be risky and a further appreciation
of the mark would damage prospects for sustained West German
economic growth.
    In a speech to the Institute of Contempory German Affairs
here, Poehl said "It would be an extremely risky policy to aim
for a further substantial decline in the value of the dollar to
correct the trade deficit."
    He said the United States could face a vicious circle of
depreciation, inflation and more depreciation if it took that
route.
    Poehl noted West Germany had already taken steps to meet
U.S. Demands for greater stimulation of its domestic economy,
accelerating tax cuts, cutting interest rates and tolerating
above-target money supply growth.
    He said he would have been happy to have brought forward
five billion marks of tax cuts now planned for January 1988 to
the beginning of this year, but he said the government faced
political constraints getting such measures through the upper
house of the West German parliament.
    But there were also limits to the impact West Germany could
accept on exports from a rising mark, he said.
    Poehl said West Germany relied on exports for about
one-third of its gross national product, so a substantial
erosion of export markets could not be offset by increasing
demand at home.
    "A further appreciation of the mark could even be an
obstacle to further growth," he said.
    Poehl said the Bundesbank had tolerated rapid money supply
growth last year because the country enjoyed low inflation and
because external factors, including low oil prices and
favourable terms of trade, had given some extra leeway.
    But Poehl said West Germany now faced a difficult dilemma
over monetary policy.
    The underlying rate of inflation was now two pct, not the
reported negative inflation rates last year, and West Germany
was affected more than before by exchange rate developments.
    "For the time being, we will have to focus our policy more
on the external side, and we can live with a more expansionary
money supply. But we must be very careful," he said.
    He said he shared some of the U.S. Concern about Japan's
trade surpluses, which affected European countries as well as
the United States.
    Poehl welcomed the so-called Louvre accord of monetary
officials of major industrialized countries, saying the
importance of the February 22 agreement to stabilize exchange
rates had been underestimated.
    All partners had agreed that the dollar was at about the
right level, and that further changes would damage growth, he
said.
    "This was a remarkable change in attitude, especially on the
part of our American colleagues," he said.
    But he said there was still a danger that the correction of
the dollar's value could overshoot.


.I 4404
.C
acq
.W
UNILEVER SEEKS BUYER FOR STAUFFER CHEMICAL.
    LONDON, April 8 - Unilever Plc and NV <UN.AS> has issued a
prospectus through investment bankers Goldman Sachs and Co
seeking a buyer for <Stauffer Chemical Co> of the U.S., Which
it acquired with the recent takeover of <Chesebrough-Pond's
Inc>, a Unilever spokesman said.
    He noted Unilever has been indicating plans to dispose of
Stauffer, plus some smaller assets of Chesebrough, since the
bid was made in December.
    The Stauffer sale prospectus has been sent in recent weeks
to a number of companies expressing interest.
    The Unilever spokesman declined to say how much the group
expected to receive for Stauffer.
    Chesebrough's footwear and tennis racket businesses are
also likely to be disposed of, he added.
    Immediately available financial information on Stauffer,
which is wholly-owned, was limited, he added. Nine month sales
to September 1986 were about 1.2 billion dlrs.
    Unilever aquired Chesebrough for 3.2 billion dlrs in order
to benefit from its well-known toiletry brands and food
products.


.I 4411
.C
ship
.W
INDEPENDENT CHAIRMAN FOR DUTCH CARGO DISPUTE.
    ROTTERDAM, April 8 - The two sides in the Rotterdam port
general cargo dispute have agreed to appoint an independent
chairman, Han Lammers, to preside over future meetings,
employers' spokesman Gerard Zeebregts said.
    Lammers, Queen's Commissioner for the province of
Flevoland, will not act as a mediator but will draw up an
agenda and procedures for meetings between the employers and
unions on a work-practice agreement and proposed redundancies.
    Two months of strikes in the sector began on January 19 in
protest at employers' proposals for 350 redundancies from the
4,000-strong workforce this year.
    The strikes were called off by the main port union FNV on
March 13 following an Amsterdam court's interim injunction
against the redundancies on procedural grounds.
    The court is due to make a final ruling on May 7 but
Zeebregts said he expected the judgment to go against the
employers and they were therefore very likely to restart the
complicated legal redundancy procedures in the near future.
    Meanwhile, the dispute over a new work-practice agreement
in the port's grain sector continued, with 30 maintenance
workers on strike, although loading was not affected, a
spokesman for Graan Elevator Mij, the largest employer in the
sector, said.
    The employers have written to the union asking it to
reconsider its position and a meeting of union members has been
called for tomorrow.


.I 4412
.C
earn
.W
COMPAQ <CPQ> EXPECTS HIGHER FIRST QUARTER NET.
    HOUSTON, April 8 - Compaq Computer Corp said it expects
sales and earnings for the first quarter of 1987 to be higher
than analysts expectations due to strong demand for its
products.
    Rod Canion, president and chief executive officer of
Compaq, said he expects sales of over 200 mln dlrs for the
period ending March 31, above analysts' estimates of 165-185
mln dlrs. He added that earnings per share would exceed
analysts estimates of as high as 42 cts a share.
    Compaq reported earnings of 8.3 mln dlrs, or 30 cts a
share, and sales of 144 mln dlrs for the first quarter 1986.
    The company said demand for its DESKPRO 386, PORTABLE III
and the new COMPAQ DESKPRO 286 will contribute to the sales
increase.
    "The initial demand for the recently introduced COMPAQ
PORTABLE III and the new models of the COMPAQ DESKPRO 286
exceeds that of any other Compaq personal computers," Canion
said. "We saw continued demand for our personal computers
across the quarter, with March (1987) being a particularly
strong month.


.I 4414
.C
acq
.W
PROXMIRE OUTLINES INSIDER TRADING LEGISLATION.
    WASHINGTON, April 8 - Senate Banking Committee Chairman
William Proxmire (D-Wis) said he planned to introduce
legislation shortly to require greater public disclosure of
corporate takeovers and fairer treatment for all shareholders.
    Speaking to the National Association of Manufacturers,
Proxmire said recent insider trading stock scandals increased
the chance that Congress will act to curb abuses.
    "We are proposing legislation that would provide for more
disclosure, would be fairer to all shareholders, and would
insure that takeovers are properly financed," he said.
    Among the provisions, the bill would reduce the threshold
for notifying the Securities and Exchange Commission that a
investor or group has acquired a percentage of stock in a
company to three pct from the current five pct threshold within
10 days, Proxmire said.
    In addition, there would be a pre-notificaton requirement
that an investor intended to aquire three pct that would have
to filed with the SEC.
    Proxmire said the pre-notification requirement was meant to
prevent arbitragers from having a jump on the general public in
knowing about coming takeover attempts.
    Proxmire said he would call for extending the period that a
tender offer must be kept open under the Williams Act to 60
business days from the current 20 business days.
    His bill would provide for private suits if the acquiring
company violated the time period on the tender offer.
    To correct abuses in the financing of takeovers, Proxmire
said the legislation would aim at insuring current margin
requirments are properly enforced.
    The Federal Reserve Board has a 50 pct margin requirement
for purchasing stock, but Proxmire said it is not generally
enforced in hostile takeovers.
    Rather, the groups or individuals leading a takeover
declare that they can raise the capital for a takeover without
actually putting any of their own money, Proxmire said.
    He said his bill would allow private suits for damages for
failure to meet the Federal Reserve's 50 pct margin
requirements.
    The bill also would require more disclose when several
investors form an alliance in a hostile takeover.
    "When Pickens and Icahn get together we want people to know
about it," Proxmire said.
    Proxmire said he favored the approach used in Britain
towards two-tiered tender offers that insures that all
shareholders recieve equal treatment.
    He said he expected amendments to the bill also would cover
defensive mechanisms such as green mail and poison pills.
    Proxmire said he intended to introduce his bill later this
month and predicted the Senate committee would act this spring.
    He said he was hopeful Congress could pass a bill this
year.


.I 4415
.C
earn
.W
BANKERS TRUST <BT> PUTS BRAZIL ON NON-ACCRUAL.
    NEW YORK, April 8 - Bankers Trust New York Corp said it has
placed its approximately 540 mln dlrs of medium- and long-term
loans to Brazil on non-accrual status and that first-quarter
net income will be reduced by about seven mln dlrs as a result.
    Brazil suspended interest payments on its 68 billion dlrs
of medium- and long-term debt on February 22.
    U.S. banking regulations do not require banks to stop
accruing interest on loans until payments are 90 days overdue,
but Bankers Trust said it acted now because of "the high
potential of a continued suspension that would result in
reaching the 90-day limit in the second quarter of 1987."
    Assuming no cash payments at current interest rates are
received for the rest of 1987, Bankers Trust estimated that
full-year net income would be reduced by about 30 mln dlrs.
    Bankers Trust said it assumes that debt negotiations
between Brazil and its commercial bank lenders will lead to the
resumption of interest payments.
    The negotiations resume in New York on Friday when central
bank governor Francisco Gros is expected to ask banks for a
90-day rollover of some 9.5 billion dlrs of term debt that
matures on April 15.


.I 4416
.C
money-fx
.W
STOLTENBERG SEES MOVES TO STRENGTHEN PARIS ACCORD.
    WASHINGTON, April 8 - West German Finance Minister Gerhard
Stoltenberg said today's meetings of major industrial countries
would look at ways of strengthening the Paris accord on
stabilizing foreign exchange rates.
    Stoltenberg told journalists he saw no fundamental weakness
of the February 22 agreement of the Group of Five countries and
Canada to keep exchange rates near the then-current levels.
    But he declined to say what measures would be discussed
ahead of a communique of the Group of Seven ministers later
today.
    Stoltenberg and Bundesbank President Karl Otto Poehl said
the importance of the Paris agreement, also known as the Louvre
accord, had been underestimated.
    Stoltenberg said there is greater agreement now among major
countries than six months ago, at the time of the annual
meeting of the International Monetary Fund and World Bank,
marked by sharp discord between the United States and its major
trading partners.
    "There is no fundamental weakness of the Paris accord," he
said. "We will be looking at ways of strengthening it, but I do
not want to discuss that here.
    Stoltenberg said the Louvre agreement was working despite a
"slight firming" of the yen against the dollar.
    And Poehl noted that the dollar/mark parity was unchanged
since February 22 without the Bundesbank having had to sell
marks to support the dollar.
    "The Louvre agreement has been honored by the market," he
said.
    Poehl said West Germany had lived up to its side of the
bargain in Paris by preparing the way for tax cuts to be
accelerated as a way of stimulating growth.
    Poehl said, however, that Japan had not yet fulfilled its
pledges for economic stimulation.
    "And we will have to see if the United States is able to do
what they promised in Paris on reducing the budget deficit --
and get it through Congress," he added.
    Stoltenberg reiterated West German concern about a further
fall in the dollar, noting that the mark was up 85 pct against
the dollar and nearly 20 pct on a trade-weighted basis.
    "You cannot expect that to go unnoticed in an economy. And
it is not just a German problem, it is a European problem," he
said.


.I 4417
.C
sugar
.W
U.K. INTERVENTION BOARD DETAILS EC SUGAR SALES.
    LONDON, April 8 - A total 118,350 tonnes of current series
white sugar received export rebates of a maximum 46.496
European Currency Units (Ecus) per 100 kilos at today's
European Community (EC) tender, the U.K. Intervention Board
said.
    Out of this, traders in the U.K. Received 37,800 tonnes, in
France 34,500, in West Germany 20,000, in Belgium 18,500, in
Spain 5,800 and in Denmark 1,750 tonnes, it added.
    Earlier today, London traders had declined to give a
projected view on the level of subsidy although some said total
tonnage awards would be around 60,000 tonnes.
    Paris traders foresaw between 60,000 and 100,000 tonnes
being authorised for export at a 46.40/46.50 Ecu subsidy.
    Cumulative sales authorisations for the current season
(1986/87) now stand at 2,194,970 tonnes (43 weeks).
    Last week saw 102,350 tonnes whites authorised for export
under licences to end-Sep at the higest ever rebate of 46.864
European Currency Units (Ecus) per 100 kilos.


.I 4419
.C
earn
.W
MEAD <MEA> EXPECTS IMPROVED EARNINGS THIS YEAR.
    DAYTON, Ohio, April 8 - Mead Corp said the outlook for its
major paper markets looks strong for the second quarter and
augurs well for its earnings in 1987.
    "The generally strong outlook bodes well for significantly
improved earnings this year," Burnell Roberts, chairman and
chief executive officer said.
    Earlier, the company reported first quarter earnings of
34.2 mln dlrs, or 1.09 dlrs a share, versus 20.3 mln dlrs, or
65 cts a share, in last year's first quarter.
    In 1986 the company reported earnings from continuing
operations of 109.3 mln dlrs, or 3.50 dlrs a share.
    Mead said its first quarter benefitted from stronger market
conditions and improved operations.
    "The combination of capital improvement programs and more
employee involvement has been paying off throughout our paper
operations," Roberts said.
    He added that Mead's pulp and paperboard businesses are
operating well as prices have improved and strong demand has
placed most products in a sold-out position through the middle
of the year.
    Mead said sales of its unbleached coated paperboard was
particularly strong, up 13 pct versus the first quarter 1986.


.I 4422
.C
sugar
.W
DUTCH SUGAR BEET PLANTING HALF FINISHED.
    ROTTERDAM, April 8 - Roughly half of this year's expected
130,000 hectare Dutch sugar beet crop is already in the ground,
a spokesman for Suiker Unie, the largest sugar processor in the
Netherlands, told Reuters.
    Conditions are generally good and the average sowing date
for the crop is expected to be around April 11, against April
23 last year, and a 10-year average of April 14, the spokesman
added.
    "It is far too early yet to say what kind of output we can
expect when it comes to harvest in September, but at least the
crop is off to a very good start," he said.
    Last year, the Netherlands planted a record 137,600
hectares of sugar beet and produced a record 1.2 mln tonnes of
white sugar, substantially more than the country's combined "A"
and "B" quota of 872,000 tonnes.
    This year, however, a self-imposed quota system has been
introduced with the aim of cutting plantings to 130,000
hectares and reducing white sugar output to around 915,000
tonnes to minimise the amount of non-quota "C" sugar produced.
    Only farmers with a record of growing suger beet have been
allotted quotas. This is expected to prevent the area being
boosted by dairy or cereal farmers moving into sugar.


.I 4424
.C
earn
.W
VOLKSWAGEN DIVIDEND DECISION DUE TOMORROW.
    WOLFSBURG, West Germany, April 8 - Volkswagen AG <VOWG.F>,
VW, is due to make a formal announcement about its 1986
dividend tomorrow after saying the 1985 level of 10 marks per
ordinary share would be held, despite massive losses because of
a suspected foreign currency fraud.
    A spokesman said VW's supervisory board will meet tomorrow
to discuss the payout.  A statement will be made afterwards.
    VW has also said disclosed profits for 1986 will reach
their 1985 level, despite provisions of a possible 480 mln
marks linked to the currency affair. The figure is virtually
the same as the 477 mln mark 1985 parent company net profit.
    When VW first confirmed the currency scandal on March 10 it
said the management board would propose an unchanged 10-mark
dividend to the supervisory board. A dividend of 11 marks would
be proposed for the company's new preference shares.
    Share analysts said they saw supervisory board approval of
the management board proposal as virtually a formality.
"Anything else would be more than a surprise," one said.
    Company sources said VW would have to dig into reserves to
maintain the disclosed profit. Parent company reserves stood at
around three billion marks at end-1985.


.I 4426
.C
earn
.W
HANOVER INSURANCE <HINS> GET SPLIT APPROVAL.
    WORCESTER, Mass., April 8 - Hanover Insurance Co said its
stockholders approved a two-for-one stock split.
    As a result of the split, Hanover said it increases the
number of authorized shares of capital stock from 10.4 mln,
having a par value of one dlr, to 20.9 mln, also having a par
value of one dlr.
    The stock split is payable April 30 to stockholders of
record April 10, Hanover said.


.I 4427
.C
acq
.W
NATIONAL GUARDIAN <NATG> MAKES ACQUISITIONS.
    GREENWICH, Conn., April 8 - National Guardian Corp said it
has acquired a number of security services companies recently,
with aggregate revenues of about 3,500,000 dlrs, for an
aggregate cost of about 2,700,000 dlrs.
    It said it acquired guard service companies C.S.C. Security
Gaurd Service of Paramus, N.J., from Cartel Security
Consultants Inc, the Guard Services Division of Security
Services of America of Wayne, N.J., Capital Investigations and
Protective Agency of Hackensack, N.J., and Meyer Detective
Agency Inc of National Park, N.J.
    The company said it bought alarm service operations
Certified Security Services Inc of Key West, Fla., Custom
Security Services of Myrtle Beach, S.C., A-T-E Security Group
Inc of Houston and the Louisville, Kent and Nashville, Tenn,
offices of Wells Fargo Alarm Services.


.I 4428
.C
grain;meal-feed;corn;
.W
ZAMBIA DOES NOT PLAN RETAIL MAIZE PRICE HIKE.
    LUSAKA, April 8 - The Zambian government has no immediate
plans to follow last week's increase in the producer price of
maize with a hike in the retail price of maize meal, an
official of the ruling party said.
    Last December, a 120 pct increase in the consumer price for
refined maize meal, a Zambian staple, led to food riots in
which at least 15 people died.
    That price increase, which President Kenneth Kaunda later
revoked, followed pressure by the International Monetary Fund
(IMF) to reduce the government's subsidy bill.
    However, if the producer price rise, from 6.10 dlrs to 8.67
dlrs per 90-kg bag, is not accompanied by a retail price
increase, the government will have to spend more on subsidies,
a practice discouraged by the IMF.
    "There is no way out but to raise the subsidy levels of
meal. It (the government) would have to choose between the
demands of the IMF and those of the people," a Ministry of
Agriculture economist said.


.I 4431
.C
oilseed;wheat;grain;corn;soybean;sunseed;sorghum;
.W
FURTHER ARGENTINE COARSE GRAIN LOSSES FEARED.
    By Manuel Villanueva
    BUENOS AIRES, April 8 - Argentine grain producers adjusted
their yield estimates for the 1986/87 coarse grain crop
downward in the week to yesterday after the heavy rains at the
end of March and beginning of April, trade sources said.
    They said sunflower, maize and sorghum production estimates
had been reduced despite some later warm, dry weather, which
has allowed a return to harvesting in some areas.
    However, as showers fell intermittently after last weekend,
producers feared another spell of prolonged and intense rain
could cause more damage to crops already badly hit this season.
    Rains in the middle of last week reached an average of 27
millimetres in parts of Buenos Aires province, 83 mm in
Cordoba, 41 in Santa Fe, 50 in Entre Rios and Misiones, 95 in
Corrientes, eight in Chaco and 35 in Formosa.
    There was no rainfall in the same period in La Pampa.
    Producers feared continued damp conditions could produce
rotting and lead to still lower yield estimates for all the
crops, including soybean.
    However, as the lands began drying later in the week
harvesting advanced considerably, reaching between 36 and 40
pct of the area sown in the case of sunflower.
    Deterioration of the sunflower crop evident in harvested
material in Cordoba, La Pampa and Buenos Aires forced yield
estimates per hectare to be adjusted down again.
    The season's sunflowerseed production is now forecast at
2.1 mln to 2.3 mln tonnes, against 2.2 mln to 2.4 mln forecast
last week and down 43.9 to 48.8 pct on the 1985/86 record of
4.1 mln.
    Area sown to sunflowers was two to 2.2 mln hectares, 29.9
to 36.3 pct below the record 3.14 mln hectares last season.
    Maize harvesting has also reached 36 to 40 pct of the area
sown. It is near completion in Cordoba and Santa Fe and will
begin in La Pampa and southern Buenos Aires later in April.
    Production estimates for maize were down from last week at
9.5 mln to 9.8 mln tonnes, against 9.6 mln to 9.9 mln estimated
previously.
    This is 22.2 to 23.4 pct below the 12.4 mln to 12.6 mln
tonnes estimated by private sources for the 1985/86 crop and
21.9 to 25.8 pct down on the official figure of 12.8 mln
tonnes.
    Maize was sown on 3.58 mln to 3.78 mln hectares, two to
seven pct down on last season's 3.85 mln.
    Sorghum was harvested on 23 to 25 pct of the area sown in
Cordoba, Santa Fe and Chaco. Harvest will start in La Pampa and
Buenos Aires in mid-April.
    The total area sown was 1.23 mln to 1.30 mln hectares, 10.3
to 15.2 pct down on the 1.45 mln sown last season.
    The new forecast for the sorghum crop is 2.9 mln to 3.2 mln
tonnes compared with three mln to 3.3 mln forecast last week,
and is 23.8 to 29.3 pct down on last season's 4.1 mln to 4.2
mln tonne crop.
    The soybean crop for this season was not adjusted,
remaining at a record 7.5 mln to 7.7 mln tonnes, up 4.2 to 5.5
pct on the 7.2 mln to 7.3 mln estimated by private sources for
1985/86 and 5.6 to 8.5 pct higher than the official figure of
7.1 mln.
    The area sown to soybeans this season was a record 3.7 mln
to 3.8 mln hectares, 10.8 to 13.8 pct up on the record 3.34 mln
sown in 1985/86.
    The soybean crop is showing excessive moisture in some
areas and producers fear they may discover more damage. Some
experimental harvesting was carried out in Santa Fe on areas
making up only about one pct of the total crop but details on
this were not available.
    Preparation of the fields for the 1987/88 wheat crop, which
will be sown between May and August or September, has so far
not been as intense as in previous years.


.I 4432
.C
jobs
.W
DUTCH ADJUSTED UNEMPLOYMENT RISES IN MARCH.
    THE HAGUE, April 8 - Dutch seasonally adjusted unemployment
rose in the month to end-March to a total 693,000 from 690,600
at end-February, but was well down from 730,100 at end-March
1986, Social Affairs Ministry figures show.
    The figure for male jobless rose by 2,000 in the month to
436,500 compared with 470,700 a year earlier. The figure for
women was 256,500 at end-March against 256,100 a month earlier
and 259,400 at end-March 1986.
    On an unadjusted basis total unemployment fell by 16,500 in
the month to end-March to 692,200. In March 1986 the figure was
725,000.
    A ministry spokesman said the unadjusted figures showed a
smaller than usual seasonal decrease for the time of year,
because of particularly cold weather delaying work in the
building industry. He said this explained the increase in the
adjusted statistics.
    Total vacancies available rose by 1,900 to 26,300 at
end-March. A year earlier the figure was 28,763.


.I 4434
.C
money-fx
.W
TOP OFFICIALS ARRIVE AT TREASURY FOR G-5 TALKS.
    WASHINGTON, April 8 - Top officials of leading industrial
nations arrived at the U.S. Treasury main building to begin a
meeting of the Group of Five.
    Officials seen arriving by Reuter correspondents included
West German Finance Minister Gerhard Stoltenberg and Bundesbank
President Karl Otto Poehl, French Finance Minister Edouard
Balladur and his central banker Jacques de Larosiere.
    Also seen arriving were Japanese Finance Minister Kiichi
Miyazawa and Japan's central bank governor Satoshi Sumita and
British Chancellor of the Exchequer and central bank governor
Robin Leigh Pemberton.
    There was no immediate sign of Italian or Canadian
officials. Monetary sources have said a fully blown meeting of
the Group of Seven is expected to begin around 3 p.m. local
time (1900 gmt) and last at least until 6 p.m. (2200 gmt), when
a communique is expected to be issued.
    Italian sources said Italian acting Finance Minister
Giovanni Goria met Treasury Secretary James Baker last night.
    At those talks Baker apparently convinced Goria, who
declined to attend the February meeting of the Group of Seven
in Paris, that Italy would participate fully in any meaningful
decisions.


.I 4435
.C
earn
.W
CONTINENTAL BANK INITIAL DISTRIBUTION APPROVED.
    TORONTO, April 8 - Continental Bank of Canada said
shareholders approved a capital reorganization to allow an
initial payout by the end of May to common shareholders from
last year's 200 mln Canadian dlr sale of most Continental
assets to <Lloyds Bank PLC>'s Lloyds Bank Canada.
    The bank said the initial distribution would take the form
of a stock dividend of cumulative redeemable retractable class
A series two preferred shares entitling holders to monthly
floating rate dividends at 72 pct of prime and to 12.75 dlrs a
share on retraction.
    Continental said the initial payout was subject to Canadian
government approval.
    The bank reiterated that total distributions to common
shareholders would range from 16.50 dlrs a share to 17.25 dlrs
including the initial stock dividend and a final distribution
in late 1988 or early 1989.
    The payout of existing preferred shareholders will be
completed just before next month's initial distribution to
common shareholders, Continental added.
   


.I 4437
.C
earn;acq;crude;pet-chem;
.W
ENERGY/U.S. PETROCHEMICAL INDUSTRY.
    By JULIE VORMAN, Reuters
    HOUSTON, April 8 - Cheap oil feedstocks, the weakened U.S.
dollar and a plant utilization rate approaching 90 pct will
propel the streamlined U.S. petrochemical industry to record
profits this year, with growth expected through at least 1990,
major company executives predicted.
    This bullish outlook for chemical manufacturing and an
industrywide move to shed unrelated businesses has prompted GAF
Corp <GAF>, privately-held Cain Chemical Inc, and other firms
to aggressively seek acquisitions of petrochemical plants.
    Oil companies such as Ashland Oil Inc <ASH>, the
Kentucky-based oil refiner and marketer, are also shopping for
money-making petrochemical businesses to buy.
    "I see us poised at the threshold of a golden period," said
Paul Oreffice, chairman of giant Dow Chemical Co <DOW>, adding,
"There's no major plant capacity being added around the world
now. The whole game is bringing out new products and improving
the old ones."
    Analysts say the chemical industry's biggest customers,
automobile manufacturers and home builders that use a lot of
paints and plastics, are expected to buy quantities this year.
    U.S. petrochemical plants are currently operating at about
90 pct capacity, reflecting tighter supply that could hike
product prices by 30 to 40 pct this year, said John Dosher,
managing director of Pace Consultants Inc of Houston. Demand
for some products such as styrene could push profit margins up
by as much as 300 pct, he said.
    Oreffice, speaking at a meeting of chemical engineers in
Houston, said Dow would easily top the 741 mln dlrs it earned
last year and predicted it would have the best year in its
history.
    In 1985, when oil prices were still above 25 dlrs a barrel
and chemical exports were adversely affected by the strong U.S.
dollar, Dow had profits of 58 mln dlrs. "I believe the entire
chemical industry is headed for a record year or close to it,"
Oreffice said.
    GAF chairman Samuel Heyman estimated that the U.S. chemical
industry would report a 20 pct gain in profits during 1987.
Last year, the domestic industry earned a total of 13 billion
dlrs, a 54 pct leap from 1985.
    The turn in the fortunes of the once-sickly chemical
industry has been brought about by a combination of luck and
planning, said Pace's John Dosher.
    Dosher said last year's fall in oil prices made feedstocks
dramatically cheaper and at the same time the American dollar
was weakening against foreign currencies. That helped boost
U.S. chemical exports.
    Also helping to bring supply and demand into balance has
been the gradual market absorption of the extra chemical
manufacturing capacity created by Middle Eastern oil producers
in the early 1980s.
    Finally, virtually all major U.S. chemical manufacturers
have embarked on an extensive corporate restructuring program
to mothball inefficient plants, trim the payroll and eliminate
unrelated businesses. The restructuring touched off a flurry of
friendly and hostile takeover attempts.
    GAF, which made an unsuccessful attempt in 1985 to acquire
Union Carbide Corp <UK>, recently offered three billion dlrs
for Borg Warner Corp <BOR>, a Chicago manufacturer of plastics
and chemicals. Another industry powerhouse, W.R. Grace <GRA> 
has divested its retailing, restaurant and fertilizer
businesses to raise cash for chemical acquisitions.
    But some experts worry that the chemical industry may be
headed for trouble if companies continue turning their back on
the manufacturing of staple petrochemical commodities, such as
ethylene, in favor of more profitable specialty chemicals that
are custom-designed for a small group of buyers.
    "Companies like DuPont <DD> and Monsanto Co <MTC> spent the
past two or three years trying to get out of the commodity
chemical business in reaction to how badly the market had
deteriorated," Dosher said. "But I think they will eventually
kill the margins on the profitable chemicals in the niche
market." Some top chemical executives share the concern.
    "The challenge for our industry is to keep from getting
carried away and repeating past mistakes," GAF's Heyman
cautioned. "The shift from commodity chemicals may be
ill-advised. Specialty businesses do not stay special long."
    Houston-based Cain Chemical, created this month by the
Sterling investment banking group, believes it can generate 700
mln dlrs in annual sales by bucking the industry trend.
    Chairman Gordon Cain, who previously led a leveraged buyout
of Dupont's Conoco Inc's chemical business, has spent 1.1
billion dlrs since January to buy seven petrochemical plants
along the Texas Gulf Coast.
    The plants produce only basic commodity petrochemicals that
are the building blocks of specialty products.
    "This kind of commodity chemical business will never be a
glamorous, high-margin business," Cain said, adding that demand
is expected to grow by about three pct annually.
    Garo Armen, an analyst with Dean Witter Reynolds, said
chemical makers have also benefitted by increasing demand for
plastics as prices become more competitive with aluminum, wood
and steel products. Armen estimated the upturn in the chemical
business could last as long as four or five years, provided the
U.S. economy continues its modest rate of growth.


.I 4444
.C
acq
.W
DOMINION CALLS BURLINGTON <BUR> REPORT RUMOR.
    MONTREAL, April 8 - <Dominion Textile Inc> considers a
published report that it has bought a stake in Burlington
Industries Inc and is considering making a joint bid for the
company to be a rumor, a company spokesman said.
    "As far as I am concerned and the company is concerned, they
are rumors and we're not commenting on rumors," spokesman Michel
Dufour told Reuters in response to a query.
    "All the information that has been given out publicly is
that, yes, Dominion Textile is interested in making an
acquisition that big...probably based on that people are
starting all sorts of rumors," he said.
    Dufour said yes when asked whether the report was only a
rumor, but said the company was not prepared to comment
further. Dominion Textile president and chairman Thomas Bell
was out of town and unavailable for comment.
    Dominion Textile last year made an unsuccesful 104-mln-
U.S.-dlr bid for Avondale Mills and has maintained a 120-mln-
U.S.-dlr line of credit to be used for an American acquisition.
    Dufour said the company has been negotiating with "many"
U.S. textile companies but would not say whether Burlington
Industries was one of them.
    Burlington's stock rose sharply this morning on the report,
which said Dominion Textile had joined with U.S. investor Asher
Edelman to buy a stake in the company and to consider making a
takeover offer.
    Dominion Textile, which reported operating profit of 11.1
mln Canadian dlrs last year on sales of 926.5 mln dlrs, has
repeatedly said it will concentrate on expanding into the U.S. 
   The company has said it plans to diversify into new product
and market areas in addition to expanding its textile
operations.


.I 4445
.C
cocoa
.W
COCOA EXPORTERS EXPECTED TO LIMIT SALES.
    By Roger May, Reuters
    YAOUNDE, April 8 - Major cocoa exporters are likely to
limit sales in the weeks ahead in an effort to boost world
prices, sources close to a meeting of the Cocoa Producers
Alliance (CPA) said.
    The sources said the depressed world market had been one of
the main topics discussed in a closed door meeting of the
11-member CPA which began on Monday.
    They said producers agreed that cutting sales would aid the
buffer stock manager of a new international cocoa pact in his
effort to support prices.
    Major cocoa producing and consuming nations agreed
operation rules for the buffer stock at a meeting in London
last month and the stock manager is expected to enter the
market soon.
    Prices, under the weight of three successive cocoa
surpluses, recently fell to the level at which the manager has
to buy cocoa under stock rules.
    The buffer stock aims to keep prices within a pre-set range
by buying when prices fall and selling when they rise.
    "The world's cocoa price at present is just not interesting,"
commented one delegate representing a major CPA producer.
    Another source said that with much of the 1986/87
(October-September) world cocoa crop sold, limiting sales in
the near term concerns essentially next year's harvest.
    The sources noted, however, that the cocoa industry in
Brazil, the world's number two producer, is in private hands.
This means limiting sales is more difficult than in major West
African producers, where sales are made or authorized by
commodity marketing boards.
    The CPA includes the world's top three producers, Ivory
Coast, Brazil and Ghana, and accounts for 80 pct of all output.
    The meeting here is due to end tomorrow evening.


.I 4446
.C
wheat;grain;
.W
HONDURAS SEEKING PL-480 BULK WHEAT APRIL 13.
    WASHINGTON, April 8 - Honduras will tender April 13 under
Public Law 480 for approximately 52,500 tonnes of various
wheats in bulk, an agent for the country said.
    The agent said Honduras is seeking U.S. no. 2 or better
northern spring/DNS, with 14 pct protein minimum and 13 pct
moisture maximum, and U.S. no. 2 or better hard red winter,
with 12 pct protein minimum and 13 pct moisture maximum.
    The agent said NS/DNS laydays include July 1-10 for
7,500-9,500 tonnes, Aug 1-10 for 8,000-10,000 tonnes, and Sept
15-25 for 12,500-14,500 tonnes.
    HRW laydays include June 20-30 on 5,000-7,000 tonnes, July
15-25 for 6,500-8,500 tonnes, and September 15-25 for
7,000-9,000 tonnes.
    Offers are due by 1550 hrs EDT, April 13, and will remain
valid until 1000 hrs EDT, April 14, the agent said.


.I 4449
.C
earn
.W
J.P. MORGAN <JPM> NET HURT BY BRAZIL, TRADING.
    NEW YORK, April 8 - J.P. Morgan and Co Inc said its
first-quarter earnings fell by 3.2 pct, largely reflecting its
previously announced decision to place on non-accrual status
its 1.3 billion dlrs of medium- and long-term loans to Brazil.
    That decision, spurred by Brazil's suspension of interest
payments on February 20, reduced the quarter's net income by 20
mln dlrs to 226.4 mln dlrs, compared with 233.9 mln in the
first three months of 1986.
    Morgan also reported a loss of 1.8 mln dlrs from securities
underwriting and trading, in contrast to a gain of 45.4 mln
dlrs in the year-earlier period.
    In the fourth quarter of 1986, Morgan posted other trading
losses of 5.5 mln dlrs because of setbacks in the trading and
underwriting of Euromarket securities.
    Conditions in some sectors of the Euromarket remained
difficult last quarter, with floating rate notes suffering
heavy price falls, but a spokeswoman was unable to say whether
Morgan's trading losses were restricted to the Euromarket.
    On the positive side, Morgan reduced its provision for loan
losses to 35 mln dlrs from 70 mln a year earlier. Foreign
exchange trading income rose to 82 mln dlrs from 72.6 mln and
trust income increased to 95.9 mln dlrs from 75.9 mln.
    Morgan said other operating income, mainly fees and
commissions, rose to 102.2 mln dlrs from 88.4 mln, but net
investment securities gains dropped to 43.1 mln from 58.1 mln.
    Net interest earnings were 490.4 mln dlrs in the first
quarter, down from 499.4 mln a year earlier, and net yield fell
to 2.79 pct from 3.20 pct.
    If Brazil had not been placed on non-accrual, which means
that interest can be recorded as income only when payments are
actually received, net interest earnings would have been 525.9
mln dlrs and net yield 2.99 pct. If Brazil does not resume
payments, 1987 net would be cut by 72 mln dlrs, Morgan added.
    After the provision for loan losses, Morgan's allowance for
credit losses at the end of March totaled 953 mln dlrs compared
with 910 mln at end-1986 and 815 mln a year earlier.
    It reported net recoveries of six mln dlrs after
charge-offs of eight mln, compared with net charge-offs of 49
mln dlrs after recoveries of three mln a year earlier.
    Excluding Brazil, non-accruing loans at quarter's end were
583 mln dlrs, down from 633 mln at end-1986 and 684 mln a year
earlier. Non-interest expenses rose to 371.1 mln dlrs from
303.5 mln dlrs, with more than half the increase related to
personnel costs, Morgan said.


.I 4450
.C
oilseed;grain;corn;soybean;
.W
BRAZIL GRAIN HARVEST FACES STORAGE PROBLEMS.
    SAO PAULO, April 8 - Storage problems with Brazil's record
grain crop are likely to result in losses of about five mln
tonnes, an Agriculture Ministry spokesman said.
    Ministry spokesman Leonardo Brito, speaking from Brasilia,
told Reuters he believed that about five mln tonnes of this
year's estimated crop of 65 mln tonnes would be lost.
    He said part of this would be the normal loss inevitable in
harvesting, but that most of it would stem from storage
problems.
    Brazil has a storage capacity of 66 mln tonnes,
theoretically sufficient for the crop.
    But Brito said that the storage capacity was badly
distributed. The states of Sao Paulo, Parana and Rio Grande do
Sul had between them 70 pct of the nation's capacity, but were
responsible for only 50 to 60 pct of production.
    The biggest problems are concentrated in the Centre-West
growing regions, where rising production has outpaced storage
capacity.
    Brito said the Centre-West, whose crops include soya and
maize, had between 30 and 40 pct of the nation's grains
production but only 20 pct of its storage space.
    In addition to the poor distribution of storage units,
there is the problem that too much of the capacity is geared to
storing grain in sacks, while not enough is suitable for
storing loose grain, Brito said.
    Finally, there is a shortage of lorries to transport the
crops.
    The sheer scale of the task in transporting the record crop
has been evident from television reports, which have shown
enormous queues of lorries waiting outside granaries.


.I 4451
.C
earn
.W
FLEET <FLT> SHAREHOLDERS APPROVE SHARE INCREASE.
    PROVIDENCE, R.I., April 8 - Fleet Financial Group said its
shareholders approved an increase in shares of the company's
authorized common stock to 100,000,000 shares from 75,000,000
shares currently.
    The company said shareholders approved the move at the
annual meeting in Providence today when the company reported
that its first quarter earnings rose to 38.5 mln dlrs, or 73
cts a share, from 31.7 mln dlrs, or 60 cts a share, in the
first quarter 1986.
    J. Terence Murray, chairman and president of Fleet
Financial, said, "Fleet's mortgage banking activities in
particular continued to produce signficant income increases (in
the first quarter)."
    Murray said Fleet's mortgage servicing portfolio reached
22.1 billion dlrs by March 31, including 1.8 billion dlrs
purchased in March.


.I 4453
.C
earn
.W
REUTERS CHAIRMAN URGES FREER INFORMATION FLOWS.
    LONDON, April 8 - Exchanges and telecommunications
authorities should abolish their restrictions on full and free
dissemination of information to the investment and banking
communities, Reuters Holdings Plc <RTRS.L> chairman Sir
Christopher Hogg said.
    In the 1986 annual repoprt, he said lengthy negotiations
had brought agreement with the Tokyo and London Stock Exchanges
for fuller, but still not complete, access to market data
through Reuter services.
    "Many other markets maintain restrictions," he added.
    Hogg said members of some markets appear to believe that
information restrictions protected their interests.
    In other cases, exchanges seem to be limiting the
distribution of data in order to provide competitive advantage
to their own commercial information businesses.
    He also noted that despite increasing liberalisation in the
telecommunications field, some countries continue to protect
their state monopolies at the expense of other economic
sectors.
    "Reuter dealing services remain excluded from such
countries. As a result, banking communities serving entire
economies are put at a competitive disadvantage," he added.
    Reuters increased its 1986 pre-tax profit by 39 pct from
the previous year to 130.1 mln stg on a 43 pct rise in revenues
to 620.9 mln stg.
    Earnings per ordinary share were up 47 pct to 19.4p. The
annual shareholder meeting will be held in London on April 29.


.I 4454
.C
tin
.W
PARIS GROUP PUBLISHING DAILY FRANC TIN PRICE.
    PARIS, April 8 - The Association of White Metals has
decided to publish a daily tin price here in French francs per
100 kilos, the French Federation of Non-Ferrous Metals said.
    The price, quoted for the first time yesterday, was
introduced as the lack of tin quotes was causing problems for
some French companies, a spokesman for the non-ferrous metals
association said.
    Today's price was set at 4,776 francs per 100 kilos and
Tuesday's at 4,790.
    The International Chamber of Commerce stopped publishing a
tin price after the London Metal Exchange (LME) stopped tin
trading on October 24, 1985.
    The Association has tested the basis it uses to calculate a
French franc price over the last few months to ensure it was
reliable, the spokesman said.
    The French franc price is pre-tax, for specified quality, a
minimum 99.9 pct purity, at a French port or border railway
station and a minimum delivery of 10 tonnes.
    The French Federation of Non-Ferrous Metals groups various
metal associations including the Association of White Metals.


.I 4456
.C
earn
.W
MONTEDISON'S AGRIMONT UNIT 1986 EARNINGS.
    NEW YORK, April 8 - <Montedison SPA> of Italy said net
consolidated profit for its Agrimont Group, formed in June
1986, totalled 1.5 billion lire in 1986.
    Agrimont SPA, the holding company for Montedison's
Agro-Industrial businesses, had sales of 810 billion lire and a
net profit of about 1.1 billion lire, after amortization costs
of 35 billion lire and a 13 billion lire reduction in the value
of inventory due to falling market prices, Montedison said.
    Agrimont, still wholly owned by Montedison, is taking steps
to be traded on the Milan exchange, the company said.
    The company said that 1986 was characterized by an unstable
fertlizer market due to the weak dollar and the decline of
international prices for products sold in Europe and the U.S
where Agrimont operates through its Conserv division.
    In pesticides and in animal health care products Agrimont
maintained its previous level of revenues and market share in
1986, Montedison said.
    Montedison said it named Ettore dell'Isola to the newly
created position of president of Agrimont.
    Montedison also said it named Renato Picco, managing
director of <Eridania SPA> and Gianfranco Ceroni, managing
director of <Italiana Olii e Sifi>, both of whom are members
of the the Ferruzzi Group's management board, to Argimont's
board of directors. Ferruzzi owns about 40 pct of Montedison,
the company said.
    


.I 4457
.C
acq
.W
DATRON <DATR> AGREES TO BUYOUT BY OFFICERS.
    MINNEAPOLIS, MINN., April 8 - Datron Corp said it agreed to
merge with GGFH Inc, a Florida-based company formed by the four
top officers of the company.
    According to terms of the proposed transaction, each share
of Datron common stock, excluding those shares owned by the
four officers, will be bought for six dlrs a share, it said.
    Datron's officers hold about 73 pct of the total 896,000
Datron common shares outstanding.
    Upon completion of the proposed transaction, the officers
of Datron would own 100 pct of the company. The merger is
subject to GGHF's receiving financing for the plan, Datron
said.
    Shareholders of Datron will be asked to approve the plan at
their annual meeting to be held in June or July, and the merger
is expected to be completed by July 31, it said.


.I 4463
.C
acq
.W
TALKING POINT/BURLINGTON INDUSTRIES <BUR>.
    By Patti Domm, Reuters
    New York, April 8 - The largest U.S. textile maker focused
on its own business as its competitors found merger partners,
but now Burlington Industries Inc may have restructured itself
into an attractive takeover candidate, analysts said.
    The takeover spotlight fell today on Burlington, which rose
4-7/8 to 52-7/8 on speculation that investor Asher Edelman and
Dominion Textiles Inc of Canada bought an almost five pct
stake.
    A published report said Edelman and Dominion jointly
acquired a stake in Burlington and were weighing a takeover
offer. Edelman would not comment, and a spokesman for
Montreal-based Dominion called the report just "rumors."
    Burlington said it did not know if the report was true.
    Wall Street professionals said they were not convinced of
the story or that Edelman and Dominion would be the victors if
Burlington actually came into play.
    Arbitragers said past comments from Dominion, however,
added credence to the speculation. Dominion has said that it
was looking for a takeover in the U.S.
    Last year, Dominion unsuccessfully bid for Avondale Mills
and has maintained a 120 mln dlr line of credit to be used for
a U.S. acquisition.
    A Dominion spokesman said Canada's largest textile producer
has been negotiating with "many" U.S. textile companies, but
would not say whether Burlington was among them.
    "There have been acquisitions in this area. It's not
unusual that someone could be looking at Burlington after the
housecleaning they've done," said Eileen Gormley of Thomson
McKinnon.
    Burlington sold its domestic operations, which made sheets
and other linens, to J.P. Stevens and Co Inc for 110 mln dlrs
last year. It also has reorganized management, and focused its
operations on businesses that would be less affected by foreign
competition, Gormley said.
    "They've pulled back so as not to be a commodity marketer,"
said Gormley. She said in moving more heavily into industrial
fabrics, Burlington bought C.H. Masland, which supplies carpets
and other fabric to the auto industry.
    "In the past, they just spent and never realized the return
on the outlays they did make," she said.
    "You look at their record over the year, and I think
they're poised to be more profitable than they had been in the
past," Gormley said.
     She estimated 1987 earnings of 2.50 dlrs per share, up
from 2.01 dlrs per share.
    Some analysts today recommended clients not buy Burlington
at its current levels.
    Edward Johnson of Johnson Redbook said he recommends
selling. He said he believes the stock is worth only about 50
dlrs on a takeover basis and about 46 dlrs on an earnings
basis.
    Some arbitragers, however, said takeover values have been
placed on the company of 60 to 65 dlrs per share.
    "After Asher's (Edelman) recent history, a lot of people
don't find him very credible anymore," said one arbitrager.
    Another, however, said Edelman succeeds in forcing
managements to take steps to enhance shareholder values even if
he doesn't win the target company.
    Edelman was unsuccessful last year in offers for Lucky
Stores Inc and Fruehauf Corp. He did succeed in buying
Ponderosa Inc.
    The stocks of other textile makers rose along with
Burlington.
    J.P. Stevens <STN> climbed 5/8 to 44-7/8, and Fieldcrest
Cannon Inc <FLD>, the result of a merger of Fieldcrest and
Cannon, rose 1-1/8 to 39-3/4. West Point-Pepperell Inc <WPM>
rose 1-7/8 to 67-1/8.


.I 4466
.C
earn
.W
STERIVET LABORATORIES LTD <STVTF> 1ST QTR NET.
    TORONTO, April 8 -
    Shr profit 10 cts vs loss 17 cts
    Net profit 206,000 vs loss 281,000
    Revs 1,022,00 vs 344,000


.I 4467
.C
earn
.W
STERIVET LABORATORIES LTD <STVTF> YEAR LOSS.
    TORONTO, April 8 -
    Shr loss 48 cts vs loss 19 cts
    Net loss 746,000 vs loss 342,000
    Revs 3,213,000 vs 2,925,000


.I 4468
.C
trade
.W
JAPAN IN LAST-DITCH EFFORT TO AVERT TARIFFS.
    By Robert Trautman, Reuters
    WASHINGTON, April 8 - Senior Japanese officials tomorrow
open talks with American trade negotiators in a last-ditch
effort to avert new high U.S. tariffs to be imposed on a wide
variety of Japanese electronic exports.
    Makoto Kuroda, vice minister of Japan's Ministry of
International Trade and Industry (MITI), is to hold two days of
meetings with the Deputy U.S. Trade Representative, Michael
Smith, and the Under Secretary of Commerce, Bruce Smart.
    The new tariffs, to go into effect on April 17, are in
retaliation for Japan's failure to adhere to an agreement to
end dumping semiconductors in world markets at below cost and
to open its home market to U.S. semiconductor shipments.
    They are to be imposed on goods which use semiconductors,
including television and audio equipment and computers.
    Both U.S. and Japanese officials have said there was little
likelihood the talks would do anything to avert the 100 pct
duties on 300 mln dlrs worth of Japanese shipments.
    President Reagan announced the planned tariffs on March 27
after he said that close monitoring of the July 1986
U.S.-Japanese semiconductor pact convinced U.S. officials that
Japan was not honoring the agreement.
    In making the annoucement, Reagan said "I am committed to
the full enforcement of our trade agreements designed to
provide American industry with free and fair trade."
    Trade analysts said his move was aimed as much at Japan's
semiconductor trade practices, which are said to have injured
the U.S. semiconductor industry, as Congress, which has
complained about presidential timidity on trade issues.
    Congressional Democrats have pledged to enact aggressive
trade laws to counter what they contend has been Reagan's
inaction to redress the growing U.S. trade deficit, which last
year reached 169.8 billion dlrs.
    About one-third of the deficit was with Japan.
    Reagan said there were recent signs Japan was beginning to
adhere to the pact and that was why he was not terminating it.
    Kuroda said on leaving Tokyo today he had no new proposals
but did have an explanation of the semiconductor situation.
    He told the daily newspaper Ashai Shimbun that Reagan's
decision was based on inaccurate data and an exaggerated sense
of MITI's power to control Japanese traders.
    "The United States has excessive expectations.," he said. To
stabilize supply-demand relations which have been disrupted by
excess inventories since 1985 will take some time."
    He also said that U.S. firms had not been aggressive enough
in trying to sell in the Japanese market.


.I 4470
.C
acq
.W
HOECHST CELANESE SENDS REPORT ON NEW FACILITIES.
    SOMERVILLE, N.J., April 8 - <Hoechst Celanese Corp> said it
sent propsective customers a confidential report describing its
polyester textile fiber facilities in North Carolina and South
Carolina.
    The company did not disclose any prices.
    The report describes the facilities in Darlington County,
S.C., and Fayetteville, N.C., the company said. The report also
decribes related manufacturing, marketing, administrative and
technical resources that could be made avialable to a buyer.
    Hoechst Celanese was formed Feb 27 by the merger of
Celanese Corp and American Hoechst Corp. The merger took place
after an agreement was reached with the Federal Trade
Commission that certain domestic polyester textile fiber assets
of the combined companies would be divested, it said.
    Hoechst Celanese said it has the option of divesting either
the South Carolina facilities of the former American Hoechst or
a package of polyester textile fiber facilities of the former
Celanese.


.I 4471
.C
earn
.W
MELLON PARTICIPATING MORTGAGE TRUST <MPMTS> DIV.
    NEW YORK, April 8 -
    Qtly div 25 cts vs 25 cts prior
    Payable May 6
    Record April 24


.I 4479
.C
earn
.W
HEINEKEN SEES HIGHER PROFITS, WIDER PENETRATION.
    By Emma Robson, Reuters
    AMSTERDAM, April 8 - Dutch brewer Heineken NV said it hoped
to maintain for a number of years a similar earnings growth to
the 7.5 pct increase in net profit achieved in 1986, despite
continuing investments in a reorganization program and efforts
to extend world penetration.
    Heineken last month reported a 1986 net profit of 285 mln
guilders, after 265 mln in 1985.
    Chairman Freddie Heineken said the company, Europe's
leading beer producer with six pct of market share in 1986,
said sales increased by 6.3 pct to 42.1 mln hectoliters.
    The volume increase was due mainly to a rise in the U.S.,
Where the brand Amstel Lite saw great demand, and in Europe,
where sales accounted for 25.5 pct of the total.
    Turnover, despite losses in guilder terms due to weaker
foreign currencies, rose by 4.4 pct, to 6.7 billion guilders.
    Further consolidation of foreign companies, including the
increase of its stake in leading Spanish brewery <El Aguila
S.A.> to 51.2 pct, new ventures and modernization, particularly
in French and Spanish interests, eroded profit margins. The
company still planned to invest 700 mln guilders this year in
restructuring and marketing, Heineken said.
    Heineken's Spanish activities should start yielding profit
next year, Heineken said, adding that its French operations had
already turned to profit after vast rationalization last year.
    Vice Chairman Gerard van Schaik said the decision by the
European Court of Justice in Luxembourg to allow foreign beer
into the closed West German market -- Europe's biggest beer
market -- offered interesting possibilities for Heineken. "We
have the beer, but distribution and sales is the important
point," van Schaik said, adding that since the ruling Heineken
had been inundated by German traders seeking joint ventures.
    "The question is not if we want to penetrate the German
market, but how we are to do it," van Schaik said, adding that
while the widely traveled Germans seemed to be developing a
taste for foreign beer, the internal structure was very
regionalized.
     Heineken board member Hans Coebergh, responsible for
African operations, said he saw Africa as one of the most
important beer growth markets in the long term.
     He said the company, present in Africa since 1932 and with
majority stakes in six breweries and interests in 25, was
hampered by the lack of hard currencies there.
    Africa, where beer consumption averages only nine liters
per head per year and sales are limited by import restrictions
and currency risks, nonetheless accounted for 6.5 pct of total
1986 sales.
    On-site production is rendered expensive by the high price
of imports of essential ingredients. But Heineken scientists
have been looking at other possibilities.
    To balance the costs of imported malt, Heinken launched on
the Nigerian market a new beer made of 50 pct sorghum, which
had sold successfully, Coebergh said.
    Heineken is urging farmers to grow the traditional raw
materials, but Coebergh noted that banana and palm beer were
popular in Rwanda . "This is a possibility, but we could not
possibly achieve the Heineken flavor," Coebergh said.
    Chairman Heineken said the company's seven year efforts to
penetrate the Soviet market had finally resulted this week in a
contract that relaxed some of the restrictions they faced.
    But again, a lack of hard currencies limited Heineken's
market potential. Heineken now has seven bars in Moscow that
are enjoying good sales, but the bars only accept western
money.


.I 4480
.C
crude
.W
TURKEY CALLS FOR DIALOGUE TO SOLVE DISPUTE.
    ANKARA, April 8 - Turkey said today its disputes with
Greece, including rights on the continental shelf in the Aegean
Sea, should be solved through negotiations.
    A Foreign Ministry statement said the latest crisis between
the two NATO members stemmed from the continental shelf dispute
and an agreement on this issue would effect the security,
economy and other rights of both countries.
    "As the issue is basicly political, a solution can only be
found by bilateral negotiations," the statement said. Greece has
repeatedly said the issue was legal and could be solved at the
International Court of Justice.
    The two countries approached armed confrontation last month
after Greece announced it planned oil exploration work in the
Aegean and Turkey said it would also search for oil.
    A face-off was averted when Turkey confined its research to
territorrial waters. "The latest crises created an historic
opportunity to solve the disputes between the two countries,"
the Foreign Ministry statement said.
    Turkey's ambassador in Athens, Nazmi Akiman, was due to
meet Prime Minister Andreas Papandreou today for the Greek
reply to a message sent last week by Turkish Prime Minister
Turgut Ozal. The contents of the message were not disclosed.


.I 4482
.C
grain;rice;
.W
GATT OFFICIAL MEETS WITH U.S. FARM LEADERS.
    WASHINGTON, April 8 - The official in charge of
agricultural matters in the new round of global trade talks is
in Washington today and tomorrow to meet with congressional and
Reagan administration officials.
    Aart de Zeeuw, chairman of the General Agreement on Tariffs
and Trade's negotiating group on agriculture, met this morning
with members of the House Agriculture Committee.
    Committee sources said De Zeeuw expressed concern over
protectionism and high farm price supports. House lawmakers
noted that in 1985 the United States took steps to reduce loan
rates, committee staff said.
    "Members told him (De Zeeuw) that we lowered our (U.S.) loan
rates and can't eliminate subsidies unilaterally," one source
said.
    De Zeeuw was told of the U.S. lawmakers' frustration with
Japan's restrictive rice import policy, and members defended
the U.S. dairy policy, which aims to cut surplus production by
subsidizing producers to trim herds, sources said.
    Later today De Zeeuw will meet the Senate Agriculture
members and Undersecretary of State Affairs Allen Wallis.
    Tomorrow, De Zeeuw is to meet the House Ways and Means
Trade Subcommittee and the Senate Finance Committee, before
visiting Agriculture Secretary Richard Lyng.
    De Zeeuw goes to Canada later this week. His trip to North
America is part of his attempt to meet farm policy leaders in
the key GATT member states.
    The negotiating group on agriculture held its first meeting
in February and is expected to meet again in May.


.I 4483
.C
dlr;money-fx;interest;
.W
J.P. MORGAN<JPM> SAYS DLR MAY PREVENT FED EASING.
    NEW YORK, April 8 - The relatively high level of real U.S.
interest rates suggests that there is scope for further
declines in money market rates, but the Federal Reserve is
unlikely to promote such a drop as long as the dollar remains
volatile, said J.P. Morgan and Co Inc chairman Lewis Preston.
    He said in response to a reporter's question after the
bank's annual meeting that money market rates could decline
further but, "I don't think the Fed is going to encourage that
as long as the exchange markets are as volatile as they are."
    On the other hand, he said that, barring a collapse of the
dollar, he did not see rates going much higher.
    He said that Morgan's recent rise in its prime lending rate
was "purely a reflection of an increase in a whole spectrum of
rates."
    Preston reiterated earlier company forecasts that the U.S.
economy should show roughly 2.5 to three pct real growth this
year.
    He also said that as a consequence of the dollar's decline
and oil price rises, inflation would rise "moderately" to a 3.5
to four pct rate in 1987.


.I 4484
.C
earn
.W
MEDTRONIC <MDT> SEES 15 PCT EARNINGS GROWTH.
    NEW YORK, April 8 - Medtronic Inc said it sees 15 pct
growth in sales and earnings for the year ending April 30,
1988.
    At an analysts meeting here the company said that for the
year ending April 30, 1987 it will earn about 73 mln dlrs, or
about 5.15-5.35 dlrs a share on sales of about 500 mln dlrs.
    In the year ago period, the company earned 53.4 mln dlrs,
or 3.65 dlrs a share, on sales of 402.8 mln dlrs.
    Winston Wallin, Medtronic chairman, said the company will
improve market share in fiscal 1988 in cardiac pacemakers and
expand its cardiovascular therapeutic product line.
    Wallin cautioned analysts not to quickly change their per
share estimates for the company as he said Medtronic will have
heavy sales and marketing expenses in fiscal 1988.
    He said the company intends to reinvest its earnings in its
businesses and not in its dividends. "Shareholders are better
off if we grow the business rather than reinvest in dividends
or share repurchases," he said.
    Wallin said he sees Medtronic's share of the total
worldwide pacemaker market increasing to 42 pct in fiscal 1988,
from 40 pct in fiscal 1987.
    He said the worldwide market for cardiovascualr therapeutic
products, which includes pacemakers, valves, catheters and
lasers, will be valued at about 2.5 billion dlrs 1990 and will
double that by 1995.
    Wallin said, "Our objective is to get a hold of new
products and start building market share if we have to beg,
borrow or steal to get into new markets."
    In the past, Medtronic's pacemakers have been plagued with
a number of problems leading to product recalls. Regulators
also have criticized the industry, citing quality problems and
a needless overprescription of pacemakers.
    "We have no knowledge of any major problems in our
pacemakers or leads," Wallin said. "We intend to re-establish
our company as the quality leader in the industry."
    Glen Nelson, executive vice president for Medtronics, said
the company intends to diversify internally and through
acquisitions of companies in areas of Medtronic's expertise,
such as drug delivery systems.
    Wallin said the 15 pct earnings growth for fiscal 1988 does
not include dilutions from acquisitions. "We hope to have some
safety provisions so that we won't have any major dilutions
from an acquisition."
    Wallin also said the company will have virtual exclusivity
in rate responsive pacemakers for all of fiscal 1988.
    The company markets Activitrax, the first single chamber
pacemaker that varies heartrate in response to physical
activity.
    Siemens AG, a West German company, is also developing a
rate responsive pacemaker.
   


.I 4487
.C
tin
.W
TALKS CONTINUE ON TIN AGREEMENT EXTENSION.
    LONDON, April 8 - Discussions on the possible extension of
the sixth International Tin Agreement (ITA) began at the
quarterly session of the International Tin Council (ITC) but
the Council is still waiting for decisions from various member
states.
    A number of producer governments in particular have not
decided their final position on whether the ITA should be
extended for up to two years or wound down after it expires on
June 30, according to delegate sources.
    Earlier today European Community (EC) members decided to
back an extension, with the exception of Britain, which
undertook to communicate its decision to its EC partners later.
    Delegates said it could be Friday before all the member
countries declare their positions on the possible extension.
Today's full Council session started shortly before 1500 GMT
after the scheduled 1330 start was delayed by an EC
coordination meeting.
    The council reconvenes at 0930 GMT tomorrow, although
delegates said the morning is likely to be taken up with minor
technical matters and the main issue will probably not be
discussed before the afternoon session.


.I 4488
.C
trade
.W
WHITE HOUSE SAYS JAPANESE TARRIFFS LIKELY.
    WASHINGTON, April 8 - The White House said high U.S.
Tariffs on Japanese electronic goods would likely be imposed as
scheduled on April 17, despite an all-out effort by Japan to
avoid them.
    Presidential spokesman Marlin Fitzwater made the remark one
day before U.S. And Japanese officials are to meet under the
emergency provisions of a July 1986 semiconductor pact to
discuss trade and the punitive tariffs.
    Fitzwater said: "I would say Japan is applying the
full-court press...They certainly are putting both feet forward
in terms of explaining their position." But he added that "all
indications are they (the tariffs) will take effect."


.I 4490
.C
earn
.W
SHOWBOAT <SBO> TO TAKE CHARGE, SEES 3RD QTR LOSS.
    ATLANTIC CITY, N.J., April 8 - Showboat Inc will take a
charge of 19 to 20 mln dlrs pretax against results for the
third quarter ended March 31, director and assistant to the
president J. Kell Houssels III told Reuters.
    He said the charge results from pre-operating expenses of
its recently-opened Atlantic City, N.J., Showboat Hotel, Casino
and Bowling Center and will cause a loss for the third quarter
and probably for all of fiscal 1987 as well.
    But Houssels said Showboat's earnings for fiscal 1988
should show a sharp increase from fiscal 1986 levels due to the
contribution of the new Atlantic City facility.
    Showboat earned 1,753,000 dlrs in last year's third
quarter.  For all of fiscal 1986 it earned 5,769,000 dlrs.
    Houssels said Showboat since the opening of the Atlantic
City hotel/casino, Showboat has had to start charging interest
expenses connected with debt it sold to finance the facility
directly against income rather than capitalizing the interest
as it had been able to do previously.
    Showboat opened the hotel during its third quarter and
gaming began last Thursday on a regular basis after test gaming
was completed earlier in the week.


.I 4491
.C
earn
.W
SECURITY PACIFIC <SPC> LOANS PUT ON NON-ACCRUAL.
    LOS ANGELES, April 8 - Security Pacific Corp said it is
placing medium and long-term loans to Brazil and Ecuador on a
non-accrual basis as of March 31, a move that will reduce first
quarter earnings by 7.2 mln dlrs, or nine cts per share, after
taxes.
    Despite the anticipated reduction to quarterly earnings,
Security Pacific said it still expects to report first quarter
earnings higher than the 88 mln dlrs, or 1.11 dlrs per share
reported for the first quarter of 1986.
    The bank holding company said the action affects 401 mln
dlrs of loans to Brazil and 73 mln of loans to Ecuador.
    Brazil suspended interest payments on its 68 billion dlrs
of medium- and long-term debt on February 20.
    Ecuador, which has foreign debt of roughly eight billion
dlrs, has not paid any interest to foreign banks since
February.
    In March Ecuador said it would suspend interest payments
for the rest of the year because of an earthquake which halted
the export of oil, which accounts for about 75 pct the
country's export revenues.
    In its announcement, Security Pacific said it will record
interest income only as it is received in cash.
    The company also said it believes that Brazil will reach an
agreement with its banks and that interest payments will resume
later in 1987.
    The Brazilian negotiations resume on Friday in New York
when Central Bank Governor Francisco Gros is expected to ask
banks for a 90-day roll-over of some 9.5 billion dlrs of term
debt that matures on April 15.


.I 4492
.C
crude
.W
IRAQI TROOPS REPORTED PUSHING BACK IRANIANS.
    BAGHDAD, April 8 - Iraq said today its troops were pushing
Iranian forces out of positions they had initially occupied
when they launched a new offensive near the southern port of
Basra early yesterday.
    A High Command communique said Iraqi troops had won a
significant victory and were continuing to advance.
    Iraq said it had foiled a three-pronged thrust some 10 km
(six miles) from Basra, but admitted the Iranians had occupied
ground held by the Mohammed al-Qassem unit, one of three
divisions attacked.
    The communique said Iranian Revolutionary Guards were under
assault from warplanes, helicopter gunships, heavy artillery
and tanks.
    "Our forces are continuing their advance until they purge
the last foothold" occupied by the Iranians, it said.
    (Iran said its troops had killed or wounded more than 4,000
Iraqis and were stabilising their new positions.)
    The Baghdad communique said Iraqi planes also destroyed oil
installations at Iran's southwestern Ahvaz field during a raid
today. It denied an Iranian report that an Iraqi jet was shot
down.
    Iraq also reported a naval battle at the northern tip of
the Gulf. Iraqi naval units and forces defending an offshore
terminal sank six Iranian out of 28 Iranian boats attempting to
attack an offshore terminal, the communique said.
   


.I 4493
.C
earn;crude;
.W
UNION TEXAS OIL RESERVES DROPPED IN 1986.
    HOUSTON, April 8 - Union Texas Petroleum said its worldwide
proved reserves fell to 511 mln barrels of oil equivalent at
the end of 1986 from 555 mln barrels reported in 1985.
    In its newly released annual report, Union Texas said it
replaced about 71 pct of its production of 56 mln barrels of
oil equivalent last year after taking into account the sale of
27 mln barrels of U.S. reserves.
    Union Texas, the nation's largest independent oil and gas
producer based on revenues, is a privately-held company owned
by Kohlberg Kravis Roberts and Co and Allied-Signal Inc <ALD>.
    The Houston-based company said it lost 57.5 mln dlrs on
1.26 billion dlrs in sales last year, compared to profits of
165 mln dlrs on 2.04 billion dlrs in sales in 1985.
    Union Texas said it received an average of 13.35 dlrs per
barrel for its international oil production and 2.99 dlrs per
mcf for its foreign natural gas sales. The majority of the
company's total energy production is in the United Kingdom,
Indonesia and Pakistan.
    In the United States, Union Texas said it completed
evaluation work on its oil find in Alaska's Colville Delta
area.
    "Although significant oil reserves were confirmed,
development of this discovery will not be economical without
substantially higher prices," the company said.
    Union Texas said it planned to spend about 42 mln dlrs over
the next two years to develop its Eugene Island Block 371 in
the Gulf of Mexico.
    In 1987, the company said it budgeted 178 mln dlrs for
capital spending, less than half of the amount spent in 1985
and down from 199 mln dlrs budgeted last year. Union Texas also
said it would seek acquisitions of oil and gas properties as
well as petrochemical-related businesses.


.I 4494
.C
acq
.W
UAL <UAL> MAY RESPOND TO PILOTS TODAY.
    New York, April 8 - UAL Inc may have a response this
afternoon to the pilots union proposal to buy its United
Airlines unit, a UAL spokesman said.
    "Obviously, we have a lot of movement in our stock, and we
need to get a clarification out," the spokesman said, adding
that there was a "50-50" chance a statement would be released
today.
    The pilots earlier this week offered to buy the airline for
2.3 billion dlrs, and assume 2.2 billion dlrs of existing debt.
    Takeover speculation has driven UAL's stock for several
weeks. UAL last month said New York Real estate developer
Donald Trump held a position in its stock, and that he also
held discussions with its chairman.
    The developer indicated in those talks that he took the
position as an investment, but he revealed no other plans.
    Today, rumors circulated that Coniston Partners were buying
UAL stock. UAL jumped five to 70-3/4 on volume of more than 3.2
mln shares.
    "United has got to consider this proposal. I think the
pilot's proposal is realistic. I don't exptect them to take it,
but it could put some interesting options in front of UAL
management," said Timothy Pettee, Bear Stearns and co analyst.
    Analysts have said UAL made itself vulnerable to attack
when it diversified away from its core airline. It added Hertz
rental cars, Westin and Hilton International hotels in a
strategy to become a travel service company.
    The strategy left its stock in a slump and its pilots union
concerned that the company was not focussing enough attention
on its airline.
    UAL has stood firm on its strategy. It is emphasizing its
new focus by changing its name to Allegis, as of May one.
    But takeover speculation has escalated, and Wall Street has
been busy calculating break up values well in excess of 100
dlrs per share. Traders today described the buying in UAL as
widespread, indicative to them that big institutions believe
the stock is in play.
    Market sources have said that although Trump attracted
attention to the stock, the pilots proposal acted as a
catalyst, kicking off a new round of speculation and perhaps
throwing the company into the hands of another buyer.
    "The first domino is you have an investor with a
considerable stake. the second domino is the union. That type
of attitude has been a precursor to airline deals in the past,"
said Pettee.
    "What's interesting is the values are there. There's
something for everybody," he said.



.I 4495
.C
earn
.W
HARTMARX <HMX> TARGETS EARNINGS GROWTH.
    CHICAGO, April 8 - Hartmarx Corp, following a year of
restructuring, continues to target record earnings for fiscal
1987, Chairman John Meinert told the annual meeting.
    Meinert reiterated an earlier comment that earnings for the
remainder of the year must double the 1986 level to meet that
goal. In fiscal 1986, ended November 30, 1986, Hartmarx
reported earnings of 24.8 mln dlrs, or 1.20 dlrs a share, down
from the prior year's 42.7 mln dlrs, or 2.25 dlrs a share.
    The 110-year-old apparel manufacturer recently posted
first-quarter earnings of 54 cts a share, up from 40 cts a year
ago.
    Meinert told shareholders Hartmarx has no plans to sell any
of its divisions. He added, "We have the financial capacity to
take advantage of acquisitions."
    In 1987, Meinert said the company will open five new and 10
redesigned Kuppenheimer direct-to-consumer stores in Atlanta,
Detroit, St. Louis, Washington, D.C. and San Francisco.
    He said the company's women's apparel continues to grow,
and Hartmarx has on the drawing board a Briar concept store
which will feature ties, shirts and some tailored clothing.


.I 4498
.C
money-supply
.W
FED'S HELLER SAYS MONETARY GROWTH TO BE SLOWER.
    WASHINGTON, April 8 - Robert Heller, a member of the
Federal Reserve Board, said he expects "more modest levels" of
growth in the money supply this year.
    "In my view, this would not only be a logical, but also a
most desireable development," he said in a speech prepared for
delivery to an economic forum at Chapman College in Orange,
Calif.
    A text was released in Washington.
    He said the effect of lower inflation and financial
deregulation on monetary aggregates was now largely finished.
    "Consequently, monetary growth may return to more modest
levels," Heller said. He noted growth in the money supply slowed
after mid-January.
    "I would not be surprised at all if the monetary aggregates
were to grow rather slowly during the balance of the year as
well," he added.
    Heller said there was a danger of renewed price inflation.
    "The pricing behavior of American producers in response to
price increases of their foreign competitors will be crucial
for our economic future," he said.
    Widespread domestic price rises in response to rising
import prices would "generalize the inflationary forces
emanating from the foreign trade sector" and might not gain more
market share for U.S. producers.
    "A return to the stagflation of the late 1970s may well be
the result of such a behavior pattern," Heller warned.
    He said "we at the Federal Reserve will have to be
disciplined in our conduct of monetary policy." 
    Heller said said the government should also exercise fiscal
discipline and cut the deficit by spending restraint rather
than new taxes.
    "The imposition of new taxes would tend to rekindle
inflation and certainly would not make us more competitive in
international markets," Heller said.
    He said the U.S. economy should expand by nearly three pct
during 1987, aided by higher exports to Europe and Canada.
    A free trade agreement currently being negotiated with
Canada "would be exceedingly helpful in allowing American
producers to compete more effectively in that country," Heller
said.


.I 4500
.C
money-fx
.W
INDUSTRIAL NATIONS RECONVENE FOR TALKS.
    WASHINGTON, April 8 - Financial ministers and central
bankers of leading industrial nations reconvened here this
afternoon.
    Canadian Finance Minister Michael Wilson said on entering
the meeting the ministers would review the Paris agreement.
Asked if he was satisfied with West German and Japanese
stimulus, Wilson replied, "They could do a little more."
    French Finance Minister Edouard Balladur, meanwhile,
confirmed there would be a communique at the end of the
meeting.
    Finance ministers and central bankers of Britain, FRance,
Canada and West Germany were seen by Reuter correspondents
returning to a Treasury building.
    Japanese officials and Bundesbank President Karl Otto Poehl
did not appear to have left the building at the end of earlier
Group of Five talks which broke up around 2 p.m. local time
(1800 gmt).
    There was no sign, however, of the Italian delegation whose
position was thrown into question this morning by the
resignation of the Christian Democratic wing of Italy's
Socialist-led government.
    European monetary officials said later that the Italian
delegation was inside the building.
    This meant that a full blown meeting of the Group of Seven
was in progress.


.I 4501
.C
livestock;carcass;
.W
U.S. MEAT, POULTRY INSPECTION CALLED FAULTY.
    WASHINGTON, April 8 - The U.S. meat and poultry inspection
programs are incapable of protecting consumers from
contaminated products, groups representing inspectors and
consumers charged.
    "The whole trend of inspection for the last 10 years has
been to corrupt and to degrade the system where today the
public is at constant risk to contaminated and adulterated
meat," Kenneth Blaylock, president of the American Federation of
Government Employees, told a House Agriculture subcommittee.
    "The American consumer has little reason to feel confident
about the safety of meat and poultry being offered to him
today," said Rodney Leonard, executive director of the Community
Nutrition Institute.
    "Company management is less concerned about the risk to
health than about raising plant output and company profits,"
Leonard told a hearing of the House Agriculture Subcommittee on
Livestock, Dairy and Poultry.
    Kenneth Morrison, staff associate at the Government
Accountability Project, said inspectors consistently disclose
violations of federal law, demonstrating a "serious breakdown in
the entire inspection system."
    Morrison told of chicken fat for flavoring being
contaminated by "intestines dragging in a water trough used to
flush away the condemned product, fecal material, human spit,
chewing gum and paper towels used by plant employees to blow
their noses."
    Donald Houston, administrator of the U.S. Agriculture
Department's Food Safety and Inspection Service, FSIS, defended
the government's program, calling it "one of the most respected
public health programs in the world."
    FSIS inspects an estimated 127 mln head of cattle and 4.5
billion chicken and turkeys every year.
    Houston said inspection programs have kept pace with
change, but conceded that the danger of chemical residues in
the meat and poultry supply has increased.
    He also said that, although he was confident the bacterium
salmonella eventually could be eradicated, it would take time
and much money to contain the growing problem.
    Salmonella, which in extreme cases can cause death, is
found in approximately 37 pct of U.S. broilers, 12 pct of raw
pork and three to five pct of raw beef, Houston said.
    The number of reported cases has doubled over the past 20
years, he said, to 40,000 cases annually.
    "We certainly really have not found an effective means of
turning this disease around," said Rep. James Olin (D-Va.)
    The National Research Council recommended in 1985 that FSIS
intensify efforts to develop rapid diagnostic procedures for
detecting microoganisms.
    But the meat and poultry industries have said such controls
would cost too much.
    "Hopefully we will not overreact by installing unnecessarily
complicated procedures that may become obstacles to the real
goal of providing an increasingly safer, more nutritious and
economical meat supply for consumers," Stanley Emerling,
executive vice president of the National Association of Meat
Purveyors, said.
    Blaylock, speaking on behalf of food inspectors, said a new
program allowing elimination of USDA inspection functions at
certain plants "voids the law in letter and spirit, and must be
repealed or we will see rising consumer fraud and an epidemic
of death and illness for which there will be no prevention nor
legal recourse."
    Subcommittee Chairman Charles Stenholm (D-Tex.) said the
panel would hold a hearing on salmonella June 2.


.I 4502
.C
acq
.W
CHRYSLER <C> RENAULT DELAY AM MOTORS <AMO> PACT.
    DETROIT, April 8 - Chrysler Corp and Regie Natiionale des
Usines Renault said they agreed to extend by up to two weeks
the period for reaching definitive agreement on Chrysler's
proposed 1.5 billion dlr takeover of American Motors Corp.
    The letter of intent signed by Chrysler and Renault on
March nine set April nine as the target date for completing
negotiations.
    However, the letter also allowed room for an extension of
that date to April 23 if an agreement could not be reached.
    The two companies said they "now plan to complete work by
April 23."
    Chrysler and Renault said, "Given the complex nature of the
deal, the need for additional time was to be expected."
    The March letter of intent between the two companies says
that Chrysler could ask Renault to extend the agreement date
"in the event that prior to April 9, 1987, Chrysler discovers
an unforeseen problem in the course of its 'due diligence'
investigation of the company," referring to American Motors.
    A Chrysler spokeswoman would not say whether some problem
had cropped up in the talks. She stuck by the company's
statement that more time was needed because the talks are
complex. "That is our definition of the delay," she said.
    Under the previous agreement between Chrysler and Renault,
their letter of intent would be terminated on April nine or
when an agreement was reached. But the letter could be amendend
by a written agreement by both companies.
    The Chrysler spokeswoman said, "We are still working toward
a definitive agreement." Said another Chrysler official who is
not part of the talks but who would be told if the deal were in
trouble: "There are no glitches."
    Analysts also downplayed the significance of the delay. "I
can't visualize where they wouldn't want it to be done," said
Donaldson Lufkin Jenrette analyst Richard Henderson.


.I 4504
.C
earn
.W
GENERAL ELECTRIC <GE> 1ST QTR HELPED BY RCA.
    FAIRFIELD, Conn., April 8 - General Electric Corp said its
first quarter results were significantly higher due to the
strong results of RCA, which was acquired last year.
    General Electric also attibuted continued strong
performances in plastics, major appliances and the Employers
Reinsurance Corp for its strong quarter.
    GE recorded net earnings for the first quarter 1987 of 624
mln dlrs, or 1.37 dls per shr, up 16 pct from 537 mln dlrs, or
1.18 dlrs per share for the same quarter a year ago.
    General Electric chairman John Welch Jr reiterated the
company's outlook for 1987 in which it expects double-digit GE
earnings growth for the year. He said the first quarter results
are in line with those expectations.
    General Electric cited the strong results in TV network and
station operations of the National Broadcasting Co, which was
not part of GE in the first quarter of 1986, as one reason for
its strong earnings.
    It also noted that aircraft engine operating profit was
much higher than a year ago, caused by a increase in shipments
than the 1986 quarter, which was impacted by a strike.
    Aerospace revenues were sharply higher in this year's first
quarter from a year ago, mainly because of the inclusion of
RCA's aerospace and defense business, the company said.
    In addition, consumer products revenues were up from last
year, mainly because of including sales of RCA video products.
    General Electric said restructuring provisions of 308 mln
dlrs before taxes to implement various strategic moves were
charged against operations in the first quarter of 1987. It
added that there was a one-time gain of 281 mlns dlrs after
taxes from an inventory accounting change.
    And technical products revenues and operating profit were
ahead of last year, led by a strong increases in medical
systems volume and the inclusion this year of RCA's
communications and related services.


.I 4505
.C
copper
.W
TECK STILL IN TALKS ON B.C. COPPER VENTURE.
    VANCOUVER, British Columbia, April 8 - <Teck Corp> said it
was continuing talks about joining a joint copper venture at
Highland Valley, British Columbia, held by affiliates Cominco
Ltd <CLT> and <Lornex Mining Corp>, but did not know when
negotiations would be completed.
    Teck vice-president of administration John Guminski said in
reply to a query that the talks had been "ongoing for a long
time." He declined to speculate on the outcome.
    Cominco, 29.5 pct owned by a consortium led by Teck, is
optimistic that the talks will soon be concluded, spokesman Don
Townson told Reuters.
    "I think all partners are hopeful that the situation will be
resolved," Cominco's Townson said.
    "We're optimistic that they will be concluded shortly," he
added. Townson declined to specify when the talks might end.
    Cominco and Teck's 22 pct-owned Lornex agreed in January
1986 to form the joint venture, merging their Highland Valley
copper operations.
    Cominco and Lornex share equally in control and management
of the Highland Valley operations, while Cominco has a 55 pct
share of production and Lornex receives 45 pct.
    For the six months following July 1, 1986, when the venture
officially started production, Highland Valley had total ore
milled of 22.6 mln short tons, grading an average of 0.41 pct
copper, Townson said.
    Cominco's share of production was 43,000 short tons of
copper contained in concentrate, 1,200 short tons of Molybdenum
in concentrate, 340,000 ounces of silver and 800 ounces of
gold, he said.
    A consortium, 50 pct owned by Teck and 25 pct each by MIM
(Canada) Inc and Metallgesellschaft Canada Ltd, acquired its
Cominco stake last year from Canadian Pacific Ltd <CP>.


.I 4506
.C
earn
.W
XEBEC <XEBC> TO REPORT 2ND QTR LOSS.
    LOS GATOS, Calif., April 8 - Xebec Corp said it expects to
report a loss for its second quarter ended April three, due
principally to a decline in sales to International Business
Machines Corp <IBM>, the company's largest customer.
    Xebec also said it expects revenues to total about 23 mln
dlrs.
    The company reported a second quarter loss last year of 1.9
mln dlrs, or 14 cts per share, on 23.9 mln in revenues.
    Xebec said IBM has historically accounted for about 50 pct
of the company's revenues, but that total fell to 20 pct during
the quarter just ended.
    IBM had used Xebec's hard disk drive controller products in
the IBM PC/XT, a product which IBM is phasing out.
    Xebec said it intends to continue streamlining its
operations in light of the loss of business.
    The company also said it has already consolidated two of
its plants in Nevada and it now plans to sell unused and
surplus assets to provide additional liquidity.


.I 4507
.C
acq
.W
BROKER BOOSTS ZONDERVAN <ZOND> STAKE TO 7.1 PCT.
    WASHINGTON, April 8 - An investor group headed by
Minneapolis, Minn., broker Jeffrey Wendel said it raised its
stake in Zondervan Corp to 292,900 shares, or 7.1 pct of the
total outstanding, from 238,900 shares, or 5.8 pct.
    In a filing with the Securities and Exchange Commission,
the Wendel group said it bought 54,000 Zondervan common shares
between March 24 and April 3 at prices ranging from 27.87 to
29.96 dlrs a share.
    The Wendel group has acted in cooperation with another
shareholder group headed by London investor Christopher Moran,
who sought unsuccessfully last year to take over Zondervan.


.I 4508
.C
acq
.W
DAY INT'L <DAY> TO SELL UNIT.
    DAYTON, Ohio, April 8 - Day International Corp said it has
entered into a letter of intent to sell its Allen Industries
Inc unit to a group including the unit's current management.
    Day said the sale could enable Day to accelerate its
earnings for its current fiscal year ending October 31, 1987.
    "Net earnings for the full year (ending October 31)
should be in the ball park of some analysts' estimates of 16
mln dlrs to 19 mln dlrs," Richard Jacob, Day chairman and chief
executive officer said.
    Day reported earnings of 3.1 mln dlrs, or 39 cts a share,
in fiscal 1986.
    Day said the agreement is subject to the preparation and
negotiation of a definitive agreement and the ability of the
group to obtain financing.


.I 4510
.C
grain;corn;
.W
SOUTH KOREA CORN IMPORTS MAY INCREASE - USDA.
    WASHINGTON, April 8 - South Korea's purchase of about 2.4
mln tonnes of U.S. corn in the past six months -- close to
double last year's total -- indicates that imports from the
United States, as well as total imports are set for a dramatic
jump, the U.S. Agriculture Department said.
    In its World Production and Trade Report, the department
said total South Korea corn imports for the 1986/87 season
(Oct-Sept) are estimated at 4.3 mln tonnes, with about 3.4 mln
tonnes from the United States.
    During the 1985/86 season, imports totaled only 1.3 mln
tonnes of U.S. corn out of a total of 3.6 mln tonnes.
    Ite appears the Koreans are shifting back to U.S. corn in
light of competitive U.S. prices and uncertain supplies from
China, Argentina and South Africa, it said.


.I 4513
.C
livestock;l-cattle;
.W
MEXICAN CATTLE IMPORTS TO BE BRANDED - USDA.
    WASHINGTON, April 8 - All steers imported into the United
States from Mexico must now be branded with the letter M on the
right jaw, the U.S. Agriculture Department said.
    In its World Production and Trade Report, the department
said the branding is necessary to improve surveillance for
bovine tuberculosis because it provides a permanent way to
identify Mexican steers.
    The requirement is not expected to affect the number of
Mexican steers imported into the United States and the brand
will be applied before the animals arrive at U.S. ports of
entry.
    Last November, the Mexican Government authorized an export
quota of nearly 1.1 mln head of live cattle for the 1986/87
season (Aug-July), most of which goes to the United States.


.I 4516
.C
grain
.W
USDA SEEKS COMMENTS ON GRAIN DISCOUNT SCHEDULE.
    WASHINGTON, April 8 - The U.S. Agriculture Department is
seeking public comments on the question of adjusting the
Commodity Credit Corporation's (CCC) discount and premium
schedules to improve the quality of grain it accepts as loan
collateral or under price support programs.
    The premiums and discounts schedule are based on quality
factors such as moisture content and kernel damage. The
schedule stipulates the premiums and discounts used for valuing
grain the CCC accepts or purchases during the year.
    The department said it is possible that producers could be
encouraged to delivery higher quality grain to CCC by adjusting
the premiums and discounts.
    Comments are due by April 24 and a report to Congress is
required by law by May 10.


.I 4517
.C
acq
.W
CASCADE IMPORTERS UNIT ACQUIRES PARIS COMPANY.
    WEST NYACK, N.Y., April 8 - <Cascade Importers Inc USA>'s
Cascade International Europa GmbH of West Germany, said it
tentatively acquired worldwide rights for the products of Madam
Gre from the Bernard Tapie Group in Paris.
    The agreement calls for Cascade to have the rights for the
manufacturing and trading of perfumes, skin care and treatment
products, and cosmetics of the group, it said.
    Cascade said the agreement also includes the exclusive
rights to trade through duty-free channels worldwide the
designer Gres accessories.
    In addition, Cascade said it was granted an option to
purchase all the assets including the plant and equipment
located in France. 
    The company said the cosmetic product line in the U.S.
market alone could represent 20 mln dlrs in revenue.


.I 4518
.C
acq
.W
NATIONAL DISTILLERS <DR> TO SELL SPIRITS UNIT.
    NEW YORK, April 8 - National Distillers and Chemical Corp
said it signed a definitive agreement to sell its spirits
division for 545 mln dlrs to James Beam Distilling Co, a unit
of American Brands Inc <AMB>.
    The sale of the spirits division was made under the
company's previously announced plan to sell its spirits and
wines businesses, it said. The wine business was sold last
month for 128 mln dlrs to Heublein Inc, part of Grand
Metropolitan PLC, National Distillers said.
    The purchase price will be paid in cash, a National
Distillers spokeswoman said.
    The sale permits National to focus on its core businesses,
chemicals and propane marketing.
    Proceeds from the sale will be used to repay debt and for
other corporate purposes, the company said.
    In a separate statement, American Brands said the sale
would be for 545 mln dlrs plus the assumption of liabilities.
    The sale would be subject to compliance with the
Hart-Scott-Rodino Antitrust Improvements Act and other
regulatory approvals, the company said.
    National's distilled spirits business has sales of about
580 mln dlrs, American Brands said. National's spirits brands
include Gilbey's gin and vodka, DeKuyper Liqueurs and Windsor
Supreme Canadian Whisky.


.I 4519
.C
interest
.W
WOJNILOWER SEES DROP IN U.S. INTEREST RATES.
    NEW YORK, April 8 - The Federal Reserve will promote lower
interest rates this year to sustain world economic growth,
First Boston Corp managing director Albert Wojnilower said.
    As much as the Fed would like to take a tough line against
inflation, it cannot act to slow the growth of credit without
subverting national U.S. economic policy.
    "On selected occasions when the dollar seems steady, and,
because the trade deficit is not responding, the United States
decided to push Germany and Japan harder to meet their
commitments to economic growth, the Federal Reserve will do its
part by moving rates down," Wojnilower said in a report.
    "Justifiably not anticipating either a recession or
seriously higher interest rates, securities market participants
have seen little to fear," Wojnilower said.
    He said last week's "hiccup" in money and currency rates
and bond and stock prices was probably caused by Japanese
window dressing for March 31 end-of-fiscal-year accounts.
    Wojnilower said the U.S. probably enjoyed above-average
economic growth in the first quarter. However, the pick-up
seems to reflect an unsustainable pace of inventory building
and the prospect for the full year is still for real gross
national product growth of about 2-1/2 pct, he said.


.I 4520
.C
earn
.W
INTERCARE <CARE> TO POST 4TH QTR LOSS.
    CULVER CITY, Calif., April 8 - Intercare Inc said it
expects to report a substantial loss for its fourth quarter
ended January 31 because of a writeoff of expenses associated
with its recently terminated debt and equity offering.
    The company also said the write off includes expenses
associated with the acquisition of U.S. Medical Enterprises
Inc, and with the restructuring of certain partnerships.
    Intercare also said it increased its reserve against
accounts receivable.
    Executives at the company were not immediately available to
provide additional details.
    Intercare also said it has implemented a workforce
reduction, closed two medical centers and is considering
additional closings as a means of reducing a working capital
deficit.


.I 4521
.C
iron-steel;trade;
.W
CANADA TO MONITOR STEEL IMPORTS, EXPORTS.
    OTTAWA, April 8 - Canada plans to monitor steel shipments
flowing in and out of the country in an attempt to appease
concerns in the U.S. over the high level of Canadian steel
exports, Trade Minister Pat Carney said.
    "To help maintain our open access to the U.S. steel market,
the government is taking further action to ensure we have more
accurate data on exports and imports and that Canada is not
used as a backdoor to the U.S. market by offshore suppliers,"
Carney said.
    Carney also said Canadian companies were being asked to
exercise prudence in the U.S. market and both countries were
considering establishing a joint commission to study the
growing steel problem.
    Carney told the House of Commons she will soon announce an
amendment to the Exports and Imports Permits Act to set up the
monitoring program.
    Canadian steel shipments to the U.S. have risen to 5.7 pct
cent of the U.S. market in recent months, almost double the
level just two years ago, Canadian trade officials said.
    The increase in Canadian shipments comes at a time of
growing anger in the U.S. over rising steel imports from
several countries in the face of a decline in the domestic
steel industry.
    Some U.S. lawmakers have proposed Canada's share of the
American market be limited to 2.4 pct.


.I 4522
.C
earn
.W
UNITED TECH <UTX> SEES NO EARNINGS IMPACT.
    HARTFORD, Conn., April 8 - United Technologies Corp said
the decision by an international consortium not to develop a
new engine would have no impact on 1987 or 1988 earnings.
    <International Aero Engines>, IAE, 30 pct owned by United
Technologies' Pratt and Whitney division, has decided not to
launch a superfan version of its V2500 engine.
    "We've told analysts that IAE's decision not to launch a
full development program of the IAE superfan for certification
in 1991 will have no short term impact on earnings," a United
Technologies spokesman told Reuters.
    Short term refers to 1987 and 1988, the spokesman said. He
declined to elaborate.
    IAE's other owners are Rolls Royce PLC, <Japanese Aero
Engines Corp>, Fiat SPA and <MTU> of West Germany.
    Analysts are estimating United Technologies will earn 3.75
dlrs to 4.50 dlrs a share in 1987. It reported earnings of 36
cts a share in 1986, which included two large writeoffs.


.I 4523
.C
crude;nat-gas;
.W
U.S.SENATE LIFTS SOME BANS ON NATURAL GAS.
    WASHINGTON, April 8 - The Senate unanimously approved
legislation to lift a ban on new construction of natural
gas-fired power plants and other large industrial gas-burning
plants.
    The bill, sponsored by Senate Energy Committee chairman
Bennett Johnston, also repeals mandatory incremental pricing of
natural gas which was designed to protect residential consumers
from major price increases by forcing some industrial users to
pay higher than market prices.
    "This legislation will open up new natural gas markets," the
Lousiana Democrat said.
    The gas restrictions were enacted in 1978 in response to a
shortage of natural gas and predictions of higher prices.
    "Now both oil and gas prices are severely depressed,"
Johnston said.
    In a compromise with coal producers, the bill requires new
baseload electric powerplants be designed to accomodate
modifications necessary to burning coal or another alternate
fuel.


.I 4525
.C
earn
.W
WILLIAMS <WMB> SEES FLAT PIPELINE VOLUMES IN 1987.
    TULSA, April 8 - Williams Cos said it expected oil and
fertilizer transportation volumes to be flat in 1987 but said
operating profits from the pipeline unit should improve from
49.4 mln dlrs earned last year when a seven mln dlr special
charge was incurred.
    Williams Pipeline Co took the charge against earnings in
1986 for the removal of more than 500 miles of old pipeline
from service and for casualty losses. Companywide, Williams had
a net loss of 134 mln dlrs on total revenues of 1.85 billion
dlrs, a decline from profits of 32 mln dlrs on sales of 2.46
billion in 1985.
    In its annual report, Williams said its Northwest Pipeline
Corp and Williams Natural Gas Co had natural gas costs that are
among the lowest in the nation, averaging 2.04 dlrs and 2.07
dlrs per mcf, respectively, last year. Total natural gas
reserves for both units declined to 10,010 billion cubic feet
in 1986 from 11,334 billion cubic feet the previous year.
    The company said its Williams Natural Gas unit, which has
less take-or-pay exposure than most major pipelines, should
show improvement in its 1987 operating results because of
changes tariff and federal tax rates.
    The company's gas marketing business is expected to have
somewhat lower earnings in 1987 because of competition in its
operating region, the annual report said. The gas marketing
unit earned 26.0 mln dlrs on sales of 285.6 mln dlrs last year.
    Williams also said it expected a substantial decline in its
debt to equity ratio this year because of more than 250 mln
dlrs received in cash from the sale of Agrico Chemical Co and
proceeds from the sale and leaseback of Williams
Telecommunications Co. The telecommunications business, a
2,000-mile fiber optic system for long distance use, will not
be profitable until late 1988, Williams said.


.I 4528
.C
acq
.W
HBO <HBOC> URGES SHAREHOLDERS AGAINST ANDOVER.
    ATLANTA, Ga., April 8 - HBO and Co said it sent a letter of
strongly urging shareholders not to sign any proxy cards sent
by Andover Group.
    ON March 30, Andover Group, a two-man general partnership
which owns about seven pct of HBO's stock, filed preliminary
proxy materials with the Securities and Exchange Commission
seeking to nominate an alternative slate of directors at the
company's April 30 annual meeting.
    Andover had expressed an interest to acquire the company in
September 1986 but HBO has never received an offer from them,
it said.
    In addition, HBO said its financial condition is improving
rapidly as the result of a significant restructuring
implemented in 1986.
    It expects the company to report net income of about 40 cts
per share in 1987 and a very significant increase in 1988.
    For the year ended December 1986, the company reported a
loss of 3.6 mln dlrs, or 16 cts per share.


.I 4530
.C
earn
.W
HAWKEYE <HWKB> 1986 ANNUAL REPORT QUALIFIED.
    DES MOINES, IOWA, April 8 - Hawkeye Bancorp's 1986 annual
financial results were qualified by its auditors, according to
the annual report.
    "...there are conditions which may indicate that the
company will be unable to continue as a going concern,"
auditors Deloitte Haskins and Sells said in Hawkeye's annual
report to shareholders.
    Hawkeye reported a 1986 loss of almost 59 mln dlrs, citing
an increase in its loan loss provision to 34.7 mln dlrs and
restructuring costs of 27 mln dlrs.
    However, Hawkeye, with assets of 1.09 billion dlrs at 1986
year end, said it expects "to have sufficient cash to meet its
obligations for the next 12-month period."
    Last July the bank holding company reached a debt
restructuring agreement which identifed 17 bank subsidiaries
and five non-bank operations for disposition.
    "The restructuring has improved Hawkeye's financial
condition, but it does not assure that Hawkeye will be able to
survive as a going concern," the report said.
    Hawkeye's survival will depend on its ability to comply
with provisions of the debt restructuring and regulatory
agreements and on its ability to return to profitable
operations, it said.
    There can be no assurance that Hawkeye will be able to meet
these requirements. However, the company "believes it will be
able to do so," Hawkeye said.


.I 4532
.C
acq
.W
DOME <DMP> PLAN MAY FORCE SALE OF ENCOR STAKE.
    TORONTO, April 8 - Dome Petroleum Ltd's proposal to
restructure debt of more than 6.10 billion Canadian dlrs
includes provisions that may force the company to sell its 42
pct stake in <Encor Energy Corp Inc>, Dome said in a U.S.
Securities and Exchange Commission filing.
    Dome said in the filing that its debt plan proposes making
payments under a five year income debenture to the lender whose
debt is secured by Dome's Encor shares.
    After the five years are up, "under certain circumstances
the shares of Encor may be required to be disposed," the company
said.
    Dome has pledged its 42.5 mln Encor shares as security for
part of its debt to <Canadian Imperial Bank of Commerce>,
estimated last year at 947 mln dlrs.
    Analysts have said Commerce Bank was pressing Dome to sell
the stock to pay down its debt.
    Dome's Encor shares had a market value of 313 mln dlrs on
March 17, 1987, the company's filing said.
    As previously reported, Dome is seeking approval in
principle for the debt restructuring plan. Dome said in the
filing it proposed lenders sign a letter of understanding in
early April, with implementation to be effective July 1, 1987.
    Dome Petroleum reiterated in the SEC filing that its
existence as a going concern is dependent on continuing the
interim debt plan, due to expire on June 30, and winning
agreement for its proposed restructuring plan.
    "The company believes that the negotiation and
implementation of the proposed debt restructuring plan is
realistic and achievable," Dome said.
    "However, the final outcome of the negotiations cannot be
predicted at this time," it said.


.I 4534
.C
gas;crude;
.W
RECENT U.S. OIL DEMAND OFF 2.6 PCT FROM YEAR AGO.
    WASHINGTON, April 8 - U.S. oil demand as measured by
products supplied fell 2.6 pct in the four weeks ended April
three to 15.73 mln barrels per day (bpd) from 16.16 mln in the
same period a year ago, the Energy Information Administration
(EIA) said.
    In its weekly petroleum status report, the Energy
Department agency said distillate demand was off 7.9 pct in the
period to 2.90 mln bpd from 3.15 mln a year earlier.
    Gasoline demand averaged 6.76 mln bpd, off 3.1 pct from
6.98 mln last year, while residual fuel demand was 1.15 mln
bpd, off 16.9 pct from 1.39 mln, the EIA said.
    So far this year, distillate demand fell 2.3 pct to 3.20
mln bpd from 3.28 mln in 1986, gasoline demand was 6.63 mln
bpd, off 0.3 pct from 6.65 mln, and residual fuel demand fell
4.9 pct to 1.35 mln bpd from 1.42 mln, the EIA said.
    Year-to-date domestic crude output was estimated at 8.40
mln bpd, off 7.6 pct from 9.09 mln a year ago, while gross
crude imports averaged 3.92 mln bpd, up 27.1 pct from 3.08 mln,
it said.


.I 4535
.C
trade
.W
DEFICIT CUTS SEEN UNABLE TO CURE TRADE DEFICIT.
    By Irwin Arieff
    WASHINGTON, April 8 - Financial analysts say they are
pleased with congressional moves to trim next year's federal
budget deficit but believe the actions will do little to help
improve the U.S. trade deficit or buoy the economy.
    The House of Representatives is expected to vote tomorrow
to approve a trillion-dollar budget blueprint for the coming
fiscal year that reduces the deficit by 38 billion dlrs.
    Similarly, the Senate Budget Committee has approved a plan
that would cut federal red ink by about 37 billion dlrs next
year.
        "In terms of the economy, 37-38 billion dlrs is
infinitesimal, so cuts of this magnitude will have little
impact on the economy and the trade deficit," said Stanley
Collander, a Touche Ross federal budget policy analyst.
    "At best, it will have a small positive effect," Collander
said in an interview.
    Federal Reserve Board Chairman Paul Volcker has repeatedly
told Congress that cutting federal red ink would go a long way
to help reduce the massive trade deficit and also help ease
some of the downward pressure on the value of the dollar.
    The U.S. government has attempted to remedy the trade
imbalance by driving down the value of the dollar. But Volcker
has warned that a further fall in the dollar's value is fraught
with danger.
    Such a decline, he has said, could refuel inflation as
imported goods become more expensive and chase away foreign
capital needed to finance the federal budget deficit.
    In addition, in February, U.S. officials meeting with other
major industrialized nations in Paris agreed that the value of
the dollar had dropped enough and that world exchange rates
should be stabilized at around current levels.
    As part of that agreement, Japan and West Germany agreed to
take steps to stimulate their economies and the United States
agreed to cut its budget deficit.
    The alternative to driving down the dollar any further as a
way to deal with the trade deficit, Volcker said recently, is
to reduce U.S. consumption, particularly federal spending.
    "If you don't deal with the budget deficit, everything else
you do is going to be counterproductive," Volcker said in recent
testimony before the Senate Banking Committee.
    Volcker also said he would prefer to further tighten the
government's purse strings than have the Fed tighten the credit
supply if action was needed to fight inflationary pressures or
to assure the continued flow of foreign capital into the United
States.
    Analysts say that Fed tightening now could choke off the
current modest economic expansion and threaten a recession.
    Kemper Financial Services economist John Silvia stressed
that any deficit reduction was better than none.
    But he said the size of the cuts under consideration were 
not enough to give the Federal Reserve Board the flexibility it
needs to steer the economy or to keep the value of the dollar
from plunging further in world exchange markets.
    "There's no doubt that some deficit reduction helps, but if
your objective is to stabilize the dollar and perserve the
Fed's flexibility to conduct monetary policy, then the answer
is, it's not enough," Silvia told Reuters.
    The U.S. trade deficit has become one of the government's
most vexing and persistent problems.
    The 1986 deficit was 169.8 billion dlrs and there is as yet
little indication that this year's figure will be any lower,
though administration officials have predicted it will drop by
about 20 to 30 billion dlrs by year's end.
    In the past, Volcker has joked that he never lost sleep
worrying whether Congress would cut too much fat from the
federal budget.
    On the other hand, he also has made it clear he is not
attached to the gradually declining deficit ceilings set for
the 1986-1991 period by last year's Gramm-Rudman balanced
budget law.
    While the new law set a ceiling of 108 billion dlrs for
next year's federal deficit, both the House and Senate Budget
Committees have conceded that their budget plans would fall
short of the deficit reduction goal by about 25 billion dlrs.
    "For political reasons, 35 to 40 billion dlrs is about the
most you're going to get" out of Congress at the present time,
said Touche Ross's Collander. "To do something more than that
would be extraordinary, remarkable and very, very difficult."
    Collander said the real danger for Congress was to end up
short of the deficit reduction goal set by its Budget panels.
    "To an extent, this has become the minimum acceptable
reduction level," he explained. "Anything less than that will now
look like a failure to Wall Street."
    The budget plan now under debate on the House floor would
lower an estimated 171 billion dlr deficit for the year
beginning on October one to about 133 billion dlrs by cutting
defense and domestic programs by 38 billion dlrs from their
anticipated spending levels for next year.
    The Senate Budget Committee has called for a deficit of
nearly 134 billion dlrs with about 18.5 billion dlrs in new 
taxes and about the same amount in spending cuts.


.I 4536
.C
earn
.W
STEWART AND STEVENSON SERVICES <SSSS> 4TH QTR.
    HOUSTON, April 8 - 4th qtr ended Jan 31.
    Shr profit 72 cts vs profit 14 cts
    Net profit 3,309,000 vs 609,000
    Revs 72 mln vs 65 mln
    Year
    Shr profit nil vs loss 4.13 dlrs
    Net profit 1,000 vs loss 19 mln
    Revs 245 mln vs 269.1 mln


.I 4538
.C
earn
.W
WESTAMERICA BANCORPORATION <WSAM> 1ST QTR NET.
    SAN RAFAEL, Calif., April 8 - 
    Shr 98 cts vs 63 cts
    Net 2,602,000 vs 1,571,000
    Assets 1.15 billion vs 1.02 billion
    Deposits 1.04 billion vs 942.1 mln
    Loans 834.8 mln vs 729.0 mln
    Return on avg assets 0.92 pct vs 0.63 pct


.I 4539
.C
coffee
.W
COLOMBIA COFFEE REGISTRATIONS REMAIN OPEN.
    BOGOTA, April 8 - Colombia's coffee export registrations
remain open and there are no plans to close them since a new
marketing policy means an unlimited amount can be registered,
Gilberto Arango, president of the private exporters'
association said.
    "The philosophy of the new policy is not to close
registrations. Nobody so far said may would be closed," he told
Reuters.
    On March 13, Colombia opened registrations for April and
May for an unlimited amount.
    Without giving breakdowns, Arango said private exporters
had registered 1,322,804 bags this calendar year up to April 6,
or roughly 440,000 bags per month, slightly lower than the
average in recent years.
    He estimated the amount of bags registered by the national
coffee growers' federation at about the same, meaning a total
of about 900,000 bags registered and sold per month by
Colombia.
    "The only change that could happen is, because of the
volume, we would be told that from such a date, registrations
would be for June shipment, etc" Arango said.


.I 4541
.C
acq
.W
MORE AMERICAN BRANDS <AMB> ACQUISITIONS SEEN.
    By PATTI DOMM, Reuters
    NEW YORK, April 8 - American Brands Inc's 545 mln dlrs
acquisition of National Distillers and Chemical Corp's liquor
business is expected to be one of a series of acquisitions by
the tobacco company, analysts said.
     "They were very frustrated with their inability to get
Chesebrough. They said they were looking for an acquisition. It
doesn't surprise me that they came up with another one," said
Allan Kaplan of Merrill Lynch and Co.
    American Brands failed late last year in its 2.9 billion
dlrs bid for Chesebrough-Ponds Inc when Unilever N.V. agreed to
buy the company. But since then, Wall Street has been
speculating that American Brands would find another candidate
to help reduce its earnings exposure to tobacco.
    "This is just typical," said George Thompson of
Prudential-Bache securities. "There's going to be more to come
here. American Brands had to make an acquisition because
tobacco is still a significant part of earnings. Their position
is a little less favorable than Philip Morris and RJ Reynolds,"
he said.
cash flow from its low growth tobacco, but the tobacco business
does require great amounts of capital expenditures. It can
therefore use its funds to make acquisitions. Analysts said the
National Distillers' spirits company, which makes Gilbey's gin
and vodka, Old Grandad and Old Crow whiskey, is not quite the
type of acquisition they envisioned.
    "The distilled spirits business has been in a steady
gradual decline for sometime, as has the tobacco business,"
said Thompson.
 REUTER...

.I 4542
.C
money-fx;interest;
.W
BUNDESBANK CALLS FOR CENTRAL BANK COOPERATION.
    FRANKFURT, April 8 - Bundesbank board member Claus Koehler
called on central banks of major industrialised nations to
cooperate closely on exchange and interest rate policies.
    In a lecture at the University of Surrey, pre-released
here, Koehler said that the only alternative to cooperation was
protectionism and control on capital movements.
    "Central banks have sufficient experience of exchange market
transactions to steer exchange rates where they want to have
them," he said. He added that West German growth forecasts would
have to be revised downward because of the recent dollar drop
to 1.80 marks from above two marks at the start of 1987.
    Koehler said that transactions on foreign exchange markets
had parted company with transactions in goods, services and
investments. It was the scale of speculative transactions that
determined market trends.
    Speculative inflows could cause monetary aggregates to
grow. To reverse such a rise in the money stock, interest rates
would have to be lowered to allow funds to drain off.
    "In other words, the monetary policy measures required are
different from -- and sometimes diametrically opposed to --
those needed when the money stock is increasing as a result of
mounting economic activity," Koehler said.
    The dollar fall was one means of reducing the massive U.S.
Current account deficit. But attempts to keep the depreciation
going by talking the dollar down posed problems.
    The sharp drop of the dollar had led to an immediate steep
rise in the cost of U.S. Imports and a sharp fall in the cost
of European imports. But the volume effect of falling imports
to the U.S. And rising imports to Europe would take time to
make itself felt compared with the price effect.
    "Hence the depreciation of the dollar may well be going
further than would be necessary to adjust the current account
over the medium term," Koehler said.
    A reduction in the U.S. Current account deficit would occur
only if the growth rate of GNP was higher than domestic demand.
In Japan and West Germany by contrast, domestic demand should
rise faster than GNP.
    "In Germany this did indeed happen in 1986," Koehler said.
    If a further appreciation of the dollar was to be
prevented, the U.S. Current account deficit could be offset by
an inflow of foreign funds into the U.S..
    But only if there was an appropriate interest rate
differential would Europe and Japan look for financial
investment in the U.S.
    When selecting monetary policy instruments, a central bank
had to pay greater heed than in the past to the impact its
measures might have on expectations and consequent decisions.
    Koehler said the Bundesbank was changing money market rates
by operating on the open market rather than adjusting leading
interest rates because of the signal this gives to the market
and its substantial impact on exchange rates.
    It was not only important to achieve the domestic goals of
price stability, economic growth and full employment but also
to tackle international problems like the exchange rate
problem, the debt problem and the current account problem.
    A strategy had to be designed that helped "the safeguarding
of non-inflationary economic growth in an international
monetary system largely free of disruptions," Koehler said.
    Given the system of floating exchange rates, it was
necessary for central banks to agree to intervene. It sufficed
to tell the market where central banks saw exchange rates over
the next few years and intervention points should not be set,
because they were only testing points for the market, he said.
    In order to keep the international monetary system free of
disruptions central banks should not only intervene jointly but
also cooperate on interest rate policies, Koehler said.


.I 4543
.C
grain;rice;
.W
JAPAN MINISTRY HAS NO COMMENT ON RICE TALKS REPORT.
    TOKYO, April 9 - The Agriculture Ministry declined comment
on a local newspaper report that Japan had agreed to hold talks
on its closed rice market in the new GATT round.
    "We have no idea about the report and cannot comment," a
spokesman told Reuters.
    Nihon Keizai Shinbun, quoting unnamed government sources,
said Japan would tell U.S. Agriculture Secretary Richard Lyng
and U.S. Trade Representative Clayton Yeutter of its
intentions. The two are due to visit Japan later this month for
farm talks.
    The U.S. Has been pressing Japan to discuss the rice issue
at the new round of General Agreement on Tariffs and Trade
talks. But Japan has said GATT is not the right forum.
    Imports of rice to Japan are banned under the Foodstuff
Control Act.
    Nihon Keizai said Japan's plan resulted from worries about
mounting trade tension with the U.S. At the GATT talks, Japan
will try to persuade the U.S. That its rice policy is
justified, it said.
    The 93-nation world trade body began the Uruguay trade
round last September. It will take four years to negotiate.


.I 4546
.C
acq;trade;
.W
ECONOMIC SPOTLIGHT - TELECOM IS KEY JAPAN MINISTRY.
    By Linda Sieg, Reuters
    TOKYO, April 9 - Japan's little-known Ministry of Posts and
Telecommunications (MPT) has emerged as an international force
to be reckoned with, political analysts said.
    MPT, thrust into the spotlight by trade rows with the U.S.
And Britain, is in a position of strength due to its control of
a lucrative industry and its ties with important politicians,
they said.
    "The ministry is standing athwart the regulatory control of
a key industrial sector, telecommunications and information,"
said one diplomatic source.
    "They are a potent political force," the diplomatic source
said.
    But MPT is finding domestic political prowess does not
always help when it comes to trade friction diplomacy, analysts
said.
    "The ministry was a minor ministry and its people were not
so internationalized," said Waseda University professor Mitsuru
Uchida. "Suddenly they're standing at the centre of the world
community and in that sense, they're at a loss (as to) how to
face the situation."
    Most recently the ministry has been embroiled in a row with
London over efforts by Britain's Cable and Wireless Plc to keep
a major stake in one of two consortia trying to compete in
Japan's lucrative overseas telephone business.
    The ministry has favoured the merger of the two rival
groups, arguing the market cannot support more than one
competitor to Kokusai Denshin Denwa Co Ltd, which now
monopolizes the business.
    It has also opposed a major management role in the planned
merger for any non-Japanese overseas telecommunications firm on
the grounds that no such international precedent exists.
    The ministry's stance has outraged both London, which has
threatened to retaliate, and Washington, which says the merger
plan is evidence of Japan's failure to honour pledges to open
its telecommunications market.
    Washington is also angry over other ministry moves which it
says have limited access for U.S. Firms to Japan's car
telephone and satellite communications market.
    Much of MPT's new prominence stems from the growth of the
sector it regulates.
    "What has been happening is an important shift in the
economy which makes the ministry a very important place," said
James Abegglen, head of the consulting firm Asia Advisory
Service Inc.
    A decision to open the telecommunications industry to
competition under a new set of laws passed in 1985 has boosted
rather than lessened MPT's authority, analysts said.
    "With the legal framework eased, they became the de facto
legal framework," said Bache Securities (Japan) analyst Darrell
Whitten.
    Close links with the powerful political faction of the
ruling Liberal Democratic Party (LDP) nurtured by former Prime
Minister Kakuei Tanaka are another key to MPT's influence, the
analysts said.
    "Other factions ignored MPT (in the 1970s), but the Tanaka
faction was forward looking and ... Recognized the importance
of MPT," Uchida said. Many former bureaucrats became members of
the influential political group, he added.
    The ministry also has power in the financial sector due to
the more than 100,000 billion yen worth of deposits in the
Postal Savings System, analysts said.
    MPT has helped block Finance Ministry plans to deregulate
interest rates on small deposits, a key element in financial
liberalisation, since the change would remove the Postal
Savings System's ability to offer slightly higher rates than
banks, they said.
    Diplomatic sources, frustrated with what they see as MPT's
obstructionist and protectionist posture, have characterized
the ministry as feudal.
    Critics charge MPT with protecting its own turf, limiting
competition and sheltering the former monopolies under its
wing. Providing consumers with the best service at the lowest
price takes a back seat to such considerations, they said.
    But many of the ministry's actions are not unlike those of
its bureaucratic counterparts in much of the Western world
including Britain, several analysts said.
    "The United States is really the odd man out," Abegglen said.
"For a government to take the view that it wants to keep order
in utilities markets is not an unusual and/or unreasonable
view," he said.


.I 4548
.C
money-fx;trade;
.W
G-7 ISSUES STATEMENT AFTER MEETING.
    WASHINGTON, April 9 - Following is the text of a statement
by the Group of Seven -- the U.S., Japan, West Germany, France,
Britain, Italy and Canada -- issued after a Washington meeting
yesterday.
    1. The finance ministers and central bank governors of
seven major industrial countries met today.
    They continued the process of multilateral surveillance of
their economies pursuant to the arrangements for strengthened
economic policy coordination agreed at the 1986 Tokyo summit of
their heads of state or government.
    The managing director of the International Monetary Fund
also participated in the meeting.
    2. The ministers and governors reaffirmed the commitment to
the cooperative approach agreed at the recent Paris meeting,
and noted the progress achieved in implementing the
undertakings embodied in the Louvre Agreement.
    They agreed, however, that further actions will be
essential to resist rising protectionist pressures, sustain
global economic expansion, and reduce trade imbalances.
    In this connection they welcomed the proposals just
announced by the governing Liberal Democratic Party in Japan
for extraordinary and urgent measures to stimulate Japan's
economy through early implementation of a large supplementary
budget exceeding those of previous years, as well as
unprecedented front-end loading of public works expenditures.
    The government of Japan reaffirmed its intention to further
open up its domestic markets to foreign goods and services.
    3. The ministers and governors reaffirmed the view that
around current levels their currencies are within ranges
broadly consistent with economic fundamentals and the basic
policy intentions outlined at the Louvre meeting.
    In that connection they welcomed the strong implementation
of the Louvre Agreement.
    They concluded that present and prospective progress in
implementing the policy undertakings at the Louvre and in this
statement provided a basis for continuing close cooperation to
foster the stability of exchange rates.


.I 4551
.C
money-fx;interest;
.W
BANK OF FRANCE TO HOLD MONEY MARKET TENDER TODAY.
    PARIS, April 9 - The Bank of France said it has invited
offers of first category paper today for a money market
intervention tender.
    Money market operators were divided over whether the Bank
of France will use to occasion to cut its intervention rate,
which has stood at 7-3/4 pct since March 9.
    Some thought a price cut unlikely while others said there
was room for a further 1/4 point cut by the bank.


.I 4552
.C
earn
.W
******RIO TINTO-ZINC CORP PLC 1986 PRETAX PROFIT 601.7 mln stg vs 614.4 mln.
Blah blah blah.

.I 4553
.C
earn
.W
RIO TINTO-ZINC NET ATTRIBUTABLE PROFIT LOWER.
    LONDON, April 9 - Year to December 31, 1986
    SHR 78.91p vs 83.05p
    DIV 16.5p making 23.5p vs 22p
    PRETAX PROFIT 601.7 mln stg vs 614.4 mln
    NET ATTRIBUTABLE PROFIT 245 mln stg vs 257 mln
    TURNOVER 3.34 billion stg vs 3.09 billion
    Note - Accounts have been restated
    Full name of company is Rio Tinto-Zinc Corp Plc <RTZL.L>
    Group operating profit 529.4 mln stg vs 470.7 mln
    Operating costs 2.81 billion stg 2.63 billion
    Share of profit less losses of related companies 104.4 mln
stg vs 165.0 mln
    Interest receivable/other income 41.5 mln stg vs 47.4 mln
    Interest payable 73.6 mln stg vs 68.7 mln
    Tax 274.8 mln stg vs 277.1 mln
    Leaving 326.9 mln stg vs 337.3 mln
    RTZ' investment in Australian associate CRA has been equity
accounted for 1986 and 1985 figures restated on the same basis
after the reduction of RTZ's interest to 49 pct in October
1986.


.I 4556
.C
earn
.W
******Burmah Oil 1986 pre-tax profit 105.9 mln stg vs 79.6 mln.
Blah blah blah.

.I 4557
.C
interest
.W
GERMAN BANKERS' REMARKS REVIVE TALK OF RATE CUT.
    FRANKFURT, April 9 - Remarks by two leading central bankers
sparked renewed speculation in financial markets that a cut in
the West German three pct discount rate may be under
discussion, currency dealers said.
    Bundesbank board member Claus Koehler said in a speech that
monetary growth resulting from speculative capital inflows
required cuts in interest rates.
    Separately, West Berlin state central bank president Dieter
Hiss told journalists that the discount rate could fall below
its lowest ever point of 2.75 pct. He made clear that he was
not making a forecast on interest rates, however.
    Currency dealers here and in the Far East said the dollar
gained slight background support from the speculation.
    But German dealers noted that the Bundesbank kept the 3.80
pct rate unchanged at which it offered liquidity to the money
market this week, dashing some expectations that it may either
offer lower fixed rate money or offer a reduced minimum rate
and let the strength of banks' demands set the allocation rate.
    It allocated 6.1 billion marks in new liquidity, much less
than the 14.9 billion leaving the market as a prior pact
expired. This further weakened sentiment the Bundesbank could
move to a more accommodative monetary stance, dealers said.
    Koehler said in a speech in Surrey, England, speculative
capital inflows may cause monetary growth, regardless of
whether central banks intervened or exchange rates fell.
    "In other words, the monetary policy measures required are
different from -- and sometimes diametrically opposed to --
those needed when the money stock is increasing as a result of
mounting economic activity."
    Though Koehler was known to be the most liberal of the
generally monetarist Bundesbank board, his comments marked the
first time cuts in rates had been concretely suggested as a
counterpoint to overly strong monetary growth, dealers said.
REUTER^M

.I 4559
.C
trade
.W
SOVIET TRADE DEFICIT WITH WEST SOARS IN 1986.
    MOSCOW, April 9 - The Soviet trade deficit with the West
almost quadrupled last year, reaching 2.72 billion roubles
compared with 713 mln in 1985, official figures showed.
    Statistics published by the monthly journal Foreign Trade
showed Soviet trade turnover for 1986 fell to 130.9 billion
roubles from 142.1 billion the previous year, a drop of 7.8
pct.
    Moscow's trade surplus with East Bloc countries continued
to grow in 1986.
    Western analysts attributed the deficit rise with the West
to the world oil price slump, which hit Moscow's main export
and cut hard currency earnings needed for purchases in the
West.


.I 4560
.C
earn
.W
BURMAH OIL PROFIT CLIMBS TO 105.9 MLN STG.
    LONDON, April 9 - Year 1986
    Shr 33.54p vs 34.2p.
    Final div 9.5p, making 14p vs 12.75p.
    Pre-tax profit 105.9 mln stg vs 79.6 mln.
    Net profit before minorities 56 mln vs 52.1 mln.
    Turnover net of duties 1.32 billion stg vs 1.46 billion.
    Minorities 800,000 stg vs same.
    Extraordinary debit 20.4 mln vs 28.2 mln.
    NOTE: Company's full name is The Burmah Oil Co Plc <BURM.L>
REUTER^M

.I 4561
.C
wheat;grain;
.W
CHINA'S WHEAT CROP THREATENED BY PESTS, DISEASE.
    PEKING, April 9 - Pests and disease, which destroyed 1.1
mln tonnes of wheat in China in 1986, are threatening crops on
11.64 mln hectares this year, the China Daily said.
    About 14.54 mln hectares of wheat were affected in 1986.
    The paper said abnormal weather conditions had encouraged
the spread of wheat midges in 2.47 mln hectares in Shanxi,
Henan, Sichuan, Anhui, Hebei and Jiangsu.
    In Henan, Shandong and Hebei wheat aphids are affecting
4.67 mln hectares, wheat red mite 2.8 mln hectares and wheat
powdery mildew 1.7 mln hectares.


.I 4562
.C
acq;trade;
.W
ECONOMIC SPOTLIGHT - TELECOM IS KEY JAPAN MINISTRY.
    By Linda Sieg, Reuters
    TOKYO, April 9 - Japan's little-known Ministry of Posts and
Telecommunications (MPT) has emerged as an international force
to be reckoned with, political analysts said.
    MPT, thrust into the spotlight by trade rows with the U.S.
And Britain, is in a position of strength due to its control of
a lucrative industry and its ties with important politicians,
they said.
    "The ministry is standing athwart the regulatory control of
a key industrial sector, telecommunications and information,"
said one diplomatic source.
    "They are a potent political force," the diplomatic source
said.
    But MPT is finding domestic political prowess does not
always help when it comes to trade friction diplomacy, analysts
said.
    "The ministry was a minor ministry and its people were not
so internationalized," said Waseda University professor Mitsuru
Uchida. "Suddenly they're standing at the centre of the world
community and in that sense, they're at a loss (as to) how to
face the situation."
    Most recently the ministry has been embroiled in a row with
London over efforts by Britain's Cable and Wireless Plc to keep
a major stake in one of two consortia trying to compete in
Japan's lucrative overseas telephone business.
    The ministry has favoured the merger of the two rival
groups, arguing the market cannot support more than one
competitor to Kokusai Denshin Denwa Co Ltd, which now
monopolizes the business.
    It has also opposed a major management role in the planned
merger for any non-Japanese overseas telecommunications firm on
the grounds that no such international precedent exists.
    The ministry's stance has outraged both London, which has
threatened to retaliate, and Washington, which says the merger
plan is evidence of Japan's failure to honour pledges to open
its telecommunications market.
    Washington is also angry over other ministry moves which it
says have limited access for U.S. Firms to Japan's car
telephone and satellite communications market.
    Much of MPT's new prominence stems from the growth of the
sector it regulates.
    "What has been happening is an important shift in the
economy which makes the ministry a very important place," said
James Abegglen, head of the consulting firm Asia Advisory
Service Inc.
    A decision to open the telecommunications industry to
competition under a new set of laws passed in 1985 has boosted
rather than lessened MPT's authority, analysts said.
    "With the legal framework eased, they became the de facto
legal framework," said Bache Securities (Japan) analyst Darrell
Whitten.
    Close links with the powerful political faction of the
ruling Liberal Democratic Party (LDP) nurtured by former Prime
Minister Kakuei Tanaka are another key to MPT's influence, the
analysts said.
    "Other factions ignored MPT (in the 1970s), but the Tanaka
faction was forward looking and ... Recognized the importance
of MPT," Uchida said. Many former bureaucrats became members of
the influential political group, he added.
    The ministry also has power in the financial sector due to
the more than 100,000 billion yen worth of deposits in the
Postal Savings System, analysts said.
    MPT has helped block Finance Ministry plans to deregulate
interest rates on small deposits, a key element in financial
liberalisation, since the change would remove the Postal
Savings System's ability to offer slightly higher rates than
banks, they said.
    Diplomatic sources, frustrated with what they see as MPT's
obstructionist and protectionist posture, have characterized
the ministry as feudal.
    Critics charge MPT with protecting its own turf, limiting
competition and sheltering the former monopolies under its
wing. Providing consumers with the best service at the lowest
price takes a back seat to such considerations, they said.
    But many of the ministry's actions are not unlike those of
its bureaucratic counterparts in much of the Western world
including Britain, several analysts said.
    "The United States is really the odd man out," Abegglen said.
"For a government to take the view that it wants to keep order
in utilities markets is not an unusual and/or unreasonable
view," he said.


.I 4564
.C
money-fx;trade;
.W
G-7 ISSUES STATEMENT AFTER MEETING.
    WASHINGTON, April 9 - Following is the text of a statement
by the Group of Seven -- the U.S., Japan, West Germany, France,
Britain, Italy and Canada -- issued after a Washington meeting
yesterday.
    1. The finance ministers and central bank governors of
seven major industrial countries met today.
    They continued the process of multilateral surveillance of
their economies pursuant to the arrangements for strengthened
economic policy coordination agreed at the 1986 Tokyo summit of
their heads of state or government.
    The managing director of the International Monetary Fund
also participated in the meeting.
    2. The ministers and governors reaffirmed the commitment to
the cooperative approach agreed at the recent Paris meeting,
and noted the progress achieved in implementing the
undertakings embodied in the Louvre Agreement.
    They agreed, however, that further actions will be
essential to resist rising protectionist pressures, sustain
global economic expansion, and reduce trade imbalances.
    In this connection they welcomed the proposals just
announced by the governing Liberal Democratic Party in Japan
for extraordinary and urgent measures to stimulate Japan's
economy through early implementation of a large supplementary
budget exceeding those of previous years, as well as
unprecedented front-end loading of public works expenditures.
    The government of Japan reaffirmed its intention to further
open up its domestic markets to foreign goods and services.
    3. The ministers and governors reaffirmed the view that
around current levels their currencies are within ranges
broadly consistent with economic fundamentals and the basic
policy intentions outlined at the Louvre meeting.
    In that connection they welcomed the strong implementation
of the Louvre Agreement.
    They concluded that present and prospective progress in
implementing the policy undertakings at the Louvre and in this
statement provided a basis for continuing close cooperation to
foster the stability of exchange rates.


.I 4566
.C
earn
.W
******RIO TINTO-ZINC CORP PLC 1986 PRETAX PROFIT 601.7 mln stg vs 614.4 mln.
Blah blah blah.

.I 4567
.C
earn
.W
RTZ SEES RISING U.S. OUTPUT AIDING 1987 RESULTS.
    LONDON, April 9 - Rio Tinto-Zinc Corp Plc <RTZL.L>, RTZ,
said the predicted rise in industrial production in the U.S.
And Europe should boost its 1987 performance.
    Consumption of some base metals and their dlr prices are
showing signs of improvement, although iron ore markets have
weakened. The oil price in U.S. Dlrs is above the 1986 average,
and if sustained, should improve energy earnings.
    The company was commenting in a statement on its 1986
results which, on a restated basis, showed net attributable
profits lower at 245 mln stg after 257 mln the previous year.
Pretax profits also dipped to 601.7 mln stg after 614.4 mln.
    RTZ said the excellent performance of its expanding range
of industrial businesses in 1986 was offset by the collapse in
oil prices.
    Industrial businesses contributed 202 mln stg to net
profit, a 40 pct increase from 144 mln in 1985, and 60 pct of
the total. Trading performance improved at wholly-owned
subsidiaries RTZ Borax Ltd, RTZ Cement Ltd, RTZ Chemicals Ltd
and RTZ Pillar Ltd. First time contributions from recent
investment and acquisitions mainly in speciality chemicals and
minerals also aided performance.
    Metals activities contributed 83 mln stg to net profit.


















.I 4569
.C
earn
.W
BRIDGESTONE CORP <BRIT.T> YEAR TO DECEMBER 31.
    TOKYO, April 9 -
    Group shr 35.99 yen vs 38.28
    Net 21.01 billion vs 21.08 billion
    Current 47.73 billion vs 48.06 billion
    Operating 55.04 billion vs 54.99 billion
    Sales 792.71 billion vs 864.28 billion
    NOTE - Company forecast for current year is group shr 37.70
yen, net 22 billion, current 52 billion and sales 800 billion.


.I 4572
.C
sugar
.W
EC SUGAR TENDER SEEN MARKING NO CHANGE IN POLICY.
    BRUSSELS, April 9 - The maximum export rebate granted at
yesterday's EC sugar tender marked no change in policy over
producer complaints that they are not obtaining the EC
intervention price in exporting sugar outside the Community, EC
Commission sources said.
    The maximum rebate was 46.496 Ecus per 100 kilos for
118,350 tonnes of sugar, down from 46.864 Ecus the previous
week, but the change is explained by world market conditions.
    Producers claim the rebate was short of the level needed to
obtain a price equivalent to the intervention price by over one
Ecu per 100 kilos, and was 0.87 Ecu short the previous week,
the sources said.
    They said this was despite the fact that the Commission had
to accept 785,000 tonnes of sugar into intervention from
operators protesting that rebates are too low.
    Operators have now until early May to withdraw this sugar.
But they have not given any sign of planned withdrawals unless
the Commission reviews its export policy, they said.


.I 4574
.C
earn
.W
BURMAH OIL PROSPECTS REMAIN FAVOURABLE.
    LONDON, April 9 - The current year has opened well, with
trading prospects remaining favourable, Burmah Oil Co Plc
<BURM.L> said in a statement with its 1986 results.
    The company plans to maintain a steady rate of investment
in its marketing operations and to obtain improved profit
margins on its liquified natural gas, LNG, project.
    Burmah has the financial capacity to continue making
acquisitions within its business sectors, it added. The
rationalisation programme, including sale of the Bahamas oil
terminal and all peripheral activities, is now complete.
    Pre-tax profit for 1986 rose to 105.9 mln stg from 79.6
mln.
REUTER^M

.I 4575
.C
earn
.W
GEBRUEDER SULZER 1986 PROFIT UP ALMOST 60 PCT.
    WINTERTHUR, Switzerland, April 9 - Year 1986
    Consolidated net profit 67 mln Swiss francs vs 42 mln.
    Dividend 100 francs per registered share vs 80 francs and
10 francs per participation certificate vs eight.
    Consolidated turnover 4.55 billion francs vs 4.54 billion.
    Parent company net profit 38.2 mln francs vs 26.4 mln.
    Parent company turnover 2.20 billion francs vs 2.29
billion.
    Note - Company's full name is Gebrueder Sulzer AG <SULZ.Z>


.I 4578
.C
yen
.W
JAPAN BUSINESS LEADERS SAY G-7 ACCORD IS WORRYING.
    TOKYO, April 9 - The leaders of two of Japan's top business
groups said in separate statements the Group of Seven (G-7)
accord reached in Washington yesterday is of deep concern to
Japan because it shows the major industrial nations regard the
yen's current level as appropriate.
    Eishiro Saito, chairman of the Federation of Economic
Organizations (Keidanren), said the yen's present rate is well
above adequate levels. He did not elaborate.
    Takashi Ishihara, chairman of the Japan Committee for
Economic Development, said the accord will not prevent the yen
from rising further.
    "We do not understand why the G-7 approved present rates as
the yen has risen excessively since the Paris accord," Ishihara
said.
    G-7 members Britain, Canada, France, Italy, Japan, the U.S.
And West Germany said in a statement they consider their
currencies are now within ranges broadly consistent with
economic fundamentals.
    Saito called on each G-7 member nation to prepare to
intervene in the market strongly enough to ensure exchange
rates are stabilised at appropriate levels.


.I 4582
.C
acq
.W
PERGAMON HOLDINGS REDUCES BPCC AND HOLLIS STAKES.
    LONDON, April 9 - <Pergamon Holdings Ltd> and its associate
companies said that they had sold 30 mln ordinary shares in the
British Printing and Communication Corp Plc <BPCL.L> and 10.5
mln in <Hollis Plc> together with other securities.
    No total price was given but the company said the proceeds
of the sales would be used to fund Pergamon's expansion
programme and worldwide acquisition stategy. The company said
that following these sales Pergamon's ordinary shareholdings in
both BPCC and Hollis remained above 51 pct. It said it had no
intention of further reducing its holdings in either company.


.I 4583
.C
trade
.W
BRITAIN, U.S. TO DISCUSS JAPAN TRADE RELATIONS.
    LONDON, April 9 - British Foreign Secretary Sir Geoffrey
Howe and U.S. Secretary of State George Shultz plan to discuss
the growing crisis in trade relations with Japan in talks in
Washington, government officials said.
    Howe views the apparent deadlock in British attempts to
secure a greater share in Japanese domestic markets very
seriously, said an official travelling with him.
    Britain has threatened to impose retaliatory restrictions
on Japanese finance houses in London if Japan does not open up
its markets. The U.S. Has already imposed higher tariffs on
computer microchips imported from Japan.
    Michael Howard, the British minister for consumer and
corporate affairs, repeated the threat of sanctions before
leaving Tokyo yesterday at the end of a four-day visit during
which he failed to secure major concessions from the Japanese.
    Howe's main mission in Washington was to brief Shultz on
Prime Minister Margaret Thatcher's visit to the Soviet Union
last week. Shultz is due to fly to Moscow next week.


.I 4584
.C
earn
.W
NATIONALE NEDERLANDEN PROFITS, SALES STEADY.
    THE HAGUE, April 9 - Year 1986
    Net profit 635.5 mln guilders vs 603.4 mln.
    Revenues 17.35 billion guilders vs 17.27 billion.
    Net profit per nominal 2.50 guilder share 5.79 guilders vs
5.67, corrected for capital increase. (1985 uncorrected figure
5.73).
    Dividend 2.50 guilders vs 2.38, corrected. (2.40
uncorrected.)
    Note - Full name is Nationale Nederlanden NV <NTNN.AS>
REUTER

.I 4587
.C
rubber
.W
SHANGHAI TYREb FACTORY TO RAISE 30 MLN U.S. DLRS.
    HONG KONG, April 9 - Ta Chung Hua Rubber Factory of
Shanghai will raise a 30 to 35 mln U.S. Dlr loan to expand and
modernise its plant, arranger CCIC Finance Ltd said.
    The loan, to be lead managed by the Bank of China, is
expected to mature in eight to nine years, but terms have not
been finalized.
    The money will be used to import manufacturing equipment
including technology transfer for the production of truck
radial tyres. Part of the output will be exported.
    The expansion program is expected to cost a total 54 mln
dlrs. The shortfall will be financed domestically.


.I 4588
.C
interest
.W
SAUDI RATES RISE AS BAHRAIN BANKS CAUGHT SHORT.
    BAHRAIN, April 9 - Saudi riyal interest rates rose as
Bahrain-based banks scrambled to cover short positions, dealers
said.
    Several Bahrain banks had been lending in the fixed periods
and borrowing in the short dates, but today they found the
day-to-day money in short supply, dealers said.
    "Everybody's stuck in the spot-next," one trader said.
    Spot-next rose to as high as 6-1/4, six pct from 5-1/4,
five pct yesterday, and the borrowing interest spilled over
into the periods, with one month rising to around 6-3/16,
5-15/16 pct from 5-15/16, 7/8 pct yesterday.
    Three months edged up to around 6-9/16, 5/16 pct from
6-7/16, 1/4 pct, while six months was quoted a touch firmer by
some banks at seven, 6-3/4 pct.
    Commercial banks quoted the spot riyal at 3.7500/04 to the
dollar after 3.7507/09 yesterday.


.I 4589
.C
gold
.W
BELGIUM TO ISSUE GOLD WARRANTS, SOURCES SAY.
    ZURICH, April 9 - Belgium plans to issue Swiss franc
warrants to buy gold, with Credit Suisse as lead manager,
market sources said.
    No confirmation or further details were immediately
available.


.I 4591
.C
earn
.W
PHILIPPINE TELEPHONE FIRM PLANS STOCK SPLIT.
    By Chaitanya Kalbag, Reuters
    MANILA, April 9 - The Philippine Long Distance Telephone Co
<PLDT.MN> is planning a two-for-one stock split and a 20 pct
stock dividend later this year to reduce excess market
buoyancy, Vice-President Sennen Lazo told Reuters.
    Lazo said the stock split would reduce the par value of the
company's common stock from 10 to five pesos.
    He said the stock split would apply to holders of about 18
mln common shares of stock on the record date of September 15
1987. "The exercise should make our stock more marketable," Lazo
said. "Now it is beyond the reach of many small investors."
    PLDT common stock surged from a low of 37 pesos in February
1986 to 367.50 at close of trading yesterday on the Manila
Stock Exchange.
    Lazo said the 20 pct stock dividend, payable on October 15,
would also apply to stockholders on record as of September 15.
    PLDT reported 1986 net income of 1.89 billion pesos, up 68
pct from 778.9 mln pesos in 1985, on operating revenues of six
billion pesos, up from 4.7 billion pesos in 1985.
    At end December 1986 the company had 417,100 stockholders.
    A PLDT spokesman said the company's profits are likely to
be substantial since the government raised its franchise tax to
three pct from two and to impose a 35 pct corporate income tax
from which it was previously exempt.
    The government has not so far ordered the implementation of
the tax decision.
    PLDT is the largest of 58 telephone companies in the
Philippines. On December 31 1986 the company had 856,014
telephones in operation, representing 94 pct of all instruments
in the country.
    In Manila item "Philippine Telephone firm plans stock split"
please read in page 3, first para, "the company's profits are
likely to be substantially cut" (inserting dropped word). This
replaces  "the company's profits are likely to be substantial"

.I 4593
.C
sugar
.W
CARGILL CONFIRMS WHITE SUGAR SALE TO INDIA.
    LONDON, April 9 - London-based trader Cargill (U.K.) Ltd
confirmed it sold one cargo of white sugar to India for
shipment April 15/May 15 at yesterday's tender.
    Price details were not immediately available but some
traders suggested business had been done around 220 dlrs a
tonne cif.
    India tendered for one or two cargoes of white sugar. There
was no specific requirement on shipping period.


.I 4594
.C
nat-gas
.W
MALAYSIA SEEKS 42 BILLION YEN PIPELINE LOAN.
    KUALA LUMPUR, March 9 - Malaysia has asked Japan for a 42
billion yen 25-year loan to finance the construction of gas
pipelines from eastern Trengganu to southern Johor, the
Overseas Economic Cooperation Fund (OECF) said.
    OECF's chief representative, Takashi Matsuya, told
reporters the Japanese Government is appraising the loan.
Another OECF official told Reuters Japan is likely to approve
the loan because "it is technically and economically viable."
    If approved, the loan would carry a coupon rate of four
pct, a grace period of seven years, Matsuya said. It would be
disbursed over three years, he added.
    The pipeline contruction is the second phase of the
Peninsular Gas Utilisation Project by Petronas, Malaysia's
national oil company.
    The first phase was the supply of gas to households in and
around the eastern oil town of Kertih.


.I 4595
.C
earn
.W
CCF REPORTS 34.8 PCT PROFIT BOOST, SHARE SPLIT SEEN.
    PARIS, April 9 - Credit Commercial de France <CCFP.PA>
reported a parent company net profit up 34.8 pct to 140.1 mln
francs from 103.9 mln francs a few weeks before its
denationalisation around the end of this month.
    Official sources said the bank, France's sixth largest in
terms of its deposits and seventh in terms of its assets,

planned a share split to increase the number of shares on offer
ahead of the sale of 40 pct of its ordinary share capital to
the public, of 10 pct to staff and 20 pct abroad.
    Previously one of France's biggest private banks, it was
nationalised by the Socialists in 1982.
    The sources said it was too early to give details of the
planned split or of the share price, but cited April 27 as a
likely date for the flotation launch.
    So far 30 pct of the group's capital, currently at 10.33
mln shares of 100 francs nominal, has been offered for sale to
large private investors to constitute a solid core of eight to
ten shareholders before the flotation.
    The private tender offer closes on April 16, while a 12 mln
franc advertising campaign for the flotation begins on Sunday.
"The privatisation will be a way of attracting extra clients,"
CCF deputy director-general Rene de la Serre told Reuters.
    Market sources put the total value of CCF's privatisation
at between four and five billion francs.
    De la Serre said the bank was likely to attract at least
the same number of investors as <Sogenal>, another recently
privatised bank in which 850,000 people bought shares.
    The government's sweeping privatisation programme has also
included the sale of Saint-Gobain <SGEP.PA>, and Cie Financiere
de Paribas <PARI.PA>. The sale of <Banque du Batiment et des
Travaux Publics> and <Banque Industrielle et Mobiliere Privee>
should be completed this month, while third largest French bank
Societe Generale <SGEN.PA> will be privatised later this year.


.I 4597
.C
grain;rice;
.W
IDA GIVES 18.6 MLN DLR LOAN TO SRI LANKA.
    COLOMBO, April 9 - The International Development
Association (IDA) is lending 18.6 mln dlrs to Sri Lanka for
agricultural research and development, the World Bank said in a
statement.
    The loan is part of a 26.5 mln dlr project to improve
production of commodities, mainly rice, and raise farmer
incomes. Other financing for the project will come from Sri
Lanka (7.1 mln dlrs) and West Germany (800,000 dlrs).
    The IDA credit is interest-free and for 50 years. It
includes a 10-year grace period but has annual charges of 0.5
pct on the undisbursed balance, and 0.75 pct on the disbursed
balance, the Bank statement said.
    The project envisages the creation of a Council of
Agricultural Research to formulate a national agricultural
strategy and introduce a contract research programme to finance
research activities, the Bank said.
    The Washington-based IDA is the World Bank's affiliate for
concessionary lending.


.I 4598
.C
strategic-metal;platinum;palladium;
.W
JOHNSON MATTHEY'S PLATINUM GROUP PRICES.
    LONDON, APRIL 9 - Johnson Matthey today issued the
following Platinum group base prices (unfabricated), all U.S.
Dlrs per troy ounce.
 Previous prices in parentheses.
 PLATINUM  -   562   (567)
 PALLADIUM -   130   (130)
 IRIDIUM   -   400   (400)
 RHODIUM     1,230 (1,230)
 RUTHENIUM -    80    (80)

.I 4599
.C
acq
.W
LEX SERVICE BUYS SEARS MOTOR GROUP.
c    LONDON, April 9 - Lex Service Plc <LEXL.L> said it had
acquired <Sears Motor Group Ltd>, the retail motor distribution
arm of Sears Plc < SEHL.L>, and an 11.9 mln stg loan note
payable by Sears Motor for 33.4 mln stg.
    The purchase will be through 1.4 mln stg in cash and the
issue to Sears Plc of 8.0 mln new Lex ordinary shares.
    The company said in a statement that immediately following
the acquisition of the motor group, its car and commercial
vehicle contract hire fleet of some 3,000 vehicles was sold to
<Lex Vehicle Leasing Ltd> for 14.3 mln stg in cash, a sum equal
to the net book value of the vehicles transferred.
    Lex Vehicle is owned equally by Lex Services and <Lombard
North Central Plc>.
    Lex said the shares involved in the transaction were today
being placed for Sears Plc with institutions at 400p. These
shares will not qualify for the final Lex dividend on 10 April.
    Lex said in a statement that its acquisition of Sears Motor
Group represents a major development for its automotive
activities. The enlarged retailing operations of the Lex
Automotive group now have a turnover of 530 mln stg. Lex's
existing automotive interests include Volvo Concessionaires,
the sole importer of Volvo cars and parts into the U.K.
    Lex said the turnover for Sears Motor Group in the year to
31 December 1986 was 242 mln stg and that at the date of the
acquisition the group had about 50 mln stg in external
borrowings.
    Lex shares fell on the announcement to trade around 409p
from a 419p close yesterday.


.I 4602
.C
rubber
.W
MAJOR RUBBER PRODUCERS TO MEET IN SINGAPORE.
    SINGAPORE, April 9 - Officials from Indonesia, Malaysia,
Singapore and, perhaps, Thailand will meet here tomorrow to
discuss increased regional cooperation on rubber marketing and
ways to raise rubber prices, industry sources said.
    The officials will discuss linking rubber markets in the
four countries to improve price transparency, the sources said.
    This is the first time Indonesia is attending such a
meeting, they said, but representatives from Thailand may not
be able to attend because of their tight schedule. Malaysia,
Indonesia and Thailand account for 90 pct of world rubber
exports and Singapore is a major regional rubber trading
centre.
    The Malaysian Rubber Futures market, freighting and
contracts for rubber are among other issues expected to be
discussed.
    Last month, rubber importing and exporting countries
adopted a new International Natural Rubber Agreement in Geneva.
The new pact is more responsive to market trends than its
predecessor, the sources said, and earlier provisions allowing
the buffer stock to borrow from banks have been eliminated.


.I 4603
.C
acq
.W
MEPC EXTENDS OFFER FOR OLDHAM.
    LONDON, April 9 - MEPC Plc <MEPC.L> said that its offer for
<Oldham Estates Ltd> would remain open until further notice.
    On February 26 MEPC made an agreed bid for Oldham based on
a formula reflecting its asset value at 30 September 1986. A
year earlier Oldham's net asset value was put at 531.4 mln stg.
    As of 1 April the valuation used under the formula had
still to be agreed so Oldham had yet to give a firm
recommendation to its shareholders regarding the value of the
the offer.


.I 4605
.C
earn
.W
GEORGE WIMPEY PROFITS UP 42 PCT TO 66.5 MLN STG.
    LONDON, April 9 - Year to December 31, 1986.
    Shr 18.35p vs 14.95p
    Div 3.75p vs 2.9p making 4.75p vs 3.75p
    Pretax profit 66.5 mln stg vs 46.9 mln
    Tax 14.6 mln stg vs 4.5 mln
    Net profit 51.9 mln stg vs 42.4 mln
    Turnover 1.44 billion stg vs 1.58 billion
    Note - Full name of company is George Wimpey Plc <WMPY.L>.
    Operating profit before exceptional items 88.9 mln stg vs
80.5 mln
    Exceptional debits 3.0 mln stg vs 11.6 mln
    Operating profit 85.9 mln stg vs 68.9 mln
    Share of profits less losses of associated companies 1.4
mln stg vs 2.4 mln loss
    Interest - net payable 20.8 mln stg vs 19.6 mln
    Attributable minority profits debits 0.2 mln stg vs 0.3 mln
    Extraordinary items debit 3.4 mln stg vs 4.3 mln credit
    Net borrowings 195.1 mln stg vs 193.5 mln


.I 4606
.C
trade
.W
******CANADA FEBRUARY TRADE SURPLUS 1.25 BILLION DLRS AFTER JANUARY 623 MLN DLRS SURPLUS.
Blah blah blah.

.I 4607
.C
earn
.W
AEGON 1986 NET PROFIT RISES 6.4 PCT.
    THE HAGUE, April 9 - Net profit 327.1 mln guilders vs
307.5.
    Total revenue 7.97 billion guilders vs 8.7 billion.
    Net profit per five guilder nominal share 9.33 guilder vs
9.25 (corrected for capital increase).
    Final dividend 1.30 guilders and 2.4 pct stock vs 1.30
guilders and 2.2 pct in stock. Interim dividend already paid
was 1.30 guilders.
    Note : full name of company is AEGON NV <AEGN.AS>


.I 4608
.C
trade
.W
CANADA FEBRUARY TRADE SURPLUS 1.2 BILLION DLRS.
    OTTAWA, April 9 - Canada had a trade surplus of 1.25
billion dlrs in February compared with an upward revised 623
mln dlrs surplus in January, Statistics Canada said.
    The January surplus originally was reported at 533 mln
dlrs. The February surplus last year was 189 mln dlrs.
    February exports, seasonally adjusted, were 10.44 billion
dlrs against 9.85 billion in January and 10.05 billion in
February, 1986.
    February imports were 9.19 billion dlrs against 9.23
billion in January and 9.86 billion in February, 1986.


.I 4609
.C
dlr;money-fx;
.W
BANK OF JAPAN BUYS DOLLARS IN TOKYO, DEALERS SAY.
    TOKYO, April 9 - The Bank of Japan bought a modest amount
of dollars at around 145.10 yen just after the market here
opened, dealers said.
    Just before the opening, the dollar dropped swiftly as
speculators concluded the Group of Seven (G-7) comminuique
issued in Washington contained nothing basically new, they
said. It fell about a half yen, to around 145.
    The G-7 reaffirmed that their currencies around current
levels reflect economic fundamentals.
    One dealer said the Bank of Japan probably intervened in
Australia before the opening here, but could not confirm this.


.I 4610
.C
money-fx;yen;
.W
MIYAZAWA SAYS YEN STILL INSIDE PARIS RANGE.
    WASHINGTON, April 8 - Japanese Finance Minister Kiichi
Miyazawa said the strengthening of the yen against the dollar
that has occurred since the Paris Agreement was within the
range agreed on in the Louvre discussions.
    "I would say that what has happened (to the yen) in the past
several weeks was not outside the range we agreed to in the
discussions in Paris," Miyazawa told a press conference
following the Group of Seven meeting here.
    He added that the current discussions were a "reaffirmation"
of that agreement, indicating that the "solidarity" that occurred
in Paris was still in place.


.I 4614
.C
money-fx;interest;
.W
U.K. MONEY MARKET GETS 103 MLN STG HELP.
    LONDON, April 9 - The Bank of England said it operated in
the money market this morning, buying 103 mln stg bank bills.
    The central bank bought in band one 60 mln stg at 9-7/8, in
band two eight mln at 9-13/16, in band three 26 mln at 9-3/4
and in band four nine mln stg at 9-11/16 pct.
    This compares with the bank's forecast of a 400 mln stg
shortfall today.


.I 4616
.C
earn
.W
NATNED FORECASTS 1987 RESULTS IN LINE WITH 1986.
    THE HAGUE, April 9 - The Netherlands' largest insurer
Nationale Nederlanden NV <NTTN.AS> (NatNed) said it expected at
least unchanged results in 1987 after reporting 1986 net
profits up 5.3 pct to 635.5 mln guilders from 603.4 mln in
1985,
    Revenues increased by 0.5 pct to 17.35 billion guilders
after 17.27 billion the previous year, and the dividend was
raised to 2.50 guilders per share from 2.38 guilders in 1985,
corrected on a capital increase.
    The company said guilder revenue and profit were pressured
by falls in exchange rates, particularly in the US and
Australian dollar and sterling.
    Without these currency fluctuations, net profit would have
been 30.7 mln guilders higher and revenue 1.97 billion higher,
NatNed said.
    The international share in turnover was 50 pct in 1986
compared with 52 pct in 1985.
    The company's life insurance result fell to 365.7 mln
guilders after 428.4 mln in 1985 due to currency influences,
tighter interest margins and increased investment.
    Claim payouts fell to 9.9 mln guilders after 66.6 mln the
previous year.
    The company's total assets reached 69.87 billion guilders
in 1986 against 67 billion the year before.
    Assets per share equalled 65.68 guilders against 65.53.
    Without these currency fluctuations, net profit would have
been 30.7 mln guilders higher and revenue 1.97 billion higher,
NatNed said.
    The international share in turnover was 50 pct in 1986
compared with 52 pct in 1985.
    The company's life insurance result fell to 365.7 mln
guilders aft
 INTERRUPTED

.I 4617
.C
trade
.W
BRITAIN, U.S. TO DISCUSS JAPAN TRADE RELATIONS.
    LONDON, April 9 - British Foreign Secretary Sir Geoffrey
Howe and U.S. Secretary of State George Shultz plan to discuss
the growing crisis in trade relations with Japan in talks in
Washington, government officials said.
    Howe views the apparent deadlock in British attempts to
secure a greater share in Japanese domestic markets very
seriously, said an official travelling with him.
    Britain has threatened to impose retaliatory restrictions
on Japanese finance houses in London if Japan does not open up
its markets. The U.S. Has already imposed higher tariffs on
computer microchips imported from Japan.
    Michael Howard, the British minister for consumer and
corporate affairs, repeated the threat of sanctions before
leaving Tokyo yesterday at the end of a four-day visit during
which he failed to secure major concessions from the Japanese.
    Howe's main mission in Washington was to brief Shultz on
Prime Minister Margaret Thatcher's visit to the Soviet Union
last week. Shultz is due to fly to Moscow next week.


.I 4619
.C
reserves
.W
BANK OF FRANCE RETURN - APR 9.
 Week end Apr 2 (in mln francs)
 Gold reserves 218,316 (unch)
 Convertible Currency Reserves 119,518 (116,728)
 Ecus 62,008 (62,020)
 Special Operations (advances to
     Exchanges stabilisation fund) nil (nil)
 Special Drawing Rights 6,866 (unch)
 Notes In Circulation 209,260 (207,517)
 Foreign Liabilities 3,101 (3,082)

.I 4620
.C
dlr;money-fx;
.W
EUROPEAN MARKETS REACT QUIETLY TO G-7 COMMUNIQUE.
    By Richard Murphy, Reuters
    ZURICH, April 9 - European currency markets reacted quietly
to the G-7 communique, with comments from bankers and dealers
ranging from disappointment that it was not more concrete to
surprise that the markets should have expected so much.
    The dollar opened lower against virtually all currencies
and traded in a narrow range after the communique, which
reaffirmed support for the Paris accord on currency
stabilisation but contained no moves to strengthen it.
    Dealers in Frankfurt and Zurich saw the dollar remaining
broadly entrenched in its current trading range.
    "The dollar is likely to stay within a range of 1.80 to 1.84
marks," said Gisela Steinhaeuser, senior dealer at Chase Bank
AG. She said there was some resistance to further climbs.
    However, she said the dollar could break out of the range
with major surprises such as a worse-than-expected U.S.
Merchandise trade deficit, due next Tuesday.
    Theodor Stadelmann, dealer with Bank Julius Baer and Co Ltd
in Zurich, said he expects the dollar to hold steady against
the mark and Swiss franc but to weaken further against the yen,
possibly to 140 yen.
    A Milan banker shared Stadelmann's view, saying he expects
a dollar-yen range of 140-150 in the short term.
    London traders said the G-7 communique failed to curb
underlying bearishness toward the dollar but this negative
sentiment was not yet strong enough to tempt interbank
operators to test the downside.
    Concern that finance ministers and officials still in
Washington could issue more concrete statements in favour of
currency stabilisation kept players sidelined, along with
worries about provoking fresh central bank intervention in the
near term, the traders said.
    Most Paris dealers expressed disappointment at the
communique, saying nothing has changed to reverse the dollar's
downward trend.
    Traders in several centres said the market would look for
fresh opportunities to test the willingness of central banks to
defend current ranges, which the communique said were "broadly
consistent with economic fundamentals and the basic policy
intentions outlined at the Louvre meeting."
    Dave Jouhin, senior dealer at Midland Bank in London, said
"They're going to put somebody's resolve to the test soon." The
U.S. February trade data may provide the trigger, dealers said.
    However, some dealers said London-based operators would be
unlikely to open major positions next week ahead of the long
Easter weekend. They saw near-term technical support at 1.825
marks and 145 yen and resistance about 1.83 marks and 146 yen.
    Chase Bank's Steinhaeuser and other Frankfurt dealers said
the G-7 communique guaranteed a relatively calm and stable
market for the foreseeable future compared with the extreme
volatility seen in the first few months of this year.
    One dealer at a German bank said the wording of the
communique made clear the leading nations did not want a
further dollar drop, and this was supporting the dollar.
    The German dealer saw the dollar gradually appreciating to
1.87 marks, broadly seen as its upper limit within the Louvre
accord's supposed currency target range.
    A Swiss bank economist said he believed the markets were
ready for a period of "mainly sideways movement."
    But Milan dealers were sceptical about the communique
contributing to greater stability.
    "Nothing has changed substantially to give the dollar a big
boost," said one dealer, while another Italian banker said he
expects the dollar to trade between 1.77 and 1.87 German marks
in the next three months.
    A Swiss monetary source, who asked not to be named, said
the communique had been in line with realistic expectations and
should not have produced disappointment.
    "The problem is that the changes needed in fiscal and trade
policies to redress current imbalances are of a different
timescale than currency markets operate on," the source told
Reuters, "This is a political process which takes time."
    Alois Schwietert, chief economist at Swiss Bank Corp in
Basle, also questioned the tone of disappointment evident on
currency markets today. "Did people really expect a patent
remedy?" he asked.
    Bank economists in Paris noted yesterday's meeting was only
the first in a series and said the market would watch carefully
in the next few weeks for any changes in positions.
    A senior economist with Banque Indosuez said the focus was
now on trade and growth rather than interest rates. Any move by
Japan and West Germany to boost their economic growth could
lead to a quick change in the U.S. Position.
    Dealers in all centres agreed that markets would be wary in
pushing the dollar too far too quickly in the coming months
while central banks appear resolved to use their muscle to
support the Paris accord.


.I 4622
.C
money-fx;interest;
.W
GERMAN MONEY MARKET SPLIT ON LOWER RATE PROSPECTS.
    FRANKFURT, April 9 - Remarks by central bankers raised some
hopes the Bundesbank will cut rates on securities repurchase
pacts, but operators remained divided on the likelihood of a
move in the near term, money market dealers said.
    Comments by Bundesbank board member Claus Koehler yesterday
that rate cuts were needed to curb money supply growth from
speculative capital inflows, and by West Berlin state central
bank president Dieter Hiss that there was no natural lower
limit to the discount rate had, however, no immediate impact.
    Call money declined to 3.65/75 pct from 3.75/85 pct but the
drop was tied to extra liquidity in the market, dealers said.
    Dealers said the Bundesbank's latest liquidity allotment
this week dashed some hopes of lower rates.
    The Bundesbank allotted only 6.1 billion marks yesterday in
new liquidity in a repurchase pact at an unchanged rate of 3.80
pct, thus subtracting some 8.8 billion marks from the market,
as an outgoing 14.9 billion pact expired.
    But some dealers said the smaller volume awarded by the
pact was in line with present liquid money market conditions,
and did not exlude a cut in the repurchase pact rate soon to
3.70 pct if money market rates continue at present levels.
    The next opportunity for the Bundesbank to lower rates on
repurchase pacts will be in a tender expected next Tuesday.
    Bundesbank officials have already said they favour more
discreet rate adjustments through repurchase pacts, rather than
the more public adjustment of leading rates.
    The Bundesbank may either set a fixed allocation rate and
allow banks to tender for the volume, as has been the case
since it lowered its discount rate January 22, or else it may
allow banks to tender for the rate and set the volume itself.
    Dealers expect volume of the tender to be lower than the
15.2 billion marks flowing out, to offset other incoming funds.
    Some seven billion marks is expected to flow in next week.
This should then flow back into the market as it is deposited
with banks.
    Banks were well supplied with liquidity, holding 61.5
billion marks in reserves at the Bundesbank on Tuesday.
    Holdings of average daily reserves over the first seven
days of April stood at 59.6 billion marks, still above the
estimated 51 billion required for all of April.


.I 4624
.C
sugar
.W
THAILAND TO RENEW LONG TERM SUGAR CONTRACTS -TRADE.
    LONDON, April 9 - Thailand is to negotiate tomorrow with
selected trade houses for renewal of long term raw sugar sales
contracts, to cover the next five years at a rate of 60,000
tonnes annually, traders said.
    They also reported vague talk Algeria may be seeking 50,000
tonnes of raws tomorrow but details are unclear.


.I 4625
.C
trade
.W
EC LAUNCHES ANTI-DUMPING PROBE ON JAPANESE CHIPS.
     BRUSSELS, April 9 - The European Community launched an
investigation into allegations of dumping by Japanese
semiconductor makers in a move which diplomats said could mark
an intensification of world trade strains.
    Tokyo already faces a deadline of April 17 from Washington
for the imposition of 300 mln dlrs worth of tariffs on chips it
imports into the U.S.
    The EC Executive Commission said today the European
Electrical Component Manufacturers Association complained that
Japanese firms were selling high capacity EPROM type (erasable
programmable read only memory) chips at unfairly low prices.
    Japan last year took 78 pct of the 170 mln dlr EC EPROM
market, up from 60 pct in 1984. The EC firms said they had been
forced to offer their products at a discount of up to 30 pct in
order to compete with the Japanese.
    The Commission said it believed the Association had given
sufficient elements of proof for dumping to warrant an
investigation, which could lead it to impose duties if it found
the complaints were justified.
    The Commission claims last year's accord between the U.S.
And Japan on microchip pricing gives U.S. Firms privileged
access to the Japanese market.


.I 4626
.C
money-fx
.W
SWISS TO LAUNCH NEW SERIES OF MONEY MARKET PAPER.
    ZURICH, April 9 - The Swiss Federal Government will launch
a new series of three month money market certificates totalling
around 150 mln Swiss francs, the National Bank said.
    Subscriptions close April 14 and payment date is April 16.
    The last series of three month paper issued in March raised
147.3 mln francs at an issue price of 99.142 pct, giving an
average annual yield of 3.501 pct.


.I 4627
.C
dlr;money-fx;
.W
EUROPEAN MARKETS REACT QUIETLY TO G-7 COMMUNIQUE.
    ZURICH, April 9 - European currency markets reacted quietly
to the G-7 communique, with comments from bankers and dealers
ranging from disappointment that it was not more concrete to
surprise that the markets should have expected so much.
    The dollar opened lower against virtually all currencies
and traded in a narrow range after the communique, which
reaffirmed support for the Paris accord on currency
stabilisation but contained no moves to strengthen it.
    Frankfurt and Zurich dealers saw the dollar staying broadly
entrenched in its current trading range.


.I 4628
.C
money-fx
.W
FINANCE MINISTERS AGREE ON NEED FOR STABILITY.
    WASHINGTON, April 9 - Finance ministers from seven major
industrialized nations agreed on the need to stabilize
currencies at current levels but said more action was needed to
reduce trade imbalances and sustain economic growth.
    In a communique issued after a four-hour meeting at the
U.S. Treasury that ended last night, the ministers said the
value of the dollar and other currencies was basically correct
now, and they welcomed new measures planned by the Japanese to
boost their economy.
    West German Finance Minister Gerhard Stoltenberg called it
a "good meeting" and in brief remarks exchanged with reporters
other ministers seemed pleased with its outcome.
    Shortly after the communique was issued and just as foreign
exchange trading opened in Tokyo, the Bank of Japan intervened
again to prevent the yen rising too quickly.
    The communique said, "The ministers and governors reaffirmed
the commitment to the cooperative approach agreed at the recent
Paris meeting. They agreed, however, that further actions will
be essential to resist rising protectionist pressures, sustain
global economic expansion and reduce trade imbalances."
    It welcomed the plans set this week by the Japan's ruling
Liberal Democratic Party to stimulate its economy with what the
communique termed "extraordinary and urgent measures" including
an "unprecedented front-end loading of public works
expenditures."
    The meeting of the so-called Group of Seven brought
together ministers and central bank governors of the seven
major industrial democracies, the United States, Japan, West
Germany, France, Britain, Italy and Canada.
    The communique said the ministers reaffirmed the commitment
on cooperation reached in a meeting on February 22 in Paris
when they had agreed to stabilize foreign exchange rates at the
then-current levels.
    In the weeks that followed, the dollar continued to fall
against the Japanese yen despite massive dollar purchases by
the Bank of Japan and other central banks and is now trading at
around postwar lows.
    Japan has come under growing criticism from both the United
States and European countries for its only modest efforts to
open its markets to outside competition and to reduce its
exports.
    The communique said Japan affirmed its intention to open
domestic markets to foreign goods and services but did not
elaborate.
    It said the officials "reaffirmed the view that around
current levels their currencies are within ranges broadly
consistent with economic fundamentals and the basic policy
intentions outlined at the Louvre meeting."


.I 4629
.C
earn
.W
AEGON EXPECTS MODERATE RISE IN 1987 PROFITS.
    THE HAGUE, April 9 - Dutch insurer AEGON NV <AEGN.AS>
reported a 6.4 pct increase in 1986 net profits to 327.1 mln
guilders and said it expected a moderate increase in profits
for 1987.
    Total revenue was eight pct lower in 1986 at 7.97 billion
guilders vs 8.7 billion guilders in 1985. The company said its
revenues were down due to lower foreign exchange rates and a
change in accounting practice. It added that revenues would
have risen by about seven pct had those changes not occurred.
    Revenue from Dutch operations rose five pct in 1986, mainly
due to its life insurance business.
    Health insurance revenues in the Netherlands also rose
despite a notable shift to insurances with lower premiums and
higher personal risks.
    Damage insurances made losses, mainly due to car damage
insurances. AEGON did not specify the loss.
    In the United States, revenue in guilders from health and
life insurance was lower. AEGON said this was due to a change
in accounting for U.S. Annuities.
    AEGON said annuities are subject to such strong personal
investment influences that it should be accounted differently
from the more traditional insurances.
    This change in accounting practice and another change to
account for profits made on fixed interest investments,
resulted in an incidental rise in net profits of 31 mln
guilders.
    AEGON said incidental negative influences on net profits
were slightly higher, being the lower dollar rate, high initial
costs for new products, and the cost of new headquarters in The
Hague.
    In 1986, a large number of new insurance products emerged
in the Netherlands and the U.S., AEGON said. Large initial
costs for these products have depressed net profits somewhat.
    Monumental Corp, a U.S. Insurer which merged with AEGON in
May 1986, saw its profits almost completely eroded by these
costs and made only a small contribution to the group's
profits.
    AEGON said it has written-off 657 mln guilders in goodwill
for Monumental Corp.
    AEGON's net equity was 2.71 billion guilders in December
1986, against 3.46 billion the year before.


.I 4630
.C
money-fx;trade;
.W
G-7 ISSUES STATEMENT AFTER MEETING.
    WASHINGTON, April 9 - Following is the text of a statement
by the Group of Seven -- the U.S., Japan, West Germany, France,
Britain, Italy and Canada -- issued after a Washington meeting
yesterday.
    1. The finance ministers and central bank governors of
seven major industrial countries met today.
    They continued the process of multilateral surveillance of
their economies pursuant to the arrangements for strengthened
economic policy coordination agreed at the 1986 Tokyo summit of
their heads of state or government.
    The managing director of the International Monetary Fund
also participated in the meeting.
    2. The ministers and governors reaffirmed the commitment to
the cooperative approach agreed at the recent Paris meeting,
and noted the progress achieved in implementing the
undertakings embodied in the Louvre Agreement.
    They agreed, however, that further actions will be
essential to resist rising protectionist pressures, sustain
global economic expansion, and reduce trade imbalances.
    In this connection they welcomed the proposals just
announced by the governing Liberal Democratic Party in Japan
for extraordinary and urgent measures to stimulate Japan's
economy through early implementation of a large supplementary
budget exceeding those of previous years, as well as
unprecedented front-end loading of public works expenditures.
    The government of Japan reaffirmed its intention to further
open up its domestic markets to foreign goods and services.
    3. The ministers and governors reaffirmed the view that
around current levels their currencies are within ranges
broadly consistent with economic fundamentals and the basic
policy intentions outlined at the Louvre meeting.
    In that connection they welcomed the strong implementation
of the Louvre Agreement.
    They concluded that present and prospective progress in
implementing the policy undertakings at the Louvre and in this
statement provided a basis for continuing close cooperation to
foster the stability of exchange rates.


.I 4631
.C
money-fx
.W
G-7 WANTS TO SHOW MARKETS ITS RESOLVE - MIYAZAWA.
    WASHINGTON, April 8 - Japanese Finance Minister Kiichi
Miyazawa said the Group of Seven (G-7) countries reaffirmed
their Paris accord on stabilising currencies to convince the
market of their resolve.
    At a news conference after today's G-7 meeting, Miyazawa
said the ministers and central bank governors did not believe a
totally new statement was needed.
    The speculative selling did not reflect economic
fundamentals, and since the fundamentals had not changed only a
reaffirmation of the goals of the Paris accord was needed, he
said.
    He also noted that this test of the G-7 nations resolve had
concentrated on the yen, while other currencies, especially the
mark, had remained stable.
    Miyazawa said any change in economic conditions since the
Paris accord was not worth being called fundamental.
    "As I said at a time of Louvre (agreement), the expression
of 'current level' is rather vague idea," he said.
    The yen's movement in the past several weeks is within the
range agreed in Paris in Febraury, he said.
    It was better to give a vague expression than pin-pointing
a level, which could have an adverse impact on the market,
Miyazawa said.
    Asked why only Japan was committed to fresh measures in the
statement, he said Japan was exceptional among the seven
because the yen appreciated against the dollar while other
major currencies largely have been stable.
    He also said Japan's ruling Liberal Democratic Party has
justed adoped a package to reflate the economy while other
nations are not supposed to produce new measures in a short
period since the Paris agreement.
    Miyazawa also said the U.S. sanctions against Japanese
semiconductor products was not discussed through the G-7
meeting and did not affect the currency talks.
    The seven nations discussed the debt problems of developing
countries and ways to proceed in line with the debt initiative
outlined by U.S. Treasury Secretary James Baker 18 months ago.


.I 4632
.C
money-fx;yen;
.W
YEN SEEN RISING AFTER G-7 COMMUNIQUE.
    By Jeremy Solomons, Reuters
    NEW YORK, April 8 - The yen is likely to start another
uneven rise against the dollar and other major currencies
because the Group of Seven communique contained nothing new,
currency and bond analysts here said.
    "Is that it? I was expecting something more than that," said
one trader at a major Wall Street securities company.
    Marc Cohen of Republic National Bank of New York said: "The
market now has the impetus to drive the dollar lower again."
    The dollar hovered between 145.50 and 147 yen in the days
just before the talks. Dealers restrained their underlying
bearishness and squared positions ahead of Wednesday's meeting
of the finance ministers and central bankers of the top seven
industrialized nations in Washington.
    After more than four hours of talks, the G-7 issued a
communique which merely reaffirmed the recent Paris agreement's
view that prevailing currency levels were broadly consistent
with economic fundamentals and that exchange rate stability
should be fostered around these levels.
    The dollar sank to 144.75 yen in early Tokyo trading.
    "They said that the dollar/yen rate was broadly in line with
fundamentals when it was 154. Now they are saying it's in line
when it's at 146. Will this still be so at 138 or 130?," asked
Republic's Cohen.
    Japanese Finance Minister Kiichi Miyazawa fuelled
speculation about the amount of fluctuation the authorities are
prepared to tolerate by saying that the current yen level is
still inside the range agreed on in Paris in late February.
    Official statements in recent weeks had indicated that the
key psychological level of 150 yen was at the lower end of the
authorities' permissible range.
    Dealers and analysts warned that the dollar's decline would
probably be uneven. They anticipated a concerted effort to prop
up the dollar and restrain the yen via a mixture of open market
intervention and public comments.
    Shortly after the Tokyo market opened today the Bank of
Japan was detected by local dealers buying moderate amounts of
dollars. The dollar rebounded to about 145.20 yen.
    The sources said the market may also be wary of agressively
selling dollars for yen before Tuesday's February U.S. Trade
data. The figures are expected to show a deficit of 13 billion
dlrs, from a provisional 14.8 billion in January.





.I 4633
.C
yen
.W
JAPAN BUSINESS LEADERS SAY G-7 ACCORD IS WORRYING.
    TOKYO, April 9 - The leaders of two of Japan's top business
groups said in separate statements the Group of Seven (G-7)
accord reached in Washington yesterday is of deep concern to
Japan because it shows the major industrial nations regard the
yen's current level as appropriate.
    Eishiro Saito, chairman of the Federation of Economic
Organizations (Keidanren), said the yen's present rate is well
above adequate levels. He did not elaborate.
    Takashi Ishihara, chairman of the Japan Committee for
Economic Development, said the accord will not prevent the yen
from rising further.
    "We do not understand why the G-7 approved present rates as
the yen has risen excessively since the Paris accord," Ishihara
said.
    G-7 members Britain, Canada, France, Italy, Japan, the U.S.
And West Germany said in a statement they consider their
currencies are now within ranges broadly consistent with
economic fundamentals.
    Saito called on each G-7 member nation to prepare to
intervene in the market strongly enough to ensure exchange
rates are stabilised at appropriate levels.


.I 4635
.C
earn
.W
UNIFIRST CORP <UNF> SETS QUARTERLY.
    WOBURN, Mass., April 9 -
    Qtly div five cts vs five cts prior
    Pay July One
    Record June 17


.I 4637
.C
earn
.W
<TRUMP PLAZA> 4TH QTR NET.
    ATLANTIC CITY, N.J., April 9 -
    Net profit 2,529,000 vs loss 1,066,000
    Revs 59.0 mln vs 52.6 mln
    Year
    Net profit 15.4 mln vs profit 865,000
    Revs 247.0 mln vs 231.1 mln
    NOTE: Company became wholly owned and operated by Donald
Trump in May 1986, when he acquired 50 pct interest that had
been owned by former operator Holiday Corp <HIA>.


.I 4638
.C
dlr;money-fx;
.W
EUROPEAN MARKETS REACT QUIETLY TO G-7 COMMUNIQUE.
    By Richard Murphy, Reuters
    ZURICH, April 9 - European currency markets reacted quietly
to the G-7 communique, with comments from bankers and dealers
ranging from disappointment that it was not more concrete to
surprise that the markets should have expected so much.
    The dollar opened lower against virtually all currencies
and traded in a narrow range after the communique, which
reaffirmed support for the Paris accord on currency
stabilisation but contained no moves to strengthen it.
    Dealers in Frankfurt and Zurich saw the dollar remaining
broadly entrenched in its current trading range.
    "The dollar is likely to stay within a range of 1.80 to 1.84
marks," said Gisela Steinhaeuser, senior dealer at Chase Bank
AG. She said there was some resistance to further climbs.
    However, she said the dollar could break out of the range
with major surprises such as a worse-than-expected U.S.
Merchandise trade deficit, due next Tuesday.
    Theodor Stadelmann, dealer with Bank Julius Baer and Co Ltd
in Zurich, said he expects the dollar to hold steady against
the mark and Swiss franc but to weaken further against the yen,
possibly to 140 yen.
    A Milan banker shared Stadelmann's view, saying he expects
a dollar-yen range of 140-150 in the short term.
    London traders said the G-7 communique failed to curb
underlying bearishness toward the dollar but this negative
sentiment was not yet strong enough to tempt interbank
operators to test the downside.
    Concern that finance ministers and officials still in
Washington could issue more concrete statements in favour of
currency stabilisation kept players sidelined, along with
worries about provoking fresh central bank intervention in the
long term, the traders said.
    Most Paris dealers expressed disappointment at the
communique, saying nothing has changed to reverse the dollar's
downward trend.
    Traders in several centres said the market would look for
fresh opportunities to test the willingness of central banks to
defend current ranges, which the communique said were "broadly
consistent with economic fundamentals and the basic policy
intentions outlined at the Louvre meeting."
    Dave Jouhin, senior dealer at Midland Bank in London, said
"They're going to put somebody's resolve to the test soon." The
U.S. February trade data may provide the trigger, dealers said.
    However, some dealers said London-based operators would be
unlikely to open major positions next week ahead of the long
Easter weekend. They saw near-term technical support at 1.825
marks and 145 yen and resistance about 1.83 marks and 146 yen.
    Chase Bank's Steinhaeuser and other Frankfurt dealers said
the G-7 communique guaranteed a relatively calm and stable
market for the foreseeable future compared with the extreme
volatility seen in the first few months of this year.
    One dealer at a German bank said the wording of the
communique made clear the leading nations did not want a
further dollar drop, and this was supporting the dollar.
    The German dealer saw the dollar gradually appreciating to
1.87 marks, broadly seen as its upper limit within the Louvre
accord's supposed currency target range.
    A Swiss bank economist said he believed the markets were
ready for a period of "mainly sideways movement."
    But Milan dealers were sceptical about the communique
contributing to greater stability.
    "Nothing has changed substantially to give the dollar a big
boost," said one dealer, while another Italian banker said he
expects the dollar to trade between 1.77 and 1.87 German marks
in the next three months.


.I 4640
.C
sugar
.W
WEST GERMAN BEET PLANTINGS DELAYED THREE WEEKS.
    HAMBURG, April 9 - Unseasonal cold weather has delayed
sugar beet plantings in West Germany by up to three weeks, the
agriculture ministry said.
    A ministry spokesman said in some central areas, especially
in the Rhineland, farmers have taken advantage of warmer
weather and started plantings in the past two days.
    West German planting intentions this year are put at
381,000 hectares, down from 390,500 ha last year, he said,
adding that the 1980/1985 average was 405,000 ha.


.I 4642
.C
acq
.W
STEP-SAVER <CODA> SAYS WARRANT EXERCISED.
    BALA CYNWYD, Pa., April 9 - Step-Saver Data Systems Inc
said Bergen-Richards Corp has exercised a warrant to buy
450,000 Step-Saver shares at two dlrs each.
    It said warrants issued to the underwriter in its initial
public offering were exercised in March for an aggregate of
169,200 dlrs.


.I 4645
.C
acq
.W
COAST SAVINGS <CSA> IN TALKS ON BUYING BANK.
    LOS ANGELES, April 8 - Coast Savings and Loan Association
said it is in talks with the Federal Savings and Loan Insurance
Corp on the acquisition of Central Savings and Loan Association
of San Diego.
    Central, which operates 46 branches, has been under
management guidance of the FSLIC since May 1985.
    Coast said the acquisition would give it an entry into the
San Joaquin Valley market besides strengthening its presence in
the San Diego, Los Angeles and Orange Counties areas.


.I 4646
.C
acq
.W
BRAMALL TO ACQUIRE GELCO FOR UP TO 26.3 MLN DLRS.
    LONDON, April 9 - <C.D. Bramall Plc> said in a statement
accompanying its annual results that it proposed to acquire
Gelco U.K. For some 26.3 mln dlrs.
    Part of the cost will be met by the issue of 2.14 mln new
ordinary Bramall shares which are being placed at 265p each.
    The acquisition will be satisfied by an initial payment of
some 25.3 mln dlrs in cash with further payments of 500,000
dlrs up to a maximum 26.3 mln dlrs. These further payments will
only be made if profits achieved by Gelco for the year ending
July 31, 1987 reach a certain level.
    Bramall shares were trading 6p lower at 278p.


.I 4649
.C
gold
.W
BELGIUM LAUNCHES BONDS WITH GOLD WARRANTS.
    ZURICH, April 9 - The Kingdom of Belgium is launching 100
mln Swiss francs of seven year notes with warrants attached to
buy gold, lead mananger Credit Suisse said.
    The notes themselves have a 3-3/8 pct coupon and are priced
at par. Payment is due April 30, 1987 and final maturity April
30, 1994.
    Each 50,000 franc note carries 15 warrants. Two warrants
are required to allow the holder to buy 100 grammes of gold at
a price of 2,450 francs, during the entire life of the bond.
    The latest gold price in Zurich was 2,045/2,070 francs per
100 grammes.


.I 4650
.C
wheat;grain;
.W
FAO SEES LOWER GLOBAL WHEAT, GRAIN OUTPUT IN 1987.
    ROME, April 9 - The U.N. Food and Agriculture Organisation
(FAO) said global wheat and coarse grain output was likely to
fall in 1987 but supplies would remain adequate to meet demand.
    FAO said in its monthly food outlook bulletin total world
grain output was expected to fall 38 mln tonnes to 1,353 mln in
1987, due mainly to unusually high winter losses in the Soviet
Union, drought in China and reduced plantings in North America.
    World cereal stocks at the end of 1986/87 were forecast to
rise 47 mln tonnes to a record 452 mln tonnes, softening the
impact of reduced production. But stocks are unevenly
distributed, with about 50 pct held by the U.S.
    "Thus the food security prospects in 1987/88 for many
developing countries, particularly in Africa, depend crucially
on the outcome of this year's harvests," FAO said.
    FAO said world cereal supplies in 1986/87 were estimated at
a record 2,113 mln tonnes, about five pct higher than last
season and due mainly to large stocks and a record 1986
harvest, estimated at 1,865 mln tonnes.
    FAO's forecast of 1986/87 world cereals trade was revised
upwards by eight mln tonnes to 179 mln due to the likelihood of
substantial buying by China and the Soviet Union.


.I 4654
.C
earn
.W
CB AND T BANCSHARES INC <CBTB> 1ST QTR NET.
    COLUMBUS, Ga., April 9 -
    Shr 27 cts vs 24 cts
    Net 5,223,000 vs 4,682,000
    Avg shrs 19.7 mln vs 19.4 mln
    NOTE: Results reflected pooled acquisition of First
Community Bancshares Inc on March 31, 1987 and include Camden
Bancorp from January 31, 1987 purchase.


.I 4655
.C
earn
.W
XICOR INC <XICO> 1ST QTR MARCH 22 NET.
    MILPITAS, Calif., April 9 -
    Shr profit five cts vs loss 16 cts
    Net profit 689,000 vs loss 1,910,000
    Revs 12.3 mln vs 9,432,000
    NOTE: 1987 net includes 276,000 dlr tax credit.


.I 4656
.C
earn
.W
GEORGE WIMPEY SAYS BENEFITS OF RESTRUCTURING SEEN.
    LONDON, April 9 - George Wimpey Plc <WMPY.L> said  the
outlook for 1987 looked encouraging as the company realised the
continuing benefits of restructuring.
    It said its overall financial position showed further
improvement in 1986 and the reshaping of its U.K. Business into
clearly defined and activity related divisions had been
successfully achieved.
    Wimpey was commenting in a statement on its 1986 results
which showed pretax profits up 42 pct to 66.5 mln stg.
    The group had a good overall year in North America, the
company said in a statement.


.I 4657
.C
acq
.W
C.O.M.B. <CMCO> MAKES ACQUISITION.
    PLYMOUTH, Minn., April 9 - C.O.M.B. Co said it has acquired
the principal assets of National Tech Industries Inc and Telkom
Corp, which are engaged in the sale and telemarketing of
consumer electronic merchandise and do business as House of
Imports and N.L. Industries respectively.
    The company said it paid a total of 8,700,000 dlrs,
including the assumption of liabilities.
    National Tech had sales of about 23 mln dlrs for 1986, it
said.


.I 4659
.C
gold
.W
BELGIUM LAUNCHES BONDS WITH GOLD WARRANTS.
    ZURICH, April 9 - The Kingdom of Belgium is launching 100
mln Swiss francs of seven year notes with warrants attached to
buy gold, lead manager Credit Suisse said.
    The notes themselves have a 3-3/8 pct coupon and are priced
at par. Payment is due April 30, 1987, and final maturity April
30, 1994.
    Each 50,000 franc note carries 15 warrants. Two warrants
are required to allow the holder to buy 100 grammes of gold at
a price of 2,450 francs, during the entire life of the bond.
    The latest gold price in Zurich was 2,045/2,070 francs per
100 grammes.


.I 4660
.C
earn
.W
DATATRAK INC <DTRK> 3RD QTR FEB 28 NET.
    MOUNTAIN VIEW, Calif., April 9 -
    Shr profit nil vs profit nil
    Net profit 27,622 vs profit 5,556
    Sales 1,031,306 vs 840,906
    Nine mths
    Shr loss one ct vs loss two cts
    Net loss 195,095 vs loss 445,379
    Sales 2,702,085 vs 2,219,961


.I 4661
.C
yen
.W
MIYAZAWA SAYS YEN STILL INSIDE PARIS RANGE.
    WASHINGTON, April 9 - Japanese Finance Minister Kiichi
Miyazawa said the strengthening of the yen against the dollar
since the Paris Agreement was within the range agreed in the
Louvre discussions.
    "I would say that what has happened (to the yen) in the past
several weeks was not outside the range we agreed to in the
discussions in Paris," Miyazawa told a press conference
following the Group of Seven meeting here.
    He said the current discussions were a "reaffirmation" of
that agreement, saying the "solidarity" that occurred in Paris
was still in place.


.I 4662
.C
ship
.W
TODD SHIPYARDS <TOD> STRUCK ON WEST COAST.
    JERSEY CITY, N.J., April 9 - Todd Shipyards Corp said
production workers represented by the multi-union Pacific Coast
Metal Trades District Council at its San Francisco division
struck on April Six.
    It said negotiations are expected to resume at the end of
this month.
    Todd also said the collective bargaining division in effect
at its Galveston Division expires April 17, and negotiations
with the Galveston Metal Trades Council are continuing.
    The company said results of balloting on a new collective
bargaining agreement proposal in its Seattle Division are
expected to be tabulated at the close of business tomorrow.
    The Pacific Coast Council has recommended acceptance of
that proposal by membership, Todd said.
                                       


.I 4663
.C
jobs
.W
U.S. FIRST TIME JOBLESS CLAIMS FELL IN WEEK.
    WASHINGTON, April 9 - New applications for unemployment
insurance benefits fell to a seasonally adjusted 338,000 in the
week ended March 28 from 355,000 in the prior week, the Labor
Department said.
    The number of people actually receiving benefits under
regular state programs totaled 2,436,000 in the week ended
March 21, the latest period for which that figure was
available.
    That was down from 2,480,000 the previous week.
     


.I 4665
.C
acq
.W
******CLEVITE INDUSTRIES SAYS J.P. INDUSTRIES OFFERED 13.50 DLRS A SHARE TO BUY COMPANY.
Blah blah blah.

.I 4667
.C
earn
.W
SUNTRUST BANKS INC <STI> 1ST QTR NET.
    ATLANTA, April 9 -
    Shr 54 cts vs 49 cts
    Net 70.2 mln vs 64.0 mln
    NOTE: Share adjusted for two-for-one split in July 1986.
    Results restated for pooled acquisition of Third NAtional
Corp in December 1986.
    Net chargeoffs 15.0 mln dlrs vs 14.2 mln dlrs.
    Assets 25.8 billion dlrs, up 7.2 pct from a year earlier,
deposits 21.1 billion, up 9.4 pct, and loans 17.1 billion dlrs,
up 17.2 pct.


.I 4672
.C
earn
.W
INTERNATIONAL THOMSON TO REPORT IN U.S. FUNDS.
    TORONTO, April 9 - <International Thomson Organisation Ltd>
said it will report financial results in U.S. funds rather than
sterling, beginning from Jan 1, 1987.
    It said the change will not be applied retroactively to
prior financial periods.
    The company said as a result of recent investments, most of
its assets now are located in the United States.
            


.I 4673
.C
earn
.W
PHILIP CROSBY ASSOCIATES INC <PCRO> 4TH QTR NET.
    WINTER PARK, Fal., April 9 -
    Shr three cts vs 18 cts
    Net 220,000 vs 1,250,000
    Revs 11.8 mln vs 9,430,000
    Year
    Shr 45 cts vs 69 cts
    Net 3,400,000 vs 4,037,274
    Revs 45.1 mln vs 34.3 mln


.I 4674
.C
earn
.W
COLONIAL AMERICAN BANKSHARES CORP <CABK> 1ST QTR.
    ROANOKE, Va., April 9 -
    Shr 52 cts vs 40 cts
    Qtly div 18 cts vs 15 cts prior
    Net 793,740 vs 603,661
    NOTE: Share adjusted for 10 pct stock dividend in November
1986.
    Dividend pay May One, record April 25.


.I 4678
.C
oilseed;veg-oil;wheat;grain;meal-feed;sorghum;soy-oil;rape-oil;sun-oil;
.W
RPT - ARGENTINE GRAIN/OILSEED EXPORT PRICES ADJUSTED.
    BUENOS AIRES, April 8 - The Argentine Grain Board adjusted
minimum export prices of grain and oilseed products in dlrs per
tonne FOB, previous in brackets, as follows:
    Sorghum 64 (63), sunflowerseed cake and expellers 103 (102)
, pellets 101 (100), meal 99 (98), linseed oil 274 (264),
groundnutseed oil 450 (445), soybean oil 300 (290), rapeseed
oil 290 (280).
    Sunflowerseed oil for shipment through May 323 (313) and
june onwards 330 (320).
    The board also adjusted export prices at which export taxes
are levied in dlrs per tonne FOB, previous in brackets, as
follows:
    Bran pollard wheat 40 (42), pellets 42 (44).


.I 4679
.C
acq
.W
CLEVITE <CLEV> GETS 13.50 DLR/SHR OFFER.
    GLENVIEW, ILL., April 9 - Clevite Industries Inc said it
received a written proposal from J.P. Industries Inc <JPI>
seeking to buy all of its outstanding shares for 13.50 dlrs a
share.
    Clevite's stock was trading on NASDAQ at 13-1/4.
    J.P. Industries recently completed the acquisition of
Clevite's Engine Parts Division.
    J.P. Industries said its proposed transaction would be
financed through borrowings under its available bank lines and
a bridge financing facility which Donaldson Lufkin and Jenrette
Securities Corp agreed to arrange.
    To expedite the transaction, J.P. Industries said it would
be willing to start a cash tender for Clevite's shares within
five days after agreeing upon a definitive merger and
confirmation of Clevite's financial results and condition.



.I 4681
.C
yen
.W
JAPAN BUSINESS LEADERS SAY G-7 ACCORD WORRYING.
    TOKYO, April 9 - The leaders of two of Japan's top business
groups said in separate statements the Group of Seven (G-7)
accord reached in Washington yesterday is of deep concern to
Japan because it shows the major industrial nations regard the
yen's current level as appropriate.
    Eishiro Saito, chairman of the Federation of Economic
Organizations (Keidanren), said the yen's present rate is well
above adequate levels. He did not elaborate.
    Takashi Ishihara, chairman of the Japan Committee for
Economic Development, said the accord will not prevent the yen
from rising further.
    "We do not understand why the G-7 approved present rates as
the yen has risen excessively since the Paris accord," Ishihara
said.


.I 4682
.C
livestock
.W
ARGENTINE CATTLE MARKET REPORT.
    BUENOS AIRES, APR 9 - ABOUT 3,314 HEAD OF CATTLE WERE
AUCTIONED IN LINIERS CATTLE MARKET, AGAINST 13,952 ON WEDNESDAY
AND 9,217 LAST THURSDAY, TRADE SOURCES SAID.
    MAXIMUN PRICES, IN AUSTRALES PER KILO, WITH DOLLAR
EQUIVALENT IN BRACKETS, INCLUDED:
                               TODAY     WEDNESDAY
    STEERS OVER 480 KILOS   1.02(0.658) 1.015(0.654)
    STEERS 460 TO 480 KILOS 1.05(0.677) 1.032(0.665)
    COWS FOR CANNING        0.56(0.361) 0.56 (0.361)

.I 4688
.C
money-fx
.W
U.K. MONEY MARKET DEFICIT REVISED DOWNWARD.
    LONDON, April 9 - The Bank of England said it has revised
its estimate of today's shortfall to 350 mln stg from 400 mln,
before taking account of 103 mln stg morning assistance.


.I 4689
.C
earn
.W
PHYSIO TECHNOLOGY <PHYT> SEES LOSS, IN DEFAULT.
    TOPEKA, Kan., April 9 - Physio Technology Inc said it
expects to have a third quarter, ended March 31, loss of about
200,000 dlrs and is in default on its bank loan because of the
resignation of chairman and chief executive officer.
    The company said the loss followed four quarters of modest
profits. In the year ago quarter it earned 11,000 dlrs, or one
cent a share. For the first half of fiscal 1987, it reported a
profit of 42,000 dlrs, or two cts a share, compared to a year
earlier loss of 294,000 dlrs, or 17 cts a share.
    It said President Michael R. Hall will assume the duties of
chief executive officer.
    Physio Technology said the resignation of Chairman James C.
Lane can constitute non-compliance with its Series A
convertible subordinated debentures due 1996 and a default
under its agreement with the Merchants Bank of Kansas City.
    It explained a declaration of non-compliance under the
debentures would create a a default under the loan agreements
requiring immediate payment of 1.8 mln dlrs of debentures and
about 450,000 dlrs outstanding under the bank credit line.
    The company said the debenture holders intend to waive the
non-compliance, but reserve the right to withdraw the waiver at
the end of any 30 day period.
    Physio Technology said it is changing its field sales force
to independent representatives and dealers from employees to
"significantly reduce its fixed overhead."
    Its statement did not indicate how many employees would be
affected by the move.
    The company said Lane will become an independent dealter
for the company in certain midwestern states. He will continue
to serve as a director, it added.


.I 4693
.C
earn
.W
WASHINGTON FEDERAL SAVINGS <WFSL> 2ND QTR NET.
    SEATTLE, April 9 -Qtr ends March 31
    Shr one dlr vs 76 cts
    Net 11.9 mln vs 8,929,000
    Six mths
    Shr 1.92 dlrs vs 1.43 dlrs
    Net 22.8 mln vs 16.8 mln
    NOTE: full name of bank is washington federal savings and
loan association.


.I 4698
.C
heat;crude;
.W
U.S. ENERGY FUTURES CALLED UNCHANGED TO LOWER.
    NEW YORK, APRIL 9 - Traders expect U.S. energy futures will
open unchanged to slightly lower this morning with support near
yesterday's lows.
    Crude futures are called unchanged to five cts weaker
tracking unchanged domestic crudes and North Sea Brent crude,
which traded at 18.01 dlrs a barrel today, about ten cts below
yesterday's New York close.
    Traders said the supply squeeze in 15-day forward April
Brent appears to have ended.
    Product futures, which fell sharply yesterday, are due to
open unchanged to 0.25 cent lower, traders said.
    Traders expect some followthrough selling in products but
said gasoil futures in London will probably lend some support
since they are trading as expected. May gasoil futures were off
1.50 dlrs a tonne this morning while June was down 1.25 dlrs in
thin conditions.


.I 4699
.C
earn
.W
PONCE FEDERAL BANK F.S.B. <PFBS> 1ST QTR NET.
    PONCE, Puerto rico, April 9 -
    Shr 63 cts vs 89 cts
    Net 3,425,216 vs 3,370,682
    Avg shrs 5,421,330 vs 3,803,425
    NOTE: net for both qtrs reflects gains on sales of
securities of 1,755,137, or 51 pct of net, in 1987; and
3,001,222, or 89 pct of net in 1986.


.I 4700
.C
money-fx;interest;
.W
****** BUNDESBANK SEES NO REASON TO CHANGE MONETARY COURSE - VICE-PRESIDENT SCHLESINGER.
Blah blah blah.

.I 4701
.C
money-fx
.W
U.K. MONEY MARKET DEFICIT REMOVED.
    LONDON, April 9 - The Bank of England said it has satisfied
its revised estimate of today's shortfall in the money market,
providing 261 mln stg assistance in afternoon operations.
    The Bank bought in band one, 60 mln stg bank bills at 9-7/8
pct and in band two 200 mln stg bank bills and one mln stg
treasury bills at 9-13/16 pct. This brings the total help so
far today to 364 mln stg, compared with its deficit estimate of
350 mln stg.


.I 4705
.C
money-fx
.W
LEBANESE POUND FALLS SHARPLY AGAINST DOLLAR.
    BEIRUT, April 9 - The Lebanese Pound fell sharply against
the U.S. Dollar again today with dealers attributing the
decline to continued political uncertainty.
    The pound closed at 118.25/118.75 against the dollar
compared to yesterday's close of 115.60/115.80.
    "Political deadlock is reflected in the pound's position.
There was more demand and less on offer in the market," one
dealer told Reuters.
    The pound, which was at 18 to the dollar in January, 1986,
has lost more than 30 pct of its international value over the
past three months.


.I 4706
.C
earn
.W
BROWN BOVERI UND CIE AG LIFTS 1986 DIVIDEND.
    MANNHEIM, West Germany, April 9 -
    Dividend on 1986 business 12 marks per share vs seven
marks.
    (Company is a subsidiary of Switzerland's BBC AG Brown
Boveri und Cie <BBCZ.Z>).


.I 4709
.C
oilseed;ship;wheat;grain;corn;
.W
LONDON FREIGHT MARKET FEATURES GRAIN OUT OF U.S.
    LONDON, April 9 - Moderately active grain fixing was
reported out of the U.S. But none of the business involved the
significant voyages to the Continent or Japan, ship brokers
said.
    A steady 13.50 dlrs was paid from the U.S. Gulf to Morocco
and 23.25 dlrs was paid for 27,000 long tons from the Gulf to
Taiwan. A vessel carrying 13,500 long tons of bagged wheat
flour from the Gulf to Aqaba received a lump sum of 472,500
dlrs.
    Grain from the Great Lakes to Algeria made 28 dlrs against
27.75 paid for similar fixing towards the end of March.
    Market talk suggested a Federal Commerce vessel had been
booked to move grain from the Great Lakes to Morocco on Comanav
account at about 22 dlrs and 15.50 had been paid for a cargo of
oilseeds from British Columbia to Japan, but no confirmation
was obtainable.
    On the Continent, shippers agreed 19 dlrs for wheat from La
Pallice to Buenaventura and 10.75 dlrs for grain from Ghent to
Naples/Venice range. Elsewhere, maize from East London to Japan
paid 22 dlrs.
    Soviet charterers reappeared in the timecharter sector and
secured a 30,000 tonner from Savona for a trans-Atlantic round
trip at 4,450 dlrs daily and a 31,000 tonner from
Antwerp-Hamburg for a similar voyage at 4,250 dlrs daily.


.I 4710
.C
hog;livestock;
.W
HOG AND CATTLE SLAUGHTER GUESSTIMATES.
    CHICAGO, April 9 - Chicago Mercantile Exchange floor
traders and commission house representatives are guesstimating
today's hog slaughter at about 287,000 to 295,000 head versus
292,000 week ago and 322,000 a year ago.
    Cattle slaughter is guesstimated at about 124,000 to
128,000 head versus 129,000 week ago and 134,000 a year ago.


.I 4713
.C
earn
.W
******WHIRLPOOL CORP 1ST QTR SHR 66 CTS VS 67 CTS.
Blah blah blah.

.I 4714
.C
oilseed;soybean;
.W
BRAZILIAN SOY RAINFALL.
    SAOPAULO, APRIL 9 - THE FOLLOWING RAINFALL WAS RECORDED IN
THE 24 HOURS UP TO (1200) GMT TODAY
    PARANA STATE: CASCAVEL NIL, PONTA GROSSA NIL,CAMPO MOURAO
NIL, LONDRINA NIL, MARINGA NIL.
    RIO GRANDO DO SUL STATE: PASSO FUNDO NIL, SANTA MARIA 7.0
MILLIMETRES, CRUZ ALTA 8.5 MM, SAO LUIZ GONZAGA 4.4 MM.

.I 4715
.C
money-fx;interest;
.W
BUNDESBANK SEES NO CHANGE IN MONETARY COURSE.
    FRANKFURT, April 9 - The Bundesbank sees no current reason
to change monetary course, vice-president Helmut Schlesinger
told Reuters in a telephone interview.
    Schlesinger was responding to questions following remarks
yesterday by Bundesbank board member Claus Koehler and West
Berlin state central bank president Dieter Hiss, which, dealers
said, revived some speculation that German interest rate cuts
may once again be under discussion.
    Schlesinger said he had no comment on the remarks of his
two central bank council colleagues.
    But he added that the last central bank council meeting on
April 2 had discussed the economic situation with a mood of
"subdued optimism," particularly influenced by the news brought
by several state central bank presidents.
    "Much is going better than the impression gained by the
public from the January figures, which have been in the
meantime superseded," he said.
    German January industrial output fell 3.0 pct after a
decline of 0.9 pct in December. New industry orders fell 1.9
pct after they had been unchanged in December.
    Bank economists said that the two together showed the
economy would either stagnate or contract in the first quarter
of 1987.
    Aside from the economic developments, Schlesinger added, a
steady monetary course was important to hold the dollar/mark
rate around current levels as Bundesbank president Karl Otto
Poehl had said while attending the Washington World Bank/IMF
meeting.
    Asked, however, if the Bundesbank could move to cut rates
on repurchase agreements at the setting of the next repurchase
tender, due next Tuesday, Schlesinger said, "Since the central
bank council gives its opinion on this theme only every 14
days, this is hardly probable."
    Responding to the question whether the Bundesbank had moved
away from a policy of targetting monetary growth toward one of
targetting currency rates, Schlesinger said he could have no
comment on the subject while negotiations were still in
progress in Washington.


.I 4718
.C
coffee
.W
BRAZILIAN COFFEE RAINFALL.
    SAO PAULO, APRIL 9 - THE FOLLOWING RAINFALL WAS RECORDED IN
THE AREAS OVER THE PAST 24 HOURS
    PARANA STATE: UMUARAMA NIL, PARANAVAI NIL, LONDRINA NIL,
MARINGA NIL.
    SAO PAULO STATE PRESIDENTE PRUDENTE NIL, VOTUPORANGA NIL,
FRANCA NIL, CATANDUVA NIL, SAO CARLOS NIL, SAO SIMAO NIL.
    MINAS GERAIS STATE: GUAXUPE NIL, TRES PONTAS NIL.

.I 4720
.C
acq
.W
******E.F. HUTTON LBO INC SAID TENDER OFFER BY PC ACQUISITTION FOR PUROLATOR COURIER EXPIRED.
Blah blah blah.

.I 4721
.C
bop
.W
WORLD BANK TO SUPPORT SRI LANKA IF DEFICITS CUT.
    COLOMBO, April 9 - The World Bank will support Sri Lanka's
development program provided the country reduces its budget and
current account deficits, the Ministry of Finance said.
    It said Bank President Barber Conable at a meeting with Sri
Lanka's Finance Minister Ronnie de Mel in Washington also
emphasised the need for structural adjustment and reform to the
economy, battered by five years of separatist disturbances.
    Officials said Sri Lanka's budget deficit this year is
expected to surpass the projected 28.7 billion rupees while
defence spending, already up by two billion rupees from a
targetted 10 billion, is also likely grow.
    The Ministry said de Mel asked the World Bank to give Sri
Lanka 6.5 billion rupees balance of payments support.


.I 4722
.C
acq
.W
******E.F. HUTTON LBO INC SAYS UNIT TERMINATES MERGER AGREEMENT WITH PUROLATOR COURIER.
Blah blah blah.

.I 4723
.C
acq
.W
GEMINA HAS NO COMMENT ON AMBROSIANO REPORT.
    Milan, April 9 - Holding company <Gemina Spa> said it had
no comment on an Italian press report today that it has
acquired a 12 pct stake in <Nuovo Banco Ambrosiano Spa>.
    Italian daily La Repubblica said that Gemina paid 205
billion lire for the shareholding from several Italian banks. A
Gemina spokeswoman told Reuters, "We have nothing to say about
the report."
    A spokeswoman for Milan-based Ambrosiano said, "We have no
information at this time." In February, Ambrosiano chairman
Giovanni Bazoli said foreign and domestic firms have expressed
interest in buying stakes in the bank.


.I 4725
.C
earn
.W
VOLKSWAGEN DIVIDEND UNCHANGED ON 1986.
    WOLFSBURG, West Germany, April 9 -
    Dividend on 1986 business unchanged at 10 marks per
ordinary share. Company also set dividend of 11 marks for new
preference shares, which were issued last year.
    (Note: Company has said profit will match 1985 level,
despite provisions of 480 mln marks connected with alleged
currency fraud. Group net profit in 1985 was 596 mln marks,
parent company net was 477 mln marks. Company's full name is
Volkswagen AG <VOWG.F>).


.I 4726
.C
earn
.W
WHIRLPOOL CORP <WHR> 1ST QTR NET.
    BENTON HARBOR, MICH., April 9 -
    Shr 66 cts vs 67 cts
    Net 48,700,000 vs 49,300,000
    Sales 961.0 mln vs 870.6 mln
    Avg shrs 74,123,837 vs 73,374,398


.I 4727
.C
dlr;yen;
.W
U.S. SAID TO VIEW G-7 MEETING AS MAJOR SUCCESS.
    By Peter Torday, Reuters
    WASHINGTON, April 9  - The United States, which has long
sought Japanese action to stimulate its economy, appears to be
satisfied Tokyo's latest package is a major development and
allows leading industrial nations to reaffirm their agreement
to stabilize currencies.
    Monetary sources said they believed that U.S. Treasury
Secretary James Baker considered Tokyo's package, announced
yesterday, to be a major stimulation of the Japanese economy.
    But yesterday's statement by seven leading industrial
powers endorses the yen's rise from around 153 to the dollar,
the level at the February 22 Paris Accord, to about 145 today.
    And the initial reaction of currency markets in the Far
East demonstrates that financial markets are unconvinced that
currencies yet reflect economic fundamentals, even though the
countries appear to do so. The yen sank below 145 at one point
despite intervention by the Bank of Japan.
    Kiichi Miyazawa, Japan's Finance Minister, said the
movement since Paris was consistent with currency trading
ranges the nations agreed to defend in the February talks.
    "I would say that what has happened (to the yen) in the past
several weeks was not outside the range we agreed to in the
discussions in Paris," Miyazawa said yesterday.
    The supplementary budget worth about 34.48 billion dlrs was
announced by the ruling Liberal Democratic Party on the eve of
Miyazawa's departure for Washington, to attend yesterday's
meetings of leading industrial nations.
    In a strongly worded statement terming the Japanese action
"extraordinary and urgent", the meeting reaffirmed the Paris
Accord by noting that current exchange rates are within ranges
broadly consistent with fundamentals, or economic reality.
    The Group of Seven -- the United States, Japan, West
Germany, France, Britain, Italy and Canada -- therefore
repeated their willingness to continue close cooperation to
foster exchange rate stability.
    The cooperation agreement has resulted in concerted central
bank intervention of 8 billion to 9 billion dlrs to halt the
dollar's fall. While relatively unsuccessful, the scale of
intervention between so many nations is unprecedented in recent
years. Monetary sources also said they understood that
Secretary Baker considered the meeting to be extremely
successful in the light of the Japanese announcement.
    They also said there was a growing feeling among the
finance ministers and central bankers that cooperation over
medium-term policies has replaced the bickering over short-term
differences in past meetings.
    West Germany, whose currency has not risen anything like
the yen since the Paris Agreement, appears from the face of
yesterday's statement to have won acceptance from other
countries that its exchange rate is acceptable.
    Bonn's finance minister Gerhard Stoltenberg argues that
major currency shifts needed to remedy the huge imbalance
between West Germany and Japan's trade surpluses and America's
trade deficit have already taken place.
    No mention was made, however, of the U.S. commitment to cut
the budget deficit even though it is implied in the
reafffirmation of Paris.
    European nations and Japan believe deficit cuts are
essential to curbing the record U.S. trade shortfall that
reached nearly 170 billion dlrs last year.
    A similar argument was made on Capitol Hill earlier this
week by Federal Reserve Board chairman Paul Volcker. A further
sharp fall to redress trade imbalances would "clearly pose
substantial risks of renewed inflationary momentum and could
undermine confidence in future financial stability," he said.
    Volcker warned a further dollar fall might force the
politically independent Fed to drive up interest rates.
    Monetary sources said that, privately, West Germany
welcomed the rise in the yen against the dollar while its own
currency remained relatively stable against the U.S. unit.
    Bonn and other European nations worry that once the weak
dollar blunts Tokyo's export drive to the United States, the
Japanese monolith will concentrate on European markets.
    The ministers, meanwhile, also continued talks on making
their policy coordination more binding and one, Canadian
Finance Minister Michael Wilson, said good progress was made.
    Wilson said they will meet before the June Economic Summit
to prepare a report for the leaders of the seven nations.
    The United States and France, backed by the International
Monetary Fund, want the seven to agree on ranges or "norms" for a
limited number of economic objectives such as growth,
inflation, monetary conditions, trade balances and current
account balances.
    Sharp deviations from these guidelines would result in
consultations between the countries on whether corrective
action should be required.
    But the inclusion of currencies as one of the objectives
has Bonn and London worried, monetary sources say, because it
implies Washington is moving in the direction of target zones.
    The sources said the Reagan administration unsuccessfully
sounded out its allies on a system of target zones to limit
currency fluctuations just before the February meeting.
    The concept is a much more rigid one than the secret ranges
of the Paris Accord and would mark a sharp departure from the
relatively free currency markets of recent years.


.I 4728
.C
interest
.W
BANK OF FRANCE LEAVES INTERVENTION RATE UNCHANGED.
    PARIS, April 9 - The Bank of France said it left its
intervention rate unchanged at 7-3/4 pct when it injected funds
in the market against first category paper in today's money
market intervention tender.
    Money market dealers had earlier expressed mixed views on
the possibility of quarter point cut.
    The rate was last adjusted on March 9, when it was cut to
7-3/4 pct from the eight pct rate set in January.


.I 4729
.C
gnp
.W
GLOBAL ECONOMIC SLOWDOWN RAISES NEW DEBT FEARS.
    By Alver Carlson, Reuters
    WASHINGTON, April 9 - The global economy is expected to
weaken this year, adding new worries to an already serious
poverty outlook, economic analysts said.
    For finance ministers and central bankers attending this
week's semi-annual meetings of the International Monetary Fund
and World Bank, the new figures released by the IMF add an
additional concern.
    The Fund estimated world output would only grow by 2.7 pct
this year, versus 2.9 pct last year, and 3.1 pct in 1985.
    In the industrial countries, Gross National Product, a
measure of all goods and services, was expected to decline to
2.3 pct this year, compared with 2.4 pct in 1986, the IMF said.
    For the developing countries, the Gross Domestic Product,
another measure of economic growth, was expected to fall to 3.0
pct from 3.5 pct last year.
    The new figures are considered a major disappointment to
the poorest countries. They had hoped that new vitality in the
industrial countries brought on by a sharp decline in oil
prices would assist their economic recovery and help them cope
with growing mounds of debt.
    IMF officials, discussing their outlook, said they believed
the industrial country economies would move up to an annual
growth rate of three pct by the end of the decade.
    Economic analysts and the IMF have been saying for some
time that the ability to keep the debt crisis from turning into
an economic rout rests on sustained economic growth.
    Since the debtor countries must look to the wealthier
states for markets for their products as well as financial
assistance, economic weakness in the developed nations' 
economies poses fundamental worries.
    Debtor countries, including the very poorest states, have
only a few avenues open to them for earning foreign exchange,
including the key one of exports.
    The U.S. economy, which is in its fifth year of expansion,
has served as a mainstay for developing country exports, but it
too is seen as being rather feeble this year, growing by only
2.3 pct, according to the IMF.
    For this reason and because of a high trade deficit, the
United States has been pressuring Japan and West Germany to
ignite their economies but with little apparent success.
    The IMF study also examines the course of the dollar and
the curious lack of impact it has had on the U.S. trade
deficit.
    Reagan administration officials have been saying that the
impact is now beginning to show up, although it has been much
slower than expected.
    The IMF observed in its World Economic Outlook that "it has
to be recognized that exchange rate adjustments take time to
work through to payments flows -- probably at least three years
to get a resonably complete effect."
    The report added, however, "the adjustments may take even
more time on this occasion."
REUTER^M

.I 4730
.C
interest;trade;money-supply;
.W
SPANISH EMPLOYERS WORRIED BY HIGH INTEREST RATES.
    MADRID, April 9 - The head of Spain's employers'
federation, Jose Maria Cuevas, said employers were worried
about the government's monetary policies because high real
interest rates were hampering investment.
    He told a news conference wage pacts signed so far this
year were not endangering the government's five pct inflation
target. The government's perceived need to control inflation by
keeping a tight rein on credit was unnecessary, he said.
    High real interest rates were attracting an influx of
speculative foreign capital which was undercutting the
government's target for monetary growth, Cuevas said.
    Spain's most closely-watched measure of money supply,
liquid assets in public hands, grew at an annualised rate of 17
pct in March, against 11.4 pct in December last year and a
target range of 6.5 to 9.5 pct for 1987.
    To combat this, the Bank of Spain has raised its call money
rate 14 times so far this year, to 14.5 pct at present from
11.8 at end-1986.
    Cuevas said employers were heeding the government's call to
hold wage increases to its five pct inflation target this year,
with increases from salary reviews awarded last year and new
wage pacts averaging 5.6 pct in the first quarter of 1987.
    These agreements covered less than 40 pct of Spanish
workers, Cuevas said, with the rest still in wage negotiations.
    He said Spain's current wave of strikes mainly affected the
state sector, where the government is trying to impose its five
pct wage ceiling.
    Cuevas said employers were also worried about the trend in
Spain's foreign trade balance. The trade deficit in the first
two months of 1987 totalled 233 billion pesetas, a 68 pct
increase over the corresponding period last year.
    However, employers did not favour a devaluation of the
peseta to correct the imbalance.


.I 4731
.C
earn
.W
SHOWBOAT <SBO> DECLARES STOCK SPLIT.
    LAS VEGAS, April 9 - Showboat Inc said its board declared a
two-for-one stock split, payable to shareholders of record on
May 15.


.I 4734
.C
lead
.W
LEAD PRICES RISE ON FINELY BALANCED PHYSICALS.
    By Donald Bradshaw, Reuters
    LONDON, April 9 - Lead prices have risen this week against
a background of a finely balanced physical sector, traders
said.
    Further gains are possible if the USSR steps up its buying
or if labour problems develop in North America, they added.
    London Metal Exchange (LME) prices are unusually buoyant at
a time of year when seasonal demand is normally slackening and
prices tending to drift lower.
    This buoyancy is generally attributed by traders to the low
level of LME stocks and steady, if unspectacular, physical
demand in the Northern Hemisphere finding supplies curtailed.
    The supply problems are not new but are beginning to be
felt by a market in which, as peak winter demand tails off,
stocks usually build fast and availability increases, traders
said.
    The lower supply levels result from a number of different
factors around the globe.
    Delayed shipments from Peru to Mediterranean countries
because of production and transport problems, lack of Spanish
exports since the closure last year of Cia La Cruz's smelter at
Linares and lower output in Morocco and Greece have all meant
additional demand being directed to merchants who in turn have
been drawing on LME stocks.
    In addition Broken Hill Associated Smelters' Port Pirie,
South Australia, smelter is halting production for five weeks
for maintenance. Although the company said it would meet
commitments, this will put further pressure on stocks.
    And the U.S. Company Doe Run has kept its 140,000 tonnes
per year Boss, Montana smelter closed. This cut producer stocks
and contributed to a closer supply/demand balance within the
U.S. Market, for many years depressed by surplus production and
a regular supplier to the world market.
    Mexican supplies, which have sometimes swelled LME stocks,
have been normal but are finding ready buyers, traders said.
    On the demand side, winter battery manufacture has held up
quite well and some U.S. Buying of lead sheet has been reported
in the U.K. Soviet lead buying, notably absent in Europe in the
first two months of the year, was resumed when a large buying
order was filled by merchants in March.
    Merchant demand has fuelled the rise in LME lead prices
this week and has seen cash metal move above 320 stg and
establish a premium of around 10 stg over three months
delivery. Specific demand has been directed towards metal in
Gothenburg and Trieste warehouses. Gothenburg material is often
a target for merchants shipping to the USSR, traders said.
    On stocks, the popular LME Continental warehouses, Antwerp
and Rotterdam, have little more than 3,000 tonnes of lead each,
and this is believed to be in strong hands.
    Out of a total 22,125 tonnes in LME stocks, the lowest
level since June 1980, just over half is in U.K. Warehouses
which are not popular with merchants putting together
shipments.
    But even U.K. Stocks have dropped around 6,000 tonnes since
the start of the year. Traders said this is partly due to
secondary smelters buying ingots to supplement feed supplies
affected by environmental controls, which put restrictions on
the transport of used batteries.
    Labour negotiations in North America will play an important
part in determining the direction of prices, with contracts
expiring end-April at Cominco's Trail and Kimberley, B.C.,
Mine/smelter and at Doe Run's Herculaneum, Mo, smelter.
    Noranda's New Brunswick mine/smelter also has a contract
expiry in July which may cause some nervousness in view of
strikes by its zinc and copper workers over recent months.
    Traders said LME three months delivery, already attracting
speculative buying, could rise to 320/330 stg on current
firmness, while nearby tightness could widen the cash premium
to 20 from four. Three months was quoted at 313 stg at
midsession.


.I 4736
.C
earn
.W
REXHAM CORP <RXH> 1ST QTR NET.
    CHARLOTTE, N.C., April 9 -
    Shr 70 cts vs 42 cts
    Net 2,918,000 vs 1,746,000
    Sales 68.3 mln vs 53.5 mln
    NOTE: 1987 net includes pretax gain 400,000 dlrs from
change in pension accounting.
    1987 results include Production Graphics Corp and Systems
Technology and Weapons System Test Divisions of NEw Technology
Inc, acquired December 30, 1986.


.I 4737
.C
earn
.W
FIRST EASTERN CORP <FEBC> 1ST QTR NET.
    WILKES-BARRE, Pa., April 9 -
    Shr 50 cts vs 47 cts
    Net 3,445,000 vs 3,193,000
    NOTE: Share adjusted for two-for-one stock split in January
1987.


.I 4738
.C
interest
.W
FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES.
    WASHINGTON, April 9 - The Federal Home Loan Bank Board
adjusted the rates on its short-term discount notes as follows:
    MATURITY   NEW RATE  OLD RATE  MATURITY
  30-174 days  5.00 pct  5.00 pct    30-87 days
 175-190 days  5.85 pct  5.82 pct   88-103 days
 191-270 days  5.00 pct  5.00 pct  104-179 days
 271-288 days  5.92 pct  5.85 pct  180-205 days
 289-360 days  5.00 pct  5.00 pct  206-360 days
                       


.I 4739
.C
acq
.W
ANCHOR FINANCIAL <AFCX> TO MAKE ACQUISITION.
    MYRTLE BEACH, S.C., April 9 - Anchor Financial Corp said it
has agreed to acquire Waccamaw State Bank of Surfside Beach,
S.C., in an exchange of 1.435 Anchor shares for each Waccamaw
share, subject to regulatory and shareholder approvals.
    Waccamaw had assets of 22.8 mln dlrs as of March 31.


.I 4740
.C
dlr
.W
STOLTENBERG NOT SURPRISED BY DOLLAR REACTION.
    WASHINGTON, April 9 - West German Finance Minister Gerhard
Stoltenberg said he was not surprised by the overnight decline
of the dollar in foreign exchange markets.
    Speaking briefly with reporters before entering a meeting
of the International Monetary Fund he said, "These minor
movements don't really affect us."
    The dollar declined in the initial reaction to a statement
by the Group of Seven industrial countries reaffirming their
Paris agreement in February to maintain their currencies around
current levels.


.I 4741
.C
lead
.W
ASARCO UPS U.S. LEAD PRICE 0.50 CT TO 26.50 CTS.
    NEW YORK, April 9 - Asarco Inc said it is increasing its
base spot sales price for refined lead by one-half cent to
26.50 cents a lb, FOB, delivered in carload lots, effective
immediately.


.I 4743
.C
acq
.W
E.F. HUTTON <EFH> UNIT'S PUROLATOR OFFER EXPIRES.
    NEW YORK, April 9 - E.F. Hutton LBO Inc said the tender
offer by its wholly owned unit, PC Acquisition Inc, for
Purolator Courier Corp <PCC> expired at 2400 EDT yesterday
without the purchase of any Purolator common stock.
    Hutton added that PC Acquisition also terminated its merger
agreement with Purolator.
    Hutton said the offer, which had been conditioned upon the
tender of at least 5,116,892 Purolator shares, or about
two-thirds of the outstanding shares, was terminated because
the minimum number of shares was not tendered.
    Purolator had entered into a definitive agreement with PC
Acquisition, part-owned by E.F. Hutton LBO Inc, a unit of E.F.
Hutton, and some officers of Purolator's U.S. courier division,
in which PC offered to purchase 6,332,471 Purolator common
stock shares for 35 dlrs a share.
    Following that move, PC Acquisition planned to merge a
subsidiary into Purolator, converting all outstanding Purolator
common it did not own into an aggregate 46 mln dlrs principal
amount of 12 pct guaranteed debentures due 2002 and warrants to
purchase 15 pct of a Purolator unit comprised of Purolator's
U.S courier operations.
    Hutton said as of 2400 EDT yesterday about 181,000 shares
of Purolator common stock, or about 2.4 pct of the outstanding
shares, had been validly tendered and not withdrawn.
    PC Acquisition has instructed its depository for the offer
to return promptly the Purolator stock deposited by, or on
behalf of, tendering shareholders, Hutton said.


.I 4744
.C
earn
.W
******ABBOTT LABORATORIES 1ST QTR NET SHR 62 CTS VS 52 CTS.
Blah blah blah.

.I 4745
.C
wheat;grain;sorghum;rice;
.W
INDIA FOODGRAIN TARGET 160 MLN TONNES IN 1987/88.
    NEW DELHI, April 9 - India's national foodgrain target has
been fixed at 160 mln tonnes in 1987/88 (Apr-Mar), unchanged
from the 1986/87 target, the Agriculture Ministry said in its
annual report for 1986/87.
    Actual output was estimated at 151 mln tonnes in 1986/87
due to failure of monsoon rains in 15 out of 35 meterological
sub-divisions of the country.
    The report gave the targets for various crops with
estimated harvested crops in 1986/87 in brackets as following,
in mln tonnes - rice 65 (60), wheat 49 (49), coarse grains
including sorghum and millets 32 (29) and pulses 14 (13).
    Despite failure of monsoon rains in recent years, it was
possible to maintain higher foodgrain production, signifying
growing resilience in agricultural sector, the report said.
    The strategy for increasing irrigation potential along with
greater use of high yielding seed varieites and improvement in
fertiliser efficiency is yielding results, it said, adding
total foodgrain output in 1985/86, 1984/85 and 1983/84
respectively was 150.5 mln tonnes, 145.5 mln and a record 152.4
mln.
   India has targeted to produce between 178 and 183 mln tonnes
of foodgrains by the last year of the seventh five-year
development plan ending March 31, 1990.
    Taking the midpoint of 180 mln tonnes as the target and the
1986/87 estimated production of around 151 mln tonnes, the gap
of 29 mln tonnes has to be made up during the remaining three
years of the plan by increasing grain output annually by more
than nine mln tonnes. But the target can be achieved only with
good weather, the report said.
    "The major thrust programme will, therefore, be better water
(irrigation) management. Simultaneously, efforts for spread of
improved technology including timely use of inputs (farm
materials like fertilisers) in adequate quantities have to be
vigrously pursued," it said.


.I 4746
.C
cotton
.W
CERTIFICATED COTTON STOCKS.
    NEW YORK, April 9 - Certificated cotton stocks deliverable
on the New York Cotton Exchange No 2 cotton futures contract as
of April 8 were reported at 34,661 bales, down 421 bales from
the previous day's figure. There were no bales awaiting review
and 1,218 bales awaiting decertification.


.I 4747
.C
earn
.W
REICHHOLD CHEMICAL <RCI> SETS ANTI-TAKEOVER PLAN.
    WHITE PLAINS, April 9 - Reichhold Chemical Inc said its
board adopted a warrant dividend plan in which one preferred
stock purchase right will be distributed as a dividend on each
common share outstanding.
    The company said its warrant dividend plan is designed to
protect its shareholders against unsolicted, coercive attempts
to aquire control without making an adequate offer for all
shares.
    Reichhold said the adoption is not a response to any
specific takeover attempt.
    Reichhold said each right will entitle shareholders to buy
one one-hundreth of a share of a newly created series of
preferred stock at an initial exercise price of 120 dlrs, with
dividend and voting rights approximately equal to those of one
share of the company's common stock.
    The rights will be exercisable only if, without Reichhold's
prior consent, a person or group a acquires 20 pct or more of
the voting power or announces a tender offer which would result
in 20 pct ownership, the company said.
    Reichhold said it is entitled to redeem the rights at five
cts apiece before a 20 pct position has been acquired, or
before an existing 20 pct shareholder buys an additional two
pct or more of the voting power of the company, or in
connection with certain transactions afterward.
    The tax-free distribution will become effective May 1,
1987, and will expire 10 years later, the company said.
    Details of the plan are outlined in a letter to be mailed
to stockholders.


.I 4748
.C
earn
.W
ABBOTT LABORATORIES INC <ABT> 1ST QTR NET.
    NORTH CHICAGO, ILL., April 9 -
    Shr 62 cts vs 52 cts 
    Net 142.0 mln vs 123.0 mln
    Sales 1.00 billion vs 865.0 mln



.I 4749
.C
acq
.W
HANSON <HAN> TO BUY INT'L PROTEIN <PRO> STOCK.
    FAIRFIELD, N.J., April 9 - International Proteins Corp said
it has agreed to sell in a private placement 330,000 common
shares at 11.75 dlrs a share to a U.S. subsidiary of Hanson
Trust Plc.
    In addition, David Clarke the president of another Hanson
Trust subsidiary, Hanson Industries, will be named chairman of
International Proteins's executive committee upon his election
to the board at the annual meeting.
    International Proteins recently acquired Clarke's family
business, Great South Beach Sales Co, for 900,000 restricted
common shares of which 350,000 have been issued to date.
    International Proteins said its agreement with Hanson Trust
is subject to stockholder approval at the annual meeting which
is expected to be held in June.
    The company said Hanson Trust is purchasing the stock for
investment purposes, adding the agreement includes restrictions
on purchase or sale of the company by Hanson for the next five
years.
    International Proteins said it will use the proceeds to
expand domestic operations.
    The company has about 2.1 mln shares outstanding.          
 


.I 4750
.C
wheat;grain;
.W
EGYPT BUYS PL 480 WHEAT FLOUR - U.S. TRADERS.
    KANSAS CITY, April 9 - Egypt bought 125,723 tonnes of U.S.
wheat flour in its PL 480 tender yesterday, trade sources said.
    The purchase included 51,880 tonnes for May shipment and
73,843 tonnes for June shipment. Price details were not
available.


.I 4751
.C
bop
.W
SPAIN HAS 35 MLN DLR CURRENT SURPLUS FEBRUARY.
    MADRID, April 9 - Spain had a 35 mln dlr current account
surplus in February compared with a 68 mln dlr surplus in
January and a 355 mln dlr surplus in February last year, Bank
of Spain figures show.
    Spain's trade deficit narrowed to 581 mln dlrs compared
with 664 mln dlrs in January but the large increase in non-oil
imports contributed to the substantial increase over the 159
mln dlr deficit registered in February 1986.
    Exports at 2.58 billion dlrs were up 19 pct compared with
February last year, but imports were 46 pct higher than last
February, totalling 3.16 billion dlrs.
    Non-oil imports totalled 2.79 billion dlrs compared with
1.91 billion in February last year, reflecting the large
ammount of investment goods entering the country with the
recovery of the Spanish economy, the Bank of Spain said.
    Spain's tourism earnings continued to grow and totalled 655
mln dlrs in February, compared with 103 mln dlrs in January and
502 mln dlrs in February last year.


.I 4752
.C
oilseed;groundnut;
.W
INDIA OILSEED OUTPUT FORECAST TO RISE.
    NEW DELHI, April 9 - India's oilseed output is expected to
rise to 12.25 mln tonnes in 1986/87 ending October, up on 11.15
mln in 1985/86 but down from 12.95 mln harvested in 1984/85,
the Agriculture Ministry's 1986/87 report said.
    But the forecast for 1986/87 is well below a target of 14.8
mln tonnes fixed for the year, it said, adding bad weather hit
groundnut and other oilseed crops.
    The National Oilseeds Development Program will invest 300
mln rupees in 1986/87 on supplying improved high-yielding seeds
and other support services to help boost production, it added.
India imports about 1.2 mln tonnes of edible oils a year.


.I 4753
.C
acq
.W
EXXON <XON> SOUTH AFRICAN UNIT ACQUIRED BY ZENEX.
    JOHANNESBURG, April 9 - <Zenex Oil Pty Ltd> said it
acquired the interests of Esso South Africa, the local
subsidiary of Exxon Corp <XON), and will use up to 20 mln rand
in profits to finance educational and social programs.
    The profit scheme will begin after Zenex has paid Exxon an
undisclosed purchase price for Esso, Zenex chairman John
Truscott said in a statement.
    The acquisition follows the Exxon withdrawal from South
Africa announced last December.


.I 4756
.C
interest
.W
SALLIE MAE ADJUSTS SHORT-TERM DISCOUNT NOTE RATES.
    WASHINGTON, April 9 - The Student Loan Marketing
Association said its rates on short-term discount notes were as
follows:
    MATURITY   NEW RATE    OLD RATE  MATURITY
    5-14 days  5.80 pct    5.75 pct     5-14 days
  15-360 days  5.00 pct    5.00 pct    15-85 days
                           5.80 pct    86-91 days
                           5.00 pct   92-176 days
                           5.83 pct  177-183 days
                           5.00 pct  184-360 days


.I 4757
.C
interest
.W
FREDDIE MAC ADJUSTS SHORT-TERM DISCOUNT RATES.
    WASHINGTON, April 9 - The Federal Home Loan Mortgage Corp
adjusted the rates on its short-term discount notes as follows:
   MATURITY   RATE       OLD RATE  MATURITY
    33 days   6.00 pct   6.00 pct  33 days
  


.I 4758
.C
grain
.W
ARGENTINE GRAIN BELT WEATHER REPORT.
    BUENOS AIRES, ABR 9 - ARGENTINE GRAIN BELT TEMPERATURES
(CENTIGRADE) AND RAIN (MM) IN THE 24 HOURS TO 12.00 GMT WERE:
    ...............MAX TEMP..MIN TEMP..RAINFALL
    BUENOS AIRES.......24.......12............0
    BAHIA BLANCA.......22........7............0
    TRES ARROYOS.......22........8............0
    TANDIL.............22........7............0
    JUNIN..............24.......11............0
    SANTA ROSA.........--........6............0
    CORDOBA............23.......12............1
    SANTA FE...........21.......18...........17

.I 4759
.C
earn
.W
VW SAYS 480 MLN MARKS MAXIMUM FOR CURRENCY LOSSES.
    WOLFSBURG, West Germany, April 9 - Losses for Volkswagen AG
<VOWG.F>, VW, linked to an alleged foreign currency fraud will
not exceed the 480 mln marks provision already made, a VW
spokesman said.
    The spokesman was commenting after VW had confirmed it
would pay an unchanged 10 mark dividend for ordinary shares on
1986 business, despite the provision.
    One West German newspaper today quoted foreign currency
dealers in Frankfurt as speculating that the total losses from
the currency affair could be as high as 1.5 billion marks, but
the VW spokesman described 480 mln marks as an "upper limit."
    VW said in a statement following today's supervisory board
meeting that it had discussed the foreign currency scandal in
detail, and was setting up a new probe into its foreign
currency activities to be carried out by an unnamed auditing
company.
    VW has said computer programs were erased and documents
were faked in the alleged fraud in which it believes
transactions intended to protect it against possible foreign
currency losses were not completed.
    VW's former foreign currency chief Burkhard Junger was
arrested on Monday on suspicion of embezzlement and of having
evaded justice.
    Earlier VW had said that its 1986 results would match 1985
profits. VW's group net profit in 1985 was 596 mln marks and
parent company net was 477 mln marks. It also said it recommend
an unchanged dividend to the supervisory board. The company has
also set a dividend of 11 marks for new preference shares,
which were issued last year. Analysts have described the held
dividend as a move to reassure worried shareholders.
    VW increased nominal capital by 300 marks last year to 1.5
billion marks, with the result that its total dividend payment
on 1986 will be 306 mln marks compared with 240 mln on 1985,
since the new capital was in preference shares.
    The share analysts say VW will have to dig into reserves in
order to maintain the disclosed 1986 profit at 1985 levels. At
the end of 1985, VW had parent company reserves of slightly
less than three billion marks.


.I 4760
.C
wheat;grain;
.W
YUGOSLAVIA TO TENDER FOR 100,000 TONNES WHEAT.
    WASHINGTON, April 9 - Yugoslavia will tender April 14 for
100,000 tonnes of wheat, the U.S. Agriculture Department's
Counselor in Belgrade said in a field report.
    The report, dated April 7, said the wheat must be from 1986
and 1987 harvest, and imports of soft wheat from Europe and
from other suppliers will not be considered.
    It said the imports will be used to rebuild the federal
reserves and as a result will not be subject to import
surcharges.


.I 4762
.C
coffee
.W
PRICES GENERALLY LOWER AT NAIROBI COFFEE AUCTION.
    NAIROBI, April 9 - Prices were lower at this week's coffee
auction for all grades and qualities except better quality AB
grades, which held steady, the Coffee Board of Kenya said.
    The board said it offered 35,000 bags and sold 32,876.
    So far this coffee year, Kenya has sold 918,707 bags to all
markets, of which 326,182 are for the 1986/7 pool, with an
overall average price of 41,500 shillings a tonne, it added.
    The board will offer 35,000 bags at its next auction on
April 14.
          BAGS                PRICE PER 50 KG
      OFFERED SOLD        AVERAGE
 PB      430   430   2304.78 (2267.21)
 AA     7289  6834   2292.92 (2358.96)
 AB    12664 11895   2289.99 (2291.13)
 C      3198  2867   2073.15 (2107.64)
 T       876   876   1508.79 (1510.67)
 TT     1375  1375   2053.25 (2095.64)
 E       159   159   2250.19 (2252.18)
 MISC   9009  8440   1409.50 (1398.60)
 TOTAL 35000 32876     AVERAGE FOR SALE      2014.93 (1994.94)


.I 4763
.C
earn
.W
ALEX. BROWN <ABSB> SETS SPLIT, TO OFFER SHARES.
    BALTIMORE, April 9 - Alex. Brown Inc said it has declared a
three-for-two stock split, payable May 29, record May 22.
    The company also said it has filed to offer 912,000 common
shares, including 162,000 to be sold by a shareholder, with
company proceeds to be used for working capital and general
corporate purposes.  Its Alex. Brown and Sons Inc subsidiary is
lead underwriter.
    The offering is expected to be made before the record date
of the split, the company said.


.I 4768
.C
earn
.W
HIGHLAND SUPERSTORES INC <HIGH> 4TH QTR NET.
    TAYLOR, MICH., April 9 - Period ended Jan 31
    Shr 38 cts vs 61 cts
    Net 7,012,000 vs 11,193,000
    Revs 223.0 mln vs 200.3 mln
    Year
    Shr 1.11 dlrs vs 1.36 dlrs
    Net 20,214,000 vs 23,602,000
    Revs 656.5 mln vs 520.5 mln
    Avg shrs 18,257,631 vs 17,376,480


.I 4769
.C
acq
.W
LVI GROUP <LVI> TO MAKE ACQUISITION.
    NEW YORK, April 9 - LVI Group Inc said it has agreed in
principle to purchase all outstanding shares of <Spectrum
Holding Corp> for a proposed 13 mln dlrs in cash.
    LVI said an additional 10 mln dlrs in common stock and
seven mln dlrs in notes will become payable if Spectrum has
certain minimum future earnings.
    LVI, an interior construction firm, said the acquisition is
subject to execution of a definitive agreement and completion
of due diligence.
    LVI and Spectrum, an asbestos abatement concern, expect to
close the deal in June, LVI said.


.I 4771
.C
earn
.W
TEXAS AMERICAN <TAE> OMITS PREFERRED PAYOUT.
    MIDLAND, Texas, April 9 - Texas American Energy Corp said
its board has decided to again omit the quarterly dividend on
its 2.575 dlr cumulative convertible exchangeable preferred
stock.
    The dividend would have been payable May One.  The company
last paid 64.3 cts a share on the issue in August 1986.


.I 4772
.C
earn
.W
VORNADO INC <VNO> 4TH QTR JAN 31 NET.
    GARFIELD, N.J., April 9 -
    Shr 1.64 dlrs vs 1.56 dlrs
    Net 4,583,000 vs 5,313,000
    Revs 20.1 mln vs 19 mln
    Avg shrs 2.8 mln vs 3.4 mln
    Year
    Shr 5.06 dlrs vs 5.92 dlrs
    Net 16 mln vs 20.3 mln
    Revs 74.6 mln vs 68 mln
    Avg shrs 3.2 mln vs 3.4 mln


.I 4773
.C
acq
.W
BRENDA MINES SELLING KERR ADDISON SHARES.
    TORONTO, April 9 - <Brenda Mines Ltd> said it sold
2,830,390 <Kerr Addison Mines Ltd> shares to a group of
underwriters led by Wood Gundy Inc and Brown, Baldwin Nisker
Ltd for redistribution.
    Financial terms were undisclosed.


.I 4774
.C
acq
.W
PHOENIX FINANCIAL <PHFC> BUYS DATA ACCESS STAKE.
    BLACKWOOD, N.J., April 9 - Data Access Systems Inc said
chairman David Cohen has sold 1,800,000 common shares to
Phoenix Financial corp for undisclosed terms and resigned as
chairman and chief executive officer.
    The company said Phoenix Financial now has a 27 pct
interest in Data Access and effective control.
    Data Access said Phoenix chairman Martin S. Ackerman has
been named chairman of Data Access as well and two other
Phoenix representatives have been named to the Data Access
board.  It said four directors other than Cohen have resigned
from the board.


.I 4775
.C
earn
.W
HEALTH AND REHABILITATION <HRP> INITIAL PAYOUT.
    CAMBRIDGE, Mass., April 9 - Health and Rehabilitation
Properties Trust said it declared an intitial dividend of 55
cts per share for the period ending March 31, 1987
    The dividend will be payed May 20 to shareholders of record
on April 20, the company said.
    The company said it organized in late 1986 and closed its
intitial public offering of shares Dec 23, 1986.
    The initital dividend includes five cts attributable to the
period between Dec 23 and 31, 1986, and 50 cts attributable to
the first qtr of 1987, ending March 31, 1987.


.I 4776
.C
earn
.W
T. ROWE PRICE <TROW> SEES HIGHER FIRST QUARTER.
    BALTIMORE, April 9 - T. Rowe Price Associates said its
first quarter earnings rose about 50 pct from the year-ago
2,634,000 dlrs and revenues about 30 pct from the year-ago 24.2
mln dlrs.
    It said it expects "very good" earnings and revenue growth
this year.  In 1986 it earned 14.8 mln dlrs on revenues of
111.1 mln dlrs.


.I 4778
.C
acq
.W
GENERAL PARTNERS CUTS STAKE IN GENCORP <GY>.
    WASHINGTON, April 9 - General Partners told the Securities
and Exchange Commission it has reduced its stake in GenCorp Inc
to 8.6 pct, from 9.8 pct, by selling 250,000 shares at a price
equal to 118.5 dlrs per share.
    General Partners, which includes GC Holdings Inc and
General Acquisitions Inc, said yesterday it was dropping its
100-dlr-a-share hostile takeover bid for GenCorp because of
GenCorp's move to buy back its shares for up to 130 dlrs each.


.I 4779
.C
earn
.W
HERITAGE FINANCIAL SERVICES <HERS> 1ST QTR NET.
    BLUE ISLAND, ILL., April 9 -
    Shr 45 cts vs 43 cts
    Net 1,503,000 vs 938,000
    Avg shrs 3,358,664 vs 2,158,664
    NOTE: Company had its initial public offering of 1,200,000
shares in October, 1986


.I 4780
.C
earn
.W
NATIONAL COMPUTER <NLCS> SEES EARNINGS GROWTH.
    MINNEAPOLIS, April 9 - National Computer Systems Inc
expects fiscal year earnings to improve by about 20 pct, the
company told analysts, although it said the April 30 first
quarter should show "down earnings and virtually flat
revenues."
    Chairman Charles Oswald said National Computer has taken
steps to improve margins. He said revenues are expected to
increase modestly because of the company's decision to downsize
its leasing business, nonrecurring revenueslast year from a
one-time Texas teacher assessment project and the impact of the
discontinuance of products last year.
    Oswald said National Computer's first quarter results will
be down as a result of a major financial systems sales last
year, a higher effective tax rate and the increased number of
shares outstanding.
    The company said the next three consecutive quarters should
demonstrate "excellent earnings growth."


.I 4781
.C
interest
.W
******U.K. CHANCELLOR LAWSON SAYS THERE MAY BE NEED TO CUT INTEREST RATES IN SOME COUNTRIES.
Blah blah blah.

.I 4783
.C
acq
.W
REXHAM <RXH> REPURCHASES STAKE FROM NORTEK <NTK>.
    CHARLOTTE, N.C., April 9 - Rexham Corp said it has
repurchased 381,050 of its shares or 9.1 pct from Nortek Inc
for 42 dlrs each, and Nortek has withdrawn its proposal to
acquire Rexham for 43 dlrs per share.
    Rexham said Nortek has also agreed not to buy Rexham shares
or take other actions under a 10-year standstill agreement. 
The Rexham board had rejected the Nortek bid as inadequate.
    The company also said its board has authorized the
repurchase in the open market or privately from time to time of
up to an additional five pct of its own shares and the
establishment of an Employee Stock Ownership Plan.  The plan is
expected to purchase from Rexham a new convertible preferred
stock with 11.5 pct of Rexham's voting power with proceeds of a
pension plan overfunding and borrowings.


.I 4785
.C
heat
.W
EXXON <XON> CUTS HEATING OIL PRICE, TRADERS SAID.
    NEW YORK, April 9 -- Oil traders in the New York area said
Exxon Corp's Exxon U.S.A. unit reduced the price it charges
contract barge customers for heating oil in New York harbor
0.50 cent a gallon, effective today.
    They said the reduction brings Exxon's contract barge price
to 49.75. The price decrease follows sharp declines in heating
oil prices in the spot and futures markets, traders said.


.I 4788
.C
interest
.W
FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES.
    WASHINGTON, April 9 - The Federal Home Loan Bank Board
adjusted the rates on its short-term discount notes as follows:
    MATURITY   NEW RATE  OLD RATE  MATURITY
  30-174 days  5.00 pct  5.00 pct   30-174 days
 175-190 days  5.88 pct  5.85 pct  175-190 days
 191-270 days  5.00 pct  5.00 pct  191-270 days
 271-288 days  5.92 pct  5.92 pct  271-288 days
 289-360 days  5.00 pct  5.00 pct  289-360 days
                       


.I 4791
.C
earn
.W
<STRATHFIELD OIL AND GAS LTD> YEAR NET.
    CALGARY, Alberta, April 9 -
    Shr 46 cts vs 48 cts
    Net 1,196,331 vs 1,341,314
    Revs 5,153,109 vs 7,680,350


.I 4793
.C
money-fx;interest;
.W
FED MAY ADD RESERVES TO BANKING SYSTEM.
    NEW YORK, April 9 - The Federal Reserve may intervene in
the government securities market to supply temporary reserves
indirectly via customer repurchase agreements, economists said.
    They said that while the Fed faces no great urgency to add
reserves at the start of the two-week maintenance period today
it would probably do so in order to offset a relatively high
federal funds rate.
    Fed funds opened at 6-3/16 pct and remained there in early
trading. Yesterday, they averaged 6.45 pct, after rising as
high as seven pct at the close.


.I 4794
.C
acq
.W
DIAMOND CRYSTAL <DSLT> MIGHT SELL SALT UNIT.
    ST. CLAIR, Mich., April 9 - Diamond Crystal Salt Co said it
might sell its salt division.
    The company said it retained First Boston Corp to assist it
with the possible sale of the division, "assuming a fair price
and reasonable terms can be obtained."
    Diamond Crystal said sale of the unit was in the best
long-term interests of its shareholders.
    The company also said it incorporated its Packet Products
Division as of April one. The unit will be an indirect wholly
owned subsidiary called Diamond Crystal Specialty Foods Inc.
Current management of the division will remain.


.I 4795
.C
interest
.W
LAWSON SAYS SOME COUNTRIES COULD CUT RATES.
    WASHINGTON, April 9 - Nigel Lawson, Britain's Chancellor of
the Exchequer, said some countries may need to cut interest
rates with the aim of maintaining exchange rate stability.
    Speaking to journalists one day after the Group of Seven
countries reaffirmed goals set in Paris six weeks ago, he said
central banks would continue to intervene "as and when
necessary."
    He said the G-7 countries were concerned that Japan do more
to stimulate domestic demand and welcomed measures outlined by
Japanese Finance Minister Kiichi Miyazawa yesterday.
    Lawson said he was still worried about  the risk of a
simultaneous recession in the United States, Japan and West
Germany, though less so than when he gave his March 17 budget
speech to the British Parliament.
    "If anything I'm a little bit less concerned, but there is
still a risk," he said.
    Asked if the United States should consider increasing
interest rates to support the dollar, he said, "If there is a
need for changes in relative interest rates, it doesn't need to
be a rise in interest rates in the United States."
    Lawson said there was some concern expressed in yesterday's
meetings at the slow progress the United States had made in
reducing its budget deficit.
    "We believe there will be some worthwhile progress in
reducing the deficit this year. The important thing is that it
continue year after year," Lawson said.
    The February 22 Louvre accord called for efforts to
stabilize currencies at then-current exchange rates. In the six
weeks that followed the Japanese yen continued to rise against
the dollar despite massive central bank intervention.
    Asked whether this intervention was a sign of weakness in
the Louvre accord, he said, "I don't think so. If there had been
no intervention you would have called that a sign of weakness."
    Although intervention could be a cause of inflation, Lawson
said, "the world does not appear to be in an inflationary mode
... but one has to be vigilant."
    He said yesterday's G-7 statement, which affirmed that
"current levels" of exchange rates were appropriate, had been
"carefully worded." "We know what we mean, and we all mean the
same thing," he said.
    Lawson said financial markets seem to believe that Japanese
measures outlined in the Louvre accord were the source of
weakness for that agreement.
    Therefore, the G-7 countries welcomed Miyazawa's
presentation of plans for a supplemental budget to stimulate
domestic demand.
    They particularly welcomed the goal of an immediate
increase in public works spending, but Lawson said the package
also involved a second stage to increase expenditures during
the second half of this year.


.I 4796
.C
wheat;grain;barley;corn;
.W
FRENCH FREE MARKET CEREAL EXPORT BIDS DETAILED.
    PARIS, April 9 - French operators have requested licences
to export 320,000 tonnes of free market barley, 225,000 tonnes
of maize, 25,000 tonnes of free market bread-making wheat and
20,000 tonnes of feed wheat at today's EC tender, trade sources
said.
    For the barley, rebates of between 138 and 141.25 European
currency units (Ecus) per tonne were sought, for maize they
were between 129.65 and 139 Ecus, for bread-making wheat around
145 Ecus and for feed wheat around 142.45 Ecus.
    Barley rebates of up to 138.50 Ecus were requested for a
total of 40,000 tonnes and at 139 Ecus for 85,000 tonnes.
    Rebates of up to 130 Ecus per tonne were requested for a
total of 55,000 tonnes maize and up to 131 Ecus for 105,000
tonnes, the sources said.


.I 4798
.C
potato
.W
U.K. POTATO FUTURES TRADING NOT TO BE SUSPENDED.
    LONDON, April 9 - Trading on the London potato futures
market will not be suspended, Richard Harris, Chairman of the
London Potato Futures Association (LPFA), said in a statement
to floor members.
    It was in response to strong representations by the Potato
Marketing Board (PMB) complaining of a gross distortion of
price which they say will result in large deliveries into the
physical market when the April futures position expires.
    The PMB had sought an immediate suspension in futures
trading and asked the LPFA to take action to restore the
relationship between futures and physicals.
    Farmers and merchants have alleged a squeeze and cornering
of the market but Harris pointed out that recent investigations
by the Association of Futures Brokers and Dealers (AFBD), the
International Commodities Clearing House (ICCH) and other
parties, found no evidence to substantiate this.
    The main complaint from some sections of the physical
market is what they say is an unrealistic futures premium over
the PMB's average ex-farm price. April futures traded this
morning between 168 and 170 stg per tonne compared with PMB's
average price of 104 stg.
    Bill Englebright, joint secretary of the LPFA said there is
a two-tier market for physical potatoes. He said quality
potatoes are in short supply and prepackers have been paying
between 145 and 165 stg per tonne for best samples. But lesser
quality grades have traded below 100 stg.
    Some merchants fear that a large tonnage will be delivered
against the April futures contract between now and the end of
the month, and possibly disrupt the physical market.
    Harris said the LPFA rule book allows the management
committee to take steps as necessary to correct any malpractice
and he assured the committee is monitoring the situation.


.I 4799
.C
money-fx
.W
GROUP OF 10 WELCOMES LATEST G-7 AGREEMENT.
    WASHINGTON, April 9 - The Group of 10 developed nations
issued a communique welcoming the reaffirmation of the Paris
accord on currency stability by the Group of Seven leading
industrial democracies yesterday.
    In the communique issued this morning, the G-10 said
"prospects of member countries' economies would be improved by
stability in the exchange rates of their currencies."
    The G-10 includes the group of seven - the United States,
Canada, Britain, Japan, Italy, West Germany and France - plus
Belgium, the Netherlands, Sweden and also Switzerland.
    Sources who attended the G-10 conference this morning said
the reference to the latest G-7 agreement was especially added
to the brief communique because currency stability will benefit
all the G-10 members.
    The G-10 met briefly before the International Monetary Fund
Interim Committee meeting scheduled for today.
.


.I 4801
.C
iron-steel
.W
CANAM MANAC WINS 8.5 MLN DLR CONTRACT.
    MONTREAL, April 9 - (The Canam Manac Group Inc) said its
Canam Steel Works unit received a contract valued at 8.5 mln
dlrs to supply steel trusses to (Canron Inc) for a new car
plant in Ingersoll, Ontario.
    Canam Manac said it will produce the trusses at its Quebec
and Ontario plants and delivery will be completed by August.


.I 4802
.C
tin
.W
SPOT TIN EASIER ON EUROPEAN FREE MARKET.
    LONDON, April 9 - Spot tin on the European free market was
indicated in the easier range 4,200 to 4,230 stg per tonne, for
high grade metal in warehouse Rotterdam, down 20 stg from
yesterday's afternoon kerb close.
    Stability in sterling versus the dollar continued to apply
pressure to a market which is coming close to testing a
psychological chart support base at 4,200 stg, traders said.
    Dealers said major consumers still need to cover their May
and June requirements but are holding out for even lower
offers. Reported high grade tin business in London was confined
to end April metal at 4,225 stg.
    Small-scale spot business was reported by West German
operators at 12.60 and 12.63 marks per kilo although the market
was still being undercut by Chinese material, which traded at
one stage down to 12.54 marks per kilo, traders said.


.I 4803
.C
earn
.W
CONSOLIDATED PAPERS INC <CPER> 1ST QTR NET.
    WISCONSIN RAPIDS, WIS., April 9 -
    Shr 1.01 dlrs vs 1.08 dlrs
    Net 21,983,000 vs 23,434,000
    Sales 174.9 mln vs 161.7 mln


.I 4806
.C
acq
.W
HUMANA <HUM> TO SELL MEDICAL OFFICES.
    LOUISVILLE, Ky., April 9 - Humana Inc said it has agreed in
principle to sell 68 MedFirst primary medical care facilities
to <Primedical Corp> for undisclosed terms, with transfers
taking place over the next four months.
    It said it retains 37 MedFirst offices, mostly in the
Chicago area.
    The transaction is not expected to have any impact on
earnings, Humana said.


.I 4809
.C
earn
.W
MET-COIL SYSTEMS CORP<METS> 3RD QTR FEB 28 NET.
    CEDAR RAPIDS, IOWA, April 9 -
    Shr seven cts vs nine cts
    Net 168,000 vs 206,000
    Sales 15.3 mln vs 10.9 mln
    Nine mths
    Shr 10 cts vs 38 cts
    Net 228,000 vs 649,000
    Sales 35.8 mln vs 32.5 mln
    Qtly div three cts vs three cts prior
    Pay April 30
    Record April 20


.I 4811
.C
earn
.W
******FORD RAISES QTLY PAYOUT 10 CTS/SHR TO 75 CTS.
Blah blah blah.

.I 4813
.C
money-fx
.W
LAWSON SEES NO CHANGE IN U.K. MONETARY POLICY.
    WASHINGTON, April 9 - British Chancellor of the Exchequer
Nigel Lawson said he saw no immediate implications for British
monetary policy arising from the Group of Seven meeting
yesterday.
    "Exchange rate stability is in the U.K.'s interest," he told
journalists.
    Asked what it meant for U.K. monetary policy, he said, "No,
I do not think there are any immediate implications."


.I 4814
.C
earn
.W
FORD MOTOR CO <F> RAISES QTLY PAYOUT.
    DEARBORN, Mich., April 9 -
    Qtly div 75 cts vs 65 cts prior
    Pay June one
    Record May one


.I 4816
.C
iron-steel
.W
TALKING POINT/STEEL COMPANIES.
    By Steven Radwell, Reuters
    NEW YORK, April 9 - Steel stocks, which have had a healthy
runup recently, still present some short term investment
opportunities, according to some steel analysts.
    But others say the upturn, based on strong orders and firm
prices this spring, has been strictly seasonal and will end
soon. They recommend taking profits.
    "It's that time of year. This is strictly seasonal," said
Charles Bradford of Merrill Lynch and Co. "Orders will be
strong for about two months, and there are signs that some
(order rates) are starting to dive already."
    But Dean Witter Reynolds Inc analyst Clarence Morrison sees
some short-term potential in the group, which includes USX Corp
<X>, Bethlehem Steel Corp <BS>, Armco Inc <AS> and Inland Steel
Industries Inc <IAD>.
    "There is still some attractiveness to steels over the
short- to intermediate-term based on improved order rates and
rising prices," Morrison said. He only recommends one stock,
however, Inland, which is modernizing steelmaking operations to
make them more efficient.
    Despite his bearishness, Merrill's Bradford continues to
recommend Armco, which he sees as a major turnaround.
    Armco's steelmaking operations are profitable, the balance
sheet has been improved, and its oilfield equipment business
has been slimmed and put in a joint venture with USX, Bradford
noted. "It's not a high-quality investment situation yet but
they've come a long way," he said.
    "We think the stock will do moderately better than the
market," he said. Armco shares, trading off 1/4 at 10 today,
could go to 12, and possibly as high as 15, he said.
    Bradford sees Armco earning 50 to 75 cts a share in 1987,
before special gains from recouped investment tax credits,
against losses last year.
    Armco's 1988 earnings could be significantly higher, he
said.
    Bradford is recommending sale of USX shares. "We had a buy
on it below 20 but when it gets to 28, let somebody else have
it," he said.
    The steel and energy concern will earn about one dlr a
share in 1987, about half of that coming from asset sales, and
from two dlrs to 2.50 dlrs in 1988, Bradford said. "But a lot
depends on oil prices," he added. About 60 pct of USX's sales
come from oil and natural gas.
    Other analysts, including Michelle Galanter Applebaum of
Salomon Brothers Inc, recommend USX. "The company's done a lot
(of restructuring), more than the market's given them credit
for," she said.
    She sees the stock going to the mid 30s or higher. USX was
trading up 1/8 at 28-1/2. She predicts USX will earn 18 cts a
share this year and 2.73 dlrs next year against large losses in
1986.
    Applebaum, who is also positive on Armco and Inland, has
been recommending the stocks since last November.
    Peter Marcus of Painewebber Inc is neutral on the group
although he said the earnings outlook is improved through the
third quarter.
    But he sees potential trouble beyond then. "I think (steel)
prices on a bookings basis will start to drop by the summer,"
he said.
    Applebaum of Salomon Brothers also sees some seasonal
dropoff later in the year. "But there are more positives than
negatives," she said, citing reduced capacity in the domestic
industry, better prices, and a weaker dollar, which should
cause steel imports to drop off slightly from last year.


.I 4817
.C
earn
.W
DEKALB CORP <DKLBB> 2ND QTR FEB 28 NET.
    DEKALB, ILL., April 9 -
    Shr 20 cts vs 14 cts
    Net 2.4 mln vs 1.7 mln
    Revs 136.7 mln vs 174.4 mln
    Six Mths
    SDhr 72 cts vs 82 cts
    Net 8.6 mln vs 9.9 mln
    Revs 212.5 mln vs 268.8 mln


.I 4818
.C
earn
.W
ABBOTT <ABT> SEES GAINS FROM WEAKER DOLLAR.
    NORTH CHICAGO, ILL., April 9 - Abbott Laboratories Inc said
its 1987 first quarter record results reflected continued
productivity improvement, higher volume, better product mix and
a weaker U.S. dollar.
    Abbott reported 1987 first quarter earnings rose to a
record 142 mln dlrs or 62 cts a share on record sales of one
billion dlrs.
    Research and development expenses, most of which was
applied to diagnostic and pharmaceutical products, increased by
23 pct to 78 mln dlrs, it said.
    Sales of pharmaceutical and nutritional products were 548
mln dlrs in the first quarter, up 17.6 pct over a year ago,
Abbott said. Hospital and laboratory product sales in the first
quarter rose 14.1 pct to 456 mln dlrs, it said.
    First quarter sales in domestic markets advanced 11.5 pct
to 688 mln dlrs while international sales jumped 27.1 pct to
316 mln dlrs, Abbott said.


.I 4819
.C
livestock;carcass;
.W
EASTERN DISTRIBUTIVE BEEF TRADE WEEKLY - USDA.
    North Brunswick, NJ, Apr  9 - Demand good for moderate
supplies of most beef cuts, However, limited interest noted for
tenderloins/flank steaks. Yield grade 2-3 beef cuts, fabricated
items, vacuum packed.
                          LBS    CHOICE
 ROUND CUTS -steady/up 11.00                 
 160 round, part bnls     50-85  few 137
 161 round, bnls          42-80  few 147
 161 diamond cut          49-85  few 149
 167 knuckle               8-15  few 148
 167a knuckle, peeled      8-15  few 163
 168 top inside round     14-26  165-175
 170 bottom gooseneck rnd 18-33  131-135
 More

.I 4820
.C
cotton
.W
BRAZIL COTTON CROP LOWER -- USDA REPORT.
    WASHINGTON, April 9 - Brazil's 1986/87 cotton crop estimate
has been reduced to 710,000 from 735,000 tonnes (lint basis),
the U.S. Agriculture Department's officer in Sao Paulo said in
a field report.
    The report, dated April 7, said the reduction is based on
an expected smaller harvest in the center-south region.
    The center-south crop is now estimated at 550,000 tonnes --
25,000 tonnes below the previous estimate.
    Hot, dry weather during part of January and excessive rains
in some areas in February reduced yield prospects and may have
affected quality, the report said.
    Nearly 60 pct of the crop has been harvested in Parana and
slightly less in Sao Paulo, it said. Cotton entering gins is of
fairly good quality, according to trade sources, it said.


.I 4823
.C
bop;trade;
.W
******TREASURY'S BAKER SAYS TRADE, CURRENT ACCOUNT IMBALANCES "SIMPLY NOT SUSTAINABLE".
Blah blah blah.

.I 4825
.C
grain;corn;
.W
******EC AUTHORISES EXPORT 55,000 TONNES MAIZE,  MAXIMUM REBATE 130 ECUS/TONNE - TRADE SOURCES.
Blah blah blah.

.I 4826
.C
grain;barley;
.W
******EC AUTHORISES EXPORT 65,000 TONNES BARLEY,  MAXIMUM REBATE 138.75 ECUS - BRUSSELS TRADE.
Blah blah blah.

.I 4828
.C
earn
.W
******RJR NABISCO FIRST QUARTER NET TO INCLUDE 208 MLN DLR GAIN, 209 MLN DLR CHARGE.
Blah blah blah.

.I 4830
.C
cocoa
.W
BRAZIL COCOA EXPORTERS UNLIKELY TO LIMIT SALES.
    RIO DE JANEIRO, APRIL 9 - Brazilian cocoa exporters are not
likely to follow the example of Cocoa Producers Alliance, CPA,
members, who may limit sales of the product in an effort to
boost world prices, trade sources said.
    They said a similar procedure was taken in the past in
Brazil and that it did not work out according to plans.
    "The cocoa market is completely free. Unlike coffee, which
is controlled through export registrations, cocoa exporters in
Brazil operate at their own free will," a trade source said.
    The traders were responding to questions whether they would
follow the example of CPA members meeting in Yaounde.
    The sources said the Banco do Brasil's Foreign Trade
Department, CACEX, never interferes in the cocoa market by
rejecting sales that do not meet certain price or shipment
criteria.
    "The position of local producers is always to negotiate as
they please. If they buy for ten and sell for eleven and think
it's a good deal, they are free to go ahead," one source added.


.I 4832
.C
earn
.W
HEALTH/REHABILITATION <HRP> SETS FIRST PAYOUT.
    CAMBRIDGE, Mass., April 9 - Health and Rehabilitation
Properties Trust said its board declared an initial dividend of
55 cts, including 50 cts for the first quarter just ended and
five cts from its initial operating period that began December
23.
    The dividend is payable May 30, record April 20.


.I 4833
.C
money-fx
.W
U.S. TREASURY'S BAKER SAYS RATE SHIFTS ORDERLY.
    WASHINGTON, April 9 - Treasury Secretary James Baker said
that changes in exchange rates have generally been orderly and
have improved the prospects for a reduction in external
imbalances to more sustainable levels.
    In remarks before the IMF's policy-making Interim
Committee, Baker reiterated a Group of Seven statement last
night that the substantial exchange rate changes since the
Plaza agreement 18 months ago have "now brought currencies
within ranges broadly consistent with economic fundamentals."
    Baker said, "These exchange rate shifts have generally been
orderly, and have improved prospects for the reduction of
external imbalances to more sustainable levels."
    As they are today, the trade and current account imbalances
"simply are not sustainable," Baker told the ministers.
    He said that the Reagan administration was resisting "strong
domestic pressure" for trade protection and was working closely
with the U.S. Congress in crafting a trade bill.
    "While we cannot yet be sure of the outcome, we are doing
what we can to ensure that the bill is not protectionist," he
said.
    Baker also urged the International Monetary Fund's
executive board to review possible modifications to the Fund's
compensatory financing facility before the annual meeting this
fall.
    "We should pay particular attention to the lack of
continuing conditionality associated with the use of the CFF
and to whether shortfalls in export earnings are indeed
temporary," he said.


.I 4841
.C
acq
.W
TIME <TL> TO SELL PART OF UNIT.
    NEW YORK, April 9 - Time Inc said its Time-Life Video Inc
subsidiary has agreed in principle to sell its institutional
training business to Time-Life Video president William V.
Ambrose for undisclosed terms.
    It said the business will operate as Ambrose Video
Publishing.


.I 4843
.C
trade
.W
SPRINKEL SAYS TAX HIKE WOULD NOT REDUCE DEFICIT.
    WASHINGTON, April 9 - Council of Economic Advisers chairman
Beryl Sprinkel said the Reagan Administration remains strongly
opposed to a tax increase, including 18 billion dlrs of new
revenues in the budget plan by Congressional Democrats.
    "We believe that significant increases in taxes would not
reduce deficits and could have adverse effects on growth,"
Sprinkel told the House Rules Committee.
    He said the Administration wanted to continue its policy of
gradually reducing deficits through restraining government
spending and promoting economic growth. Sprinkel said cutting
the budget deficit was the best way to lower the trade deficit.


.I 4844
.C
earn
.W
ROYAL BUSINESS GROUP INC <ROY> 2ND QTR MARCH ONE.
    BOSTON, April 9 -
    Shr 49 cts vs five cts
    Shr diluted 45 cts vs five cts
    Net 651,000 vs 95,000
    Revs not given
    1st half
    Shr 57 cts vs one ct
    Shr diluted 53 cts vs one ct
    Net 781,000 vs 56,000
    Revs not given
    NOTE: Current year net both periods includes gain 873,000
dlrs from repurchase of securities.
    Results exclude Business Forms Division, which is to be
sold.


.I 4845
.C
earn
.W
<MSE CABLE SYSTEMS INC> 4TH QTR NET.
    ROCHESTER HILLS, Mich., April 9 -
    Shr nil vs nil
    Net 18,534 vcs 27,431
    Revs 270,032 vs 188,326
    Avg shrs 6,598,871 vs 6,090,576
    Year
    Shr nil vs nil
    Net 47,299 vs 21,570
    Revs 1,004,392 vs 677,909
    Avg shrs 6,618,063 vs 5,931,324
    NOTE: Share adjusted for one-for-11 reverse split.


.I 4846
.C
earn
.W
RULE INDUSTRIES INC <RULE> 2ND QTR FEB 28 NET.
    GLOUCESTER, Mass., April 9 -
    Shr 17 cts vs 10 cts
    Net 408,000 vs 237,000
    Revs 8,863,000 vs 6,738,000
    1st half
    Shr 27 cts vs 15 cts
    Net 647,000 vs 356,000
    Revs 17.2 mln vs 12.5 mln


.I 4849
.C
acq
.W
NEW JERSEY INVESTOR BUYS 5.2 PCT OF KINARK <KIN>.
    WASHINGTON, April 9 - A New Jersey investor, Joseph
Falkenstein, told the Securities and Exchange Commission he
holds 5.2 pct of the shares of Kinark Corp.
    He said he has no plans to change the company and that he
bought the shares because he believed the stock was undervalued
and would rise in the next six months.


.I 4851
.C
earn
.W
NATIONAL DISTILLERS <DR> SEES SECOND QTR GAIN.
    New York, April 9 - National Distillers and Chemical Corp
expects to realize a second quarter after-tax gain of four dlrs
per share from the 545 mln dlr sale of its spirits business to
American Brands Inc <AMB>.
    National Distillers' stock rose 1-1/8 to 65-1/2, after an
opening delay on the New York Stock exchange for an imbalance
of orders.
    "I think the sales price was higher than most people
expected," said John Henry of E.F. Hutton Group.
    A company spokeswoman said the four dlr per share gain will
be included in second quarter net, which compares with 31 cts
per share last year, including the spirits and wine business
    "They netted over 700 mln dlrs for spirits and wine. That
will ease their interest cost burden," said Henry.
    National Distillers sold its wine business last month to
Grand Metropolitan PLC's Heublein Inc for 128 mln dlrs.
    Henry said he had anticipated National Distillers would net
only 600 mln dlrs at the most from the sale of the two liquor
businesses.
    Henry said the company recovered from the sales the cost of
buying Enron Chemicals in the fourth quarter last year.
National Distillers paid 570 mln dlrs cash for Enron and
assumed 34 mln dlrs in debt. National Distillers said at the
time it bought Enron it would sell the spirits and wine
businesses, moving more into the chemical area.
    For 1986, two thirds of income were from chemicals and
propane. National Distillers earned, excluding the liquor
businesses, 2.21 dlrs per share for 1986. Income from
discontinued operations, including the liquor businesses, was
67 cts per share.


.I 4852
.C
orange
.W
WEATHER HURTS ITALIAN ORANGES - USDA REPORT.
    WASHINGTON, April 9 - Unfavorable weather conditions during
the second week of March caused damage to oranges in the
Calabria region in southern Italy, the U.S. Agriculture
Department's officer in Rome said in a field report.
    The report, dated April 3, said the region accounts for
about 22,000 hectares of the Italian orange crop or about 26
pct of total production.
    However, orange production in the region for marketing year
1986/87 is forecast at 565,000 tonnes or 25 pct of the total
Italian orange crop, it said.
    The report said trade contacts agree that about 15 pct of
the orange output in Calabria was damaged by frost.


.I 4853
.C
wheat;grain;barley;corn;
.W
EC GRANTS FREE MARKET BARLEY, MAIZE EXPORTS.
    LONDON, April 9 - The European Commission authorised the
export of 65,000 tonnes of free market barley at today's tender
at a maximum rebate of 138.75 European currency units and
55,000 tonnes of French maize at 130 Ecus, grain traders here
said.
    It rejected bids for breadmaking and feed wheat, they said.


.I 4854
.C
dlr;money-fx;
.W
******FED BUYING DOLLARS FOR YEN IN OPEN MARKET, NEW YORK DEALERS SAY.
Blah blah blah.

.I 4856
.C
earn
.W
WASTE RECOVERY INC <WRII> 4TH QTR NET.
    DALLAS, April 9 -
    Shr loss eight cts vs loss nine cts
    Net loss 311,255 vs loss 157,941
    Revs 546,069 vs 284,636
    Avg shrs 3,790,235 vs 1,819,680
    Year
    Shr loss 27 cts vs loss 24 cts
    Net loss 858,624 vs loss 399,385
    Revs 1,491,518 vs 1,407,441
    Avg shrs 3,175,157 vs 1,692,700


.I 4857
.C
earn
.W
BRANCH CORP <BNCH> 1ST QTR NET.
    WILSON, N.C., April 9 -
    Shr primary 99ct vs 82 cxts
    Shr diluted 93 cts vs 78 cts
    Net 7,784,000 vs 6,357,000
    Assets 3.25 billion vs 2.74 billion
    Deposits 2.58 billion vs 2.24 billion
    Loans 2.20 billion vs 1.81 billion


.I 4859
.C
acq
.W
KURZ-KASCH UPS STAKE IN COMPONENT TECH <CTEC>.
    WASHINGTON, April 9 - Kurz-Kasch Inc, a Dayton thermoset
molding maker, told the Securities and Exchange Commission it
had increased its holdings in Component Technology Corp by two
pct, to 9.3 pct.
    It said it bought the 39,000 shares of stock at 5.30-6.875
dlrs a share for investment purposes.


.I 4863
.C
oilseed;wheat;grain;corn;soybean;
.W
BRAZIL SOYBEAN YIELDS SEEN AVERAGE - USDA REPORT.
    WASHINGTON, April 9 - Based on field travel in the
Brazilian state of Parana, soybean yields should be about
average or 2.0 to 2.2 tonnes per hectare, the U.S. Agriculture
Department's officer in Sao Paulo said in a field report.
    The report, dated March 24, noted Parana accounts for about
20 to 24 pct of Brazil's total soybean crop.
    It said generally favorable weather from early December
through February helped compensate for earlier dryness.
    However, hot, dry weather during the past 20 to 30 days
followed by an unseasonably brief cold spell during the second
week of march has raised concern about late planted soybeans
which are still immature, but the impact may be localized, the
report said.
    The corn crop is expected to be a record and will create
serious storage problems, the report said.
    Due to favorable support prices, corn area increased by
more than 25 pct at the expense of soybeans, and yields are
expected to be above average, it said.
    Due to late plantings only about 20 pct of the corn crop
crop has been harvested.
    During the field trip long truck lines were noted at grain
elevators where preference is given to soybeans over corn, the
report said.
    New crop wheat plantings are expected to decline  -- Parana
accounts for about 60 pct of total production. Major reasons
for the decline are expected reduced government support price
and good summer crop harvests.


.I 4865
.C
earn
.W
ZAYRE CORP <ZY> RAISES QUARTERLY.
    FRAMINGHAM, Mass., April 9 -
    Qtly div 10 cts vs eight cts prior
    Pay June Four
    Record May 14


.I 4866
.C
dlr;money-fx;
.W
FED SEEN BUYING DOLLARS FOR YEN IN OPEN MARKET.
    NEW YORK, April 9 - The Federal Reserve was detected buying
dollars for yen in the open market as the dollar fell to a
40-year low of 144.60 yen in nervous late morning trading,
currency dealers said.
     They said the size of the intervention was relatively
modest so far but it was a clear indication that the U.S.
remained committed to the late February Paris currency
stabilization accord, which was reaffirmed in Washington last
night.
    A Fed spokeswoman had no comment on the dealer reports.
    The dollar hovered around 144.70 just before midday.


.I 4868
.C
earn
.W
RJR NABISCO <RJR> HAS OFFSETTING GAINS, CHARGES.
    WINSTON-SALEM, N.C., April 9 - RJR Nabisco Inc said its
1987 first quarter results will include an after-tax gain of
208 mln dlrs from the sale of Heublein Inc and offsetting
charges.
    The company said its operations are performing well and in
line with expectations.
    RJR Nabisco said the charges reflect reserves it
established to cover certain expenses.
    RJR Nabisco said the expenses covered, on after-tax basis,
include --
    -- 50 mln dlrs for the write-down of redundant equipment
and facilities resulting from modernization of its U.S. tobacco
operations,
    -- 79 mln dlrs for continuing restruction of its food
subsidiaries, and
    -- 80 mln dlrs in connection with the early retirement of
high coupon debt.


.I 4869
.C
earn
.W
BAYBANKS INC <BBNK> 1ST QTR NET.
    BOSTON, April 9 -
    Oper shr 1.08 dlrs vs 96 cts
    Oper shr diluted 1.02 dlrs vs 89 cts
    Oper net 16.1 mln vs 12.8 mln
    Avg shrs 14.9 mln vs 13.4 mln
    Avg shrs 16.1 mln vs 14.8 mln
    NOTE: 1987 net excludes gain 4,820,000 dlrs from cumulative
effect of change in calculating depreciation expense.


.I 4871
.C
money-fx
.W
FRANCE'S BALLADUR SAYS TARGET ZONE NOTION NEARER.
    WASHINGTON, April 9 - French Finance Minister Edouard
Balladur said that the financial community is closer to
arriving at a system of target zones for currencies despite the
fact that little is being said about them.
    Speaking with reporters at the semiannual meetings of the
International Monetary Fund, Balladur said, "We are not very far
from the notion of target zones, even if we don't say so."
    He told reporters that "our ideas are progressing," adding
that the finance ministers have been talking about more
cooperation on economic policies and on levels around which
currencies should stabilize.


.I 4872
.C
earn
.W
STUDENT LOAN MARKETING ASSOCIATION <SLM> 1ST QTR.
    WASHINGTON, April 9 -
    Shr 95 cts vs 71 cts
    Net 42.4 mln vs 34.5 mln
    Assets 18.61 billion vs 15.66 billion


.I 4873
.C
ship;sugar;
.W
FIRE AT TATE/LYLE LONDON JETTY HALTS UNLOADING.
    LONDON, April 9 - No raw sugar is being unloaded at Tate
and Lyles refinery at Silvertown on the River Thames following
a fire yesterday afternoon, Tate and Lyle Plc said.
    The fire destroyed a large sector of the main conveyor from
the raw sugar jetty to the weighhouse.
    The company said it is not yet known how long the jetty
will be out of use but it hoped that by tomorrow unloading of
the bulk carrier Mykon Wave will be able to continue using
temporary arrangements, Tate and Lyle said.
    The Mykon Wave arrived in the port recently with about
18,300 tonnes of bulk sugar from Maputo in Swaziland. About
1,600 tonnes remain to be discharged.
    Five other ships loaded with raw sugar are awaiting at
Silvertown to be discharged, Tate and Lyle added.


.I 4875
.C
acq
.W
JP INDUSTRIES <JPI> CONFIRMS PROPOSAL.
    NEW YORK, April 9 - JP Industries Inc confirmed the
announcement by Clevite Industries Inc <CLEV> that JP
Industries has submitted a proposal to Clevite for the
acquisition of the company at 13.50 dlrs per share in cash.
    John Psarouthakis, chairman and president of JP Industries,
said that the company hopes to promptly negotiate an agreement
with the special committee of Clevite's board.
    In February, JP Industries said it purchased Clevite's
engine parts division.
    JP Industries said it is not aware of any other reason for
activity in its stock.


.I 4879
.C
earn
.W
MEDITRUST <MTRUS> RAISES QUARTERLY.
    WELLESLEY, Mass., April 9 -
    Qtly div 43 cts vs 38 cts prior
    Pay May 15
    Record April 30  


.I 4880
.C
earn
.W
MONSANTO <MTC> UNIT SEES OPERATING LOSS IN 1987.
    NEW YORK, April 9 - Monsanto Corp's G.D. Searle and Co unit
said it will report an operating loss for 1987, mainly due to
expenses for research and development.
    Searle chairman Sheldon Gilgore said Searle's operating
loss in 1987 will be less than the 87 mln dlr operating loss in
1986.
    He said Searle's first quarter sales will be up 21.8 pct to
179 mln dlrs from 147 mln dlrs in the year ago quarter. In 1986
Searle's sales were 665 mln dlrs.
    Gilgore said the company intends to have sales of three
billion dlrs by the mid-1990s.
    He said the company anticipates approval in Japan, the
U.S., Italy, Spain and the U.K. for its ulcer treatment drug
Cytotech.
    He also said that in a paper not yet published the drug was
shown to prevent a flare-up of ulcers for a longer period of
time than Tagamet, made by SmithKline Beckman Corp <SKB>.
    Other drugs in Searle's pipeline include tissue plasminogen
activator (TPA), made by a different process than Genentech's
<GENE> TPA, expected to be approved for marketing this year.
   


.I 4881
.C
earn
.W
STATUS GAME CORP <STGM> 3RD QTR FEB 28 NET.
    NEWINGTON, Conn., April 9 -
    Oper shr six cts vs one ct
    Oper net 194,109 vs 28,751
    Revs 2,731,688 vs 347,134
    Avg shrs 3,360,527 vs 2,295,359
    Nine mths
    Oper shr 11 cts vs five cts
    Oper net 356,571 vs 111,545
    Revs 5,923,907 vs 1,491,852
    Avg shrs 3,296,982 vs 2,289,762
    NOTE: Share adjusted for 10 pct stock dividend in December
1986. Prior year net excludes tax credits of 5,775 dlrs in
quarter and 17,325 dlrs in nine mths.
    Net excludes discontinued amusement game operations gains
144,095 dlrs vs 70,194 dlrs in quarter and loss 2,952,814 dlrs
vs gain 196,872 dlrs in nine mths.


.I 4884
.C
earn
.W
UNIVERSAL FOODS CORP <UFC> VOTES DIVIDEND.
    MILWAUKEE, WIS., April 9 -
    Qtly div 20 cts vs 20 cts prior qtr
    Pay 6 May
    Record 21 April


.I 4885
.C
earn
.W
BETZ LABORATORIES INC <BETZ> SETS QUARTERLY.
    TREVOSE, Pa., April 9 -
    Qtly div 35 cts vs 35 cts prior
    Pay May 14
    Record April 30


.I 4886
.C
earn
.W
NORTHWESTERN NATIONAL LIFE <NWNL> UPS PAYOUT.
    MINNEAPOLIS, April 9 -
    Qtly div 24 cts vs 21-1/2 cts prior
    Pay May 15
    Record April 24
    NOTE: Northwestern National Life Insurance Co.


.I 4887
.C
ship;grain;
.W
GRAIN SHIPS WAITING AT NEW ORLEANS.
    New Orleans, April 9 - Ten grain ships were loading and 14
were waiting to load at New Orleans elevators, trade sources
said.
 ELEVATOR                     LOADING  WAITING
 Continental Grain, Westwego     1      6
 Mississippi River, Myrtle Grove 1      0
 ADM Growmark                    1      4
 Bunge Grain, Destrehan          1      0
    ELEVATOR                LOADING  WAITING
 ST CHARLES DESTREHAN         1      1
 RESERVE ELEVATOR CORP        1      0
 PEAVEY CO, ST ELMO           1      0
 CARGILL GRAIN, TERRE HAUTE   2      1
 CARGILL GRAIN, PORT ALLEN    0      0
 ZEN-NOH                      1      2


.I 4890
.C
acq
.W
FOOTHILL <FGI>, SIERRITA IN STANDSTILL ACCORD.
    LOS ANGELES, April 9 - Foothill Group Inc said it reached a
standstill agreement with Santa Cruz Resources Inc and its
parent, Sierrita Resources Inc, that bars the companies from
acquiring more than a 30 pct interest in Foothill, except
through a business combination approved by Foothill's board.
    The company also said Santa Cruz has advised it that it
owns 24.7 pct of Foothill's outstanding common stock.
    In addition, Santa Cruz and Sierrita have agreed to vote
their shares in accordance with instructions from the Foothill
board in connection with certain business combinations and
certain anti-takeover matters, Foothill said.
    Foothill said the arrangement also bars Santa Cruz and
Sierrita fron tendering any Foothill securities owned by them
into any tender offer unless certain unspecified conditions are
met.


.I 4892
.C
earn
.W
FIRST FEDERAL OF MICHIGAN <FFOM> 1ST QTR NET.
    DETROIT, April 9 -
    Shr 3.33 dlrs vs 3.39 dlrs
    Net 37,069,000 vs 36,902,000
    Avg shrs 10.95 mln vs 10.05 mln


.I 4894
.C
acq
.W
COLONIAL BANCGROUP <CLBGA> MAKES ACQUISITION.
    MONTGOMERY, Ala., April 9 - Colonial BancGroup said it has
signed letter of intent to acquire Community Bank and Trust of
Hartselle, Ala., with assets of 26 mln dlrs, for undisclosed
terms, subject to approval by regulatory authorities and
Community Bank shareholders.
    Completion is expected within the next year, it said.


.I 4896
.C
earn
.W
FAB INDUSTRIES INC <FIT> 1ST QTR FEB 28 NET.
    NEW YORK, April 9 -
    Shr 69 cts vs 67 cts
    Net 2,488,000 vs 2,435,000
    Revs 27.6 mln vs 26.5 mln


.I 4897
.C
grain;corn;
.W
EC COMMISSION AUTHORISED TO BUY MAIZE IN JUNE.
    BRUSSELS, April 9 - The European Commission was authorised
to buy up to one mln tonnes of maize into intervention stores
in the second half of June, although sales into intervention
normally end on April 30, Commission sources said.
    They said approval was given by the EC's Cereals Management
Committee because of the possible disturbance of the market due
to heavy imports of maize under the agreement between the EC
and the United States.
    The agreement guarantees access to the Spanish market for
two mln tonnes of non-EC maize a year for the next four years.
    The sources said the intervention price for the maize would
be 201.49 Ecus a tonne.
    They said at this price it seemed unlikely that the full
    They added the decision is also designed to prevent massive
offers of maize for intervention just ahead of the normal April
30 deadline, which could be caused by speculation about the
implementation of the accord with the United States.


.I 4898
.C
oilseed;rapeseed;
.W
JAPAN BUYS 5,000 TONNES CANADIAN RAPESEED.
    WINNIPEG, April 9 - Japan bought 5,000 tonnes Canadian
rapeseed overnight at an undisclosed price for May shipment,
trade sources said.


.I 4900
.C
earn
.W
NORTHERN TRUST CORP <NTRS> 1ST QTR NET.
    CHICAGO, April 9 -
    Shr 87 cts vs 73 cts
    Net 14.7 mln vs 11.7 mln
    Assets 8.38 billion vs 7.43 billion
    Loans 3.91 billion vs 3.40 billion
    Deposits 5.60 billion vs 5.08 billion


.I 4902
.C
coffee;trade;
.W
COLOMBIA JAN EXPORTS UP BUT COFFEE VALUES FALL.
    Bogota, april 9 - The value of colombian exports other than
coffee rose 55 pct in january compared with the same period
last year, apparently setting a trend for the trade balance in
1987, government statistics institute figures show.
    They amounted to 180.8 mln dlrs fob compared with 147.5 mln
dlrs for coffee, a drop of 42 pct from last year.
    The trade balance registered a 35 mln dlr surplus, compared
with a 56 mln dlr surplus in january 1986.
    The national planning department forecast that in 1987
coffee, colombia's traditional major export, will account for
only one-third of total exports, or about 1.5 billion dlrs.


.I 4903
.C
ship;grain;
.W
LONDON GRAIN FREIGHTS.
    LONDON, April 9 - FIXTURES - TBN - 27,000 long tons
USG/Taiwan 23.25 dlrs fio five days/1,500 1-10/5 Continental.
    Trade Banner - 30,000 long tons grain USG/Morocco 13.50
dlrs 5,000/5,000 end-April/early-May Comanav.
    Reference New York Grain Freights 1 of April 8, ship
brokers say the vessel fixed by Cam from the Great Lakes to
Algeria at 28 dlrs is reported to be the Vamand Wave.
    Reference New York Grain Freights 2 of April 8, they say
the Cory Grain maize business from East London at 22 dlrs is to
Japan and not to Spain as reported.


.I 4904
.C
ship;sugar;
.W
LONDON SUGAR FREIGHTS.
    LONDON, April 9 - FIXTURES - TBN 14,00 mt bulk sugar
Fiji/Prai 16 dlrs fio 10,000/1,000 1-10/5 Fiji Sugar Marketing.
    TBN 15,000 mt bulk sugar Queensland/Japan 14.65 dlrs fio
10,000/1,000 20-30/4 CSR.
    ENQUIRIES - Antwerp/1-3 ports Greece 40,000 mt bagged sugar
indications 750/750 in shipments of 10,000/15,000 tonnes spread
from May to July a/c unnamed charterer.
    Inchon/India 12,600 mt bagged sugar 1,000/1,000 20/4-5/5
a/c Kaines.
    Reunion/1-2 ports Portugal 10,000 mt bulk sugar about 20
dlrs 2,000/750 1-10/5 a/c French charterer.


.I 4905
.C
ship;wheat;grain;barley;
.W
LONDON GRAIN FREIGHT ENQUIRIES.
    LONDON, April 9 - Antwerp/Libya 5,500 mt bagged flour 14
daps 24-27/4.
    New Orleans/Guanta 9,387 mt bulk hss 3,000/13 days
25-4/5-5.
    Naantali/Saudi Red Sea 30,000/35,000 mt barley 4,000/3,000
20-30/4 or early May.
    Dunkirk/Xingang 12,000 mt bagged flour 1,500/1,700 13-20/4.
    Toledo/Seaforth 17,000 mt hss offers 18.50 dlrs four
days/8,000 13-15/4.
    River Plate/Malaysia 20,000/22,000 long tons hss
2,000/2,000 Apr.


.I 4906
.C
earn
.W
HOME SAVINGS BANK <HMSB> 1ST QTR NET.
    NEW YORK, April 9 -
    Shr 51 cts vs not given
    Net 6,089,000 vs 7,310,000
    NOTE: Company went public in November 1986.
    Net includes loan loss provisions of 75,000 dlrs vs 30,000
dlrs and gains on sale of securities of 756,000 dlrs vs
2,468,000 dlrs pretax.
    1986 net includes tax credit 1,022,000 dlrs.
    1987 net includes 2,400,000 dlr gain from tax credit
resulting in reduction of goodwill.


.I 4909
.C
earn
.W
AMOSKEAG BANK SHARES INC <AMKG> 1ST QTR NET.
    MANCHESTER, N.H., April 9 -
    Shr 70 cts vs 67 cts
    Net 6,416,000 vs 6,057,000
    NOTE: Net includes pretax securities sales gains of
5,900,000 dlrs vs 5,900,000 dlrs.


.I 4910
.C
earn
.W
MSR EXPLORATION LTD <MSR> YEAR LOSS.
    CUT BANK, Mont., April 9 -
    Shr loss five cts vs profit 10 cts
    Net loss 381,391 vs profit 736,974
    Revs 6,161,391 vs 9,241,882
    NOTE: Canadian dollars.
    Proved oil reserves at year-end 3.3 mln barrels, up 39 pct
from a year earlier, and natural gas reserves 4.7 billion cubic
feet, off nine pct.


.I 4913
.C
earn
.W
SOUTHMARK <SM> TO OFFER SPECIAL DIVIDEND.
    DALLAS, April 9 - Southmark Corp said it will issue its
shareholders a special dividend right to acquire 22 shares of
American Realty Trust <ARB> for each 100 shares of Southmark
they own.
    Each right entitles the holder to buy one share of
beneficial interest of American Realty Trust at a price of 3.75
dlrs per share, Southmark said.
    Southmark said the offer's record date is May 1, with an
ex-dividend date of April 27, adding that the it will issue the
rights to shareholders on May 6 and the offer will expire on
May 22.
    Southmark said it received the rights on April 6 as the
holder of about 84 pct of American Realty Trust's outstanding
shares.
    Holders of fewer than 455 Southmark shares who would
receive rights to acquire fewer than 100 American Realty shares
will be paid cash in lieu of the rights distribution, the
company said.
    Southmark said it will compute the cash price paid based on
the average closing market price of the rights on the American
Stock Exchange for the first ten days the rights are traded,
beginning April 6.
    In order to get the dividend for these rights a Southmark
shareholder must own common stock on the ex-dividend date,
April 27, the company said.
    After that, Southmark said its common stock will be traded
on an ex-rights basis.


.I 4914
.C
coffee;trade;
.W
EXPORTS OTHER THAN COFFEE RISE SHARPLY IN COLOMBIA.
    BOGOTA, April 9 - Colombian exports other than coffee rose
55 pct in January compared with the same period last year,
figures from the government statistics institute show.
    Non-coffee exports amounted to 180.8 mln dlrs fob compared
with 147.5 mln dlrs for coffee, a drop of 42 pct from last
year.
    The trade balance registered a 35 mln dlr surplus, compared
with a 56 mln dlr surplus in January 1986.
    The national planning department forecast that in 1987
coffee, Colombia's traditional major export, will account for
only one third of total exports, or about 1.5 billion dlrs.


.I 4916
.C
acq
.W
TAFT BROADCASTING <TFB> COMPLETES STATION SALE.
    VIRGINIA BEACH, Va., April 9 - TVX Broadcast Group Inc
<TVXG> said it has completed the previously-announced purchase
of five Taft television stations.
    Last week, TVX said the sale, which was scheduled to close
then, had been delayed.
    Taft said the purchase price was 240 mln dlrs, as
previously announced. The price is subject to final
adjustments, Taft said.
    Taft did not indicate the size of the gain, if any, it
would post on the sale.
    It said the stations are WTAF-Philadelphia,
WDCA-Washington, WCIX-Miami, KTXA-Dallas and KTXH-Houston.


.I 4919
.C
retail
.W
U.S. MARCH RETAIL SALES CUT BY LATE EASTER.
    BY Susan Zeidler, Reuters
    NEW YORK, April 9 - U.S. retailers' lackluster March sales
were due to a late Easter, according to analysts who expect a
recovery in April.
    "Sales look soft because of the Easter shift, but
underlying business is better than the numbers indicate," said
Bear Stearns analyst Monroe Greenstein.
     Analysts generally average the sales results of March and
April to account for the variation of Easter's occurance. This
year, Easter is being observed on April 19, which is three
weeks later than last year.
    Analyst Edward Johnson of Johnson Redbook Associates said
sales for March rose an unadjusted 2.5 to 3.0 pct, and a
seasonally adjusted 5.5 pct to six pct, compared to an adjusted
5.7 pct last year.
    "The obvious question is whether these numbers indicate
that the consumer activity is slowing, but it does not appear
to be because liquidity and employment are rising," said
analyst Jeff Edelman, analyst of Drexel Lambert and Burnham.
    Overall, analysts said first half sales are coming in
according to expectations. Sales for all of 1987 are expected
to rise about 5.5 pct to six pct, up a bit from 1986's rise.
     In March, sales of housewares, furniture and big ticket
items were stronger than apparel sales, signaling to many
analysts that apparel sales will be strong in April as the
holiday nears.
    "Sales gains in home appliances and home fashions reflect a
continuing strength in the housing market," said Edward
Brennan, chairman of Sears Roebuck and Co <S> which reported an
overall sales gain of 4.2 pct. Brennan said sales of women's
sportswear were also excellent.
    "Sears' total apparel sales was up only modestly, but even
a modest improvement in apparel is a very good accomplishment
due to the fact that most people will buy apparel in April,"
said C.J. Lawrence analysts Harry Mortner. 
    J.C. Penney Co Inc <JCP> and Dayton Hudson Corp <DH> were
among the weaker performers with comparable stores sales
declining 1.5 pct and 4.9 pct, respectively. Penney's store and
catalog sales declined 1.3 pct overall and Dayton Hudson's
overall sales rose 4.8 pct.
    Penney chairman William Howell said, "Sales continued
strong for catalog operations and, geographically, ranged from
very active in the east to weak in the economically depressed
southwest."
    "Penney's been shifting away from leisure time activity
wear to other apparel lines, which yield higher profit margins,
but are currently hurting sales," said Greenstein of Bear
Stearns.
    Hudson chairman Kenneth Mackes cited the late Easter for
the decline. Edelman of Drexel said that "Hudson had a tougher
comparison because it had an exceptionally good 1986."
    Most analysts agreed that promotions are slightly lower
than last year.
    "Retailers are not planning for much - inventories are
being kept lean, markdowns are lower than last year, but sales
are coming through anyway," said CJ Analyst Harry Mortner.
    Mortner said he expects profits in the first quarter to  
be better than he had originally expected in the beginning of
the year.
    Most retailers report their first quarter in the middle of
May.
     MARCH RETAIL SALES FOR MAJOR U.S. RETAILERS
    STORE       PCT        1987       1986
    SEARS       4.2     2.6 BIL       2.5 BIL 
    K MART      4.6     2.2 BIL       2.1 BIL 
    JC PENNEY  (1.3)    1.1 BIL       1.1 BIL 
    WAL-MART     32     1.1 BIL       855 MLN
    FEDERATED   4.9     934 MLN       891 MLN
    MAY         3.5     885 MLN       855 MLN
    DAYTON      4.8     792 MLN       756 MLN
    WOOLWORTH   0.2     591 MLN       590 MLN
    ZAYRE      12.7     522 MLN       464 MLN


.I 4926
.C
earn
.W
******FIRST INTERSTATE EXPECTS BRAZIL, ECUADOR LOAN ACTIONS TO CUT 1987 NET BY 15.4 MLN DLRS.
Blah blah blah.

.I 4928
.C
veg-oil;soy-oil;
.W
MOROCCO TENDERS FOR 55,000 TONNES PL 480 SOYOIL.
    CHICAGO, April 9 - Morocco is scheduled to tender April 14
for a total of 55,000 tonnes of U.S. soyoil under PL-480 for
shipments from May through September, private export sources
said.
    The tender calls for shipment of 6,100 tonnes in May,
12,200 tonnes each in June, July and August and 12,300 tonnes
in September, they said.


.I 4930
.C
earn
.W
MIDLANTIC CORP <MIDL> 1ST QTR NET.
    EDISON, N.J., April 9 -
    Shr diluted 1.18 dlrs vs 1.04 dlrs
    Net 45.0 mln vs 39.2 mln
    Assets 16.7 billion vs 15.2 billion
    Deposits 13.0 billion vs 12.1 billion
    Loans 11.9 billion vs 10.1 billion
    NOTE: Results restated for merger of Midlantic Banks Inc
and Continental Bancorp Inc on January 30, 1987.


.I 4934
.C
earn
.W
COMMUNITY BANK SYSTEM INC <CBSI> 1ST QTR NET.
    SYRACUSE, N.Y., April 9 -
    Shr 46 cts vs 49 cts
    Net 1,101,551 vs 831,398
    NOTE: Share adjusted for two-for-one stock split in May
1986.


.I 4936
.C
earn
.W
FITCHBURG GAS <FGE> RAISES QUARTERLY.
    BEDFORD, N.H., April 9 -
    Qtly div 38 cts vs 35 cts prior
    Pay May 15
    Record May One


.I 4939
.C
earn
.W
NORTHERN TRUST <NTRS> NET HURT BY BRAZIL LOANS.
    CHICAGO, April 9 - Northern Trust Corp said its first
quarter earnings were reduced by 875,000 dlrs by placing 53.2
mln dlrs of loans to Brazil and six mln dlrs in loans to
Ecuador on a cash basis.
    Should these loans remain on nonperforming basis for the
rest of 1987, net income for year will be cut by about 3.2 mln
dlrs, the bank said.
    Earlier it posted net income for the period of 14.7 mln
dlrs or 87 cts a share, up from 11.7 mln dlrs or 73 cts a
share.
    Total nonperforming assets were 114.1 mln dlrs at March 31,
up from 53.4 mln dlrs at December 31 and 79 mln dlrs at March
31, 1986 the bank said.
    The provision for loan losses for the first quarter was
eight mln dlrs compared to 11 mln a year ago. Net loan charge
offs were six mln dlrs, down from 11 mln dlrs a year ago.
    The reserve for loan losses was 78.1 mln dlrs, or two pct
of outstanding loans, higher than the 56 mln dlrs of 1.65 pct
of loans outstanding at March 31, 1986.
   


.I 4944
.C
lead
.W
DOE RUN RAISES LEAD PRICE 0.50 CT TO 26.50 CTS.
    ST LOUIS, MO., April 9 - Doe Run Company said it is
increasing the price of its corroding grade lead by one-half
cent to 26.50 cents a lb, effective immediately.
    The price is quoted FOB, Herculaneum, Mo., and FOB, Boss,
Mo., with freight allowed for carload quantities.
   


.I 4945
.C
reserves
.W
SPAIN'S FOREIGN RESERVES RISE IN FEBRUARY.
    MADRID, April 9 - Spain's foreign reserves rose by 905 mln
dlrs in February to total 17.05 billion dlrs, compared with
14.11 billion dlrs in February 1986, Bank of Spain figures
show.
    Under a new accounting system introduced this month,
Spain's foreign reserves now exclude foreign currency held by
financial institutions.
    Under the previous system, Spain's foreign reserves would
have risen by 391 mln dlrs in February, taking into account a
fall of 514 mln dlrs in financial institutions' foreign
currency position.
    In January this year, the Central Bank's foreign reserves
rose by 143 mln dlrs, while financial institutions' foreign
currency position fell by 118 mln dlrs.


.I 4946
.C
earn
.W
<SULPETRO LTD> 1ST QTR JAN 31 LOSS.
    CALGARY, Alberta, April 9 -
    Shr not given
    Net loss 9,900,000 vs loss 17,300,000
    Revs 14.7 mln vs 29.8 mln
    Note: Previous loss restated.


.I 4948
.C
grain;corn;
.W
CORN SUPPLY/DEMAND BY COUNTRY -- USDA.
    WASHINGTON, April 9 - The U.S. Agriculture Department
detailed world supply/demand data for major importers and
exporters of corn, by country, as follows in mln tonnes --
    USSR CORN
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Start Stocks  N.A.    N.A.     N.A.    N.A.
 Production   12.50   12.50    14.40   14.40
 Imports       8.00    6.00    10.40   10.40
 Domes Use    20.50   19.50    24.40   24.40
 Exports        Nil     Nil      Nil     Nil
 End Stocks    N.A.    N.A.     N.A.    N.A.
 N.A. - Not Available.
    SOUTH AFRICA CORN, in mln tonnes -- 
               1986/87          1985/86
         04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks  1.20   1.20     1.87   1.87
 Production   8.50   9.50     8.08   8.08
 Imports       Nil    Nil     0.01   0.01
 Domes Use    6.10   6.20     6.00   6.00
 Exports      2.10   3.00     2.75   2.75
 End Stocks   1.50   1.50     1.20   1.20
    EC-12 CORN, in mln tonnes --
                1986/87           1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks  5.17    5.28      2.89    2.89
 Production  25.00   25.03     25.70   25.78
 Imports     10.69   10.61     12.82   12.82
 Domes Use   28.20   29.00     29.46   29.60
 Exports      7.91    7.94      6.78    6.61
 End Stocks   4.75    3.98      5.17    5.28
    ARGENTINA CORN, in mln tonnes --
               1986/87           1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks  0.52   0.39       0.39   0.39
 Production  10.00  11.00      12.10  12.10
 Imports       Nil    Nil        Nil    Nil
 Domes Use    4.60   4.60       4.60   4.60
 Exports      5.70   6.50       7.37   7.50
 End Stocks   0.22   0.29       0.52   0.39
    THAILAND CORN, in mln tonnes --
               1986/87           1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Start Stocks 0.43   0.33      0.11   0.11
 Production   4.10   4.10      5.35   5.15
 Imports       Nil    Nil       Nil    Nil
 Domestic Use 1.55   1.35      1.35   1.25
 Exports      2.80   3.00      3.67   3.67
 End Stocks   0.18   0.08      0.43   0.33
    JAPAN CORN, in mln tonnes --
               1986/87           1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks  1.24   1.24       1.06   1.06
 Production    Nil    Nil        Nil    Nil
 Imports     15.50  15.44      14.55  14.55
 Domes Use   15.51  15.45      14.37  14.37
 Exports       Nil    Nil        Nil    Nil
 End Stocks   1.24   1.24       1.24   1.24


.I 4949
.C
wheat;grain;meal-feed;corn;soy-meal;
.W
USDA REPORTS EXPORT SALES ACTIVITY.
    WASHINGTON, April 9 - The U.S. Agriculture Department said
private U.S. exporters reported sales of 200,000 tonnes of
wheat to Jordan, 300,000 tonnes of soybean meal to Iraq and
100,000 tonnes of corn to Algeria.
    The wheat for Jordan includes 165,000 tonnes of hard red
winter and 35,000 tonnes of soft red winter and is for delivery
during the 1987/88 marketing year.
    The soybean meal sales to Iraq includes 180,000 tonnes for
delivery during the 1986/87 season and 120,000 tonnes during
the 1987/88 season, the department said.
    The 100,000 tonnes of corn sales to Algeria are for
delivery during the 1986/87 season, it said.
    The marketing year for wheat begins June 1, corn September
1, and soybean meal October 1.


.I 4950
.C
acq
.W
INTERNATIONAL AMERICAN <HOME> TO ACQUIRE COS.
    UNION, N.J., April 9 - International American Homes Inc
said it entered into a conditional contract to acquire the
<Maione-Hirschberg Cos Inc> and affiliated entitles for 19 mln
dlrs.
    International American, whose stock was halted on Nasdaq
earlier, said the purchase price is payable 12 mln dlrs in cash
and the balance in its own common shares.
    Selling shareholders may earn an additional amount up to a
maximum of eight mln dlrs payable in cash based on the future
performance of the companies acquired during the three years
ending March 31, 1990, International said.
    The acquisition is subject to certain conditions, such as
satisfactory results of due diligence investigations, the
company said.
   


.I 4951
.C
earn
.W
SONY CHAIRMAN FORECASTS LOWER PROFITS THIS YEAR.
    COLMAR, France, April 9 - Sony Corp <SNE.T> chairman Akio
Morita said Sony's profits would be sharply down in 1987 as a
result of the dollar's decline.
    Sony Corp posted net consolidated income of 41.89 billion
yen (290 million dollars) in 1986, 42.6 pct down on 1985's
73.02 billion yen (506 million dollars).
    But Morita added that Japan would benefit from the strong
yen by saving on its energy import bill and he expected profits
to recover from 1988 onwards.
    He was speaking to reporters at a sony factory opening
here.


.I 4952
.C
grain
.W
COARSE GRAIN SUPPLY/DEMAND BY COUNTRY -- USDA.
    WASHINGTON, April 9 - The U.S. Agriculture Department
detailed world supply/demand data for major importers and
exporters of coarse grains, by country, as follows in mln
tonnes --
    USSR COARSE GRAIN
               1986/87           1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks  N.A.    N.A.      N.A.    N.A.
 Production 103.30  103.30     99.99   99.99
 Imports     12.00   10.00     13.70   13.70
 Domes Use  112.30  112.30    111.99  111.99
 Exports       NIL     NIL       NIL     NIL
 End Stocks   N.A.    N.A.      N.A.    N.A.
 N.A. - Not Available.
    EC-12 COARSE GRAIN, in mln tonnes --
              1986/87            1985/86
         04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks 14.91   14.93    10.53   10.53
 Production  81.22   81.19    88.21   88.28
 Imports     16.58   17.26    18.29   18.24
 Dom Use     79.64   81.27    82.38   82.55
 Exports     19.90   19.96    19.73   19.56
 End Stocks  13.18   12.15    14.91   14.93
    EASTERN EUROPE COARSE GRAIN, mln tonnes --
               1986/87            1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks  4.07    3.72     5.14    5.14
 Production  73.95   74.50    68.28   68.38
 Imports      4.90    4.47     5.58    5.26
 Dom Use     73.04   73.23    72.65   72.77
 Exports      3.55    3.55     2.28    2.28
 End Stocks   6.34    5.46     4.07    3.72
    JAPAN COARSE GRAIN, in mln tonnes --
              1986/87           1985/86
         04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks 2.32    2.23     1.91    1.91
 Production  0.35    0.35     0.39    0.39
 Imports    21.56   21.50    21.51   21.51
 Dom Use    21.79   21.73    21.49   21.49
 Exports      NIL     NIL      NIL     NIL
 End Stocks  2.44    2.44     2.32    2.32
    ARGENTINA COARSE GRAIN, in mln tonnes --
               1986/87            1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks  0.78    0.53     0.83    0.83
 Production  13.99   15.44    17.06   17.14
 Imports      0.02     NIL      NIL     NIL
 Domes Use    7.73    7.75     7.76    7.87
 Exports      6.60    7.73     9.43    9.58
 End Stocks   0.46    0.49     0.78    0.53
    CANADA COARSE GRAIN, in mln tonnes --
              1986/87            1985/86
         04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks 6.19    6.19     4.66    4.61
 Production 27.62   27.62    24.95   24.95
 Imports     0.30    0.30     0.31    0.31
 Dom Use    19.80   19.80    18.99   18.96
 Exports     7.41    7.21     4.74    4.72
 End Stocks  6.90    7.10     6.19    6.19
    THAILAND COARSE GRAINS, in mln tonnes --
               1986/87            1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks  0.49    0.38     0.16   0.16
 Production   4.40    4.40     5.67   5.47
 Imports       NIL     NIL      NIL    NIL
 Domes Use    1.57    1.37     1.40   1.30
 Exports      3.10    3.30     3.94   3.95
 End Stocks   0.22    0.11     0.49   0.38


.I 4954
.C
wheat;grain;
.W
EXPORT BONUS WHEAT FOR JORDAN --USDA.
    WASHINGTON, April 9 - The Commodity Credit Corporation
(CCC) accepted eight bonus offers from two exporters on sales
of 190,000 tonnes of hard red winter and 35,000 tonnes of soft
red winter wheat to Jordan, the U.S. Agriculture Department
said.
    The department said the bonuses awarded averaged 38.08 dlrs
per tonne and the wheat is for delivery May-November, 1987.
    The bonus awards were made to Louis Dreyfus Corp (200,000 
tonnes), and Continental Grain Co (25,000 tonnes) and will be
paid in the form of commodities from CCC stocks.
    The purchases of U.S. wheat completes the Export
Enhancement Program initiative announced on December 31, 1986.


.I 4955
.C
oilseed;wheat;grain;corn;soybean;sunseed;sorghum;
.W
ARGENTINE 1986/87 GRAIN OILSEED REGISTRATIONS.
    BUENOS AIRES, Apr 9 - Argentine grain board preliminary
figures show 1986/87 crop export registrations of grains and
oilseeds in the week to April 8, were as follows, in tonnes,
compared with the previous week and the comparable week a year
earlier.
    BREAD WHEAT         nil        nil       nil
    MAIZE              113,500    21,800    51,300
    SORGHUM             13,600      nil     26,500
    SOYBEAN             30,000    36,000    72,000
    SUNFLOWERSEED        nil        nil     19,100
    Cumulative figures export registrations for the 1986/87
crop to April 8, 1987, with comparative figures for the 1985/86
crop up to April 9, 1986, in brackets, were in thousands of
tonnes.
    BREAD WHEAT            2,692,4    (4,161.0)
    MAIZE                  2,305.1    (5,200.0)
    SORGHUM                  220.5      (625.7)
    SOYBEAN                  561.3      (524.5)
    SUNFLOWERSEED             45.7      (213.2)


.I 4956
.C
acq
.W
WINN ENTERPRISES <WNN> UNIT SELLS DAIRY.
    LOS ANGELES, April 9 - Winn Enterprises' Knudsen Foods Inc
said it entered an agreement to sell its Hawaiian dairy
operations to Foremost Foods Inc for 13 mln dlrs cash.
     The company said the purchase price is subject to
adjustment and the entire transaction is subject to approval by
the U.S. Bankruptcy Court for the Central District of
California.


.I 4958
.C
acq
.W
NATIONAL BEVERAGE TO ACQUIRE FAYGO.
    FORT LAUDERDALE, Fla., April 9 - <National Beverage Corp>
said it agreed to acquire privately held Faygo Beverages Inc
for an undisclosed amount of cash.
    The company said Detroit-based Faygo, a soft drink maker,
has annual revenues of more than 100 mln dlrs.
    National Beverage, which is also privately held, owns and
bottles Shasta Beverages, Spree All Natural Beverages and
private label brands in its 11 bottling facilities in the
United States.


.I 4959
.C
oilseed;soybean;
.W
SOYBEAN SUPPLY/DEMAND BY COUNTRY -- USDA.
    WASHINGTON, April 9 - The U.S. Agriculture Department
detailed world supply/demand data for major importers and
exporters of soybeans, by country, as follows in mln tonnes --
    BRAZIL SOYBEANS
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Start Stocks  4.19    4.01     4.71    4.71
 Production   17.00   17.00    13.90   13.70
 Imports       0.35    0.35     2.09    0.29
 Domestic Use 14.54   14.54    13.51   13.49
 Exports       2.50    2.50     1.20    1.20
 End Stocks    4.50    4.32     4.19    4.01
    ARGENTINA SOYBEANS, in mln tonnes --
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Start Stocks  1.83    1.83     1.80    1.80
 Production    7.70    7.70     7.30    7.30
 Imports        NIL     NIL      NIL     NIL
 Domestic Use  4.97    4.97     4.74    4.74
 Exports       2.65    2.65     2.54    2.54
 End Stocks    1.91    1.91     1.83    1.83
    EC-12 SOYBEANS, in mln tonnes --
                1986/87           1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Start Stocks  0.51   0.52       0.66   0.66
 Production    0.83   0.83       0.33   0.33
 Imports      12.89  12.85      12.99  12.96
 Domestic Use 13.72  13.68      13.34  13.30
 Exports       0.11   0.11       0.13   0.13
 End Stocks    0.40   0.41       0.51   0.52
    JAPAN SOYBEANS, in mln tonnes --
               1986/87            1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks  0.76   0.76      0.79   0.79
 Production   0.25   0.25      0.23   0.23
 Imports      4.84   4.84      4.80   4.80
 Domes Use    5.10   5.10      5.06   5.06
 Exports       NIL    NIL       NIL    NIL
 End Stocks   0.75   0.75      0.76   0.76


.I 4960
.C
meal-feed;soy-meal;
.W
SOYBEAN MEAL SUPPLY/DEMAND BY COUNTRY -- USDA.
    WASHINGTON, April 9 - The U.S. Agriculture Department
detailed world supply/demand data for major importers and
exporters of soybean meal, by country, as follows in mln tonnes
--
    ARGENTINA SOYBEAN MEAL --
               1986/87           1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks  0.13   0.13      0.19   0.19
 Production   3.67   3.67      3.49   3.49
 Imports       NIL    NIL       NIL    NIL
 Domes Use    0.35   0.35      0.35   0.35
 Exports      3.30   3.30      3.20   3.20
 End Stocks   0.15   0.15      0.13   0.13
    BRAZIL SOYBEAN MEAL, in mln tonnes --
               1986/87           1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks  0.61   0.60      0.72   0.72
 Production  10.40  10.39      9.69   9.66
 Imports       NIL    NIL       NIL    NIL
 Domes Use    2.55   2.55      2.41   2.40
 Exports      7.85   7.85      7.38   7.38
 End Stocks   0.61   0.59      0.61   0.60
    EC-12 SOYBEAN MEAL, in mln tonnes --
                1986/87            1985/86
           04/09/87 03/09/86  04/09/87 03/09/87
 Start Stcks   0.40   0.40       0.44   0.44
 Production   10.44  10.45      10.18  10.17
 Imports      13.03  13.03      13.48  13.48
 Domes Use    18.50  18.49      18.59  18.57
 Exports       5.07   5.09       5.10   5.11
 End Stocks    0.30   0.30       0.40   0.40


.I 4961
.C
veg-oil;soy-oil;
.W
SOYBEAN OIL SUPPLY/DEMAND BY COUNTRY -- USDA.
    WASHINGTON, April 9 - The U.S. Agriculture Department
detailed world supply/demand data for major importers and
exporters of soybean oil, by country, in mln tonnes --
    ARGENTINA --
               1986/87            1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks  0.10   0.10      0.10   0.10
 Production   0.77   0.77      0.73   0.73
 Imports       NIL    NIL       NIL    NIL
 Domes Use    0.10   0.10      0.11   0.11
 Exports      0.66   0.66      0.63   0.63
 End Stocks   0.10   0.10      0.10   0.10
    BRAZIL SOYBEAN OIL, in mln tonnes --
               1986/87            1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks  0.32   0.28      0.24   0.24
 Production   2.52   2.51      2.35   2.35
 Imports      0.15   0.15      0.12   0.12
 Domes Use    2.00   2.00      1.94   1.98
 Exports      0.65   0.65      0.45   0.45
 End Stocks   0.34   0.28      0.32   0.28
    EC-12 SOYBEAN OIL, in mln tonnes --
               1986/87            1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks  0.22   0.22      0.23   0.22
 Production   2.32   2.33      2.26   2.26
 Imports      0.44   0.44      0.50   0.50
 Domes Use    1.46   1.45      1.38   1.38
 Exports      1.29   1.30      1.39   1.39
 End Stocks   0.23   0.23      0.22   0.22
    INDIA SOYBEAN OIL --
               1986/87            1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks  0.12   0.07      0.21   0.21
 Production   0.17   0.17      0.15   0.15
 Imports      0.35   0.35      0.25   0.25
 Domes Use    0.52   0.52      0.49   0.54
 Exports       NIL    NIL       NIL    NIL
 End Stocks   0.12   0.07      0.12   0.07


.I 4962
.C
fuel
.W
ROYAL DUTCH (RD) UNIT TO RAISE HEAVY FUEL PRICES.
    NEW YORK, April 9 - Scallop Petroleum Corp, a subsidiary of
Royal Dutch/Shell group, said it will raise contract prices for
heavy fuel 50 cts to one dlr a barrel, effective tomorrow.
    The increase brings the price for 0.5 pct sulphur fuel to
21.50 dlrs, up 50 cts, 0.7 pct sulphur to 21 dlrs, up 75 cts,
0.7 pct sulphur to 21 dlrs, up 75 cts, one pct sulphur to 20.25
dlrs, up 75 cts, two pct sulphur to 19.75 dlrs, up one dlr, 2.2
pct sulphur to 19.50 dlrs, up one dlr, 2.8 pct sulphur 19 dlrs,
up one dlr, the company said.
    Price for 0.3 pct sulphur was unchanged at 22.25 dlrs, it
said.


.I 4963
.C
cotton
.W
COTTON SUPPLY/DEMAND BY COUNTRY -- USDA.
    WASHINGTON, April 9 - The U.S. Agriculture Department
detailed world supply/demand data for major importers and
exporters of cotton, by country, as follows, in mln 480-lb
bales --
    CHINA COTTON --
               1986/87           1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks 16.00  18.30      19.40  19.80
 Production  16.30  16.30      19.00  19.00
 Imports         X      X          X      X
 Domes Use   21.00  17.50      19.50  17.50
 Exports      2.30   2.50       2.90   2.90
 End Stocks   9.05  14.55      16.00  18.30
 X - Less than 5,000 bales
    PAKISTAN COTTON, in mln 480 bales --
               1986/87           1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Start Stocks 1.07   1.07      1.05   1.05
 Production   6.10   6.10      5.67   5.67
 Imports         X      X         X      X
 Domestic Use 2.50   2.50      2.34   2.34
 Exports      3.00   3.00      3.15   3.15
 End Stocks   1.51   1.51      1.07   1.07
 X - Less than 5,000 bales.
    USSR COTTON, in mln 480-lbs bales --
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Start Stocks  2.76   2.76       2.62   2.62
 Production   11.20  11.20      12.10  12.10
 Imports       1.00   1.00       0.65   0.65
 Domestic Use  9.70   9.70       9.60   9.60
 Exports       2.80   2.80       3.00   3.00
 End Stocks    2.46   2.46       2.76   2.76
    JAPAN COTTON, in mln 480-lbs bales --
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Start Stocks  0.52   0.52      0.61   0.61
 Production     NIL    NIL       NIL    NIL
 Imports       3.10   3.10      3.05   3.05
 Domestic Use  3.10   3.10      3.15   3.15
 Exports        NIL    NIL       NIL    NIL
 End Stocks    0.52   0.52      0.52   0.52


.I 4965
.C
wheat;grain;
.W
EXPORT BONUS WHEAT FLOUR TO IRAQ --USDA.
    WASHINGTON, April 9 - The Commodity Credit Corporation
(CCC) accepted a bid for an export bonus to cover a sale of
12,500 tonnes of U.S. wheat flour to Iraq, the U.S. Agriculture
Department said.
    The department said the bonus awarded was 105.82 dlrs per
tonne and the wheat flour is for shipment July 1-10, 1987.
    The bonus was awarded to The Pillsbury Company and will be
paid in the form of commodities from CCC stocks.
    An additional 150,000 tonnes of wheat flour is still
available to Iraq under the Export Enhancement Program
initiative announced January 7, 1987, the department said.


.I 4966
.C
grain;rice;
.W
RICE SUPPLY/DEMAND FOR THAILAND -- USDA.
    WASHINGTON, April 9 - The U.S. Agriculture Department
detailed rice supply/demand milled-basis data for Thailand, the
world's major rice exporter, as follows in mln tonnes --       
        1986/87            1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks  1.32   1.33       1.46   1.46
 Production  11.88  12.14      13.00  13.00
 Imports       NIL    NIL        NIL    NIL
 Domes Use    8.73   8.73       8.80   8.80
 Exports      3.70   3.70       4.34   4.34
 End Stocks   0.77   1.04       1.32   1.33


.I 4967
.C
orange
.W
USDA FLORIDA ORANGE REPORT CONSIDERED BEARISH.
    New York, April 9 - The U.S. Agriculture Department's
latest estimates on 1986/87 Florida orange production and
orange juice yield are bearish for the frozen concentrated
orange juice futures market because the yield increase was
greater than expected, FCOJ traders and analysts said.
    The USDA projected an average yield of 1.50 gallons of FCOJ
per box versus last month's estimate of 1.47 gallons.
    The government estimated Florida orange production
(excluding Temples) at 122.9 mln boxes versus 124 mln last
month. Temples were unchanged at 3.4 mln boxes.
    Traders and analysts said the unexpectedly large yield
increase outweighed the anticipated drop in box count.


.I 4968
.C
earn
.W
JAMES RIVER CORP <JR> SETS REGULAR DIVIDEND.
    RICHMND, Va., April 9 - 
    Qtly div 10 cts vs 10 cts prior
    Pay April 30
    Record April 21


.I 4970
.C
copper
.W
NORANDA BEGINS SALVAGE OPERATIONS AT MURDOCHVILLE.
     Toronto, April 9 - <Noranda Inc> said it began salvage
operations at its Murdochville, Quebec, mine, where a fire last
week killed one miner and caused 10 mln dlrs in damage.
     Another 56 miners were trapped underground for as long as
24 hours before they were brought to safety.
    Noranda said the cause and full extent of the damage is
still unknown but said it does know that the fire destroyed
6,000 feet of conveyor belt.
     Noranda said work crews have begun securing the ramp
leading into the zone where the fire was located. The company
said extreme heat from the fire caused severe rock degradation
along several ramps and drifts in the mine.
     Noranda estimated that the securing operation for the zone
will not be completed before the end of April.
    Noranda said the Quebec Health and Safety Commission, the
Quebec Provincial Police and Noranda itself are each conducting
an investigation into the fire.
    Production at the mine has been suspended until the
investigations are complete. The copper mine and smelter
produced 72,000 tons of copper anodes in 1986 and employs 680
people.
     The smelter continues to operate with available
concentrate from stockpiled supplies, Noranda said.


.I 4971
.C
earn
.W
NEWHALL INVESTMENT PROPERTIES <NIP> PAYOUT.
    VALENCIA, Calif., April 9 -
    Shr 10 cts vs 10 cts prior qtr
    Pay June one
    Record April 24



.I 4972
.C
earn
.W
NEWHALL RESOURCES <NR> QTLY DISTRIBUTION.
    VALENCIA, Calif., April 9 -
    Shr 15 cts vs 15 cts prior qtr
    Pay June one
    Record April 24



.I 4975
.C
earn
.W
******WESTINGHOUSE ELECTRIC CORP 1ST QTR SHR 1.05 DLRS VS 88 CTS.
Blah blah blah.

.I 4977
.C
crude
.W
U.S. OIL DEPENDENCY SEEN RISING TO RECORD LEVEL.
    SAN FRANCISCO, April 9 - The United States' dependency on
foreign oil sources may reach record levels by the mid-1990s,
according to John H. Lichtblau, president of Petroleum Industry
Research Associates.
    Lichtblau, speaking at an alternative energy conference
here, said the U.S. may depend on foreign suppliers for as much
as 52 pct of its oil by 1995, surpasssing the previous high
level of 47 pct in 1977.
    "The long term growth in dependency on foreign oil is
inevitable," Lichtblau said. As much as 30 pct of U.S. oil
imports in 1995 could come from OPEC nations, he said.
    Lichtblau said the U.S. depended on foreign suppliers for
33 pct of its oil in 1986 and predicted that would increase to
40 pct by 1990.
    "However, the rate of this growth can be affected
positively or negatively through government action or
inaction," Lichtblau said.
    He said that one of the government's negative actions is
the maintenance of the windfall profits tax which acts as a
disincentive to developing existing fields and reduces cash
flow for oil exploration.
    Lichtblau called for the adoption of an international floor
price for crude oil to help stabilize world oil prices.
    "An international floor price adopted by all or most
industrial countries would clearly be a much more effective
measure and would be much less distortive for the U.S. than if
we imposed it alone," Lichtblau said.
    Development of alternate energy sources such as synthetic
fuels as well as increased development in Alaska could lessen
U.S. dependency on foreign oil, Lichtblau said.
    A potential for alternative supplies could limit the
willingness of OPEC nations to raise oil prices, he said.
    Lichtblau also called for the federal government to offer
tax abatements for oil drilling, to fill the Strategic
Petroleum Reserve at a faster rate and to develop pilot plans
for alternative energy.


.I 4980
.C
ship;grain;
.W
GRAIN SHIPS LOADING AT PORTLAND.
    PORTLAND, April 9 - There were six grain ships loading and
eight ships were waiting to load at Portland, according to the
Portland Merchants Exchange.
  


.I 4982
.C
earn
.W
WESTINGHOUSE ELECTRIC CORP <WX> 1ST QTR NET.
    PITTSBURGH, April 9 - 
    Shr primary 1.05 dlrs vs 88 cts
    Shr dilulted 1.05 dlrs vs 86 cts
    Net 151.6 mln vs 135.2 mln
    Revs 2.32 billion vs 2.55 billion
    Avg shrs 144.6 mln vs 154.5 mln


.I 4987
.C
livestock
.W
CCC GUARANTEES TO IRAQ SWITCHED --USDA.
    WASHINGTON, April 9 - The Commodity Credit Corporation
(CCC) has transferred 12.0 mln dlrs in credit guarantees
previously earmarked for sales of U.S. hatching eggs and 7.0
mln dlrs in guarantees for breeder livestock to increase
coverage on sales of U.S. protein concentrates to Iraq, the
U.S. Agriculture Department said.
    The action was taken at the request of Iraq's State Trade
Organization for Grains and Foodstuffs and reduces the line for
hatching eggs to zero and the line for breeder livestock from
15.0 mln dlrs to 8.0 mln dlrs, the department said.
    The guarantee line for sales of protein concentrates has
been increased from 25.0 mln dlrs to 44.0 mln dlrs, it said.
   


.I 4988
.C
money-supply
.W
NEW YORK BUSINESS LOANS FALL 1.31 BILLION DLRS.
    NEW YORK, April 9 - Commercial and industrial loans on the
books of the 10 major New York banks, excluding acceptances,
fell 1.31 billion dlrs to 62.70 billion in the week ended April
1, the Federal Reserve Bank of New York said.
    Including acceptances, loans dropped 1.34 billion dlrs to
63.23 billion.
    Commercial paper outstanding nationally fell 4.80 billion
dlrs to 334.28 billion.
    National business loan data are scheduled to be released on
Friday.


.I 4989
.C
money-supply
.W
N.Y. BANK DISCOUNT BORROWINGS 169 MLN DLRS.
    NEW YORK, April 9 - The eight major New York City banks had
daily average borrowings of 169 mln dlrs from the Federal
Reserve in the week ended April 8, a Fed spokesman said.
    A Fed spokesman said that all of the borrowings were made
yesterday by fewer than half the banks.
    It was the second half of the two-week bank statement
period that ended on Wednesday. Average borrowings by these
banks were 142 mln dlrs in the first week of the period.
   


.I 4990
.C
wheat;grain;barley;corn;sorghum;oat;
.W
NATIONAL AVERAGE PRICES FOR FARMER-OWNED RESERVE.
    WASHINGTON, April 9 - The U.S. Agriculture Department
reported the farmer-owned reserve national five-day average
price through April 8 as follows (Dlrs/Bu-Sorghum Cwt) -
         Natl   Loan           Release   Call
         Avge   Rate-X  Level    Price  Price
 Wheat   2.62   2.40       IV     4.65     --
                            V     4.65     --
                           VI     4.45     --
 Corn    1.38   1.92       IV     3.15   3.15
                            V     3.25     --
 X - 1986 Rates.
          Natl   Loan          Release   Call
          Avge   Rate-X  Level   Price  Price
 Oats     1.58   0.99        V    1.65    -- 
 Barley   1.55   1.56       IV    2.55   2.55
                             V    2.65    -- 
 Sorghum  2.54   3.25-Y     IV    5.36   5.36
                             V    5.54    -- 
    Reserves I, II and III have matured. Level IV reflects
grain entered after Oct 6, 1981 for feedgrain and after July
23, 1981 for wheat. Level V wheat/barley after 5/14/82,
corn/sorghum after 7/1/82. Level VI covers wheat entered after
January 19, 1984.  X-1986 rates. Y-dlrs per CWT (100 lbs).


.I 4991
.C
oilseed;meal-feed;soybean;soy-meal;
.W
U.S. WEEKLY SOYBEAN CRUSH 19,416,000 BUSHELS.
    WASHINGTON, April 9 - Reporting members of the National
Soybean Processors Association (NSPA) crushed 19,416,000
bushels of soybeans in the week ended April 8 compared with
20,115,000 bushels in the previous week and 17,160,000 in the
year-ago week, the association said.
    It said total crushing capacity for members was 25,873,904
bushels vs 25,873,904 last week and 25,459,238 bushels last
year.
    NSPA also said U.S. soybean meal exports in the week were
70,351 tonnes vs 135,452 tonnes a week ago and compared with
76,065 tonnes in the year-ago week.
    NSPA said the figures include only NSPA member firms.
    NSPA gave the following breakdown of the soybean crush for
the week, with comparisons, in 1,000 bu:
                    4/08/87   4/01/87  YEAR-AGO
           Illinois   2,576    3,479        X
      Ind, Ky, Ohio   3,586    3,376    6,053-Y
         South East   3,871    3,791    3,058
      South Central   1,631    1,934    1,563
         South West   2,426    2,334    2,183
               Iowa   3,450    3,550    2,815
   Minn, N.D., S.D.   1,875    1,651    1,488
         Total U.S.  19,416   20,115   17,160
 X-Ill not reported exclusive of Ind, Ky and Ohio in year-ago
period. Y-Includes Ill.
                    


.I 4994
.C
acq
.W
FUNDAMENTAL BROKERS BUYS PART OF MKI BROKERS.
    NEW YORK, April 9 - Fundamental Brokers Institutional
Associates, a leading inter-dealer broker in U.S. government
securities, said it has agreed to acquire certain assets of MKI
Government Brokers Inc for undisclosed terms.
    Acquisition documents have been signed and are being held
in escrow pending the receipt of certain consents, it said.
    In conjunction with the sale of assets, MKI has ceased
brokering treasury bills, notes and bonds, Fundamental said.
    Industry sources told Reuters yesterday that Fundamental
was close to acquiring the government securities brokerage
division of MKI, a major broker of corporate bonds.
    Fundamental said it intends to use the facilities formerly
used by MKI to provide a new block brokering service in the
most active Treasury issues.
    By separating the execution of wholesale trades from the
heavy volume of smaller lots, large-scale transactions will be
facilitated, the company said.
    "The new system is expected to substantially enhance the
liquidity and effiency of markets," Fundamental said.
    The wholesale brokering service will begin on or around
April 20.


.I 4997
.C
earn
.W
NEWHALL INVESTMENT <NIP> SETS SPECIAL PAYOUT.
    VALENCIA, Calif., April 9 - Newhall Investment Properties
said it declared a special distribution of 50 cts per share,
payable June one, to unitholders of record April 24.


.I 4998
.C
orange
.W
FCOJ MOVEMENT 4,496,533 GALLONS LAST WEEK.
    WINTER HAVEN, FLA., April 9 - Florida Citrus Processors
Association said frozen concentrated orange juice movement into
trade channels in the week ended April 4 totalled 4,496,533
gallons versus 5,058,976 gallons in the week ended March 28 and
4,141,578 gallons in the corresponding year-ago period.
    There were 499,967 gallons of foreign imports last week
versus 341,280 gallons the week before. Domestic imports last
week were 24,774. Retail movement was 1,741,139 versus
1,464,490 a year ago. Bulk movement was 2,328,368 against
2,139,383 a year earlier.
    Current season cumulative movement was 79,516,753 gallons
versus 76,919,119 last year. Cumulative net pack for the season
was 86,254,846 versus 82,355,864 a year ago. Inventory was
75,212,711 versus 75,985,696 a year ago.


.I 4999
.C
acq
.W
NATIONAL HERITAGE <NHER> BUYS MANAGEMENT FIRM.
    DALLAS, April 9 - National Heritage Inc said it acquired
the assets of Chartham Management Corp of Salem, Ore.
    Terms were not disclosed.
    The assets acquired will be used to form a new divisional
office serving the northwest, the nursing home operator said.
    The newly acquired Salem operation has management
responsibility for about 2,500 beds in 28 nursing homes in
seven states.
    Southmark Corp <SM>, which owns 80 pct of National
Heritage, recently agreed to acquire the 28 facilities.
National is the manager of nursing home properties owned by
Southmark.


.I 5001
.C
acq
.W
OHIO MATTRESS <OMT> BUYS SEALY OF MICHIGAN.
    CLEVELAND, April 9 - Ohio Mattress Co said that its
Ohio-Sealy Mattress Manufacturing Co unit completed its
previously announced acquisition of Sealy Mattress Co of
Michigan Inc.
    In addition, the company said Sealy Inc, of which its owns
82 pct, redeemed the outstanding Sealy stock held by Michigan
Sealy, thus increasing the company's stake in Sealy to 93 pct.


.I 5002
.C
crude
.W
LA LAND <LLX>,DU PONT <DD>GET EXPLORATION TRACTS.
    NEW ORLEANS, April 9 - Louisiana Land and Exploration Co
said it, Du Pont Co's Conoco Inc subsidiary and <Oranje-Nassau
Energie B.V.> have been offered four exploration blocks
offshore The Netherlands.
    Louisiana Land said Blocks Q4a, E12c and E15b were offered
to the group in which Conoco has a 67.5 pct interest, Louisiana
Land 20 pct and Orange-Nassau 12.5 pct, while this group along
with a consortium headed by Pennzoil Co <PZL> were offered
Block Q5c. The offers were the result of applications submitted
to the Ministry of Economic Affairs for the Netherlands Sixth
Offshore Licensing Round.
    Louisiana Land said the Conoco group intends to provide a
formal acceptance of the blocks with plans to start exploration
this year.
    The company also said the two Q blocks immediately offset
other offshore blocks on which hydrocarbons have been found in
commercial quantities.


.I 5005
.C
earn
.W
PATIENT <PTI> CONSIDERING DEBT RESTRUCTURING.
    HAUPPAUGE, N.Y., April 9 - Patient Technology Inc said it
retained an investment banking firm to consider alternatives in
restructuring its long-term debt, including a possible exchange
offer for 20 mln dlrs of outstanding convertible debentures.
    On April one, it began consolidating sales, marketing and
manufacturing operations. The consolidation is expected to be
complete by June one and the company said it is now focusing on
restructuring its balance sheet. 
     The company said the first quarter will be adversely
affected by the consolidation effort.
    For the year ago first quarter, the company reported a
profit of 100,000 dlrs on 7.3 mln dlrs.
    The company further said that the second quarter will be 
transitional period and that earnings growth will resume in the
second half of 1987.
    For the year ended December 31, 1986, Patient reported a
net loss of 1.4 mln dlrs on sales of 29.8 mln dlrs, due to
write-offs from discontinued operations and a temporary backlog
of orders.
   


.I 5006
.C
acq
.W
NAPCO <NPCO> MANAGEMENT CANNOT RAISE FUNDING.
    HOPKINS, MINN., April 9 - Napco International Inc said it
has suspended its plan to sell its international business to a
group of that business' top managers because the group has
failed to obtain satisfactory financing.
    The company also said it still intends to pursue a new
corporate direction, and is exploring acquisition alternatives.


.I 5007
.C
earn
.W
BANKS OF MID-AMERICA INC <BOMA> 1ST QTR NET.
    OKLAHOMA CITY, April 9 - 
    Shr loss 18 cts vs loss 89 cts
    Net profit 161,000 vs loss 5,938,000
    Assets 3.43 billion vs 3.46 billion
    Deposits 2.68 billion vs 2.67 billion
    Loans 1.45 billion vs 1.64 billion
    Note: Shr data after payment of preferred dividends.


.I 5008
.C
acq
.W
MCDONNELL DOUGLAS <MD> BUYS COMPUTER FIRM.
    ST. LOUIS, April 9 - McDonnell Douglas Corp said it
acquired Frampton Computer Services Ltd, a British software
company that is also known as Isis.
    Terms of the acquisition were not disclosed.
    Based in Bristol, England, Isis employs 65 workers and has
annual revenues of about five mln dlrs, McDonnell Douglas said.
    The company added that Isis will operate as part of
McDonnell Douglas Information Systems International.


.I 5011
.C
cotton
.W
WORLD MARKET PRICE FOR UPLAND COTTON - USDA.
    WASHINGTON, April 9 - The U.S. Agriculture Department
announced the prevailing world market price, adjusted to U.S.
quality and location, for Strict Low Middling, 1-1/16 inch
upland cotton at 50.57 cts per lb, to be in effect through
midnight April 16.
    The adjusted world price is at average U.S. producing
locations (near Lubbock, Texas) and will be further adjusted
for other qualities and locations. The price will be used in
determining First Handler Cotton Certificate payment rates.
    The department said since the adjusted world price is above
the loan repayment rate of 44 cts per lb for the base quality,
no First Handler Cotton Certificates will be issued during the
period.
    Based on data for the week ended April 9, the adjusted
world price for upland cotton is determined as follows, in cts
per lb --
        Northern European Price -- 62.88
                 Adjustments --
 Average U.S. Spot Mkt Location --  9.98
         SLM 1-1/16 Inch Cotton --  1.80
          Average U.S. Location --  0.53
             Sum of Adjustments -- 12.32
           Adjusted World Price -- 50.63


.I 5013
.C
oilseed;veg-oil;grain;meal-feed;
.W
USDA COMMENTS ON EXPORT SALES REPORT .
    WASHINGTON, April 9 - U.S. corn sales of just over 1.0 mln
tonnes in the week ended April 2 were eight pct above the prior
week, but 25 pct below the four-week average, the U.S.
Agriculture Department said.
    In comments on its latest Export Sales Report, the
department said Iraq, Japan and the USSR were the largest
buyers.
    Sales for the next marketing year, which begins September
1, totaled 503,200 tonnes and were mainly to Iraq and Taiwan.
    Wheat sales of 119,300 tonnes for the current season and
net reductions of 13,700 tonnes for the 1987/88 season were
four-fifths below the combined total for the prior week and the
four-week average, it said.
    Sri Lanka was the most active wheat destination with
purchases of 52,500 tonnes for the current year, it said.
    Other significant purchasers for the current year were
Mexico and Honduras, it said.
    Soybean sales of 240,500 tonnes were one-fifth below the
prior week and nearly one-third below the four-week average.
    Japan, Mexico, South Korea, Italy and Israel were the major
purchasers, the department said.
    Net sales of 117,700 tonnes of soybean cake and meal fell
31 pct from the previous week and 38 pct below the four-week
average. Major increases for West Germany, Venezuela, the
Netherlands and Saudi Arabia were partially offset by
reductions for unknown destinations, USDA said.
    Activity in soybean oil resulted in decreases of 2,400
tonnes, with sales to unknown destinations down by 2,700
tonnes, while sales to Canada increased 200 tonnes, the
Department said.
    Combined sales of 71,300 running bales of cotton -- 60,200
bales for the current season and 11,100 bales for 1987/88
season -- were four-fifths higher than the prior week's level
but nine pct below the four-week average.
    Mexico was the dominant buyer for the current year followed
by Zaire, Italy, and Spain, the department said.
The primary buyers for the 1987/88 season were South Korea,
Spain, Japan and Taiwan, the department said.
    Sorghum sales of 143,300 tonnes were 25 pct less than the
prior week, with Japan and Venezuela the main buyers. 


.I 5014
.C
money-supply
.W
******U.S. M-1 MONEY SUPPLY FALLS TWO BILLION DLRS IN MARCH 30 WEEK, FED SAYS.
Blah blah blah.

.I 5015
.C
money-supply
.W
******FED SAYS U.S. DISCOUNT WINDOW BORROWINGS 361 MLN DLRS IN APRIL 8 WEEK.
Blah blah blah.

.I 5016
.C
money-supply
.W
******U.S. BANK NET FREE RESERVES 447 MLN DLRS IN TWO WEEKS TO APRIL 8.
Blah blah blah.

.I 5017
.C
earn
.W
WESTINGHOUSE ELECTRIC <WX> OPTIMISTIC FOR YEAR.
    PITTSBURGH, April 9 - Westinghouse Electric Corp chairman
Douglas Danforth said he was encouraged by first quarter
results for fiscal 1987, and said the company was positioned to
capitalize on the economy's modest growth for the rest of the
year.
    "I am encouraged by the continuing improvement in
earnings," Danworth said. "The first quarter met our
expectations."
    Westinghouse recorded net income for the first quarter of
151.6 mln dlrs, or 1.05 dlrs per share, on revenues of 2.32
billion dlrs.
    Danworth attributed the results to an increase in the
operating profit in the energy and advanced technology,
industries and commerical segments.


.I 5018
.C
earn
.W
BSD BANCORP <BSD> 1ST QTR NET.
    SAN DIEGO, Calif., April 9 -
    Shr seven cts vs five cts
    Net 240,000 vs 136,000
    Loans 264.5 mln vs 251.7 mln
    Deposits 319.7 mln vs 306.8 mln
    Assets 348.6 mln vs 334.6 mln


.I 5019
.C
earn
.W
GATEWAY COMMUNICATIONS INC <GWAY> 1ST QTR NET.
    IRVINE, Calif., April 9 -
    Shr 14 cts vs six cts
    Net 653,561 vs 251,955
    Revs 4,143,056 vs 2,199,238


.I 5022
.C
earn
.W
BAKER COMMUNICATIONS INC <BAKR> YEAR LOSS.
    PALOS VERDES, Calif., April 9 -
    Shr loss 42 cts vs loss 56 cts
    Net loss 596,354 vs loss 795,009
    Revs 3,818,258 vs 2,070,772


.I 5023
.C
earn
.W
EASTOVER CORP <EASTS> 4TH QTR NET.
    JACKSON, Miss., April 9 - 
    Shr 39 cts vs 28 cts
    Net 491,000 vs 356,000
    Revs 890,000 vs 720,000
    Year
    Shr 1.54 dlrs vs 2.49 dlrs
    Net 1,952,00 vs 3,165,000
    Rev 3,463,000 vs 3,005,000
    Note: Net includes state tax credit of 400,000 for 1986 qtr
and year. Net also includes gains from sale of real estate of
3,000 vs 83,000 for qtr and 563,000 vs 1,317,000 for year.


.I 5025
.C
money-supply
.W
U.S. BANK DISCOUNT BORROWINGS 361 MLN DLRS.
    NEW YORK, April 9 - U.S. bank discount window borrowings
less extended credits averaged 361 mln dlrs a day in the week
to Wednesday, April 8, the Federal Reserve said.
    Total daily borrowings in the week fell 99 mln dlrs to 591
mln dlrs, with extended credits down 35 mln dlrs at 230 mln
dlrs. The week was the second half of the two-week statement
period that ended Wednesday. Net borrowings averaged 425 mln
dlrs in the first week of the period.
    Commenting on the two-week statement period that ended on
April 8, the Fed said banks had average net free reserves of
447 mln dlrs.
    A Fed spokesman told a press conference that there were no
large one-day net misses in the Fed's estimates of reserves in
the week ended Wednesday.
    Of the week's borrowings, money center banks accounted for
65 pct, and small banks for almost 35 pct. On Wednesday, when
net borrowings were 1.36 billion dlrs and Fed funds averaged a
high 6.45 pct, money center banks accounted for more than 90
pct of the borrowing.
    Borrowings in the latest two weeks averaged 393 mln dlrs a
day, the highest since the statement period ended January 28.
    Float ranged from about 250 mln dlrs on Thursday to between
one and 1.25 billion dlrs on Monday and Tuesday.
    The spokesman said Monday's float included 500 mln dlrs in
holdover float at one Fed branch due to mechanical problems.
    About 500 mln dlrs of Tuesday's float reflected
non-weather-related transportation float in one Eastern Reserve
bank.
    As-of adjustments ranged from minus 500 mln dlrs on Monday,
when cash letter errors at two eastern reserve banks were
corrected, to plus 500 mln dlrs on Thursday, when a correction
was made to unposted funds at a single bank.
    In the first half of the statement period ended Wednesday,
banks held excess reserves on the first four days of the week
but ran a deficit on Wednesday.
    In the second week, they ran a deficit on Thursday, Friday
and Monday but held excess reserves on the final two days.


.I 5026
.C
copper
.W
NORANDA BEGINS MURDOCHVILLE MINE SALVAGE.
     TORONTO, April 9 - Noranda Inc said it began salvage
operations at its Murdochville, Quebec mine where a fire last
week killed one miner and caused 10 mln dlrs in damage.
     Noranda said the cause and full extent of the damage is
still unknown but the fire destroyed 6,000 feet of conveyor
belt.
    The company said extreme heat from the fire caused severe
rock degradation along several ramps and drifts in the mine.
    Production at the mine has been suspended until
investigations are complete. The copper mine and smelter
produced 72,000 tons of copper anodes in 1986.
     The smelter continues to operate with available
concentrate from stockpiled supplies, Noranda said.


.I 5027
.C
money-supply
.W
U.S. M-1 MONEY SUPPLY FALLS TWO BILLION DLRS.
    NEW YORK, April 9 - U.S. M-1 money supply fell two billion
dlrs to a seasonally adjusted 738.9 billion dlrs in the March
30 week, the Federal Reserve said.
    The previous week's M-1 level was revised to 740.9 billion
dlrs from 741.0 billion, while the four-week moving average of
M-1 rose to 739.8 billion dlrs from 739.7 billion.
    Economists polled by Reuters said that M-1 would be
anywhere from down two billion dlrs to up 1.8 billion.


.I 5031
.C
acq
.W
BEVIS <BEVI> RECEIVES TAKEOVER INQUIRIES.
    PROVIDENCE, R.I., April 9 - Bevis Industries Inc, which has
been seeking to be acquired, said it recently received
inquiries concerning the purchase of the company.
    The company did not identify the parties that made the
inquiries, but it said they had been referred to its investment
bankers, Tucker, Anthony and R.L. Day Inc, for study.
    On March 18, the company said it engaged Tucker, Anthony to
seek purchasers of its operating units, Greenville Tube Corp
and MD Pneumatics Inc.


.I 5033
.C
acq
.W
JACOR <JCOR> TO BUY TWO DENVER RADIO STATIONS.
    CINCINNATI, April 9 - Jacor Communications Inc said it
agreed to buy two Denver radio stations from A.H. Belo Corp
<BLC> for 24 mln dlrs in cash and notes.
    Jacor said the two stations are KOA-AM and KOAQ-FM.
    The acquisitions must be approved by the Federal
Communications Commission, Jacor added.


.I 5034
.C
money-supply
.W
ASSETS OF U.S. MONEY FUNDS ROSE IN WEEK.
    WASHINGTON, April 9 - Assets of money market mutual funds
increased 1.39 billion dlrs in the week ended yesterday to
236.77 billion dlrs, the Investment Company Institute said.
    Assets of 93 institutional funds were up 481.1 mln dlrs to
65.65 billion dlrs, 93 broker-dealer funds rose 285.3 mln dlrs
to 107.31 billion dlrs, and 197 general purpose funds gained
625.5 mln dlrs to 63.8 billion dlrs.


.I 5035
.C
acq
.W
POLYCAST <PTCC> REDUCES SPARTECH <SPTN> STAKE.
    WASHINGTON, April 9 - Polycast Technology Corp told the
Securities and Exchange Commission it sold off 119,800 of its
Spartech Corp common shares, reducing its stake in Spartech to
30,000 shares or 1.2 pct of the total outstanding.
    Polycast said it made the sales April 6-8 in the
over-the-counter market.
    It gave no reason for the sales.


.I 5037
.C
oilseed;grain;corn;soybean;
.W
GRAIN SHIPMENTS TO THE USSR -- USDA.
    WASHINGTON, April 9 - There were 287,700 tonnes of U.S.
corn shipped to the Soviet Union in the week ended April 2,
according to the U.S. Agriculture Department's latest Export
Sales report.
    That compares with 106,200 tonnes shipped in the prior
week.
    There were no wheat or soybean shipments during the week.
    The USSR has purchased 2,825,600 tonnes of U.S. corn, as of
April 2, for delivery in the fourth year of the U.S.-USSR grain
agreement.
    Total shipments in the third year of the U.S.-USSR grains
agreement, which ended September 30, amounted to 152,600 tonnes
of wheat, 6,808,100 tonnes of corn and 1,518,700 tonnes of
soybeans.


.I 5040
.C
acq
.W
******HOSPITAL CORP SAYS IT RECEIVED 47 DLR A SHARE OFFER FROM INVESTOR GROUP.
Blah blah blah.

.I 5041
.C
earn
.W
BEVERLY ENTERPRISES <BEV> SETS REGULAR DIVIDEND.
    PASEDENA, Calif., April 9 - 
    Qtly div five cts vs five cts prior
    Pay July 13
    Record June 30


.I 5042
.C
money-fx
.W
******TREASURY'S BAKER SAYS FLOATING EXCHANGE RATE SYSTEM NEEDS GREATER STABILITY.
Blah blah blah.

.I 5043
.C
crude
.W
CRUDE OIL NETBACKS UP SHARPLY IN EUROPE, U.S.
    NEW YORK, April 9 - Crude oil netback values in complex
refineries rose sharply in Europe and firmed in the U.S. last
Friday from the previous week but fell sharply in Singapore,
according to calculations by Reuters Pipeline.
    The firmer tone to refining margins in Europe and the U.S.
relected higher prices for petroleum products, particularly
gasoline, and support from crude oil prices.
    Netback values for crude oil refined in Northern Europe
rose substantially following strong gains in gasoline prices
there. Brent is valued at 19.45 dlrs, up 56 cts a barrel or
three pct from the previous week.
    In the U.S. Gulf, sweet crudes rose in value by 14 cts to
19.33 dlrs for West Texas Intermediate, up about 0.7 pct.
    Sour grades in the U.S. Gulf showed an increase of 33 cts a
barrel for Alaska North Slope, up 1.7 pct.
    But netbacks for crude oil refined in Singapore fell
sharply, down 15 cts to as much as 68 cts a barrel as ample
distillate supplies weighed on petroleum product prices.
    Attaka in Singapore is valued at 18.55 dlrs, a decline of
68 cts a barrel or 3.5 pct from the previous week.
    For refineries in the Mediterranean, netback values were
mostly lower, with declines of seven to 14 cts. The value of
Kuwait crude fell 14 cts to 18.37 dlrs, while Iranian Light
fell 11 cts to 19.14 dlrs.
    On the U.S. West Coast, netback values for ANS CIF L.A.
also jumped sharply, up 40 cts a barrel or 2.2 pct to 18.82
dlrs on higher gasoline prices.


.I 5044
.C
money-fx
.W
TREASURY'S BAKER SAYS SYSTEM NEEDS STABILITY.
    WASHINGTON, April 9 - Treasury Secretary James Baker said
the floating exchange rate system has not been as effective as
had been hoped in promoting stability and preventing imbalances
from emerging in the global economy.
    In remarks before the afternoon session of the
International Monetary Fund's Interim Committee, Baker said he
was not suggesting that the system should be abandoned.
    "But I do suggest," he said, "that we need something to give
it more stability and to keep it headed in the right direction
when the wind shifts."
    He said that indicators can serve "as a kind of compass" but
added that structural indicators can help focus attention on
some policies.
    Baker, however, said the IMF "needs to move beyond
macroeconomic indicators and find structural indicators that
can help focus attention on some of the policies of specific
relevance to the imbalances we face today."
    The Treasury Secretary said that indicators should be given
a more prominent role in the annual economic reviews -- Article
IV consultations -- that the Fund performs.
    Baker also told the policy making group that it was time
for the IMF to adopt earlier recommendations making IMF
surveillance more relevant to national policymakers and the
public.
    "In particular, we urge increased publicity for IMF
appraisals developed in Article IV consultations, the use of
follow-up reports on country actions to implement IMF
recommendations, and greater use of special consultation
procedures," he said.
    Baker emphasized that indicators were a device "for moving
beyond rhetoric to action."
    He said they provide "more structure to the system, and
induce more discipline and peer pressure into the process of
policy coordination."
    He said the Fund's procedures for surveillance need to be
reviewed and updated to reflect the use of indicators.
    "This should be matter of priority for the executive board,"
he said.
    Baker also urged the Fund to develop alternative
medium-term economic scenarios for countries that "can help us
focus even more clearly on the most important imbalances, by
identifying options for addressing them and analyzing the
implications of these options."
    He said also that further work should be done on finding
paths that lead toward possible medium-term objectives.
    "If we are to take effective remedial action when there are
significant deviations from an intended course, then we must
have more definitive ways of indentifying the right course for
key variables," he said.


.I 5046
.C
acq;crude;nat-gas;
.W
NERCI <NER> UNIT CLOSES OIL/GAS ACQUISITION.
    PORTLAND, Ore., April 9 - Nerco Inc said its oil and gas
unit closed the acquisition of a 47 pct working interest in the
Broussard oil and gas field from <Davis Oil Co> for about 22.5
mln dlrs in cash.
    Nerco said it estimates the field's total proved developed
and undeveloped reserves at 24 billion cubic feet, or
equivalent, of natural gas, which more than doubles the
company's previous reserves.
    The field is located in southern Louisiana.


.I 5048
.C
money-fx;gold;silver;livestock;cotton;
.W
U.S. DOLLAR LOSSES PROPEL BROAD COMMODITY GAINS.
    by Keith Leighty, Reuters
    CHICAGO, April 9 - Commodities from gold to grains to
cotton posted solid gains in a flurry of buying today as losses
in the U.S. dollar and rising interest rates kindled fears of
inflation and economic instability.
    Gains were most pronounced on the Commodity Exchange in New
York, where gold jumped 12.40 dlrs and closed at 436.50 dlrs a
troy ounce, and silver 22.5 cents to 6.86 dlrs a troy ounce.
    A key factor behind the advance was anticipation that
inflation will be the only way for the major industrial nations
to halt the slide in the value of the U.S. dollar, said Steve
Chronowitz, director of commodity research with Smith Barney,
Harris Upham and Co., in New York.
    The dollar tumbled one day after top finance officials from
the seven largest industrial nations reaffirmed their
commitment to support its value, and despite reports of
intervention by the U.S. Federal Reserve Bank, traders said.
    Traders said it appears that the industrial nations, known
as the Group of Seven, lack the ability to change the long-term
direction of the currency markets.
    "Maybe they have some ideas or plans," said Chronowitz. "If
they do, it's not evident."
    "It looks like there's no cure but to let the free market
take values to where they should be.
    "One way or another, we will force our major trading
partners to stimulate their economies," as a measure to correct
the mounting U.S. trade deficit, Chronowitz said.
    "I think the markets believe, and have believed for a long
time, that the only recourse is to reflate at some point. It's
going to be a long and tedious process, but that's what's
happening," he said.
    The falling value of the dollar makes U.S. commodities
cheaper for foreign buyers, stimulating demand.
    At the same time, traders who are holding stocks and bonds
saw the value of their investments falling and many are turning
to commodities such as precious metals as a hedge, said Marty
McNeill, a metals analyst in New York with the trading house of
Dominick and Dominick.
    The reaction in the metal markets reverberated throughout
the commodities markets, as grains, livestock, and cotton
posted broad gains.
    Traders at the Chicago Board of Trade said attention in the
grain markets has shifted from concern about burdensome
supplies to the outlook that a lower dollar will stimulate
export demand.
    After the close of trading, the Agriculture Department
raised its estimate for grain imports by the Soviet Union by
two mln tonnes from the month-earlier report.
    Live hogs and frozen pork bellies posted sharp gains on the
Chicago Mercantile Exchange, while live cattle were moderately
higher.
    Analysts said several factors boosted hog prices. They said
hogs haven't been making the weight gains that are normal at
this time of year, and farmers have been too busy with field
work to market animals.


.I 5051
.C
grain;corn;
.W
EGYPT SEEKING 500,000 TONNES CORN - U.S. TRADERS.
    KANSAS CITY, April 9 - Egypt is expected to tender April 22
for 500,000 tonnes of corn for May through September shipments,
private export sources said.


.I 5052
.C
earn
.W
TRUSTCORP INC <TTCO> 1ST QTR NET .
    TOLEDO, Ohio, April 9 - 
    Shr 67 cts vs 62 cts
    Net 9,160,000 vs 7,722,000
    Assets 4.5 billion vs four billion
    Note: Shr and net data are before accounting change
announced in 1986, which added 30 cts a share to year-ago 1st
qtr results.


.I 5053
.C
ship;grain;
.W
N.Y. GRAIN FREIGHTS - April 9.
    Nidera took TBN 12,000 tonnes HSS Toledo to Casablanca
April 29-May 5 25.00 dlrs three days load 1,000 discharge
    Comanav took Radnik 20,000 tonnes Lakehead to Morocco April
15-25 22.00 dlrs 5,000 load 3,000 discharge
    Krohn took Akron 75,000 tonnes anygrains on 55 feet stowage
Mississippi River to Rotterdam May 1-10 8.05 dlrs 12 days all
purposes
    Continental took Legionario 40,000 tonnes River Plate to
Japan April 25-May 10 22.50 dlrs 2,000 load 5,000 free
discharge
    Garnac took Sokorri 30,000 tonnes U.S. Gulf to Constanza
April 15-25 17.00 dlrs load terms unknown 3,000 discharge


.I 5054
.C
earn
.W
NAPA VALLEY BANCORP <NVBC> 1ST QTR NET.
    NAPA, Calif, April 9 -
    Shr 20 cts vs 25 cts
    Net 487,000 vs 435,000


.I 5055
.C
earn
.W
INTERNATIONAL POWER MACHINES <PWR> 4TH QTR LOSS.
    MESQUITE, Texas, April 9 - 
    Shr loss 21 cts vs loss 28 cts
    Net loss 817,000 vs loss 1,058,000
    Revs 5,627,000 vs 7,397,000
    Year
    Shr loss 75 cts vs loss 1.36 dlrs
    Net loss 2,872,000 vs loss 5,200,000
    Revs 23.3 mln vs 21.1 mln
    Note: 1985 net includes 1,255,000 adjustment in inventory
valuations and 486,000 in cost-reduction expenses.
    Full name is International Power Machines Corp.


.I 5060
.C
acq
.W
GREAT AMERICAN MGMT<GAMI> HAS ATCOR<ATCO> STAKE.
    WASHINGTON, April 9 - Great American Management and
Investment Inc told the Securities and Exchange Commission it
acquired a 7.7 pct stake in Atcor Inc.
    Great American said it bought the stake for investment.
    It added that it has also considered--but not yet
decided--to buy additional Atcor shares, either in the open
market, in private transactions, through a tender offer or
otherwise.
    Great American said it paid about 6.1 mln dlrs for its
462,400 Atcor shares. It said its most recent purchases
included 191,400 shares bought March 18-April 6.


.I 5061
.C
earn
.W
RAI RESEARCH CORP <RAC> 3RD QTR FEB 28 NET.
    HAUPPAUGE, N.Y., April 9 - 
    Oper shr one ct vs 13 cts
    Oper net 17,806 vs 312,692
    Revs 1,318,165 vs 2,239,349
    Nine mths
    Oper shr 27 cts cs 28 cts
    Oper net 640,156 vs 671,291
    Revs 5,612,818 vs 5,632,044
    Note: Oper excludes gain from discontinued operations of
15,598 for year-ago qtr and loss from discontinued operations
of 49,040 for year-ago nine mths.


.I 5062
.C
earn
.W
MOORE <MCL> SEES SUBSTANTIAL 1987 PROFIT GAIN.
    TORONTO, April 9 - Moore Corp Ltd expects 1987 profits from
continuing operations will exceed 1986 results and recover to
1985 levels when the company earned 152 mln U.S. dlrs or 1.70
dlrs a share, president M. Keith Goodrich said.
    "We'll have a substantial increase in earnings from
continuing operations," he told reporters after the annual
meeting. He said he expected profits would recover last year's
lost ground and reach 1985 results.
    In 1986, profits from continuing operations slumped to
139.5 mln dlrs or 1.54 dlrs a share. The total excluded losses
of 30 mln dlrs on discontinued operations.
    Goodrich said Moore is still actively looking for
acquisitions related to its core areas of business forms
manufacturing or handling.
    "We could do a large acquisition," he said when asked if
the company could raise as much as one billion dlrs for this
purpose.
    Chairman Judson Sinclair, answering a shareholder's
question, told the annual meeting that a special resolution
passed by shareholders to create a new class of preferred
shares would allow Moore to move quickly if it decided to
pursue an acquisition.
    "If we were to make a major acquisition ... it means we can
move with a certain expediency," Sinclair said.
    Asked if the resolution was designed to give Moore
protection from a possible hostile takeover, Sinclair said
only, "I know of no threat to the corporation at this time."
        


.I 5065
.C
acq
.W
FIRM HAS 14.8 PCT OF DECISION/CAPITAL FUND<DCF>.
    WASHINGTON, April 9 - Gabelli Group Inc said it and two
subsidiaries held a total of 295,800 Decision/Capital Fund Inc
shares or 14.8 pct of the total outstanding.
    It said the shares were held on behalf of investment
clients and it said it had no intention of seeking control of
the fund.
    Gabelli said its most recent purchases of Decision/Capital
Fund stock included 95,800 shares bought April 3-6 on the
Philadelphia Stock Exchange.
    Gabelli is an investment firm headquartered in New York
City. Its Gabelli and Co subsidiary is a brokerage firm.


.I 5068
.C
acq
.W
PARTNERSHIP BUYS IPCO <IHS> STAKE OF 6.8 PCT.
    WASHINGTON, April 9 - MP Co, a New York investment
partnership, told the Securities and Exchange Commission it
bought a 6.8 pct stake in IPCO Corp common stock.
    The partnership said it acquired 346,600 IPCO shares,
paying 4.9 mln dlrs, because it believed the securities to be
"an attractive investment opportunity."
    It said it planned to regularly review its investment and
may in the future recommend business strategies or an
extraordinary corporate transaction such as a merger,
reorganization, liquidation or asset sale.
    The partnership is controlled by Marcus Schloss and Co Inc,
a New York brokerage firm, and Prime Medical Products Inc, a
Greenwood, S.C., medical supplies firm.


.I 5069
.C
earn
.W
DELMED INC <DMD> YEAR LOSS.
    FREEHOLD, N.J., April 9 - 
    Oper shr loss 30 cts vs loss 1.27 dlrs
    Oper net loss 8,648,000 vs loss 25.6 mln
    Revs 27.4 mln vs 33.3 mln
    Avg shrs 29.1 mln vs 20.1 mln
    Note: Oper excludes loss on provision for discontinued
operations of 971,000 vs 12.2 mln and loss from conversion of
debt 587,000 vs gain of 1,734,000.
    1985 oper excludes loss from pension plan liquidation of
631,000 and loss from discontinued operations of 1,015,000.



.I 5072
.C
acq
.W
******CADILLAC FAIRVIEW SAYS IT HAS RECEIVED SOME ACQUISITION PROPOSALS.
Blah blah blah.

.I 5076
.C
acq
.W
CADILLAC FAIRVIEW SAYS IT RECEIVED TAKEOVER BIDS.
    Toronto, April 9 - <Cadillac Fairview Corp Ltd> said it
received proposals to acquire the company, following its
announcement last August that it had retained investment
dealers to solicit offers for all outstanding common shares.
    Cadillac Fairview said the offers are subject to
clarification and negotiation and offered no further details.


.I 5079
.C
ship;crude;
.W
N.Y. TANKERS - April 9.
    Tennaco took Nicopolis part cargo 50,000 tons dirty April
12 Caribbean to U.S. Gulf worldscale 130
    Exxon took Brazil Glory 77,000 tons dirty April 17 East
Coast Mexico to U.S. Atlantic Coast worldscale 75
    Champlin took Tamba Maru part cargo 57,000 tons crude April
18 Caribbean to U.S. Gulf worldscale 105
    Pecten took World Cliff part cargo 74,500 tons dirty April
14 Sullom Voe to U.S. Atlantic Coast/U.S. Gulf worldscale 70
for Atlantic Coast worldscale 67.5 for Gulf
    Crown Petroleum took British Skill (Gotco relet) part cargo
100,000 tons dirty April 18 West Africa to U.S. Gulf worldscale
63
    Oroleum took Marika P. part cargo 59,000 tons dirty April
16 Caribbean to U.S. Atlantic Coast/U.S. Gulf rate not reported


.I 5080
.C
acq
.W
WINTERHALTER <WNTLC> HOLDERS OKAY TAKEOVER.
    ANN ARBOR, Mich., April 9 - Winterhalter Inc said its
shareholders approved the 525,000 dlr acquisition of
Winterhalter by Interface Systems Inc <INTF>.
    The acquisition would be for 15 cts per Winterhalter share.


.I 5084
.C
earn
.W
<AMERICAN EAGLE PETROLEUMS LTD> YEAR LOSS.
    Calgary, Alberta, April 9 -
    Shr loss 10 cts vs profit 17 cts
    Net loss 1,546,000 vs profit 4,078,000
    Revs 22.6 mln vs 38.9 mln


.I 5091
.C
trade
.W
CHILEAN TRADE SURPLUS NARROWS SLIGHTLY IN FEBRUARY.
    Santiago, april 9 - chile's trade surplus narrowed to 102.2
mln dlrs in february, from 105.4 mln dlrs in the same month
last year, but it was above the 18.2-mln-dlr surplus recorded
in january 1987, the central bank said.
    Exports in february totalled 379.4 mln dlrs, 17.2 pct above
the january figure. Imports fell 9.2 pct from the previous
month to 277.2 mln dlrs. The figures for the same month last
year were 314 mln and 208.6 mln dlrs, respectively.
    The accumulated trade surplus over the first two months of
1987 stands at 120.4 mln dlrs against 132.8 mln dlrs the
previous year.


.I 5092
.C
dlr;money-fx;interest;
.W
ANALYSTS DOUBT FED FIRMED DESPITE BORROWING RISE.
    By Martin Cherrin, Reuters
    NEW YORK, April 9 - Economists said that they doubt the
Federal Reserve is firming policy to aid the dollar, despite
higher discount window borrowings in the latest two-week
statement period and very heavy borrowings Wednesday.
    Data out today show net borrowings from the Fed averaged
393 mln dlrs in the two weeks to Wednesday, up from 265 mln
dlrs in the prior statement period. Wednesday borrowings were
1.4 billion dlrs as Federal funds averaged a high 6.45 pct.
    "One could make a case that the Fed is firming, but it
probably isn't," said William Sullivan of Dean Witter Reynolds.
    Sullivan said some may assume the Fed has firmed policy
modestly to support the dollar because net borrowings in the
two-weeks to Wednesday were nearly 400 mln dlrs after averaging
around 250 mln dlrs over the previous two months.
    However, the Dean Witter economist noted that the latest
two-week period included a quarter end when seasonal demand
often pushes up borrrowings.
    "Some might argue that the Fed was firming policy, but it
looks like it tried to play catchup with reserve provisions
late in the statement period and didn't quite make it," said
Ward McCarthy of Merrill Lynch Capital Markets.
    A Fed spokesman told a press press conference today that
the Fed had no large net one-day miss of two billion dlrs or
more in its reserve projections in the week ended Wednesday.
    Still, McCarthy said it may have had a cumulative miss in
its estimates over the week that caused it to add fewer
reserves earlier in the week than were actually needed.
    The Fed took no market reserve management action last
Thursday and Friday, the first two days of the week. It added
temporary reserves indirectly on Monday via two billion dlrs of
customer repurchase agreements and then supplied reserves
directly via System repurchases on Tuesday and Wednesday.
    Based on Fed data out today, economists calculated that the
two-day System repurchase agreements the Fed arrranged on
Tuesday totaled around 5.9 billion dlrs. They put Wednesday's
overnight System repos at approximately 3.4 billion dlrs.
    "It is quite clear that the Fed is not firming policy at
this time," said Larry Leuzzi of S.G. Warburg and Co Inc.
    Citing the view shared by the other two economists, Leuzzi
said the Fed cannot really afford to seriously lift interest
rates to help the dollar because that would harm already weak
economies in the United States and abroad and add to the
financial stress of developing countries and their lenders.
    "Those who believe the Fed tightened policy in the latest
statement period have to explain why it acted before the dollar
tumbled," said McCarthy of Merrill Lynch.
    He said the dollar staged a precipitous drop as a new
statement period began today on disappointment yesterday's
Washington meetings of international monetary officials failed
to produce anything that would offer substantive dollar aid.
    In fact, currency dealers said there was nothing in
Wednesday's G-7 communique to alter the prevailing view that
the yen needs to rise further to redress the huge trade
imbalance between the United States and Japan.
    The economists generally agreed that the Fed is aiming for
steady policy now that should correspond to a weekly average
Fed funds rate between six and 6-1/8 pct. This is about where
the rate has been since early November.
    "I'm not so sure that the Fed is engineering a tighter
policy to help the dollar, as some suspect," said Sullivan of
Dean Witter.
    If it is, however, he said that Fed probably has just
nudged up its funds rate goal to around 6.25 to 6.35 pct from
six to 6.10 pct previously.


.I 5094
.C
earn
.W
VALEX PETROLEUM INC <VALP> YEAR DEC 31.
    DENVER, Colo, April 9 -
    Shr loss six cts vs loss 84 cts
    Net loss 219,632 vs loss 16.3 mln
    Revs 1.4 mln vs 2.8 mln
    NOTE:1985 net includes 15.5 mln dlrs of writedowns and tax
benefit of 51,294.
   


.I 5102
.C
money-supply
.W
N.Z. TRADING BANK DEPOSIT GROWTH EASES SLIGHTLY.
    WELLINGTON, April 10 - New Zealand's trading bank
seasonally adjusted deposit growth rose 2.1 pct in February
compared with a 2.6 pct rise in January, the Reserve Bank said.
    Year-on-year total deposits rose 28.9 pct compared with a
30.6 pct rise in January and 34.4 pct rise in February a year
ago period, the bank said in its weekly statistical release.
    Total deposits rose to 17.55 billion N.Z. Dlrs in February
compared with 17.18 billion in January and 13.61 billion in
February 1986.


.I 5105
.C
dlr;money-fx;
.W
******BANK OF JAPAN INTERVENES TO BUY DOLLARS AROUND 143.70 YEN - DEALERS.
Blah blah blah.

.I 5106
.C
dlr;money-fx;
.W
******DOLLAR OPENS AT RECORD TOKYO LOW 143.75 YEN (PREVIOUS RECORD 144.70) - DEALERS.
Blah blah blah.

.I 5107
.C
dlr;money-fx;
.W
DOLLAR OPENS AT TOKYO RECORD LOW OF 143.75 YEN.
    TOKYO, April 10 - The dollar opened at a record Tokyo low
of 143.75 yen despite aggressive Bank of Japan intervention,
dealers said.
    The previous record low was 144.70 yen set on March 30. The
opening compares with 143.90/144.00 yen at the close in New
York.
    The central bank bought dollars through Tokyo brokers just
before and after the market opening, the dealers said.
    The intervention took place when the dollar fell to 143.20
yen, one dealer said.
    The dollar opened at 1.8155/60 marks against 1.8187/97 in
New York.
    The dollar fell as low as 142.90 yen despite central bank
intervention at 143.00 yen, dealers said.
    Selling pressure was strong from securities houses and
institutional investors in hectic and nervous trading on
underlying bearish sentiment for the dollar, they said.
    Most dealers were surpised by the dollar's sharp fall
against the yen in New York, although many had expected such a
drop to happen eventually.
    Institutional investors are expected to sell the dollar
aggressively if it rises to around 143.50 yen, dealers said.
    The U.S. Currency steadied well above 143.00 yen after Bank
of Japan intervention and scattered short-covering, they said.
    The dollar opened at 1.5120/30 Swiss francs against
1.5085/00 at the New York close.
    Sterling started at 1.6190/00 dlrs against 1.6195/05.


.I 5108
.C
dlr;money-fx;
.W
DOLLAR FALLS BELOW 143 YEN IN TOKYO.
    TOKYO, April 10 - The dollar fell below 143 yen in hectic
early Tokyo trading despite aggressive Bank of Japan
intervention, dealers said.
    After opening at a Tokyo low of 143.75 yen, the dollar fell
as low as 142.90 yen on heavy selling led by securities firms
and institutional investors, they said.


.I 5110
.C
wheat;grain;corn;sorghum;oat;
.W
ARGENTINE GRAIN MARKET REVIEW.
    BUENOS AIRES, April 9 - The Argentine grain market was
quiet in the week to Wednesday, with prices rising slightly on
increased interest in wheat, millet and birdseed.
    Wheat for domestic consumption rose six Australs per tonne
to 118.
    For export it rose eight to 108 per tonne from Bahia
Blanca, increased 0.50 to 104 at Necochea and was unchanged at
Rosario at 108.30.
    Maize increased one to 90 per tonne at Buenos Aires, was
unchanged at 82 in Bahia Blanca, increased 0.50 to 85 at
Necochea and fell one to 88 at Parana River ports.
    Sorghum from Bahia Blanca increased 0.50 Australs to 76.50
per tonne and dropped one to 75 at Rosario.
    It was quoted at 75 at Villa Constitucion, San Nicolas and
Puerto Alvear.
    Oats were unchanged at 168 per tonne at Buenos Aires.
    Millet from Buenos Aires and Rosario rose five per tonne to
140 and birdseed rose 15 to 205 at Buenos Aires.


.I 5111
.C
money-fx;interest;
.W
U.S. MARKETS OFFER GLIMPSE OF VOLCKER NIGHTMARE.
    By Alan Wheatley, Reuters
    NEW YORK, April 9 - Today's turmoil in the U.S. Financial
markets, with bond and stock prices tumbling in the dollar's
wake, is evidence of a major shift in investor psychology that
is likely to spell more turbulence ahead, economists said.
    For two years, the markets had hailed the dollar's decline
as the cure-all for the U.S. Trade deficit. Interest rates fell
sharply and Wall Street became a one-way street, up.
    But that confidence is now cracking as the financial
markets suddenly believe Fed chairman Paul Volcker's
often-repeated warnings about the risks of a dollar collapse.
    "Volcker's been saying for a long time that a dollar
freefall would be extremely dangerous - now he's got it," said
David Jones, economist at Aubrey G. Lanston and Co Inc.
    The dollar fell below 144 yen today for the first time in
40 years as the Group of Seven finance ministers in Washington
failed to convince the foreign exchange market that they have a
credible strategy for redressing global trade imbalances, short
of further depreciation of the dollar.
    Bonds suffered their biggest one-day drop in months amid
worries that the dollar's slide will rekindle inflation, scare
away foreign investors and force the Fed to tighten credit.
    The inflationary fears boosted gold bullion by more than 12
dlrs to a 1987 high of 432.20/70 dlrs an ounce, while the spike
in interest rates pulled the Dow Jones Industrial Average down
by 33 points to 2339.
    Norman Robertson, Mellon Bank chief economist, called the
markets' instability frightening. He believes economic
fundamentals do not justify the bearishness but said that "once
you start the ball rolling it's difficult to stop."
    "There's a stark possibility that you could get a
destabilizing drop in the dollar that forces up interest rates
and drives us into recession. The markets are in a panic."
    Stephen Marris of the Institute for International Economics
in Washington, has been warning for a long time that the
controlled decline of the dollar since peaks of 3.47 marks and
264 yen in February 1985 could turn into a nightmare.
    "We're still more or less on track for a hard landing... But
the agony may be fairly drawn out," Marris told Reuters.
    Marris does not expect the crisis to peak until later this
year, but he warned that the situation is so fragile that it
would take very little to touch off what he calls the second
phase of the hard landing, whereby a loss of confidence in the
dollar pushes up interest rates and leads to a recession.
    The stock market's reaction today and its sharp drop on
March 30 shows how the loss of confidence could come about.
    The fact that it has not happened yet is consistent with
historical experience, which teaches that domestic markets are
not affected until a currency is in the final stages of its
decline, Marris said. He has forecast a drop to about 125 yen.
    Marris felt that a major impetus for the dollar's latest
weakness was the loss of credibility that central banks
suffered when they failed to prevent the dollar from falling
below 150 yen, the floor that the market believes was set as
part of the G-7 Paris agreement in February.
    Robertson at Mellon, by contrast, said the loss of
confidence was triggered last week when Washington announced
plans to slap 300 mln dlrs of tariffs on Japanese electronic
imports, raising the specter of a debilitating trade war.
    Many economists believe that long-run stability will not
return to the markets until the root cause of the trade gap is
addressed - excessive consumption in the U.S., Reflected in the
massive budget deficit.
    But in the short term, given the failure of the G-7 and of
central bank intervention, some feel that the Fed will have no
choice but to tighten credit to restore faith in the dollar.
    "The only thing that will stop the dollar falling is a
substantial increase in the discount rate and a corresponding
cut abroad, at least by Japan," said Lanston's Jones.
    Marris expects the Fed to act quickly to raise interest
rates, even at the risk of increasing the debt burden for
American farmers, Latin American governments and others.
    But Robert Giordano, chief economist at Goldman Sachs and
Co, scoffed at the notion. "It's ridiculous to think the Federal
Reserve will raise interest rates when the dollar is weak
against just one currency. This is yen strength, not dollar
weakness," he said.
    Giordano said the market was ignoring the progress being
made toward reducing the U.S. Budget deficit.
    "We're going to have one of the biggest reductions in the
budget deficit relative to GNP in history this year, and nobody
cares," he said, noting that only the deficit cut in 1968-69
will have been greater.
    He said he does not expect the dollar to collapse and
thinks interest rates are likely to fall back later this year.
    But for now, market psychology has changed so abruptly that
a further drop in the bond market cannot be ruled out. "Put on
your helmets," Giordano said.


.I 5113
.C
interest
.W
AVERAGE YEN CD RATES FALL IN LATEST WEEK.
    TOKYO, April 10 - Average interest rates on yen
certificates of deposit (CD) fell to 4.13 pct in the week ended
April 8 from 4.33 pct the previous week, the Bank of Japan
said.
    New rates (previous in brackets) -
    Average CD rates all banks 4.13 pct (4.33)
    Money Market Certificate (MMC) ceiling rates for week
starting from April 13 -       3.38 pct (3.58)
    Average CD rates of city, trust and long-term banks -
    Less than 60 days          4.15 pct (4.41)
    60-90 days                 4.14 pct (4.29)
    Average CD rates of city, trust and long-term banks -
    90-120 days                4.12 pct (4.25)
    120-150 days               4.12 pct (4.23)
    150-180 days               unquoted (4.03)
    180-270 days               4.05 pct (4.05)
    Over 270 days              4.05 pct (unqtd)
    Average yen bankers acceptance rates of city, trust and
long-term banks -
    30 to less than 60 days    3.98 pct (4.20)
    60-90 days                 4.03 pct (3.97)
    90-120 days                unquoted (unqtd)


.I 5114
.C
interest
.W
JAPAN HAS NO PLANS TO CUT DISCOUNT RATE.
    WASHINGTON, April 9 - Bank of Japan sources said the bank
has no plans to cut its discount rate.
    They told reporters that there was no pressure on Japan
during the Group of Seven (G-7) meeting here yesterday to lower
its discount rate. They added that they themselves do not feel
any need for a cut at all.
    Chancellor of the Exchequer Nigel Lawson told reporters
earlier today that some countries - those with strong
currencies - might have to cut interest rates.
    The Bank of Japan sources also said that it was too soon to
call the G-7 pact a failure.
    The central bank sources were commenting on the dollar's
renewed tumble in New York and Tokyo, which was sparked by
remarks by U.S. Treasury Secretary James Baker that the
dollar's fall had been orderly.
    They said the market must have misinterpreted Baker's
comments because he was referring to the dollar's fall since
the Plaza agreement in September 1985, over a long-time span,
not the currency's recent movements.
    They added that the foreign exchange markest seem to seize
on anything to use as an excuse to drive the dollar one way or
the other.
    The Bank of Japan sources said the U.S. Is putting more
weight on the dollar/yen rate in terms of judging market
stability than on other currencies.
    Throughout the G-7 meeting, Japan pointed to the dangers
that would arise from a further dollar fall because it would
reduce the flow of Japanese capital to the U.S., Hurting the
U.S. And world economies, they said.
    In February and in March of this year, Japanese investors
reduced their purchases of U.S. Treasury bonds, the sources
said.
    Each country in the G-7 - Britain, Canada, France, Italy,
Japan, the U.S. And West Germany - has a different view about
currency stability, the Bank of Japan sources said.
    This is because the overall foreign exchange market is a
triangle of dollar/yen, European currencies/yen and
dollar/European currencies.
    At the time of the Louvre agreement, European countries did
not want the yen to weaken against their currencies so they did
not object to the yen strengthening, they said.


.I 5115
.C
ship
.W
AUSTRALIAN UNIONS AND NSW GOVERNMENT REACH DEAL.
    SYDNEY, April 10 - Union and New South Wales government
officials have reached a compromise in a dispute over workers
compensation, averting increased industrial action in the
state, union sources said.
    But some unions, including those of building and mining
workers, said they were dissatisfied with the deal and would
continue their strikes for a few more days.
    State officials said the government had agreed to revise
its proposals to cut compensation and would allow slightly
higher cash benefits for injured workers.
    Under the original proposal, which sparked strikes and
other industrial action in the state on April 7, workers'
compensation would have been cut by one third. Full details of
the compromise package are not yet known.
    The Labour Council, affiliated to the Australian Council of
Trade Unions (ACTU), had threatened to paralyse New South Wales
unless the government modified its pending legislation on the
issue.
    State officials said the only sectors affected in the past
three days were some government building projects, railway
freight movement and cargo handling in Sydney's ports.


.I 5116
.C
crude
.W
ECUADOR CRUDE OIL OUTPUT TO RESUME NEXT MONTH.
    QUITO, April 9 - Ecuador is due to resume limited crude oil
output on May 8 when a new 43 km pipeline to neighbouring
Colombia should be finished, an energy ministry spokesman said.
    Oil output was halted on March 5 by an earthquake which
damaged 50 km of the main pipeline linking jungle oilfields at
Lago Agrio to the Ecuadorean port of Balao on the Pacific.
    About 13 km of the new link, capable of carrying some
50,000 barrels per day (bpd), has been built, he said.
    Ecuador pumped 245,000 to 250,000 bpd before the
earthquake.
    The new link will connect Lago Agrio to Puerto Colon in
Colombia, the starting point of Columbia's pipeline to the
Pacific ocean port of Temuco.
    The government estimates it will take about four more
months to repair the Lago Agrio to Balao pipeline and return
output to normal levels, the spokesman said.


.I 5118
.C
grain;rice;
.W
THAI RICE EXPORTS FALL IN WEEK TO APRIL 7.
    BANGKOK, April 10 - Thailand exported 56,652 tonnes of rice
in the week ended April 7, down from 75,160 tonnes the previous
week, the Commerce Ministry said.
    It said the government and private exporters shipped 41,607
and 15,045 tonnes respectively.
    Private exporters concluded advance weekly sales for 48,062
tonnes against 22,086 tonnes the previous week.
    Thailand exported 1.29 mln tonnes of rice so far in 1987,
down from 1.39 mln tonnes a year ago.
    It has commitments to export a further 353,045 tonnes this
year.


.I 5119
.C
veg-oil;soy-oil;
.W
JAPAN SEES MARGINAL RISE IN EDIBLE OIL DEMAND.
    TOKYO, April 10 - The Agriculture Ministry estimates
Japan's edible oil demand will rise 1.5 pct in calendar 1987 to
1.68 mln tonnes from 1.65 mln in 1986.
    Domestic consumption will rise to 1.66 mln tonnes in 1987
from 1.64 mln in 1986, while imports will rise to 77,000 tonnes
from 70,000 and exports will be unchanged at 14,000.
    Edible oil supplies will total 1.75 mln tonnes in 1987
against 1.73 mln last year, including domestic output of 1.60
mln against 1.55 mln. Domestic supplies will comprise 725,000
of soybean oil (706,000 in 1986), 638,000 of rapeseed oil
(609,000) and 235,000 of other origin oils (231,000).


.I 5122
.C
interest;money-supply;
.W
INTEREST RATE DIFFERENTIALS TOO SMALL, BANKER SAYS.
    WASHINGTON, April 9 - Swiss National Bank President Pierre
Languetin said a wider interest rate differential between the
dollar and stronger currencies was needed to brake the dollar's
fall.
    At a news conference, he said Japan and West Germany could
try to stimulate their economies further by expanding money
supply, but he added "I'm not so sure it would be desirable if
monetary policy became more expansive.
    "But what would be useful is a greater differential in
interest rates," he said.


.I 5125
.C
earn
.W
MOBIL AUSTRALIA REPORTS 38.6 MLN DLR 1986 LOSS.
    MELBOURNE, April 10 - Wholly-owned Mobil Corp <MOB> unit,
<Mobil Oil Australia Ltd>, reported a 38.63 mln dlr net loss in
1986, a turnaround from its 37.25 mln profit in 1985.
    The loss reflected a combination of strikes plus scheduled
and unscheduled refinery shutdowns for maintenance and
inventory losses caused by government controls on both crude
and product prices, Mobil said in a statement.
    However, equity-accounting of associates' profits reduced
the loss to 24 mln dlrs against a 37 mln profit in 1985.
    Mobil said it was confident 1987 would see a return to
profit as it built further on its 1985 company restructuring.


.I 5127
.C
earn
.W
WESTERN FEDERAL SAVINGS BANK <WFPR> 1ST QTR NET.
    NEW YORK, April 9 -
    Shr 74 cts vs 92 cts
    Net 1,300,450 vs 1,600,258
    NOTE: Share adjusted for 10 pct stock dividend in July
1986.
    Company based in Mayaguez, Puerto Rico.


.I 5132
.C
earn
.W
FINAL TEST INC <FNLT> 4TH QTR LOSS.
    DALLAS, April 9 -
    Shr loss six cts vs loss 88 cts
    Net loss 123,840 vs loss 1,298,377
    Revs 1,333,416 vs 385,146
    Year
    Shr profit six cts vs loss 1.47 dlrs
    Net profit 124,872 vs loss 2,171,011
    Revs 4,618,232 vs 2,959,141


.I 5133
.C
acq
.W
PROTECTIVE LIFE <PROT> IN ACQUISITION.
    BIRMINGHAM, Ala., April 9 - Protective Life Corp said it
has signed a letter of intent to assume <Liberty Life Insurance
Co's> group insurance on July 1, subject to regulatory
approvals.
    Terms were not disclosed.



.I 5135
.C
earn
.W
A.O. SMITH CORP <SMC> SETS QUARTERLIES.
    MILWAUKEE, April 9 -
    Qtly divs Class A and B 20 cts vs 20 cts
    Pay May 15
    Record April 30


.I 5137
.C
earn
.W
CENTRAL BANCORP INC <CBAN> 1ST QTR NET.
    CINCINNATI, April 9 -
    Shr 1.02 dlrs vs 78 cts
    Net 14.4 mln vs 11.0 mln
    NOTE: 1987 net includes gain 2,222,000 dlrs from
termination of pension plan.
    Results restated for pooled acquisitions and share adjusted
for stock dividends.


.I 5140
.C
acq
.W
<EMCOR> COMPLETES SALE OF STOCK TO INVESTORS.
    SOUTH PLAINFIELD, N.J., April 9 - Emcore said it completed
the sale of 4.1 mln dlrs of stock to Citicorp Venture Capital
Ltd, Concord Ventures of Dillon Read and Co and private
investors.


.I 5145
.C
earn
.W
VLSI TECHNOLOGY INC <VLSI> 1ST QTR NET.
    SAN JOSE, Calif., April 9 -
    Shr seven cts vs six cts
    Net 1,612,000 vs 1,406,000
    Revs 38.2 mln vs 34.3 mln
    Avg shrs 23,742,000 vs 22,945,000


.I 5148
.C
bop
.W
BELGIAN CURRENT ACCOUNT SURPLUS WIDENS IN 1986.
    BRUSSELS, April 9 - Belgium's current account surplus,
measured on a cash basis, widened sharply to 134.9 billion
francs last year from 17.5 billion in 1985, the Finance
Ministry said.
    The increase was due almost entirely to a sharp rise in the
goods trade surplus to 126.1 billion francs from 20.4 billion.
    The services trade surpluses increased to 52.4 billion
francs from 38.9 billion while the deficit on transfers rose
slightly to 43.6 billion from 41.8 billion.
    Private sector capital operations showed a steeply higher
deficit of 160.7 billion francs after 56.9 billion in 1985.


.I 5152
.C
earn
.W
SILICON SYSTEMS INC <SLCN> 2ND QTR MARCH 28.
    TUSTIN, Calif., April 9 -
    Shr profit five cts vs profit two cts
    Net profit 325,000 vs profit 105,000
    Revs 19.5 mln vs 16.1 mln
    Six Mths
    Shr profit nine cts vs loss 35 cts
    Net profit 627,000 vs loss 2,280,000
    Revs 36.9 mln vs 27.4 mln


.I 5153
.C
livestock;carcass;
.W
DISEASE PUTS ZIMBABWE BEEF EXPORTS IN JEOPARDY.
    HARARE, April 9 - Zimbabwe's beef exports to the European
Community (EC), potentially worth 70 mln Zimbabwean dlrs this
year, may be jeopardised by an outbreak of foot and mouth
disease in southwestern Matabeleland, industry sources said.
    The country has temporarily suspended beef exports to the
EC because of the outbreak and awaits a decision from the EC
veterinary committee, which is considering a formal ban.
    The outbreak in the country's main ranching province has
already led neighbouring beef-producing Botswana and Zambia to
bar beef and dairy imports from Zimbabwe, threatening the dairy
industry with a loss of at least one mln dlrs in export
revenue.
    "The situation is still uncertain at the moment. Normally
when an outbreak occurs there is an automatic suspension of
beef exports," one industry source said yesterday.
     Commenting on EC policy, he explained, "Depending on the
seriousness of the outbreak the (veterinary) committee then
decides on three options, allowing us to continue exporting
beef from disease-free areas, clamping a three-month suspension
on exports or banning us from exporting for a year. We are
still awaiting their decision," he added, asking not to be
identified.
    Zimbabwe was granted an export quota of 8,100 tonnes of
high-grade beef to EC markets in 1985 after the country had
spent millions of dollars erecting disease-control fences and
upgrading abattoirs to meet stringent EC rules.
    Should the EC ban Zimbabwean exports, the country will be
forced to sell its beef on glutted world beef markets at low
prices, the source said. Projected earnings from beef sales
could fall about 23 mln dlrs as a result, he said.


.I 5155
.C
earn
.W
SHAWMUT CORP <SHAS> 1ST QTR NET.
    BOSTON, April 9 -
    Shr 1.32 dlrs vs 1.26 dlrs
    Net 21.2 mln vs 17.4 mln
    Avg shrs 16.1 mln vs 13.8 mln
    Assets 10.0 billion vs 8.4 billion
    Deposits 7.2 billion vs 6.1 billion
    Loans 6.7 billion up 26 pct
    NOTE: Results restated for pooled acquisitions of Shawmut
Home Bank and Fidelity Trust Co and include First Gibraltar
Mortgage Corp from December 30, 1986 purchase.
    Loan loss provision 8,800,000 dlrs vs 6,300,000 dlrs.


.I 5156
.C
earn
.W
MINNTECH <MNTX> SEES FIRST QUARTER LOSS.
    MINNEAPOLIS, MINN., April 9 - Minntech Corp said it expects
to report loss for its fiscal 1988 first quarter to end June
30, due to start-up costs related to a new membrane oxygenator
and water filtration products.
    However, revenues and earnings should consistently increase
throughout the remainder of the year, President Louis Cosentino
told analysts.


.I 5158
.C
gold
.W
GORDEX MINERALS LOCATES GOLD DEPOSITS.
    SAINT JOHN, New Brunswick, April 9 - <Gordex Mineral Ltd>
said geologists located more than one mln tons of gold-bearing
deposits, 0.057 ounces per ton, at Cape Spencer.
    The company said it plans to invest 2.5 mln Canadian dlrs
to expand on-site treatment facilities to process 100,000 tons
of gold-bearing deposits this year and 200,000 tons in 1988.
    Prior to the completion of the recent exploration program,
Gordex estimated the Cape Spencer deposit had 200,000 tons.
    Gordex said the expansion of the Cape Spencer facilities is
intented to enable it to operate 24 hours a day throughout the
year.


.I 5159
.C
sugar
.W
U.S. CONGRESSMAN INTRODUCES REAGAN SUGAR BILL.
    WASHINGTON, April 9 - Rep. John Porter, R-Ill., introduced
in the House of Representatives legislation proposed by the
Reagan administration to slash the U.S. sugar price support, a
spokesman for Porter said.
    The spokesman said the bill was introduced without any
changes from the administration's proposal sent to Congress
last month.
    That plan calls for a cut in the sugar loan rate to 12
cents per pound from 18 cents now. Sugar growers would be
compensated for the price cut with targeted direct payments,
to be gradually phased-out through 1990. The payments to
growers would cost an estimated 1.1 billion dlrs.
    Representatives of sugar growers have rejected the
proposal, saying it would ruin the domestic sugar industry.


.I 5160
.C
interest
.W
******CANADA 91-DAY T-BILLS AVERAGE 6.95 PCT, MAKING BANK RATE 7.20 PCT.
Blah blah blah.

.I 5162
.C
earn
.W
REPUBLIC SAVINGS AND LOAN <RSLA> 3RD QTR NET.
    MILWAUKEE, WIS., April 9 - 
    Shr 89 cts vs not available
    Net 1,163,000 vs 466,000
    Nine Mths
    Net 3,696,000 vs 1,624,000
    NOTE: Company converted to stock ownership effective August
1986.
    Periods end March 31, 1987 and 1986 respectively.


.I 5163
.C
earn
.W
SOUTHMARK <SM> TO ISSUE AMERICAN REALTY RIGHTS.
    DALLAS, April 9 - Southmark Corp said shareholders will be
issued, as a special dividend, rights to acquire 22 shares of
American Realty Trust <ARB> for each 100 shares of Southmark
owned.
    The record date for Southmark shareholders to receive these
rights will be May one with an ex-dividend date of April 27.
    Southmark received these rights on April six, as the holder
of about 84 pct of American Realty Trust's outstanding shares.
   


.I 5165
.C
acq
.W
WALL STREET STOCKS/UAL INC <UAL>.
    New York, April 9 - Takeover speculation continues to fuel
heavy trading in UAL Inc, traders said.
    UAL rose 1-5/8 to 73-5/8 on volume of more than two mln
shares, after trading with little upward movement earlier in
the session.
    Traders said rumors, which began yesterday, added to
speculation that the company would be the target of a takeover.
    They said it was believed Coniston Partners and the
Pritzker family of Chicago were buying the stock.
    Coniston declined comment and the Pritzkers had no comment.
    Traders said there was speculation a bidder might appear,
and also that real estate developer Donald Trump, who holds a
stake in UAL, might participate in a takeover bid. UAL pilots
said they would be willing to pay 4.5 billion dlrs, which
includes debt, for the company's United Airlines unit.


.I 5166
.C
gold
.W
GORDEX MINERALS LOCATES CANADA GOLD DEPOSITS.
    SAINT JOHN, New Brunswick, April 9 - Gordex Mineral Ltd
said geologists located more than one mln short tons of
gold-bearing deposits, 0.057 ounces per ton, at Cape Spencer.
    The company said it plans to invest 2.5 mln Canadian dlrs
to expand on-site treatment facilities to process 100,000 tons
of gold-bearing deposits this year and 200,000 tons in 1988.
    Prior to the completion of the recent exploration program,
Gordex estimated the Cape Spencer deposit had 200,000 tons.
    Gordex said the expansion of the Cape Spencer facilities is
intended to enable operation 24 hours a day throughout the
year.


.I 5171
.C
interest
.W
CANADIAN BANK RATE RISES IN WEEK.
    OTTAWA, April 9 - Canada's key bank rate rose to 7.20 pct
from 7.15 pct the week before, Bank of Canada said.
    Bank rate is set 1/4 percentage point above the average
yield on the weekly issue of 91-day treasury bills. This week's
yield was 6.95 pct compared with the previous week's 6.90 pct.
    Tenders were accepted for 2.55 billion dlrs of 91-day bills
at an average price of 98.296 dlrs against 98.310 dlrs last
week.
    The 1.40 billion dlrs of 182-day bills were priced at an
average 96.488 dlrs against 96.549 dlrs last week, to yield an
average 7.30 pct, versus 7.17 pct last week.
    The 500 mln dlrs of 364-day bills were priced at an average
92.969 dlrs against 93.159 dlrs last week, to yield an average
7.58 pct versus 7.38 pct last week.
    Tenders will be received next week for 2.50 billion dlrs of
 91-day bills, 1.40 billion dlrs of 182-day bills and 500 mln
dlrs of 364-day bills.          


.I 5172
.C
tin
.W
CONSENSUS SEEN ON TIN PACT EXTENSION.
    LONDON, April 9 - The quarterly session of the
International Tin Council (ITC) continued without formal
agreement on an extension of the sixth International Tin
Agreement (ITA), but delegates said it was apparent there was a
general consensus the Agreement should be prolonged.
    Some delegations are still awaiting formal instructions
from capitals, but informally most have indicated they favour
an extension, delegates said.
    This afternoon's session was used by delegates to seek
further clarification on some of the issues involved, and to
discuss internal matters.
    Some sources were optimistic a resolution on an extension
could be passed tomorrow but others suggested a special session
would be convened to adopt the resolution after the Association
of Tin Producing Countries meeting April 14 to 16.
    The full Council session resumes tomorrow at 1330 GMT after
a European Community coordination meeting at 1100.


.I 5174
.C
earn
.W
SLATER ELECTRIC INC <SLAT> 1ST QTR FEB 28 NET.
    GLEN COVE, N.Y., April 9 -
    Shr four cts vs 10 cts
    Net 31,000 vs 82,000
    Sales 10.9 mln vs 9,760,000


.I 5176
.C
earn
.W
SOUTH JERSEY INDUSTRIES INC <SJI> 1ST QTR NET.
    FOLSOM, N.J., April 9 -
    Oper shr 1.64 dlrs vs 1.50 dlrs
    Oper net 6,200,000 vs 5,600,000
    Revs not given
    12 mths
    Oper shr 2.76 dlrs vs 2.58 dlrs
    Oper net 10.4 mln vs 9,600,000
    NOTE: Net income including discontinued operation and, in
both 1986 periods, 1,500,000 dlr gain from change in accounting
for which results restated, 6,200,000 dlrs vs 7,200,000 dlrs in
quarter and 10.6 mln dlrs vs 11.6 mln dlrs.


.I 5177
.C
earn
.W
CITY NATIONAL CORP <CTYN> 1ST QTR NET.
    BEVERLY HILLS, Calif., April 9 -
    Shr 56 cts vs 35 cts
    Net 10,271,000 vs 6,425,000
    Loans 1.44 billion vs 1.20 billion
    Deposits 2.36 billion vs 1.96 billion
    Assets 2.96 billion vs 2.55 billion


.I 5178
.C
earn
.W
ALLIED BANKSHARES INC <ABGA> 1ST QTR NET.
    THOMSON, Ga., April 9 -
    Shr 50 cts vs 26 cts
    Net 1,316,000 vs 656,000
    NOTE: qtr 1987 includes tax gain 500,000 dlrs, or 19 cts
per share.


.I 5184
.C
heat
.W
ROYAL DUTCH <RD> UNIT TO CUT HEATING OIL PRICE.
    NEW YORK, April 9 - Royal Dutch/Shell's Scallop Petroleum
Co subsidiary said it will reduce the price it charges contract
barge customers in New York harbor for heating oil by 2.5 cts a
gallon, effective tomorrow.
    The company said the price cut will bring the contract
barge price for heating oil to 51 cts a gallon.


.I 5186
.C
copper
.W
MAGMA RAISES COPPER PRICE 0.25 CT TO 65.75 CTS.
    NEW YORK, April 9 - Magma Copper Co, a subsidiary of
Newmont Mining Corp, said it is raising its copper cathode
price by 0.25 cent to 65.75 cents a lb, effective immediately.


.I 5187
.C
earn
.W
FIRST BANK SYSTEM INC <FBS> 1ST QTR NET.
    MINNEAPOLIS, April 9 -
    Shr 95 cts vs 80 cts
    Net 57.4 mln vs 46.6 mln
    Assets 28.39 billion vs 25.87 billion
    Loans 13.99 billion vs 14.35 billion


.I 5188
.C
earn
.W
CENTERRE BANCORP <CTBC> 1ST QTR NET.
    ST. LOUIS, April 9 -
    Shr 94 cts vs 1.02 dlrs
    Net 7,255,000 vs 7,856,000
    Loans 2.88 billion vs 2.94 billion
    Deposits 4.05 billion vs 3.73 billion
    Assets 5.43 billion vs 5.14 billion



.I 5189
.C
earn
.W
SEA GALLEY STORES INC <SEAG> 1ST QTR NET.
    MOUNTLAKE TERRACE, Wash., April 9 -
    Oper shr four cts vs one ct
    Oper net 108,000 vs 30,000
    Revs 12.8 mln vs 14.8 mln
    Note: Current qtr figures exclude operating loss
carryforward gain of 57,000 dlrs, or two cts per share vs gain
of 21,000 dlrs, or one ct per share.


.I 5191
.C
wheat;grain;
.W
EGYPT CANCELS WHEAT TENDER.
    PARIS, April 9 - Egypt has cancelled its April 2 tender for
200,000 tonnes of any origin wheat for April 15-30 shipment,
trade and Egyptian official sources said.
    Trade sources said the cancellation followed an offer by an
Egyptian company, Islamic Corp, at 85.80 dlrs/tonne cost and
freight, undercutting other traders' offers of between 93.90
and 94.49 dlrs/tonne.
    An Egyptian trade official in Paris confirmed cancellation
of the tender following the Islamic Corp offer, which he said
the government had refused for legal reasons.
    The official denied trade reports that the government might
have substituted a private deal with Islamic Corp for the
original tender.


.I 5193
.C
strategic-metal
.W
HOUSE PANEL WANTS PENTAGON MANAGE U.S. STOCKPILE.
    WASHINGTON, April 9 - The House Armed Services Committee
has voted for a transfer in the management of stockpiled
materials for national defense to the U.S. Defense Secretary.
    The committee also voted for legally-binding quantity and
quality requirements on the materials, mostly metals.
    The measures are a part of the Defense Authorization Bill
which will be voted on in the House next month.
    The purpose of the measures, passed by the committee
yesterday, is to improve stockpile management and discourage
sell-offs of materials that could jeopardize strategic needs, a
staff member of the committee told Reuters.
    "They (the stockpiles) stand to gain the most by being
managed properly," said the staffer. "Management of the stockpile
over the last 10 years has been atrocious."
    Responsibility for stockpile management now belongs to a
White House agency, the Federal Emergency Management Agency.
    The staffer said under the measures passed by the committee
the Secretary of Defense would have more influence over
decisions to keep or sell strategic stockpile materials.
    The administration has proposed a goal of 700 million dlrs
worth of strategic materials to be held in the stockpile. The
stockpile now contains around 10 billion dlrs of materials.
    He said several agencies currently helped FEMA to manage
the stockpile and decide how much to sell to help the deficit.
    These agencies included the Office of Management and Budget
and the Departments of Interior and Commerce, he said.
    The committee believed the shared involvement in stockpile
management was counter-productive, he said.


.I 5195
.C
trade
.W
CANADA TRADE RISE SEEN AS START OF RECOVERY.
    By Russell Blinch, Reuters
    OTTAWA, April 9 - Canada's trade picture has brightened
considerably, underscoring economists' predictions the sector
would post a long awaited recovery this year.
    The federal government reported today that the monthly
surplus soared to 1.25 billion Canadian dlrs in February,
double January's 623 mln dlrs surplus and sharply higher than
February 1986's 189 mln dlr tally.
    "Hopefully it's the beginning of a trend," said Richardson
Greenshields of Canada Ltd economist Susan Clark in Toronto.
    Economists generally don't expect such large gains over the
next months, but are looking for an upward trend throughout the
year.
    "We thought the trade balance would improve ... over the
year, and it certainly looks as if this morning's figure is
indicative of that," commented economist James Donegan at the
Toronto securities firm of Midland Doherty Ltd.
    Statistics Canada reported the surplus was driven by a 23
pct gain in automobile product exports to a record 3.2 billion
dls in the month.
    "Recovery in the automotive sector helped push the value of
exports up by 5.9 pct in February," the agency said in its
monthly report.
    Total exports expanded to 10.44 billion dlrs from 9.85
billion dlrs in February, while imports slipped to 9.19 billion
dlrs from 9.23 billion dlrs.
    Economists have predicted the 1987 trade surplus would end
up three to five billion dlrs higher than last year's dismal
10.1 billion dlr total. In 1985 the surplus was 17.48 billion
dlrs.
    Money market analysts said the positive trade news touched
off a modest rally in the Canadian dollar, which rose to 76.85
U.S. cts on North American markets early this morning after
closing at 76.58 cts Wednesday.
    The currency was hovering around 76.78 cts in early
afternoon trading.
    Economists have been banking on an improved trade
performance this year to stimulate an otherwise sluggish
Canadian economy.
    Money market analysts said the positive trade news touched
off a modest rally in the Canadian dollar, which rose to 76.85
U.S. cts on North American markets early this morning after
closing at 76.58 cts Wednesday.
    The currency was hovering around 76.78 cts in early
afternoon trading.
    Economists have been banking on an improved trade
performance this year to stimulate an otherwise sluggish
Canadian economy.
    They say the country's consumers, who have been spending at
a torrid pace in recent years, will sharply curtail outlays
this year and this should help curtail the flow of imports into
the country.
    Meanwhile, demand for Canadian exports in the United
States, by far the country's largest market, is expected to be
strong as a result of a projected rise in American consumer
spending and the relatively low value of the Canadian currency.
    "We maintain what's going to drive Canada's export
performance is income growth in the U.S.," said Midland's
Donegan.
    But at the Bank of Nova Scotia, deputy chief economist
Warren Jestin was less optimistic about the U.S. outlook and
said it could be a mistake to read too much into February's
trade upturn.
    Jestin said, "Given the fact the U.S. economy is showing
signs of weakening--particularly car sales--it would indicate
that part of the strength (in Canada's trade figures) is
probably transitory."


.I 5196
.C
earn
.W
FIRST BANK <FBS> SEES LOSS ON BRAZILIAN LOANS.
    MINNEAPOLIS, April 9 - First Bank Systems Inc, in reporting
higher first quarter net, said that if interest is not paid on
the 140 mln dlrs in Brazilian loans and nine mln dlrs in
Ecuadorian loans for the rest of 1987, its profits for the
entire year will be cut by 6.9 mln dlrs.
    The banking firm said the non-performing status of these
loans cut first quarter net by 1.7 mln dlrs.
    Earlier it reported first quarter profits of 57.4 mln dlrs
or 95 cts a share, up from 46.6 mln dlrs or 80 cts a share in
the year-ago period.
    Nonaccrual loans, restructured loans and other real estate
were 637 mln dlrs, or 2.24 pct of total assets, compared to 514
mln dlrs or 1.84 pct of assets at the end of 1986 and 636.1
mln, or 2.46 pct of assets at March 31, 1986.
    The provision for loan losses in the quarter was 35 mln
dlrs, compared to 152.1 mln in the first quarter 1986, when
there was a special addition to the reserve of 100 mln dlrs.
Net charge offs were 34.7 mln, compared to 41.1 mln dlrs a year
earlier.
REUTER^M

.I 5197
.C
grain
.W
******USDA ESTIMATES 1986/87 USSR GRAIN IMPORTS  28.0 MLN TONNES VS 26.0 IN MARCH, 29.9 YEAR AGO.
Blah blah blah.

.I 5199
.C
grain
.W
******USDA ESTIMATES 1986 SOVIET GRAIN CROP  AT 210 MLN TONNES VS 210 IN MARCH, 192 YEAR-AGO.
Blah blah blah.

.I 5200
.C
oilseed;wheat;grain;corn;soybean;
.W
******USDA - U.S. 1986/87 ENDING CORN STOCKS  5,240 MLN BU, WHEAT 1,848 MLN, SOYBEANS 610 MLN.
Blah blah blah.

.I 5201
.C
orange
.W
******USDA 1986/87 U.S. ORANGE CROP 190,050,000  BOXES, FLORIDA CROP 122,900,000 BOXES.
Blah blah blah.

.I 5202
.C
orange
.W
******USDA ESTIMATES 1986/87 ORANGE JUICE YIELD  AT 1.50 GALS PER BOX FROM FLORIDA CROP.
Blah blah blah.

.I 5206
.C
earn
.W
VORNADO INC <VNO> 4TH QTR JAN 31 NET.
    GARFIELD, N.J., April 9 -
    Oper shr 1.64 dlrs vs 84 cts
    Oper net 4,583,000 vs 2,869,000
    Revs 20.1 mln vs 19.0 mln
    Avg shrs 2,791,639 vs 3,432,746
    Year
    Oper shr 4.46 dlrs vs 3.20 dlrs
    Oper net 14.1 mln vs 10.9 mln
    Revs 74.6 mln vs 68.0 mln
    Avg shrs 3,154,665 vs 3,425,187
    NOTE: Operating net excludes gains of nothing vs 2,444,000
dlrs, or 72 cts a share, in quarter and 1,890,000 dlrs, or 60
cts a share, vs 9,3267,000 dlrs, or 2.72 dlrs a share, in year
from tax loss carryforwards


.I 5207
.C
earn
.W
******FIRST UNION CORP FIRST QTR SHR 71 CTS VS 61 CTS.
Blah blah blah.

.I 5208
.C
oilseed;veg-oil;wheat;grain;meal-feed;soybean;cotton;soy-meal;soy-oil;
.W
U.S. SUPPLY/DEMAND HIGHLIGHTS.
    WASHINGTON, April 9 - Following are highlights of the U.S.
Agriculture Department supply/demand projections for the
1986/87 seasons, in mln bushels, with comparisons, unless noted
--
    Corn -- Stocks, Aug 31, 1987, at 5,240, vs 5,595 last
month. Stocks, Aug 31, 1986, at 4,040, vs 4,040 last month.
    Exports projected at 1,375, vs 1,250 last month. Exports in
1985/86 at 1,241, vs 1,241 last month.
    Domestic use at 5,680, vs 5,450 last month. Usage in the
1985/86 season at 5,255, vs 5,255 last month.
    Wheat -- Stocks, May 31, 1987, projected at 1,848, vs 1,877
last month. Stocks on May 31, 1986, at 1,905, vs 1,905 last
month.
    Exports in 1986/87 season at 1,025, vs 1,025 last month.
1985/86 season at 915, vs 915 last month.
    Domestic use in 1986/87 at 1,134, vs 1,105 last month.
1985/86 at 1,045, vs 1,045 last month.
    Cotton -- in mln 480 lb bales - Stocks, July 31, 1987, at
5.40, vs 5.49 last month. Stocks July 31, 1986, at 9.35, vs
9.35 last month.
    Exports in 1986/87 season at 6.66, vs 6.76 last month.
Exports in 1985/86 - 1.96, vs 1.96 last month.
    Soybeans -- in mln bushels - Stocks, Aug 31, 1987,
projected at 610, vs 635 last month. Stocks Aug 31, 1986, at
536, vs 536 last month.
    Soybean crushings during 1986/87 - 1,130, vs 1,115 last
month. Crushings in 1985/86 at 1,053, vs 1,053 last month.
    Exports in 1986/87 season at 700, vs 700 last month.
Exports in 1985/86 at 740, vs 740 last month.
    Soybean Oil -- mln lbs - Stocks on Sept 30, 1987, at 1,360,
vs 1,200 last month. Stocks on Sept 30, 1986, at 947,  vs 947
last month.
    Exports in 1986/87 at 1,350, vs 1,350 last month.  Exports
in 1985/86 at 1,257, vs 1,257 last month.
    Soybean Cake/Meal -- thousand short tons - Stocks, Sept 30,
1987, at 270, vs 315 last month. Stocks, Sept 30, 1986, at 212,
vs 212 last month.
    Exports in 1986/87 season at 6,500, vs 6,350 last month. 
Exports in 1985/86 at 6,036, vs 6,008 last month.


.I 5209
.C
orange
.W
U.S. CITRUS CROP ESTIMATE -- USDA.
    WASHINGTON, April 9 - The U.S. Agriculture Department
estimated 1986/87 citrus production, as follows (in boxes) --
    Total U.S. orange crop (excluding Florida Temples) --
190,050,000 boxes, vs 190,850,000 boxes last month and
176,410,000 boxes in the 1985/86 crop.
    Florida oranges (excluding Temples) -- 122,900,000 boxes,
vs 124,000,000 last month and 119,000,000 boxes in 1985/86.
    Florida Temples -- 3,400,000 boxes, vs 3,400,000 last month
and 2,950,000 boxes in 1985/86.
    The department's estimates are based on April 1 crop
conditions.


.I 5210
.C
orange
.W
USDA ORANGE JUICE YIELD ESTIMATE.
    WASHINGTON, April 9 - The U.S. Agriculture Department
projected an average yield of 1.50 gallons of frozen
concentrated orange juice per box (42.0 degree brix equivalent)
from Florida's 1986/87 crop.
    That compares with 1.47 gallons per box previously and 1.38
gallons per box from the 1985/86 crop.
    The crop reporting board said the estimates for the 1986/87
season are based on maturity and yields tests as of April 1.


.I 5211
.C
grain;corn;
.W
USSR ADDS U.S. CORN TO COMMITMENTS - USDA.
    WASHINGTON, April 9 - The Soviet Union has added 175,600
tonnes of U.S. corn to its previous commitments for delivery in
the fourth year of the U.S.-USSR Grain Supply Agreement, which
began October 1, 1986, the U.S. Agriculture Department said.
    According to the department's Export Sales Report, covering
transactions in the week ended April 2, corn transactions
consisted of 140,600 tonnes of new sales and changes in
destinations for 35,000 tonnes.
    Total corn commitments to the USSR  for delivery in the
fourth agreement year amount to 2,825,600 tonnes. The Soviets
have not purchased wheat or soybeans in the fourth year of the
agreement.


.I 5213
.C
potato
.W
USDA SPRING POTATO ESTIMATES.
    WASHINGTON, April 9 - The U.S. Agriculture Department
estimated 1987 spring potato production, based on April 1
conditions, at 19,267,000 cwts (100 lbs), vs 19,822,000 cwts
indicated last year.
    The department estimated spring potato area for harvest at
79,100 acres, vs 76,700 acres estimated last month and 75,900
acres harvested last year.
    Spring potato yield per harvested acre is forecast at 244
cwt per acre, vs 261 cwt per acre a year ago, USDA said.


.I 5214
.C
potato
.W
USDA REVISES 1986 SUMMER POTATOES.
    WASHINGTON, April 9 - The U.S. Agriculture Department made
the following revisions for 1986 crop summer potatoes --
    Production -- 21,003,000 cwt (100 lbs), vs 20,900,000 cwt
estimated previously.
    Acreage for harvest -- 95,700 acres, vs 95,800 acres
estimated previously.
    Yield per harvested acre -- 219 cwt per acre, vs 218 cwt
per acre previously estimated, the department said.


.I 5215
.C
wheat;grain;corn;
.W
USDA DETAILS FREE GRAIN STOCKS UNDER LOAN.
    Washington, April 9 - The U.S. Agriculture Department gave
projected carryover free stocks of feedgrains, corn and wheat
under loans, with comparisons, as follows, in mln bushels,
except feedgrains, which is in mln tonnes --
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Under Regular Nine Month Loan --
      WHEAT    225     300       678     678
 FEEDGRAINS   52.1    68.1      75.7    75.7
       CORN  1,800   2,400     2,589   2,589
 Special Producer Storage Loan Program --
      WHEAT    165     150       163     163
 FEEDGRAINS    7.0     6.7       5.3     5.3
       CORN    200     200       147     147


.I 5216
.C
acq
.W
CLEVITE <CLEV> AMENDS RIGHTS PLAN.
    GLENVIEW, ILL., April 9 - Clevite Industries Inc, which
earlier received a 96 mln dlr takeover offer from J.P.
Industries Inc <JPI>, said it amended its Shareholder Rights
Plan so that certain provisions of the plan cannot occur until
the board determines that it is in the best interests of the
company and stockholders.
    The plan, adopted in December 1986, permits Clevite to
issue shares at half price to existing stockholders and allows
stockholders to buy shares of an unfriendly bidder at half
price.
    Clevite said the amendments by its board effectively mean
that the so-called flip-in and flip-over provisions of its
rights plan can only be triggered by affirmative board
approval.
    The company said it acted inview of the proposed
acquisition and because certain debt restrictions could block
its ability to redeem the rights.


.I 5218
.C
wheat;grain;corn;
.W
USDA ESTIMATES SOVIET WHEAT, COARSE GRAINS.
    WASHINGTON, April 9 - The U.S. Agriculture Department
forecast the Soviet 1986/87 wheat crop at 92.30 mln tonnes, vs
92.30 mln tonnes last month. It put the 1985/86 crop at 78.10
mln tonnes, vs 78.10 mln tonnes last month.
    Soviet 1986/87 coarse grain production is estimated at
103.30 mln tonnes, vs 103.30 mln tonnes last month. Production
in 1985/86 is projected at 99.99 mln tonnes, vs 100.00 mln
tonnes last month.
    USSR wheat imports are forecast at 15.00 mln tonnes in
1986/87, vs 15.00 mln tonnes last month. Imports in 1985/86 are
put at 15.70 mln tonnes, vs 15.70 mln tonnes last month. USDA
estimated Soviet 1986/87 coarse grain imports at 12.00 mln
tonnes, vs 10.00 mln tonnes last month, and 1985/86 imports at
13.70 mln tonnes, vs 13.70 mln tonnes last month.
    USDA said Soviet coarse grain imports include 1986/87 corn
imports, which it forecast at 8.00 mln tonnes, vs 6.00 mln
tonnes last month. Corn imports in 1985/86 are estimated at
10.40 mln tonnes, vs 10.40 mln last month.
    Total Soviet grain imports in 1986/87, at 28.0 mln tonnes,
include one mln tonnes of miscellaneous grains.


.I 5219
.C
wheat;grain;
.W
WHEAT BY CLASS BREAKDOWN.
    WASHINGTON, April 9 - The U.S. Agriculture Department gave
the 1986/87 breakdown of supply and distribution for wheats by
classes, in mln bushels, with comparisons, as follows.
    HARD WINTER --
                1986/87           1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Start Stocks 1,009   1,009      717     717
 Production   1,018   1,018    1,230   1,230
 Ttl Supply-X 2,027   2,027    1,947   1,947
 Domestic Use   599     579      543     543
 Exports        450     475      395     395
 Total Use    1,049   1,054      938     938
 End Stocks     978     973    1,009   1,009
 Note - Season begins June 1. X-Includes imports
    HARD SPRING --
                1986/87           1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Start Stocks   498     498      371     371
 Production     451     451      460     460
 Ttl Supply-X   956     956      838     838
 Domestic Use   218     192      174     174
 Exports        200     190      166     166
 Total Use      418     382      340     340
 End Stocks     538     574      498     498
 Note - Season begins June 1. X-Includes imports.
    SOFT RED --
               1986/87           1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Start Stocks   79     79       64     64
 Production    290    290      368    368
 Ttl Supply-X  369    369      432    432
 Domestic Use  181    193      204    204
 Exports       120    120      149    149
 Total Use     301    313      353    353
 End Stocks     68     56       79     79
 Note - Season begins June 1. X-Includes imports
    WHITE --
               1986/87           1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Start Stocks  198    198      173    173
 Production    232    232      254    254
 Ttl Supply-X  433    433      430    430
 Domestic Use   82     83       80     80
 Exports       170    160      152    152
 Total Use     252    243      232    232
 End Stocks    181    190      198    198
 Note - Season begins June 1. X-Includes imports.
    DURUM --
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Start Stocks   121    121      100    100
 Production      95     95      113    113
 Ttl Supply-X   221    221      218    218
 Domestic Use    54     58       44     44
 Exports         85     80       53     53
 Total Use      139    138       97     97
 End Stocks      82     83      121    121
 Note - Season begins June 1. X-Includes Imports.



.I 5220
.C
oilseed;soybean;
.W
USDA FORECASTS BRAZIL/ARGENTINE SOYBEAN CROPS.
    WASHINGTON, April 9 - The U.S. Agriculture Department
forecast Brazil's 1986/87 soybean crop at 17.00 mln tonnes, vs
17.00 estimated last month. It put the 1985/86 crop at 13.90
mln tonnes, vs 13.70 mln last month.
    The department forecast Argentina's 1986/87 soybean crop at
7.70 mln tonnes, vs 7.70 mln last month. It projected the
1985/86 crop at 7.30 mln tonnes, vs 7.30 mln last month.
    Brazil's 1986/87 soybean exports were forecast at 2.50 mln
tonnes, vs 2.50 mln tonnes estimated last month. USDA projected
1985/86 exports at 1.20 mln tonnes, vs 1.20 mln last month.


.I 5221
.C
wheat;grain;
.W
USDA ESTIMATES ARGENTINE COARSE GRAIN, WHEAT.
    WASHINGTON, April 9 - The U.S. Agriculture Department
forecast Argentina's 1986/87 coarse grain crop at 13.99 mln
tonnes, vs 15.44 mln tonnes last month. It estimated the
1985/86 crop at 17.06 mln tonnes, vs 17.14 mln last month.
    USDA forecast Argentina's 1986/87 wheat crop at 9.00 mln
tonnes, vs 9.00 mln tonnes last month, while the 1985/86 crop
was projected at 8.50 mln tonnes, vs 8.50 mln last month.
    USDA forecast Argentine 1986/87 coarse grain exports at
6.60 mln tonnes, vs 7.73 mln tonnes last month, and projected
1985/86 exports at 9.43 mln tonnes, vs 9.58 mln last month.


.I 5222
.C
earn
.W
******STOP AND SHOP COS IN 2-FOR-1 SPLIT, HIKES DIVIDEND.
Blah blah blah.

.I 5223
.C
wheat;grain;
.W
USDA ESTIMATES AUSTRALIA WHEAT CROP.
    WASHINGTON, April 9 - The U.S. Agriculture Department
forecast Australia's 1986/87 wheat crop at 16.70 mln tonnes, vs
17.30 mln tonnes last month. It estimated 1985/86 output at
16.13 mln tonnes, vs 16.13 mln last month.
    Australian wheat exports in 1986/87 are forecast at 14.50
mln tonnes, vs 14.50 mln tonnes last month, while exports in
1985/86 are estimated at 15.96 mln tonnes, vs 15.96 mln last
month.


.I 5224
.C
wheat;grain;
.W
USDA ESTIMATES CHINA WHEAT.
    WASHINGTON, April 9 - The U.S. Agriculture Department
projected China's 1986/87 wheat crop at 90.30 mln tonnes, vs
88.50 mln tonnes last month. It estimated the 1985/86 crop at
85.81 mln tonnes, vs 85.81 mln last month.
    USDA projected China's 1986/87 wheat imports at 7.00 mln
tonnes, vs 7.00 mln tonnes last month, and estimated 1985/86
imports at 6.60 mln tonnes, vs 6.60 mln last month.


.I 5225
.C
wheat;grain;
.W
USDA ESTIMATES CANADIAN CROPS.
    WASHINGTON, April 9 - The U.S. Agriculture Department
estimated Canada's 1986/87 wheat crop at 31.85 mln tonnes, vs
31.85 mln tonnes last month. It estimated 1985/86 output at
24.25 mln tonnes, vs 24.25 mln last month.
    Canadian 1986/87 coarse grain production is projected at
27.62 mln tonnes, vs 27.62 mln tonnes last month. Production in
1985/86 is estimated at 24.95 mln tonnes, vs 24.95 mln last
month.
    Canadian wheat exports in 1986/87 are forecast at 19.00 mln
tonnes, vs 19.00 mln tonnes last month. Exports in 1985/86 are
estimated at 17.72 mln tonnes, vs 17.71 mln last month.


.I 5226
.C
oilseed;veg-oil;grain;meal-feed;barley;corn;soybean;cotton;sorghum;rice;soy-meal;soy-oil;oat;
.W
NET CHANGE IN EXPORT COMMITMENTS -- USDA.
    WASHINGTON, April 9 - The U.S. Agriculture Department gave
the net change in export commitments, including sales,
cancellations, foreign purchases and cumulative exports, in the
current seasons through the week ended April 2, with
comparisons, as follows, in tonnes, except as noted --
                        4/2/87   Prev Week
            All Wheat   119,800    368,300
                 Corn 1,001,900    927,000
             Soybeans   240,500    300,900
         Soy Cake/Meal  117,700    170,200
          Soybean Oil     2,400-x    8,100
            Cotton-Y     60,200     31,900
   x-minus total. Y-running bales.
    The indicated totals include reported commitments to both
named and unnamed destinations, sales on exporters' own account
and optional origin sales plus actual exports already made
during the respective marketing seasons.
    The USDA cautions that reported outstanding sales are
subject to modification, deferral or cancellation and it is
unlikely that all reported quantities will be exported.
    USDA gave detailed breakdowns for the 1986/87 and 1987/88
seasons as follows, in thousand tonnes unless stated --
 (A) - Firm sales to a declared destination.
 (B) - Ultimate destination not yet declared.
 (C) - Sales made on exporters' own account.
 (D) - Exporter holds option to fill commitment with supplies 
from origins other than U.S.
 (E) - Accumulated exports since season began based on data 
reported by exporters.
 (F) - Indicated total for season.
 (G) - USDA-projected exports for season.
 Note -- Totals may not add due to rounding.
     ALL WHEAT
                1986/87             1987/88
             4/2/87   Prev Wk  4/3/87 Prev Wk
 Named-A    3,157.6   3,684.1 1,591.4 1,635.6
 Unnamed-B    143.8     144.3    87.1    57.1
 E.O.A.-C       9.5       9.5     nil     nil
 O.O.P.-D       nil       nil     nil     nil
 Gr Total   3,310.9   3,837.9 1,679.0 1,692.7
 Ay Expd-E 21,044.6  20,433.4
 Ind Ttl-F 24,355.5  24,271.3
 USDAPRJ-G 27,900.0  27,900.0
    SOYBEANS
                 1986/87            1987/88
             4/2/87   Prev Wk   4/2/87  Prev Wk
 Named-A    1,774.7  1,780.3     215.9   215.9
 Unnamed-B    500.3    524.8       nil    30.0
 E.O.A.-C      18.4     18.4       nil     nil
 O.O.P.-D       nil      nil       nil     nil
 Gr Total   2,293.4  2,323.5     215.9   245.9
 Ay Expd-E 14,334.2 14,183.2
 Ind Ttl-F 16,627.6 16,506.7
 USDAPRJ-G 19,050.0 19,050.0
    CORN
                1986/87             1987/88
            4/2/87    Prev Wk    4/2/87 Prev WK
 Named-A    8,559.8   8,684.8    772.1   268.8
 Unnamed-B    945.7     920.1      nil     nil
 E.O.A-C       90.8      66.9      nil     nil
 O.O.P-D      138.0     175.0      nil     nil
 Gr Total   9,734.3   9,846.9    772.1   268.8
 Ay Expd-E 20,296.0  19,293.8
 Ind Ttl-F 30,030.3  29,140.7
 USDAPRJ-G 31,750.0  31,750.0
    SORGHUM
                1986/87            1987/88
             4/2/87  Prev Wk    4/2/87 Prev WK
 Named-A      875.6    805.1     nil      nil
 Unnamed-B    151.2    151.2     10.2-x   nil
 E.O.A-C        nil      nil     nil      nil
 O.O.P-D      114.5    138.3     nil      nil
 Gr Total   1,141.3  1,094.6     10.2-x   nil
 Ay Expd-E  3,222.5  3,149.7
 Ind Ttl-F  4,363.8  4,244.3
 USDAPRJ-G  5,720.0  5,720.0
 x-minus total 
    WHEAT PRODUCTS
               1986/87            1987/88
            4/2/87  Prev Wk   4/2/87   Prev Wk
 Named-A     321.0   401.9       nil    nil
 Unnamed-B     nil     nil       nil    nil
 E.O.A.-C      nil     nil       nil    nil
 O.O.P.-D      nil     nil       nil    nil
 Gr Total    321.0   401.9       nil    nil
 Ay Expd-E   926.9   840.9
 Ind Ttl-F 1,348.2 1,242.8
  Note - Includes bulgur, semolina, farina, rolled, cracked and
crushed wheat.
    SOYBEAN OIL
               1986/87           1987/88
           4/2/87  Prev Wk    4/2/87  Prev Wk
 Named-A      8.8    10.4      nil     nil
 Unnamed-B    7.0    10.5      nil     nil
 E.O.A-C      nil     nil      nil     nil
 O.O.P-D      nil     nil      nil     nil
 Gr Total    15.8    20.9      nil     nil
 Ay Expd-E  138.4   135.8
 Ind Ttl-F  154.2   156.7
 USDAPRJ-G  610.0   610.0
    SOYBEAN CAKE AND MEAL
                1986/87             1987/88
             4/2/87  Prev Wk    4/2/87 Prev Wk
 Named-A      788.0    869.7    50.7      48.4
 Unnamed-B     76.0     94.0     nil       nil
 E.O.A-C        2.7      6.1     nil       nil
 O.O.P-D        nil      nil     nil       nil
 Gr Total     866.7    969.8    50.7      48.4
 Ay Expd-E  4,098.0  3,880.6
 Ind Ttl-F  4,964.7  4,850.4
 USDAPRJ-G  5,760.0  5,760.0
     COTTONSEED OIL
               1986/87            1987/88
            4/2/87  Prev Wk   4/2/87   Prev Wk
 Named-A      7.4     7.2       nil     nil
 Unnamed-B    0.3     0.3       nil     nil
 E.O.A.-C     nil     nil       nil     nil
 O.O.P.-D     7.8     7.8       nil     nil
 Gr Total    15.4    15.2       nil     nil
    ALL UPLAND DOMESTIC RAW COTTON-Y
                1986/87            1987/88
            4/2/87    Prev Wk   4/2/87  Prev Wk
 Named-A    2,007.9  2,076.1     468.2   457.2
 Unnamed-B     20.3     20.2       nil     nil
 E.O.A-C        nil      nil       nil     nil
 O.O.P-C        nil      nil       nil     nil
 Gr Total   2,028.2  2,096.3     468.2   457.2
 Ay Expd-E  4,333.1  4,204.7
 Ind Ttl-F  6,361.3  6,301.0
 USDAPRJ-G  6,335.0  6,335.0
  Y-In thousand running bales.
    BARLEY
                 1986/87            1987/88
            4/2/87   Prev Wk     4/2/87 Prev Wk
 Named-A      559.5    584.5      nil      nil
 Unnamed-B     12.7     12.7      nil      nil
 E.O.A.-C       nil      nil      nil      nil
 O.O.P.-D      25.0     25.0      nil      nil
 Gr Total     597.1    622.1      nil      nil
 Ay Expt-E  2,464.6  2,440.7
 Ind Ttl-F  3,061.7  3,062.8
 USDAPRJ-G  3,270.0  3,270.0
    OATS
             1986/87            1987/88
           4/2/87 Prev Wk    4/2/87  Prev Wk
 Named-A     nil    nil       nil    nil
 Unnamed-B   nil    nil       nil    nil
 E.O.A.-C    nil    nil       nil    nil
 O.O.P.-D    nil    nil       nil    nil
 Gr Total    nil    nil       nil    nil
 Ay Expd-E   2.4    2.4
 Ind Ttl-F   2.4    2.4
 USDAPRJ-G  30.0   30.0
    RICE
                1986/87            1987/88
            4/2/87   Prev Wk    4/2/87  Prev Wk
 Named-A      347.6    369.1      nil     nil
 Unnamed-B      1.0      1.0      nil     nil
 E.O.A-C        nil      nil      nil     nil
 O.O.P-D        nil      nil      nil     nil
 Gr Total     348.6    370.1      nil     nil
 Ay Expd-E  1,718.8  1,688.2
 Ind Ttl-F  2,067.4  2,058.3
 USDAPRJ-G  2,580.0  2,580.0
    HARD RED WINTER WHEAT
               1986/87            1987/88
           4/2/87   Prev Wk     4/2/87  Prev Wk
 Named-A   1,738.0  2,019.7     893.0   943.0
 Unnamed-B    80.5     70.5     107.6    77.2
 E.O.A.-C      nil      nil       nil     nil
 O.O.P.-D      nil      nil       nil     nil
 Gr Total  1,818.5  2,090.2   1,000.6 1,020.2
 Ay Exp-E  8,332.1  7,974.5
 Ind Tl-F 10,150.6 10,064.8
    WHITE WHEAT
               1986/87            1987/88
            4/2/87  Prev Wk    4/2/87   Prev Wk
 Named-A     548.5    635.6     58.0    58.0
 Unnamed-B    19.0-x   19.0-x    6.0-x   6.0-x
 E.O.A.-C      nil      nil      nil     nil
 O.O.P.-D      nil      nil      nil     nil
 Gr Total    529.5    616.6     52.0    52.0
 Ay Exp-E  3,831.5  3,757.7
 Ind Tl-F  4,361.0  4,374.3
  x - denotes minus figure
    HARD RED SPRING WHEAT
              1986/87             1987/88
          4/2/87   Prev Wk    4/2/87   Prev Wk
 Named-A    576.6    620.6    164.7   164.7
 Unnamed-B   29.6     16.0      nil     nil
 E.O.A.-C     0.9      0.9      nil     nil
 O.O.P.-D     nil      nil      nil     nil
 Gr Total   607.1    637.5    164.7   164.7
 Ay Exp-E 4,312.4  4,247.6
 Ind Tl-F 4,919.5  4,885.1
     DURUM WHEAT
              1986/87              1987/88
           4/2/87   Prev Wk    4/2/87  Prev Wk
 Named-A    166.6    280.3      93.4   93.4
 Unnamed-B   52.8     76.9       nil    nil
 E.O.A.-C     2.8      2.8       nil    nil
 O.O.P.-D     nil      nil       nil    nil
 Gr Total   222.2    360.0      93.4   93.4
 Ay Exp-E 1,842.6  1,727.5
 Ind Tl-F 2,064.8  2,087.5
    SOFT RED WINTER WHEAT
               1986/87             1987/88
            4/2/87  Prev Wk     4/2/87  Prev Wk
 Named-A     127.8    127.8    382.3   376.5
 Unnamed-B     nil      nil     14.0-x  14.0-x
 E.O.A.-C      5.8      5.8      nil     nil
 O.O.P.-D      nil      nil      nil     nil
 Gr Total    133.6    133.6    368.3   362.5
 Ay Exp-E  2,726.0  2,726.0
 Ind Tl-F  2,859.6  2,859.6
 x-minus figure
    Country and destinations of the identified sales of
commodities reported by exporters in week ended April 2 for
the respective marketing seasons were detailed by the USDA as
follows, with comparisons for the previous week, in thousands
of tonnes, except where noted-- 
 ALL WHEAT  
               1986/87             1987/88
             4/2/87  Prev Wk   4/2/87   Prev Wk
 E.C.          nil     nil      50.0    50.0
 Other West
 Europe      218.8   236.8       nil     nil
 East Europe 261.0   346.0      25.0    25.0
    ALL WHEAT Continued
                 1986/87            1987/88
             4/2/87  Prev Wk    4/2/87  Prev Wk
 USSR           nil      nil      nil     nil
 Japan        490.4    662.2      nil     nil
 China         90.0     90.0    910.0   910.0
 Taiwan       115.0    141.0    144.0   144.0
 Other Asia and
 Oceania      654.9    730.9     28.6    78.6
 Africa       959.5  1,115.0    167.1   167.1
 Western
 Hemisphere   367.9    362.1    266.7   260.9
 SOYBEANS        1986/87            1987/88
            4/2/87   Prev Wk   4/2/87   Prev Wk
 E.C.        302.2     317.7    91.4     91.4
 Other West
 Europe       25.0      25.0     nil      nil
 East Europe 101.0     101.0     nil      nil
 Japan       355.4     330.5     nil      nil
 China         nil       nil     nil      nil
 Taiwan      472.0     499.0    87.0     87.0
 Other Asia and
 Oceania     164.6     187.7     nil      nil
 Africa        nil       nil     nil      nil
 Western
 Hemisphere  354.4     391.5     37.5    37.5
    SOYBEAN OIL
             1986/87           1987/88
          4/2/87  Prev Wk    4/2/87  Prev Wk
 E.C.        1.5     1.5      nil     nil
 India       nil     nil      nil     nil
 Other Asia and
 Oceania     nil     nil      nil     nil
 Africa      nil     nil      nil     nil
 Western
 Hemisphere  7.3     8.9      nil     nil
    SOYBEAN CAKE/MEAL
                 1986/87            1987/88
            4/2/87   Prev Wk   4/2/87   Prev Wk
 E.C.        301.7   350.7     47.2   45.0
 Other West
 Europe        nil     nil      nil    nil
 East Europe   nil    36.0      nil    nil
 Japan         nil     3.5      nil    nil
 Other Asia and
 Oceania      25.0    40.0      nil    nil
 Africa       30.2    38.0      nil    nil
 Western
 Hemisphere  431.0   401.5      3.4    3.4
    CORN         1986/87            1987/88
              4/2/87   Prev Wk   4/2/87  Prev Wk
 E.C.           82.5     22.5       0.2     0.2
 Other West
 Europe          nil      0.8       nil     nil
 E. Europe      94.0     50.0      50.0    50.0
 USSR        2,432.7  2,543.8       nil     nil
 Japan       2,767.4  2,787.8      52.4    21.0
 China         495.0    555.0       nil     nil
 Taiwan        791.0    836.0     390.0   170.0
 Other Asia and
 Oceania       721.7    615.2     250.0     nil
 Africa        125.0    195.5       nil     nil
 WestHem     1,050.5  1,114.0      29.4    27.6
    UPLAND COTTON (In thousand bales)
               1986/87             1987/88
            4/2/87  Prev Wk     4/2/87 Prev Wk
 E.C.        260.9    266.1     97.9    95.0
 Other West
 Europe       62.2     66.2      8.7     8.7
 E. Europe     3.1      3.1      nil     nil
 Japan       445.8    484.1     72.3    70.1
 Taiwan      377.9    390.4     41.6    39.5
 Other Asia and
 Oceania     741.7    783.4    244.5   241.1
 Africa       16.7     13.4      nil     nil
 Western
 Hemisphere   99.6     69.5      3.2     2.7


.I 5227
.C
strategic-metal
.W
HOUSE PANEL WANTS PENTAGON MANAGE U.S. STOCKPILE.
    WASHINGTON, April 9 - The House Armed Services Committee
has voted for a transfer in the management of stockpiled
materials for national defense to the U.S. Defense Secretary.
    The committee also voted for legally-binding quantity and
quality requirements on the materials, mostly metals.
    The measures are a part of the Defense Authorization Bill
which will be voted on in the House next month.
    The purpose of the measures, passed by the committee
yesterday, is to improve stockpile management and discourage
sell-offs of materials that could jeopardize strategic needs, a
staff member of the committee told Reuters.
    "They (the stockpiles) stand to gain the most by being
managed properly," said the staffer. "Management of the stockpile
over the last 10 years has been atrocious."
    Responsibility for stockpile management now belongs to a
White House agency, the Federal Emergency Management Agency.
    The staffer said that under the measures passed by the
committee the Secretary of Defense would have more influence
over decisions to keep or sell strategic stockpile materials.
    The administration has proposed a goal of 700 million dlrs
worth of strategic materials to be held in the stockpile. The
stockpile now contains around 10 billion dlrs of materials.
    He said several agencies currently helped FEMA to manage
the stockpile and decide how much to sell to help the deficit.
    These agencies included the Office of Management and Budget
and the Departments of Interior and Commerce, he said.
    The committee believed the shared involvement in stockpile
management was counter-productive, he said.


.I 5229
.C
wheat;grain;
.W
USDA ESTIMATES EUROPEAN COMMUNITY CROPS.
    WASHINGTON, April 9 - The U.S. Agriculture Department
forecast the European Community's 1986/87 wheat crop at 71.60
mln tonnes, vs 71.50 mln tonnes last month. It estimated
1985/86 output at 71.70 mln tonnes, vs 71.71 mln last month.
    E.C. 1986/87 coarse grain production is projected at 81.22
mln tonnes, vs 81.19 mln tonnes last month. The 1985/86 crop is
estimated at 88.21 mln tonnes, vs 88.28 mln last month.
    E.C. wheat exports in 1986/87 are forecast at 28.22 mln
tonnes, vs 28.31 mln tonnes last month. Exports in 1985/86 are
estimated at 27.77 mln tonnes, vs 27.62 last month.


.I 5230
.C
oilseed;veg-oil;wheat;grain;meal-feed;barley;corn;soybean;cotton;sorghum;rice;soy-meal;soy-oil;oat;
.W
U.S. SUPPLY/DEMAND DETAILED BY USDA.
    Washington, April 9 - The U.S. Agriculture Department made
the following supply/demand projections for the 1986/87
seasons, in mln bushels, with comparisons, unless noted --
    CORN --     1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Acreage (mln acres) --
     Planted   76.7    76.7     83.4    83.4
   Harvested   69.2    69.2     75.2    75.2
  Yield (bu)  119.3   119.3    118.0   118.0
 Supply (mln bu) -- 
 Start Stock  4,040   4,040    1,648   1,648
  Production  8,253   8,253    8,877   8,877
     Total-X 12,295  12,295   10,536  10,536
  X-Includes imports.
    CORN (cont.)
                 1986/87           1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Usage: Feed  4,500    4,300     4,095    4,126
       Other  1,180    1,150     1,160    1,129
  Ttl Domest  5,680    5,450     5,255    5,255
     Exports  1,375    1,250     1,241    1,241
   Total Use  7,055    6,700     6,496    6,496
  End Stocks  5,240    5,595     4,040    4,040
 Farmer Reser 1,400    1,300       564      564
  CCC Stocks  1,700    1,500       546      546
 Free Stocks  2,140    2,795     2,930    2,930
  AvgPrice  1.35-1.65  1.35-1.65  2.23     2.23
  Note - Price in dlrs per bu. Corn season begins Sept 1.
    ALL WHEAT -
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Acreage (mln acres) --
     Planted   72.0    72.0     75.6    75.6
   Harvested   60.7    60.7     64.7    64.7
       Yield   34.4    34.4     37.5    37.5
 Supply (mln bu) --
 Start Stcks  1,905   1,905    1,425   1,425
  Production  2,087   2,087    2,425   2,425
       Total
    Supply-X  4,007   4,007    3,865   3,865
 X - Includes imports.
    ALL WHEAT   1986/87            1985/86
 (cont.)   04/09/87 03/09/87  04/09/87 03/09/87
 Usage: Food    700    690       678    678
        Seed     84     90        93     93
        Feed    350    325       274    274
  Ttl Domest  1,134  1,105     1,045  1,045
     Exports  1,025  1,025       915    915
   Total Use  2,159  2,130     1,960  1,960
  End Stocks  1,848  1,877     1,905  1,905
 Farmer Reser   475    450       433    433
  CCC Stocks    950    950       602    602
 Free Stocks    423    477       870    870
  Avg Price  2.30-40  2.30-40   3.08   3.08
 Note - Price in dlrs per bushel. Wheat season begins June 1.
    SOYBEANS -
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Acreage (mln acres) --
      Planted   61.5   61.5     63.1   61.1
    Harvested   59.4   59.4     61.6   61.6
   Yield (bu)   33.8   33.8     34.1   34.1
 Supply (mln bu) --
 Start Stocks    536    536      316    316
   Production  2,007  2,007    2,099  2,099
        Total  2,543  2,543    2,415  2,415
    SOYBEANS (cont.)
               1986/87             1985/86
          04/09/87 03/09/87   04/09/87 03/09/87
      Usage --
  Crushings  1,130   1,115      1,053   1,053
    Exports    700     700        740     740
 Seed, Feed and
   Residual    103      93         86      86
  Total Use  1,933   1,908      1,879   1,879
 End Stocks    610     635        536     536
 Avg Price 4.60-4.80 4.60-4.80   5.05    5.05
 Note - Average price in dlrs per bushel. Soybean season begins
June 1.
    FEEDGRAINS - X
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Acreage (mln acres) --
      Planted  119.8   119.8     128.1   128.1
    Harvested  102.0   102.0     111.8   111.8
 Yld (tonnes)   2.48    2.48      2.45    2.45
 Supply (mln tonnes) --
 Start Stocks  126.4   126.4      57.5    57.5
   Production  252.4   252.4     274.4   274.4
      Imports    0.6     0.6       0.9     0.9
        Total  379.4   379.4     332.7   332.7
 X - Includes corn, sorghum, barley, oats.
    FEEDGRAINS - X (cont.)
                 1986/87          1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Usage: Feed  140.6   136.2     134.8   135.5
       Other   35.8    35.0      35.0    34.3
  Ttl Domest  176.4   171.2     169.8   169.8
     Exports   43.9    40.8      36.6    36.6
   Total Use  220.3   211.9     206.4   206.4
  End Stocks  159.1   167.5     126.4   126.4
 Farmer Reser  39.0    36.5      16.6    16.6
  CCC Stocks   55.2    49.5      20.4    20.4
 Free Stocks   64.8    81.5      89.3    89.3
 X - Includes corn, sorghum, oats, barley. Seasons for oats,
barley began June 1, corn and sorghum Sept 1.
    SOYBEAN OIL -
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Supply (mln lbs) --
 Start Stcks     947     947       632     632
  Production  12,263  12,103    11,617  11,617
     Imports     Nil     Nil         8       8
       Total  13,210  13,050    12,257  12,257
 Note - 1985/86 production estimates based on October year
crush of 1,060 mln bushels.
    SOYBEAN OIL (cont.) -
               1986/87             1985/86
          04/09/87  03/09/87  04/09/87  03/09/87
 Usage (mln lbs) --
  Domestic  10,500    10,500    10,053   10,053
   Exports   1,350     1,350     1,257    1,257
     Total  11,850    11,850    11,310   11,310
 End Stcks   1,360     1,200       947      947
 AvgPrice  14.5-16.0  15.0-17.0  18.00    18.00
 Note - Average price in cents per lb. Season for soybean oil
begins Oct 1.
    SOYBEAN CAKE/MEAL, in thousand short tons --
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks     212     212       387     387
  Production  26,558  26,203    24,951  24,951
       Total  26,770  26,415    25,338  25,338
 Note - 1985/86 production estimates based on October year
crush of 1,060 mln bushels.
    SOY CAKE/MEAL (cont.) -
               1986/87            1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Usage (thous short tons) --
  Domestic   20,000  19,750    19,090  19,118
   Exports    6,500   6,350     6,036   6,008
     Total   26,500  26,100    25,126  25,126
 End Stcks      270     315       212     212
  AvgPrice  145-150  145-150   154.90  154.90
  Note - Price in dlrs per short ton. Season for soybean cake
and meal begins Oct 1.
    COTTON --
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Area (mln acres) --
      Planted  10.06   10.06     10.68   10.68
    Harvested   8.49    8.49     10.23   10.23
  Yield (lbs)    549     553       630     630
 Supply (mln 480-lb bales) --
 Start Stks-X   9.35    9.35      4.10    4.10
   Production   9.70    9.79     13.43   13.43
 Ttl Supply-Y  19.06   19.14     17.57   17.57
  X - Based on Census Bureau data. Y - Includes imports.
    COTTON (cont.) -
               1986/87           1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
   Usage --
   Domestic   7.10    7.01     6.40    6.40
    Exports   6.66    6.76     1.96    1.96
      Total  13.76   13.77     8.36    8.36
 End Stocks   5.40    5.49     9.35    9.35
 Avge Price  51.7-X  51.7-X   56.50   56.50
 X - 1986/87 price is weighted average for first five months of
marketing year, not a projection for 1986/87. Average price in
cents per lb. Cotton season begins August 1.
    RICE
               1986/87            1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Acreage (mln acres) --
     Planted   2.40    2.40      2.51    2.51
   Harvested   2.38    2.38      2.49    2.49
 Yield (lbs)  5,648   5,648     5,414   5,414
 Supply (mln cwts) --
 Start Stcks   77.3    77.3      64.7    64.7
  Production  134.4   134.4     134.9   134.9
     Imports    2.2     2.2       2.2     2.2
       Total  213.9   213.9     201.8   201.8
    RICE (cont.)
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Usage (mln cwts) --
    Domestic   67.0    67.0      65.8    65.8
     Exports   80.0    80.0      58.7    58.7
     Total-Y  147.0   147.0     124.5   124.5
  End Stocks   66.9    66.9      77.3    77.3
  CCC Stocks   42.9    42.9      41.5    41.5
 Free Stocks   24.0    24.0      35.8    35.8
   AvgPrice 3.45-4.25 3.45-4.25  6.53    6.53
 Note - Average price in dlrs per CWT. Y-Rough equivalent.
N.A.-Not Available, USDA revising price definition due to
marketing loan. Rice season begins August 1.
    SORGHUM
               1986/87            1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
  Yield (bu)  67.7    67.7     66.8    66.8
 Supply (mln bu) --
 Start Stcks   551     551      300     300
  Production   942     942    1,120   1,120
       Total 1,493   1,493    1,420   1,420
  Usage (mln bu) --
        Feed   550     575      662     662
       Other    30      30       29      29
  Ttl Domest   580     605      691     691
    SORGHUM (cont.) -
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
    Exports     225     225       178     178
  Total Use     805     830       869     869
 End Stocks     688     663       551     551
 Avge Price  1.30-50  1.30-50    1.93    1.93
 Note - Price in dlrs per bushel. Sorghum season begins Sept 1.
    BARLEY
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
   Yield (bu)  50.8    50.8      51.0    51.0
 Start Stocks   325     325       247     247
   Production   610     610       591     591
      Imports     5       5         9       9
        Total   941     941       847     847
    BARLEY (cont.)
             1986/87            1985/86
        04/09/87 03/15/87  04/09/87 03/15/87
 Usage (mln bu) --
       Feed  300    300       333    333
      Other  175    175       167    167
 Ttl Domest  475    475       500    500
    Exports  150    150        22     22
  Total Use  625    625       522    522
 End Stocks  316    316       325    325
  AvgPrice 1.45-65  1.45-65  1.98   1.98
 Note - Average price in dlrs per bushel. Barley season begins
June 1.
    OATS - in mln bushels
               1986/87            1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
  Yield (bu)  56.0   56.0      63.7   63.7
 Start Stcks   184    184       180    180
  Production   385    385       521    521
     Imports    30     30        28     28
       Total   598    598       729    729
    OATS, in mln bushels (cont.)
              1986/87             1985/86
         04/09/87 03/09/87   04/09/87 03/09/87
     Usage --
      Feed   400     400       460     460
     Other    85      85        83      83
 Ttl Domes   485     485       543     543
   Exports     2       2         2       2
     Total   487     487       545     545
 End Stcks   111     111       184     184
 AvgPrice 1.00-20  1.00-20    1.23    1.23
  Note - Average price in dlrs per bushel. Oats season begins
June 1.
    LONG GRAIN RICE, in mln CWTs (100 lbs) --
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
   Harvested --
 Acres (mln)   1.83    1.83     1.94    1.94
 Yield (lbs)  5,358   5,358    5,168   5,168
  Start Stks   49.3    49.3     37.7    37.7
  Production   97.8    97.8    100.4   100.4
  Ttl Supply  148.6   148.6    140.1   140.1
 Note -- Starting Stocks does not include broken kernels --
Supply minus use does not equal ending stocks in breakdowns.
Total Supply includes imports but not broken kernels.
    LONG GRAIN RICE, in mln CWTs (100 lbs), cont. --
                 1986/87           1985/86
            04/09/87 03/09/87 04/09/87 03/09/87
 Domestic Use   43.0    43.0      48.8    48.8
      Exports   65.0    60.0      42.0    42.0
    Total Use  108.0   103.0      90.8    90.8
 End Stocks-X   40.6    45.6      49.3    49.3
    AvgPric 3.45-4.25 3.45-4.24   6.86    6.86
 Note - Average price in dlrs per cwt. X-Broken kernels not
included -- supply minus use does not equal ending stocks in
breakdowns. Rice season begins August 1.
    MEDIUM, SHORT GRAIN RICE - in mln CWTs (100 lbs) --
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
   Harvested --
 Acres (mln)   0.55    0.55     0.55    0.55
 Yield (lbs)  6,651   6,651    6,258   6,258
  Start Stks   26.7    26.7     25.7    25.7
  Production   36.6    36.6     34.5    34.5
  Ttl Supply   65.3    65.3     61.7    61.7
 Note -- Starting Stocks does not include broken kernels --
Supply minus use does not equal ending stocks in breakdowns.
Total Supply includes imports but not broken kernels.
    MEDIUM, SHORT GRAIN RICE, in mln CWTs (100 lbs), cont. --
                 1986/87          1985/86
            04/09/87 03/09/87 04/09/87 03/09/87
 Domestic Use   24.0    24.0      17.0    17.0
      Exports   15.0    20.0      16.7    16.7
    Total Use   39.0    44.0      33.7    33.7
 End Stocks-X   24.5    19.5      26.7    26.7
    AvgPric 3.45-4.25  3.45-4.25  5.91    5.91
 Note - Average price in dlrs per CWT. X-Broken kernels not
included - supply minus use does not equal ending stocks in
breakdowns. Rice season begins August 1.
    NOTES ON U.S. SUPPLY/DEMAND TABLES
    -- N.A. - Not available.
    -- Totals may not add due to rounding.
    -- Figures for 1986/87 are midpoint of USDA range.
    -- Feed usage for corn, wheat, soybean, feedgrains,
sorghum, barley, oats includes residual amount.
    -- Residual amount included in rice and medium/short grain
rice domestic usage.
    -- Rice, long grain, and medium/short grain rice average
price for 1985/86 estimates and 1986/87 projections are market
prices and exclude cash retained under the marketing loan since
April, 1986.


.I 5231
.C
cotton
.W
USDA ESTIMATES USSR COTTON CROP.
    WASHINGTON, April 9 - The U.S. Agriculture Department
forecast the Soviet 1986/87 cotton crop at 11.20 mln bales
(480-lbs net), vs 11.20 mln bales forecast last month.
    The department also estimated the 1985/86 Soviet cotton
crop at 12.10 mln bales, vs 12.10 mln bales last month.


.I 5232
.C
grain;corn;
.W
USDA ESTIMATES SOUTH AFRICA CORN CROP, EXPORTS.
    WASHINGTON, April 9 - The U.S. Agriculture Department
forecast South Africa's 1986/87 corn crop at 8.50 mln tonnes,
vs 9.50 mln tonnes last month. It estimated the 1985/86 crop at
8.08 mln, vs 8.08 mln last month.
    USDA forecast South African 1986/87 corn exports at 2.10
mln tonnes, vs 3.00 mln tonnes last month, and 1985/86 exports
at 2.75 mln tonnes, vs 2.75 mln tonnes last month.


.I 5233
.C
earn
.W
STOP AND SHOP COS <SHP> IN TWO-FOR-ONE SPLIT.
    BOSTON, April 9 - The Stop and Shop Cos Inc said its board
voted a two-for-one stock split payable July One, to
stockholders of record May 29.
    It also said it was raising its quarterly cash dividend 16
pct to 32 cts per share from 27.5 cts per share prior.
    As a result of the split, the number of outstanding shares
will increase to 28 mln from 14 mln, the company said.
    The dividend is payable July One to shareholders of record
May 29, it said.


.I 5234
.C
acq
.W
NATIONAL BEVERAGE TO ACQUIRE FAYGO BEVERAGES.
    FORT LAUDERDALE, Fla., April 9 - <National Beverage Corp>
said it agreed to acquire <Faygo Beverages Inc> for an
undisclosed amount of cash.
    Faygo has revenues in excess of of 100 mln dlrs, National
Beverage said.
    


.I 5236
.C
earn
.W
AUDIO/VIDEO AFFILIATES <AVA> 4TH QTR JAN 31 NET.
    DAYTON, Ohio, April 9 -
    Shr 17 cts vs 28 cts
    Net 2,668,000 vs 3,655,000
    Revs 93.9 mln vs 83.8 mln
    Avg shrs 15.7 mln vs 13.2 mln
    12 mths
    Shr 48 cts vs 58 cts
    Net 7,510,000 vs 7,482,000
    Revs 228.8 mln vs 181.9 mln
    Avg shrs 15.7 mln vs 12.9 mln
    NOTE: full name of company is audio/video affiliates Inc.


.I 5240
.C
acq
.W
FLUOROCARBON <FCBN> BUYS EATON <ETN> DIVISION.
    LAGUNA NIGUEL, Calif., April 9 - Fluorocarbon Co said it
signed a definitive agreement to acquire Eaton Corp's
Industrial Polymer division for an undisclosed price.
    The polymer division, based in Aurora, Ohio, had 1986 sales
of 86 mln dlrs, Fluorocarbon also said.


.I 5241
.C
earn
.W
FIRST UNION CORP <FUNC> 1ST QTR NET.
    CHARLOTTE, N.C., April 9 -
    Shr 71 cts vs 61 cts
    Net 78.5 mln vs 64.6 mln
    NOTE: Current qtr includes gain of seven cts/shr from sale
of securities. Year-ago restated.


.I 5243
.C
earn
.W
FINANCIAL NEWS NETWORK INC <FNNI> 2ND QTR NET.
    NEW YORK, April 9 -
    Qtr ended February 28
    Shr six cts vs three cts
    Net 765,138 vs 311,388
    Rev 8.3 mln vs 3.7 mln
    Avg shares 12,272,265 vs 11,377,491
    Six months
    Shr 17 cts vs five cts
    Net 2,073,057 vs 515,229
    Rev 15.0 mln vs 7.4 mln
    Avg shares 12,295,934 vs 11,200,000


.I 5244
.C
earn
.W
FIRST COLONIAL BANKSHARES CORP <FCOLA> 1ST QTR.
    CHICAGO, April 9 -
    Shr 41 cts vs 35 cts
    Net 2,362,000 vs 1,613,000
    Avg shrs 5,567,300 vs 4,070,700


.I 5245
.C
oilseed;veg-oil;wheat;grain;meal-feed;corn;soybean;cotton;soy-meal;soy-oil;
.W
SEASONAL EXPORTS REPORTED BY U.S. EXPORTERS.
    WASHINGTON, April 9 - Exports of the following commodities
between start of current seasons and April 2, with comparisons,
as reported to USDA by exporters, in thousand tonnes, unless
noted --
               4/2/87    Prev Wk   4/3/86
 Wheat        21,044.6  20,398.3  19,725.8
 Soybeans     14,334.2  14,063.5  14,698.4
 Corn         20,296.0  19,194.6  25,182.6-x
 Sorghum       3,222.5   3,149.7   3,168.9-x
 Soybean Oil     138.4     135.8     179.9
 Soybean Meal  4,098.0   3,880.6   3,141.3
 Cotton        4,333.1   4,204.7   1,510.4
 X-2,059,300 tonnes of corn and 763,800 tonnes of sorghum added
to reflect change in marketing year to Sept-Aug.


.I 5247
.C
acq
.W
HAWAIIAN ELECTRIC <HE> TO BUY HAWAIIAN INSURANCE.
    LOS ANGELES, April 9 - Hawaiian Electric Industries said it
has entered a letter of intent to buy the Hawaiian Insurance
Companies.
    The transaction is subject to a definitive agreement, and
government and board approvals.
    The Hawaiian Insurance Companies ad assets at the end of
1986 of 137.4 mln dlrs and earned premiums of 46.1 mln dlrs.
    Hawaiian Electric said it plans to operate the comapny,
which has 226 employees, with current management.


.I 5248
.C
wheat;grain;
.W
SOVIET UNION TO IMPORT MORE GRAIN IN 86/87-USDA.
    WASHINGTON, April 9 - The U.S. Agriculture Department
increased its estimate of 1986/87 grain purchases by the Soviet
Union to 28 mln tonnes, up two mln tonnes from last month.
    In its monthly report on the Soviet grain situation, the
USDA said imports will be higher than earlier estimated because
Soviet grain buyers have been actively purchasing in the last
month.
    USDA said the increased purchasing is "somewhat surprising"
because of recent higher Soviet crop estimates.
    All of the increase in estimated imports will be in corn,
USDA said.
    Of the 28 mln tonnes total, 15 mln tonnes will be wheat, 12
mln tonnes coarse grains, and the remaining one mln tonnes
miscellaneous grains and pulses, USDA said.
    USDA noted that the Soviet winter grain crop suffered
through a severe winter and spring field work has been delayed.
    The severe winter "is believed to have resulted in above
average winter-kill," USDA said.
    Some grain trade analysts have said abnormal winter losses
maybe one reason why the Soviet Union has been actively buying
grain recently.
    USDA said Moscow already has purchased over 25 mln tonnes
grain for delivery in 1986/87, including 14 mln tonnes wheat
and 12 mln tonnes coarse grain.


.I 5249
.C
acq
.W
DISNEY FAMILY MAKES BID FOR HOLLY SUGAR <HLY>.
    WASHINGTON, April 9 - The Roy Disney family disclosed in a
filing with the Securities and Exchange Commission that it made
a bid to acquire Holly Sugar Corp for a package of cash and
securities.
    Shamrock Holdings of California Inc, a Disney family
company, said it submitted the bid on April 8 to Salomon
Brothers Inc, Holly Sugar's investment banker.
    The offer was for 45 dlrs in cash, securities with a face
value of 70 dlrs, and a "contingent payment certificate" that
would pay out as much as 70 dlrs over a 20-year period for each
share of Holly Sugar outstanding.
    The Disney family already holds 101,300 Holly Sugar shares
or 9.0 pct of the total outstanding following purchases of
12,500 shares March 13-April 17, Shamrock told the SEC.
    Shamrock said it had asked for certain information about
Holly Sugar's financial condition but had been turned down. It
said its offer was therefore subject to further discussions.
    "Once we have had an opportunity to complete our due
diligence evaluation of the company, including inspections of
certain facilities and meetings with key management personnel,
we would be prepared to negotiate all aspects of our proposal,
including price," it said in its April 8 letter.
REUTER^M

.I 5250
.C
wheat;grain;
.W
******U.S. EXPORTERS REPORT 200,000 TONNES WHEAT  SOLD TO JORDAN FOR 1987/88 DELIVERY.
Blah blah blah.

.I 5251
.C
earn
.W
UNIVERSAL HEALTH REALTY <UHT> 1ST QTR NET.
    KING OF PRUSSIA, Pa., April 9 -
    Shr 26 cts vs nil
    Net 2,244,000 vs nil
    Rev 3.4 mln vs nil
    NOTE: Company's full name is Universal Health Realty Income
Trust. Quarter is company's first full quarter of earnings.


.I 5252
.C
earn
.W
FROST AND SULLIVAN INC <FRSL> INCREASES PAYOUT.
    NEW YORK, April 9 -
    Semi-annual div seven cts vs six cts prior
    Pay June One
    Record May One
.


.I 5253
.C
acq
.W
C.O.M.B. <CMCO> MAKES ACQUISITION.
    MINNEAPOLIS, April 9 - C.O.M.B. Co said it acquired for 8.7
mln dlrs the principal assets of National Tech Industries Inc
and Telkon Corp.
    The companies are engaged in servicing, sales and
telemarketing of consumer electronic merchandise.


.I 5254
.C
earn
.W
RAI RESEARCH CORP <RAC> 3RD QTR FEB 28.
    HAUPPAUGE, N.Y, April 9 -
    SHr one cts vs 14 cts
    Net 17,806 vs 328,290
    Revs 1.3 mln vs 2.2 mln
    Nine months
    Shr 27 cts vs 26 cts
    Net 640,156 vs 622,251
    Revs 5.6 mln vs 5.6 mln
    NOTE:1986 net includes loss of 49,040 in nine months from
discontinued and gain of 15,598 dlrs in 3rd qtr.


.I 5255
.C
acq
.W
CENTEL <CNT> COMPLETES ACQUISITION.
    CHICAGO, April 9 - Centel Corp said it completed the
acquisition of Welbac Cable Television Corp, which serves more
than 2,500 cable television subscribers in east central
Michigan.
    Terms were not disclosed.
    With the addition of Welbac customers, Centel Cable
Television Co of Michigan serves more than 83,000 customers.
Overall, Centel has nearly 495,000 customers in seven states.


.I 5256
.C
earn
.W
JAMES RIVER CORP <JR> SETS REGULAR PAYOUT.
    RICHMOND, April 9 -
    Qtrly div 10 cts vs 10 cts prior
    Pay April 30
    Record April 21


.I 5257
.C
earn
.W
THREE D DEPARTMENTS INC <TDD> SETS PAYOUT.
    EAST HARTFORD, Conn., April 9 -
    Class A qtly div 2-1/2 cts vs 2-1/2 cts prior
    Class B qtly div 1-1/2 cts vs 1-1/2 cts prior
    Pay May 8
    Record April 24


.I 5258
.C
meal-feed;soy-meal;
.W
******U.S. EXPORTERS REPORT 300,000 TONNES  SOYBEAN MEAL TO IRAQ FOR SPLIT DELIVERY.
Blah blah blah.

.I 5259
.C
grain;corn;
.W
******U.S. EXPORTERS REPORT 100,000 TONNES CORN  SOLD TO ALGERIA FOR 1986/87 DELIVERY.
Blah blah blah.

.I 5261
.C
oilseed;veg-oil;wheat;grain;meal-feed;corn;soybean;cotton;rice;soy-meal;soy-oil;
.W
WORLD SUPPLY/DEMAND ESTIMATES ISSUED BY USDA.
    WASHINGTON, April 9 - The U.S. Agriculture Department made
the following 1986/87 projections in its world Supply/Demand
report, with comparisons, in mln tonnes, except where noted --
    Total World Grain
               1986/87            1985/86
         04/09/87  03/09/87  04/09/87  03/09/87
 Produc  1,682.31  1,686.11  1,663.69  1,663.70
 Total
 Supply  2,025.71  2,028.45  1,919.18  1,920.13
 Trade-X   212.15    211.89    204.42    203.92
 Usage   1,635.01  1,630.40  1,575.78  1,577.79
 End Stks  390.70    398.05    343.40    342.34
 X-Based on export estimate.
    All Wheat    1986/87           1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Start Stks  137.05   136.48   125.54   125.87
 Production  529.20   528.40   498.97   498.81
 Imports      97.57    98.27    94.56    94.36
 Feed Use    101.79   100.82    90.19    90.56
 Total Domes 517.26   514.89   487.45   488.20
 Exports     101.08   101.20    95.92    95.76
 End Stocks  148.99   149.99   137.05   136.48
  Note - World imports/exports may not balance due to differing
marketing years, grains in transit and reporting discrepancies.
    Coarse Grain
                1986/87           1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks 181.64  181.10    107.80  108.40
 Production  835.21  838.82    844.60  844.84
 Imports      95.66   93.77     95.70   95.18
 Feed Use    514.07  510.20    510.20  510.80
 Total Domes 796.33  793.64    770.76  772.14
 Exports      98.97   98.47     96.02   95.76
 End Stocks  220.52  226.28    181.64  181.10
  Note - World imports/exports may not balance due to differing
marketing years, grain in transit and reporting discrepancies.
    Corn (Mln Tonnes)
                1986/87           1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks 123.08  123.11     61.09   61.75
 Production  477.26  480.29    481.86  481.92
 Imports      61.03   58.59     62.12   62.08
 Feed Use    295.49  289.47    286.53  287.42
 Ttl Domes   444.78  439.80    419.88  420.55
 Exports      62.80   62.10     62.53   62.15
 End Stocks  155.56  163.61    123.08  123.11
  Note - World imports/exports may not balance due to differing
marketing years, grain in transit and reporting discrepancies.

    Soybeans
                1986/87           1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks  23.03   22.84    17.59   17.58
 Production   99.98   99.43    96.74   96.53
 Imports      26.21   26.27    27.08   27.08
 Crushings    79.69   79.33    76.16   76.15
 Ttl Domes    97.53   96.40    92.36   92.34
 Exports      26.45   26.43    26.02   26.01
 End Stocks   25.23   25.71    23.03   22.84
  Note - Imports and exports do not balance due to differing
marketing years and time lags between reported exports and
imports.
    Soybean Meal
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Start Stocks  2.55    2.47     2.79    2.74
 Production   62.71   62.40    60.09   60.09
 Imports      23.47   23.49    23.48   23.47
 Consumption  62.69   62.49    61.06   61.10
 Exports      23.51   23.39    22.76   22.74
 End Stocks    2.52    2.47     2.55    2.47
  Note - Imports and exports may not balance due to differing
marketing years and time lags between reported exports and
imports.
    Soybean Oil
                1986/87          1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Start Stocks  1.61   1.51       1.37   1.36
 Production   14.20  14.13      13.65  13.66
 Imports       3.31   3.29       3.08   3.05
 Consumption  14.02  14.03      13.33  13.40
 Exports       3.33   3.35       3.15   3.16
 End Stocks    1.78   1.54       1.61   1.51
   Note - Imports and exports do not balance due to differing
marketing years and time lags between reported exports and
imports.
    Cotton (Mln Bales)
               1986/87          1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks 45.87   48.14    42.70   43.11
 Production  69.53   69.66    78.94   78.92
 Imports     23.07   23.07    21.49   21.45
 Mill Use    80.72   77.08    76.84   74.79
 Exports     23.37   23.50    20.25   20.28
 End Stocks  34.16   39.99    45.87   48.14
  Note - Imports and exports may not balance due to cotton in
transit and reporting discrepancies in some countries.
    Rice (Milled Basis)
                1986/87          1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Start Stocks 24.71   24.75     22.16   22.16
 Production  317.90  318.90    320.12  320.05
 Imports      10.56   10.63     11.68   11.70
 Dom. Use    321.41  321.87    317.58  317.46
 Exports      12.11   12.22     12.49   12.39
 End Stocks   21.19   21.78     24.71   24.75


.I 5263
.C
earn
.W
ADAMS EXPRESS CO <ADX> MARCH 31 ASSETS.
    NEW YORK, April 9 -
    Shr 22.50 dlrs vs 21.74 dlrs
    Assets 546.9 mln vs 485.2 mln
    Shrs out 24.3 mln vs 22.3 mln
    NOTE: lastest assets after capital gain distributions of 28
cts a share in February 1987 and 2.55 dlrs a share in December
1986


.I 5264
.C
earn
.W
PETROLEUM AND RESOURCES CORP <PEO> MARCH 31.
    NEW YORK, April 9 -
    Shr 31.36 dlrs vs 25.23 dlrs
    Assets 286.5 mln vs 253.0 mln
    Shrs out 9,138,526 vs 8,839,695
    NOTE: latest assets after capital gain distributions of 50
cts a share in February 1987 and 83 cts a share in December
1986, and with 29,955,000 stated value 1.676 dlr convertible
preferred stock outstanding.


.I 5271
.C
money-fx;interest;
.W
BANK OF FRANCE TO HOLD MONEY MARKET TENDER TODAY.
    PARIS, April 9 - The Bank of France said it has invited
offers of first category paper today for a money market
intervention tender.
    Money market operators were divided over whether the Bank
of France will use to occasion to cut its intervention rate,
which has stood at 7-3/4 pct since March 9.
    Some thought a price cut unlikely while others said there
was room for a further 1/4 point cut by the bank.


.I 5272
.C
earn
.W
******RIO TINTO-ZINC CORP PLC 1986 PRETAX PROFIT 601.7 mln stg.
vs 614.4 mln

.I 5273
.C
earn
.W
RIO TINTO-ZINC NET ATTRIBUTABLE PROFIT LOWER.
    LONDON, April 9 - Year to December 31, 1986
    SHR 78.91p vs 83.05p
    DIV 16.5p making 23.5p vs 22p
    PRETAX PROFIT 601.7 mln stg vs 614.4 mln
    NET ATTRIBUTABLE PROFIT 245 mln stg vs 257 mln
    TURNOVER 3.34 billion stg vs 3.09 billion
    Note - Accounts have been restated
    Full name of company is Rio Tinto-Zinc Corp Plc <RTZL.L>
    Group operating profit 529.4 mln stg vs 470.7 mln
    Operating costs 2.81 billion stg 2.63 billion
    Share of profit less losses of related companies 104.4 mln
stg vs 165.0 mln
    Interest receivable/other income 41.5 mln stg vs 47.4 mln
    Interest payable 73.6 mln stg vs 68.7 mln
    Tax 274.8 mln stg vs 277.1 mln
    Leaving 326.9 mln stg vs 337.3 mln
    RTZ' investment in Australian associate CRA has been equity
accounted for 1986 and 1985 figures restated on the same basis
after the reduction of RTZ's interest to 49 pct in October
1986.


.I 5276
.C
earn
.W
******Burmah Oil 1986 pre-tax profit 105.9 mln stg vs 79.6 mln.

.I 5277
.C
interest
.W
GERMAN BANKERS' REMARKS REVIVE TALK OF RATE CUT.
    FRANKFURT, April 9 - Remarks by two leading central bankers
sparked renewed speculation in financial markets that a cut in
the West German three pct discount rate may be under
discussion, currency dealers said.
    Bundesbank board member Claus Koehler said in a speech that
monetary growth resulting from speculative capital inflows
required cuts in interest rates.
    Separately, West Berlin state central bank president Dieter
Hiss told journalists that the discount rate could fall below
its lowest ever point of 2.75 pct. He made clear that he was
not making a forecast on interest rates, however.
    Currency dealers here and in the Far East said the dollar
gained slight background support from the speculation.
    But German dealers noted that the Bundesbank kept the 3.80
pct rate unchanged at which it offered liquidity to the money
market this week, dashing some expectations that it may either
offer lower fixed rate money or offer a reduced minimum rate
and let the strength of banks' demands set the allocation rate.
    It allocated 6.1 billion marks in new liquidity, much less
than the 14.9 billion leaving the market as a prior pact
expired. This further weakened sentiment the Bundesbank could
move to a more accommodative monetary stance, dealers said.
    Koehler said in a speech in Surrey, England, speculative
capital inflows may cause monetary growth, regardless of
whether central banks intervened or exchange rates fell.
    "In other words, the monetary policy measures required are
different from -- and sometimes diametrically opposed to --
those needed when the money stock is increasing as a result of
mounting economic activity."
    Though Koehler was known to be the most liberal of the
generally monetarist Bundesbank board, his comments marked the
first time cuts in rates had been concretely suggested as a
counterpoint to overly strong monetary growth, dealers said.
REUTER^M

.I 5279
.C
trade
.W
SOVIET TRADE DEFICIT WITH WEST SOARS IN 1986.
    MOSCOW, April 9 - The Soviet trade deficit with the West
almost quadrupled last year, reaching 2.72 billion roubles
compared with 713 mln in 1985, official figures showed.
    Statistics published by the monthly journal Foreign Trade
showed Soviet trade turnover for 1986 fell to 130.9 billion
roubles from 142.1 billion the previous year, a drop of 7.8
pct.
    Moscow's trade surplus with East Bloc countries continued
to grow in 1986.
    Western analysts attributed the deficit rise with the West
to the world oil price slump, which hit Moscow's main export
and cut hard currency earnings needed for purchases in the
West.


.I 5280
.C
earn
.W
BURMAH OIL PROFIT CLIMBS TO 105.9 MLN STG.
    LONDON, April 9 - Year 1986
    Shr 33.54p vs 34.2p.
    Final div 9.5p, making 14p vs 12.75p.
    Pre-tax profit 105.9 mln stg vs 79.6 mln.
    Net profit before minorities 56 mln vs 52.1 mln.
    Turnover net of duties 1.32 billion stg vs 1.46 billion.
    Minorities 800,000 stg vs same.
    Extraordinary debit 20.4 mln vs 28.2 mln.
    NOTE: Company's full name is The Burmah Oil Co Plc <BURM.L>
REUTER^M

.I 5281
.C
wheat;grain;
.W
CHINA'S WHEAT CROP THREATENED BY PESTS, DISEASE.
    PEKING, April 9 - Pests and disease, which destroyed 1.1
mln tonnes of wheat in China in 1986, are threatening crops on
11.64 mln hectares this year, the China Daily said.
    About 14.54 mln hectares of wheat were affected in 1986.
    The paper said abnormal weather conditions had encouraged
the spread of wheat midges in 2.47 mln hectares in Shanxi,
Henan, Sichuan, Anhui, Hebei and Jiangsu.
    In Henan, Shandong and Hebei wheat aphids are affecting
4.67 mln hectares, wheat red mite 2.8 mln hectares and wheat
powdery mildew 1.7 mln hectares.


.I 5286
.C
earn
.W
******RIO TINTO-ZINC CORP PLC 1986 PRETAX PROFIT 601.7 mln stg.
vs 614.4 mln

.I 5287
.C
earn
.W
RTZ SEES RISING U.S. OUTPUT AIDING 1987 RESULTS.
    LONDON, April 9 - Rio Tinto-Zinc Corp Plc <RTZL.L>, RTZ,
said the predicted rise in industrial production in the U.S.
And Europe should boost its 1987 performance.
    Consumption of some base metals and their dlr prices are
showing signs of improvement, although iron ore markets have
weakened. The oil price in U.S. Dlrs is above the 1986 average,
and if sustained, should improve energy earnings.
    The company was commenting in a statement on its 1986
results which, on a restated basis, showed net attributable
profits lower at 245 mln stg after 257 mln the previous year.
Pretax profits also dipped to 601.7 mln stg after 614.4 mln.
    RTZ said the excellent performance of its expanding range
of industrial businesses in 1986 was offset by the collapse in
oil prices.
    Industrial businesses contributed 202 mln stg to net
profit, a 40 pct increase from 144 mln in 1985, and 60 pct of
the total. Trading performance improved at wholly-owned
subsidiaries RTZ Borax Ltd, RTZ Cement Ltd, RTZ Chemicals Ltd
and RTZ Pillar Ltd. First time contributions from recent
investment and acquisitions mainly in speciality chemicals and
minerals also aided performance.
    Metals activities contributed 83 mln stg to net profit.


















.I 5289
.C
earn
.W
BRIDGESTONE CORP <BRIT.T> YEAR TO DECEMBER 31.
    TOKYO, April 9 -
    Group shr 35.99 yen vs 38.28
    Net 21.01 billion vs 21.08 billion
    Current 47.73 billion vs 48.06 billion
    Operating 55.04 billion vs 54.99 billion
    Sales 792.71 billion vs 864.28 billion
    NOTE - Company forecast for current year is group shr 37.70
yen, net 22 billion, current 52 billion and sales 800 billion.


.I 5292
.C
sugar
.W
EC SUGAR TENDER SEEN MARKING NO CHANGE IN POLICY.
    BRUSSELS, April 9 - The maximum export rebate granted at
yesterday's EC sugar tender marked no change in policy over
producer complaints that they are not obtaining the EC
intervention price in exporting sugar outside the Community, EC
Commission sources said.
    The maximum rebate was 46.496 Ecus per 100 kilos for
118,350 tonnes of sugar, down from 46.864 Ecus the previous
week, but the change is explained by world market conditions.
    Producers claim the rebate was short of the level needed to
obtain a price equivalent to the intervention price by over one
Ecu per 100 kilos, and was 0.87 Ecu short the previous week,
the sources said.
    They said this was despite the fact that the Commission had
to accept 785,000 tonnes of sugar into intervention from
operators protesting that rebates are too low.
    Operators have now until early May to withdraw this sugar.
But they have not given any sign of planned withdrawals unless
the Commission reviews its export policy, they said.


.I 5294
.C
earn
.W
BURMAH OIL PROSPECTS REMAIN FAVOURABLE.
    LONDON, April 9 - The current year has opened well, with
trading prospects remaining favourable, Burmah Oil Co Plc
<BURM.L> said in a statement with its 1986 results.
    The company plans to maintain a steady rate of investment
in its marketing operations and to obtain improved profit
margins on its liquified natural gas, LNG, project.
    Burmah has the financial capacity to continue making
acquisitions within its business sectors, it added. The
rationalisation programme, including sale of the Bahamas oil
terminal and all peripheral activities, is now complete.
    Pre-tax profit for 1986 rose to 105.9 mln stg from 79.6
mln.
REUTER^M

.I 5295
.C
earn
.W
GEBRUEDER SULZER 1986 PROFIT UP ALMOST 60 PCT.
    WINTERTHUR, Switzerland, April 9 - Year 1986
    Consolidated net profit 67 mln Swiss francs vs 42 mln.
    Dividend 100 francs per registered share vs 80 francs and
10 francs per participation certificate vs eight.
    Consolidated turnover 4.55 billion francs vs 4.54 billion.
    Parent company net profit 38.2 mln francs vs 26.4 mln.
    Parent company turnover 2.20 billion francs vs 2.29
billion.
    Note - Company's full name is Gebrueder Sulzer AG <SULZ.Z>


.I 5298
.C
yen
.W
JAPAN BUSINESS LEADERS SAY G-7 ACCORD IS WORRYING.
    TOKYO, April 9 - The leaders of two of Japan's top business
groups said in separate statements the Group of Seven (G-7)
accord reached in Washington yesterday is of deep concern to
Japan because it shows the major industrial nations regard the
yen's current level as appropriate.
    Eishiro Saito, chairman of the Federation of Economic
Organizations (Keidanren), said the yen's present rate is well
above adequate levels. He did not elaborate.
    Takashi Ishihara, chairman of the Japan Committee for
Economic Development, said the accord will not prevent the yen
from rising further.
    "We do not understand why the G-7 approved present rates as
the yen has risen excessively since the Paris accord," Ishihara
said.
    G-7 members Britain, Canada, France, Italy, Japan, the U.S.
And West Germany said in a statement they consider their
currencies are now within ranges broadly consistent with
economic fundamentals.
    Saito called on each G-7 member nation to prepare to
intervene in the market strongly enough to ensure exchange
rates are stabilised at appropriate levels.


.I 5302
.C
acq
.W
PERGAMON HOLDINGS REDUCES BPCC AND HOLLIS STAKES.
    LONDON, April 9 - <Pergamon Holdings Ltd> and its associate
companies said that they had sold 30 mln ordinary shares in the
British Printing and Communication Corp Plc <BPCL.L> and 10.5
mln in <Hollis Plc> together with other securities.
    No total price was given but the company said the proceeds
of the sales would be used to fund Pergamon's expansion
programme and worldwide acquisition stategy. The company said
that following these sales Pergamon's ordinary shareholdings in
both BPCC and Hollis remained above 51 pct. It said it had no
intention of further reducing its holdings in either company.


.I 5304
.C
earn
.W
NATIONALE NEDERLANDEN PROFITS, SALES STEADY.
    THE HAGUE, April 9 - Year 1986
    Net profit 635.5 mln guilders vs 603.4 mln.
    Revenues 17.35 billion guilders vs 17.27 billion.
    Net profit per nominal 2.50 guilder share 5.79 guilders vs
5.67, corrected for capital increase. (1985 uncorrected figure
5.73).
    Dividend 2.50 guilders vs 2.38, corrected. (2.40
uncorrected.)
    Note - Full name is Nationale Nederlanden NV <NTNN.AS>
REUTER

.I 5307
.C
rubber
.W
SHANGHAI TYRE FACTORY TO RAISE 30 MLN U.S. DLRS.
    HONG KONG, April 9 - Ta Chung Hua Rubber Factory of
Shanghai will raise a 30 to 35 mln U.S. Dlr loan to expand and
modernise its plant, arranger CCIC Finance Ltd said.
    The loan, to be lead managed by the Bank of China, is
expected to mature in eight to nine years, but terms have not
been finalized.
    The money will be used to import manufacturing equipment
including technology transfer for the production of truck
radial tyres. Part of the output will be exported.
    The expansion program is expected to cost a total 54 mln
dlrs. The shortfall will be financed domestically.


.I 5308
.C
interest
.W
SAUDI RATES RISE AS BAHRAIN BANKS CAUGHT SHORT.
    BAHRAIN, April 9 - Saudi riyal interest rates rose as
Bahrain-based banks scrambled to cover short positions, dealers
said.
    Several Bahrain banks had been lending in the fixed periods
and borrowing in the short dates, but today they found the
day-to-day money in short supply, dealers said.
    "Everybody's stuck in the spot-next," one trader said.
    Spot-next rose to as high as 6-1/4, six pct from 5-1/4,
five pct yesterday, and the borrowing interest spilled over
into the periods, with one month rising to around 6-3/16,
5-15/16 pct from 5-15/16, 7/8 pct yesterday.
    Three months edged up to around 6-9/16, 5/16 pct from
6-7/16, 1/4 pct, while six months was quoted a touch firmer by
some banks at seven, 6-3/4 pct.
    Commercial banks quoted the spot riyal at 3.7500/04 to the
dollar after 3.7507/09 yesterday.


.I 5309
.C
gold
.W
BELGIUM TO ISSUE GOLD WARRANTS, SOURCES SAY.
    ZURICH, April 9 - Belgium plans to issue Swiss franc
warrants to buy gold, with Credit Suisse as lead manager,
market sources said.
    No confirmation or further details were immediately
available.


.I 5311
.C
earn
.W
PHILIPPINE TELEPHONE FIRM PLANS STOCK SPLIT.
    By Chaitanya Kalbag, Reuters
    MANILA, April 9 - The Philippine Long Distance Telephone Co
<PLDT.MN> is planning a two-for-one stock split and a 20 pct
stock dividend later this year to reduce excess market
buoyancy, Vice-President Sennen Lazo told Reuters.
    Lazo said the stock split would reduce the par value of the
company's common stock from 10 to five pesos.
    He said the stock split would apply to holders of about 18
mln common shares of stock on the record date of September 15
1987. "The exercise should make our stock more marketable," Lazo
said. "Now it is beyond the reach of many small investors."
    PLDT common stock surged from a low of 37 pesos in February
1986 to 367.50 at close of trading yesterday on the Manila
Stock Exchange.
    Lazo said the 20 pct stock dividend, payable on October 15,
would also apply to stockholders on record as of September 15.
    PLDT reported 1986 net income of 1.89 billion pesos, up 68
pct from 778.9 mln pesos in 1985, on operating revenues of six
billion pesos, up from 4.7 billion pesos in 1985.
    At end December 1986 the company had 417,100 stockholders.
    A PLDT spokesman said the company's profits are likely to
be substantial since the government raised its franchise tax to
three pct from two and to impose a 35 pct corporate income tax
from which it was previously exempt.
    The government has not so far ordered the implementation of
the tax decision.
    PLDT is the largest of 58 telephone companies in the
Philippines. On December 31 1986 the company had 856,014
telephones in operation, representing 94 pct of all instruments
in the country.
    In Manila item "Philippine Telephone firm plans stock split"
please read in page 3, first para, "the company's profits are
likely to be substantially cut" (inserting dropped word). This
replaces  "the company's profits are likely to be substantial"

.I 5313
.C
sugar
.W
CARGILL CONFIRMS WHITE SUGAR SALE TO INDIA.
    LONDON, April 9 - London-based trader Cargill (U.K.) Ltd
confirmed it sold one cargo of white sugar to India for
shipment April 15/May 15 at yesterday's tender.
    Price details were not immediately available but some
traders suggested business had been done around 220 dlrs a
tonne cif.
    India tendered for one or two cargoes of white sugar. There
was no specific requirement on shipping period.


.I 5314
.C
nat-gas
.W
MALAYSIA SEEKS 42 BILLION YEN PIPELINE LOAN.
    KUALA LUMPUR, March 9 - Malaysia has asked Japan for a 42
billion yen 25-year loan to finance the construction of gas
pipelines from eastern Trengganu to southern Johor, the
Overseas Economic Cooperation Fund (OECF) said.
    OECF's chief representative, Takashi Matsuya, told
reporters the Japanese Government is appraising the loan.
Another OECF official told Reuters Japan is likely to approve
the loan because "it is technically and economically viable."
    If approved, the loan would carry a coupon rate of four
pct, a grace period of seven years, Matsuya said. It would be
disbursed over three years, he added.
    The pipeline contruction is the second phase of the
Peninsular Gas Utilisation Project by Petronas, Malaysia's
national oil company.
    The first phase was the supply of gas to households in and
around the eastern oil town of Kertih.


.I 5315
.C
earn
.W
CCF REPORTS 34.8 PCT PROFIT BOOST, SHARE SPLIT SEEN.
    PARIS, April 9 - Credit Commercial de France <CCFP.PA>
reported a parent company net profit up 34.8 pct to 140.1 mln
francs from 103.9 mln francs a few weeks before its
denationalisation around the end of this month.
    Official sources said the bank, France's sixth largest in
terms of its deposits and seventh in terms of its assets,

planned a share split to increase the number of shares on offer
ahead of the sale of 40 pct of its ordinary share capital to
the public, of 10 pct to staff and 20 pct abroad.
    Previously one of France's biggest private banks, it was
nationalised by the Socialists in 1982.
    The sources said it was too early to give details of the
planned split or of the share price, but cited April 27 as a
likely date for the flotation launch.
    So far 30 pct of the group's capital, currently at 10.33
mln shares of 100 francs nominal, has been offered for sale to
large private investors to constitute a solid core of eight to
ten shareholders before the flotation.
    The private tender offer closes on April 16, while a 12 mln
franc advertising campaign for the flotation begins on Sunday.
"The privatisation will be a way of attracting extra clients,"
CCF deputy director-general Rene de la Serre told Reuters.
    Market sources put the total value of CCF's privatisation
at between four and five billion francs.
    De la Serre said the bank was likely to attract at least
the same number of investors as <Sogenal>, another recently
privatised bank in which 850,000 people bought shares.
    The government's sweeping privatisation programme has also
included the sale of Saint-Gobain <SGEP.PA>, and Cie Financiere
de Paribas <PARI.PA>. The sale of <Banque du Batiment et des
Travaux Publics> and <Banque Industrielle et Mobiliere Privee>
should be completed this month, while third largest French bank
Societe Generale <SGEN.PA> will be privatised later this year.


.I 5318
.C
platinum
.W
JOHNSON MATTHEY'S PLATINUM GROUP PRICES.
    LONDON, APRIL 9 - Johnson Matthey today issued the
following Platinum group base prices (unfabricated), all U.S.
Dlrs per troy ounce.
 Previous prices in parentheses.
 PLATINUM  -   562   (567)
 PALLADIUM -   130   (130)
 IRIDIUM   -   400   (400)
 RHODIUM     1,230 (1,230)
 RUTHENIUM -    80    (80)

.I 5319
.C
acq
.W
LEX SERVICE BUYS SEARS MOTOR GROUP.
c    LONDON, April 9 - Lex Service Plc <LEXL.L> said it had
acquired <Sears Motor Group Ltd>, the retail motor distribution
arm of Sears Plc < SEHL.L>, and an 11.9 mln stg loan note
payable by Sears Motor for 33.4 mln stg.
    The purchase will be through 1.4 mln stg in cash and the
issue to Sears Plc of 8.0 mln new Lex ordinary shares.
    The company said in a statement that immediately following
the acquisition of the motor group, its car and commercial
vehicle contract hire fleet of some 3,000 vehicles was sold to
<Lex Vehicle Leasing Ltd> for 14.3 mln stg in cash, a sum equal
to the net book value of the vehicles transferred.
    Lex Vehicle is owned equally by Lex Services and <Lombard
North Central Plc>.
    Lex said the shares involved in the transaction were today
being placed for Sears Plc with institutions at 400p. These
shares will not qualify for the final Lex dividend on 10 April.
    Lex said in a statement that its acquisition of Sears Motor
Group represents a major development for its automotive
activities. The enlarged retailing operations of the Lex
Automotive group now have a turnover of 530 mln stg. Lex's
existing automotive interests include Volvo Concessionaires,
the sole importer of Volvo cars and parts into the U.K.
    Lex said the turnover for Sears Motor Group in the year to
31 December 1986 was 242 mln stg and that at the date of the
acquisition the group had about 50 mln stg in external
borrowings.
    Lex shares fell on the announcement to trade around 409p
from a 419p close yesterday.


.I 5322
.C
rubber
.W
MAJOR RUBBER PRODUCERS TO MEET IN SINGAPORE.
    SINGAPORE, April 9 - Officials from Indonesia, Malaysia,
Singapore and, perhaps, Thailand will meet here tomorrow to
discuss increased regional cooperation on rubber marketing and
ways to raise rubber prices, industry sources said.
    The officials will discuss linking rubber markets in the
four countries to improve price transparency, the sources said.
    This is the first time Indonesia is attending such a
meeting, they said, but representatives from Thailand may not
be able to attend because of their tight schedule. Malaysia,
Indonesia and Thailand account for 90 pct of world rubber
exports and Singapore is a major regional rubber trading
centre.
    The Malaysian Rubber Futures market, freighting and
contracts for rubber are among other issues expected to be
discussed.
    Last month, rubber importing and exporting countries
adopted a new International Natural Rubber Agreement in Geneva.
The new pact is more responsive to market trends than its
predecessor, the sources said, and earlier provisions allowing
the buffer stock to borrow from banks have been eliminated.


.I 5323
.C
acq
.W
MEPC EXTENDS OFFER FOR OLDHAM.
    LONDON, April 9 - MEPC Plc <MEPC.L> said that its offer for
<Oldham Estates Ltd> would remain open until further notice.
    On February 26 MEPC made an agreed bid for Oldham based on
a formula reflecting its asset value at 30 September 1986. A
year earlier Oldham's net asset value was put at 531.4 mln stg.
    As of 1 April the valuation used under the formula had
still to be agreed so Oldham had yet to give a firm
recommendation to its shareholders regarding the value of the
the offer.


.I 5325
.C
earn
.W
GEORGE WIMPEY PROFITS UP 42 PCT TO 66.5 MLN STG.
    LONDON, April 9 - Year to December 31, 1986.
    Shr 18.35p vs 14.95p
    Div 3.75p vs 2.9p making 4.75p vs 3.75p
    Pretax profit 66.5 mln stg vs 46.9 mln
    Tax 14.6 mln stg vs 4.5 mln
    Net profit 51.9 mln stg vs 42.4 mln
    Turnover 1.44 billion stg vs 1.58 billion
    Note - Full name of company is George Wimpey Plc <WMPY.L>.
    Operating profit before exceptional items 88.9 mln stg vs
80.5 mln
    Exceptional debits 3.0 mln stg vs 11.6 mln
    Operating profit 85.9 mln stg vs 68.9 mln
    Share of profits less losses of associated companies 1.4
mln stg vs 2.4 mln loss
    Interest - net payable 20.8 mln stg vs 19.6 mln
    Attributable minority profits debits 0.2 mln stg vs 0.3 mln
    Extraordinary items debit 3.4 mln stg vs 4.3 mln credit
    Net borrowings 195.1 mln stg vs 193.5 mln


.I 5326
.C
trade
.W
******CANADA FEBRUARY TRADE SURPLUS 1.25 BILLION DLRS AFTER.
JANUARY 623 MLN DLRS SURPLUS

.I 5327
.C
earn
.W
AEGON 1986 NET PROFIT RISES 6.4 PCT.
    THE HAGUE, April 9 - Net profit 327.1 mln guilders vs
307.5.
    Total revenue 7.97 billion guilders vs 8.7 billion.
    Net profit per five guilder nominal share 9.33 guilder vs
9.25 (corrected for capital increase).
    Final dividend 1.30 guilders and 2.4 pct stock vs 1.30
guilders and 2.2 pct in stock. Interim dividend already paid
was 1.30 guilders.
    Note : full name of company is AEGON NV <AEGN.AS>


.I 5328
.C
trade
.W
CANADA FEBRUARY TRADE SURPLUS 1.2 BILLION DLRS.
    OTTAWA, April 9 - Canada had a trade surplus of 1.25
billion dlrs in February compared with an upward revised 623
mln dlrs surplus in January, Statistics Canada said.
    The January surplus originally was reported at 533 mln
dlrs. The February surplus last year was 189 mln dlrs.
    February exports, seasonally adjusted, were 10.44 billion
dlrs against 9.85 billion in January and 10.05 billion in
February, 1986.
    February imports were 9.19 billion dlrs against 9.23
billion in January and 9.86 billion in February, 1986.


.I 5329
.C
dlr;money-fx;
.W
BANK OF JAPAN BUYS DOLLARS IN TOKYO, DEALERS SAY.
    TOKYO, April 9 - The Bank of Japan bought a modest amount
of dollars at around 145.10 yen just after the market here
opened, dealers said.
    Just before the opening, the dollar dropped swiftly as
speculators concluded the Group of Seven (G-7) comminuique
issued in Washington contained nothing basically new, they
said. It fell about a half yen, to around 145.
    The G-7 reaffirmed that their currencies around current
levels reflect economic fundamentals.
    One dealer said the Bank of Japan probably intervened in
Australia before the opening here, but could not confirm this.


.I 5330
.C
yen
.W
MIYAZAWA SAYS YEN STILL INSIDE PARIS RANGE.
    WASHINGTON, April 8 - Japanese Finance Minister Kiichi
Miyazawa said the strengthening of the yen against the dollar
that has occurred since the Paris Agreement was within the
range agreed on in the Louvre discussions.
    "I would say that what has happened (to the yen) in the past
several weeks was not outside the range we agreed to in the
discussions in Paris," Miyazawa told a press conference
following the Group of Seven meeting here.
    He added that the current discussions were a "reaffirmation"
of that agreement, indicating that the "solidarity" that occurred
in Paris was still in place.


.I 5334
.C
money-fx
.W
U.K. MONEY MARKET GETS 103 MLN STG HELP.
    LONDON, April 9 - The Bank of England said it operated in
the money market this morning, buying 103 mln stg bank bills.
    The central bank bought in band one 60 mln stg at 9-7/8, in
band two eight mln at 9-13/16, in band three 26 mln at 9-3/4
and in band four nine mln stg at 9-11/16 pct.
    This compares with the bank's forecast of a 400 mln stg
shortfall today.


.I 5336
.C
earn
.W
NATNED FORECASTS 1987 RESULTS IN LINE WITH 1986.
    THE HAGUE, April 9 - The Netherlands' largest insurer
Nationale Nederlanden NV <NTTN.AS> (NatNed) said it expected at
least unchanged results in 1987 after reporting 1986 net
profits up 5.3 pct to 635.5 mln guilders from 603.4 mln in
1985,
    Revenues increased by 0.5 pct to 17.35 billion guilders
after 17.27 billion the previous year, and the dividend was
raised to 2.50 guilders per share from 2.38 guilders in 1985,
corrected on a capital increase.
    The company said guilder revenue and profit were pressured
by falls in exchange rates, particularly in the US and
Australian dollar and sterling.
    Without these currency fluctuations, net profit would have
been 30.7 mln guilders higher and revenue 1.97 billion higher,
NatNed said.
    The international share in turnover was 50 pct in 1986
compared with 52 pct in 1985.
    The company's life insurance result fell to 365.7 mln
guilders after 428.4 mln in 1985 due to currency influences,
tighter interest margins and increased investment.
    Claim payouts fell to 9.9 mln guilders after 66.6 mln the
previous year.
    The company's total assets reached 69.87 billion guilders
in 1986 against 67 billion the year before.
    Assets per share equalled 65.68 guilders against 65.53.
    Without these currency fluctuations, net profit would have
been 30.7 mln guilders higher and revenue 1.97 billion higher,
NatNed said.
    The international share in turnover was 50 pct in 1986
compared with 52 pct in 1985.
    The company's life insurance result fell to 365.7 mln
guilders aft
 INTERRUPTED

.I 5339
.C
reserves
.W
BANK OF FRANCE RETURN - APR 9.
 Week end Apr 2 (in mln francs)
 Gold reserves 218,316 (unch)
 Convertible Currency Reserves 119,518 (116,728)
 Ecus 62,008 (62,020)
 Special Operations (advances to
     Exchanges stabilisation fund) nil (nil)
 Special Drawing Rights 6,866 (unch)
 Notes In Circulation 209,260 (207,517)
 Foreign Liabilities 3,101 (3,082)

.I 5340
.C
dlr;money-fx;
.W
EUROPEAN MARKETS REACT QUIETLY TO G-7 COMMUNIQUE.
    By Richard Murphy, Reuters
    ZURICH, April 9 - European currency markets reacted quietly
to the G-7 communique, with comments from bankers and dealers
ranging from disappointment that it was not more concrete to
surprise that the markets should have expected so much.
    The dollar opened lower against virtually all currencies
and traded in a narrow range after the communique, which
reaffirmed support for the Paris accord on currency
stabilisation but contained no moves to strengthen it.
    Dealers in Frankfurt and Zurich saw the dollar remaining
broadly entrenched in its current trading range.
    "The dollar is likely to stay within a range of 1.80 to 1.84
marks," said Gisela Steinhaeuser, senior dealer at Chase Bank
AG. She said there was some resistance to further climbs.
    However, she said the dollar could break out of the range
with major surprises such as a worse-than-expected U.S.
Merchandise trade deficit, due next Tuesday.
    Theodor Stadelmann, dealer with Bank Julius Baer and Co Ltd
in Zurich, said he expects the dollar to hold steady against
the mark and Swiss franc but to weaken further against the yen,
possibly to 140 yen.
    A Milan banker shared Stadelmann's view, saying he expects
a dollar-yen range of 140-150 in the short term.
    London traders said the G-7 communique failed to curb
underlying bearishness toward the dollar but this negative
sentiment was not yet strong enough to tempt interbank
operators to test the downside.
    Concern that finance ministers and officials still in
Washington could issue more concrete statements in favour of
currency stabilisation kept players sidelined, along with
worries about provoking fresh central bank intervention in the
near term, the traders said.
    Most Paris dealers expressed disappointment at the
communique, saying nothing has changed to reverse the dollar's
downward trend.
    Traders in several centres said the market would look for
fresh opportunities to test the willingness of central banks to
defend current ranges, which the communique said were "broadly
consistent with economic fundamentals and the basic policy
intentions outlined at the Louvre meeting."
    Dave Jouhin, senior dealer at Midland Bank in London, said
"They're going to put somebody's resolve to the test soon." The
U.S. February trade data may provide the trigger, dealers said.
    However, some dealers said London-based operators would be
unlikely to open major positions next week ahead of the long
Easter weekend. They saw near-term technical support at 1.825
marks and 145 yen and resistance about 1.83 marks and 146 yen.
    Chase Bank's Steinhaeuser and other Frankfurt dealers said
the G-7 communique guaranteed a relatively calm and stable
market for the foreseeable future compared with the extreme
volatility seen in the first few months of this year.
    One dealer at a German bank said the wording of the
communique made clear the leading nations did not want a
further dollar drop, and this was supporting the dollar.
    The German dealer saw the dollar gradually appreciating to
1.87 marks, broadly seen as its upper limit within the Louvre
accord's supposed currency target range.
    A Swiss bank economist said he believed the markets were
ready for a period of "mainly sideways movement."
    But Milan dealers were sceptical about the communique
contributing to greater stability.
    "Nothing has changed substantially to give the dollar a big
boost," said one dealer, while another Italian banker said he
expects the dollar to trade between 1.77 and 1.87 German marks
in the next three months.
    A Swiss monetary source, who asked not to be named, said
the communique had been in line with realistic expectations and
should not have produced disappointment.
    "The problem is that the changes needed in fiscal and trade
policies to redress current imbalances are of a different
timescale than currency markets operate on," the source told
Reuters, "This is a political process which takes time."
    Alois Schwietert, chief economist at Swiss Bank Corp in
Basle, also questioned the tone of disappointment evident on
currency markets today. "Did people really expect a patent
remedy?" he asked.
    Bank economists in Paris noted yesterday's meeting was only
the first in a series and said the market would watch carefully
in the next few weeks for any changes in positions.
    A senior economist with Banque Indosuez said the focus was
now on trade and growth rather than interest rates. Any move by
Japan and West Germany to boost their economic growth could
lead to a quick change in the U.S. Position.
    Dealers in all centres agreed that markets would be wary in
pushing the dollar too far too quickly in the coming months
while central banks appear resolved to use their muscle to
support the Paris accord.


.I 5342
.C
money-fx;interest;
.W
GERMAN MONEY MARKET SPLIT ON LOWER RATE PROSPECTS.
    FRANKFURT, April 9 - Remarks by central bankers raised some
hopes the Bundesbank will cut rates on securities repurchase
pacts, but operators remained divided on the likelihood of a
move in the near term, money market dealers said.
    Comments by Bundesbank board member Claus Koehler yesterday
that rate cuts were needed to curb money supply growth from
speculative capital inflows, and by West Berlin state central
bank president Dieter Hiss that there was no natural lower
limit to the discount rate had, however, no immediate impact.
    Call money declined to 3.65/75 pct from 3.75/85 pct but the
drop was tied to extra liquidity in the market, dealers said.
    Dealers said the Bundesbank's latest liquidity allotment
this week dashed some hopes of lower rates.
    The Bundesbank allotted only 6.1 billion marks yesterday in
new liquidity in a repurchase pact at an unchanged rate of 3.80
pct, thus subtracting some 8.8 billion marks from the market,
as an outgoing 14.9 billion pact expired.
    But some dealers said the smaller volume awarded by the
pact was in line with present liquid money market conditions,
and did not exlude a cut in the repurchase pact rate soon to
3.70 pct if money market rates continue at present levels.
    The next opportunity for the Bundesbank to lower rates on
repurchase pacts will be in a tender expected next Tuesday.
    Bundesbank officials have already said they favour more
discreet rate adjustments through repurchase pacts, rather than
the more public adjustment of leading rates.
    The Bundesbank may either set a fixed allocation rate and
allow banks to tender for the volume, as has been the case
since it lowered its discount rate January 22, or else it may
allow banks to tender for the rate and set the volume itself.
    Dealers expect volume of the tender to be lower than the
15.2 billion marks flowing out, to offset other incoming funds.
    Some seven billion marks is expected to flow in next week.
This should then flow back into the market as it is deposited
with banks.
    Banks were well supplied with liquidity, holding 61.5
billion marks in reserves at the Bundesbank on Tuesday.
    Holdings of average daily reserves over the first seven
days of April stood at 59.6 billion marks, still above the
estimated 51 billion required for all of April.


.I 5344
.C
sugar
.W
THAILAND TO RENEW LONG TERM SUGAR CONTRACTS -TRADE.
    LONDON, April 9 - Thailand is to negotiate tomorrow with
selected trade houses for renewal of long term raw sugar sales
contracts, to cover the next five years at a rate of 60,000
tonnes annually, traders said.
    They also reported vague talk Algeria may be seeking 50,000
tonnes of raws tomorrow but details are unclear.


.I 5346
.C
money-fx
.W
SWISS TO LAUNCH NEW SERIES OF MONEY MARKET PAPER.
    ZURICH, April 9 - The Swiss Federal Government will launch
a new series of three month money market certificates totalling
around 150 mln Swiss francs, the National Bank said.
    Subscriptions close April 14 and payment date is April 16.
    The last series of three month paper issued in March raised
147.3 mln francs at an issue price of 99.142 pct, giving an
average annual yield of 3.501 pct.


.I 5347
.C
dlr;money-fx;
.W
EUROPEAN MARKETS REACT QUIETLY TO G-7 COMMUNIQUE.
    ZURICH, April 9 - European currency markets reacted quietly
to the G-7 communique, with comments from bankers and dealers
ranging from disappointment that it was not more concrete to
surprise that the markets should have expected so much.
    The dollar opened lower against virtually all currencies
and traded in a narrow range after the communique, which
reaffirmed support for the Paris accord on currency
stabilisation but contained no moves to strengthen it.
    Frankfurt and Zurich dealers saw the dollar staying broadly
entrenched in its current trading range.


.I 5348
.C
dlr;money-fx;yen;
.W
FINANCE MINISTERS AGREE ON NEED FOR STABILITY.
    WASHINGTON, April 9 - Finance ministers from seven major
industrialized nations agreed on the need to stabilize
currencies at current levels but said more action was needed to
reduce trade imbalances and sustain economic growth.
    In a communique issued after a four-hour meeting at the
U.S. Treasury that ended last night, the ministers said the
value of the dollar and other currencies was basically correct
now, and they welcomed new measures planned by the Japanese to
boost their economy.
    West German Finance Minister Gerhard Stoltenberg called it
a "good meeting" and in brief remarks exchanged with reporters
other ministers seemed pleased with its outcome.
    Shortly after the communique was issued and just as foreign
exchange trading opened in Tokyo, the Bank of Japan intervened
again to prevent the yen rising too quickly.
    The communique said, "The ministers and governors reaffirmed
the commitment to the cooperative approach agreed at the recent
Paris meeting. They agreed, however, that further actions will
be essential to resist rising protectionist pressures, sustain
global economic expansion and reduce trade imbalances."
    It welcomed the plans set this week by the Japan's ruling
Liberal Democratic Party to stimulate its economy with what the
communique termed "extraordinary and urgent measures" including
an "unprecedented front-end loading of public works
expenditures."
    The meeting of the so-called Group of Seven brought
together ministers and central bank governors of the seven
major industrial democracies, the United States, Japan, West
Germany, France, Britain, Italy and Canada.
    The communique said the ministers reaffirmed the commitment
on cooperation reached in a meeting on February 22 in Paris
when they had agreed to stabilize foreign exchange rates at the
then-current levels.
    In the weeks that followed, the dollar continued to fall
against the Japanese yen despite massive dollar purchases by
the Bank of Japan and other central banks and is now trading at
around postwar lows.
    Japan has come under growing criticism from both the United
States and European countries for its only modest efforts to
open its markets to outside competition and to reduce its
exports.
    The communique said Japan affirmed its intention to open
domestic markets to foreign goods and services but did not
elaborate.
    It said the officials "reaffirmed the view that around
current levels their currencies are within ranges broadly
consistent with economic fundamentals and the basic policy
intentions outlined at the Louvre meeting."


.I 5349
.C
earn
.W
AEGON EXPECTS MODERATE RISE IN 1987 PROFITS.
    THE HAGUE, April 9 - Dutch insurer AEGON NV <AEGN.AS>
reported a 6.4 pct increase in 1986 net profits to 327.1 mln
guilders and said it expected a moderate increase in profits
for 1987.
    Total revenue was eight pct lower in 1986 at 7.97 billion
guilders vs 8.7 billion guilders in 1985. The company said its
revenues were down due to lower foreign exchange rates and a
change in accounting practice. It added that revenues would
have risen by about seven pct had those changes not occurred.
    Revenue from Dutch operations rose five pct in 1986, mainly
due to its life insurance business.
    Health insurance revenues in the Netherlands also rose
despite a notable shift to insurances with lower premiums and
higher personal risks.
    Damage insurances made losses, mainly due to car damage
insurances. AEGON did not specify the loss.
    In the United States, revenue in guilders from health and
life insurance was lower. AEGON said this was due to a change
in accounting for U.S. Annuities.
    AEGON said annuities are subject to such strong personal
investment influences that it should be accounted differently
from the more traditional insurances.
    This change in accounting practice and another change to
account for profits made on fixed interest investments,
resulted in an incidental rise in net profits of 31 mln
guilders.
    AEGON said incidental negative influences on net profits
were slightly higher, being the lower dollar rate, high initial
costs for new products, and the cost of new headquarters in The
Hague.
    In 1986, a large number of new insurance products emerged
in the Netherlands and the U.S., AEGON said. Large initial
costs for these products have depressed net profits somewhat.
    Monumental Corp, a U.S. Insurer which merged with AEGON in
May 1986, saw its profits almost completely eroded by these
costs and made only a small contribution to the group's
profits.
    AEGON said it has written-off 657 mln guilders in goodwill
for Monumental Corp.
    AEGON's net equity was 2.71 billion guilders in December
1986, against 3.46 billion the year before.


.I 5351
.C
yen
.W
G-7 WANTS TO SHOW MARKETS ITS RESOLVE - MIYAZAWA.
    WASHINGTON, April 8 - Japanese Finance Minister Kiichi
Miyazawa said the Group of Seven (G-7) countries reaffirmed
their Paris accord on stabilising currencies to convince the
market of their resolve.
    At a news conference after today's G-7 meeting, Miyazawa
said the ministers and central bank governors did not believe a
totally new statement was needed.
    The speculative selling did not reflect economic
fundamentals, and since the fundamentals had not changed only a
reaffirmation of the goals of the Paris accord was needed, he
said.
    He also noted that this test of the G-7 nations resolve had
concentrated on the yen, while other currencies, especially the
mark, had remained stable.
    Miyazawa said any change in economic conditions since the
Paris accord was not worth being called fundamental.
    "As I said at a time of Louvre (agreement), the expression
of 'current level' is rather vague idea," he said.
    The yen's movement in the past several weeks is within the
range agreed in Paris in Febraury, he said.
    It was better to give a vague expression than pin-pointing
a level, which could have an adverse impact on the market,
Miyazawa said.
    Asked why only Japan was committed to fresh measures in the
statement, he said Japan was exceptional among the seven
because the yen appreciated against the dollar while other
major currencies largely have been stable.
    He also said Japan's ruling Liberal Democratic Party has
justed adoped a package to reflate the economy while other
nations are not supposed to produce new measures in a short
period since the Paris agreement.
    Miyazawa also said the U.S. sanctions against Japanese
semiconductor products was not discussed through the G-7
meeting and did not affect the currency talks.
    The seven nations discussed the debt problems of developing
countries and ways to proceed in line with the debt initiative
outlined by U.S. Treasury Secretary James Baker 18 months ago.


.I 5352
.C
yen
.W
YEN SEEN RISING AFTER G-7 COMMUNIQUE.
    By Jeremy Solomons, Reuters
    NEW YORK, April 8 - The yen is likely to start another
uneven rise against the dollar and other major currencies
because the Group of Seven communique contained nothing new,
currency and bond analysts here said.
    "Is that it? I was expecting something more than that," said
one trader at a major Wall Street securities company.
    Marc Cohen of Republic National Bank of New York said: "The
market now has the impetus to drive the dollar lower again."
    The dollar hovered between 145.50 and 147 yen in the days
just before the talks. Dealers restrained their underlying
bearishness and squared positions ahead of Wednesday's meeting
of the finance ministers and central bankers of the top seven
industrialized nations in Washington.
    After more than four hours of talks, the G-7 issued a
communique which merely reaffirmed the recent Paris agreement's
view that prevailing currency levels were broadly consistent
with economic fundamentals and that exchange rate stability
should be fostered around these levels.
    The dollar sank to 144.75 yen in early Tokyo trading.
    "They said that the dollar/yen rate was broadly in line with
fundamentals when it was 154. Now they are saying it's in line
when it's at 146. Will this still be so at 138 or 130?," asked
Republic's Cohen.
    Japanese Finance Minister Kiichi Miyazawa fuelled
speculation about the amount of fluctuation the authorities are
prepared to tolerate by saying that the current yen level is
still inside the range agreed on in Paris in late February.
    Official statements in recent weeks had indicated that the
key psychological level of 150 yen was at the lower end of the
authorities' permissible range.
    Dealers and analysts warned that the dollar's decline would
probably be uneven. They anticipated a concerted effort to prop
up the dollar and restrain the yen via a mixture of open market
intervention and public comments.
    Shortly after the Tokyo market opened today the Bank of
Japan was detected by local dealers buying moderate amounts of
dollars. The dollar rebounded to about 145.20 yen.
    The sources said the market may also be wary of agressively
selling dollars for yen before Tuesday's February U.S. Trade
data. The figures are expected to show a deficit of 13 billion
dlrs, from a provisional 14.8 billion in January.





.I 5353
.C
yen
.W
JAPAN BUSINESS LEADERS SAY G-7 ACCORD IS WORRYING.
    TOKYO, April 9 - The leaders of two of Japan's top business
groups said in separate statements the Group of Seven (G-7)
accord reached in Washington yesterday is of deep concern to
Japan because it shows the major industrial nations regard the
yen's current level as appropriate.
    Eishiro Saito, chairman of the Federation of Economic
Organizations (Keidanren), said the yen's present rate is well
above adequate levels. He did not elaborate.
    Takashi Ishihara, chairman of the Japan Committee for
Economic Development, said the accord will not prevent the yen
from rising further.
    "We do not understand why the G-7 approved present rates as
the yen has risen excessively since the Paris accord," Ishihara
said.
    G-7 members Britain, Canada, France, Italy, Japan, the U.S.
And West Germany said in a statement they consider their
currencies are now within ranges broadly consistent with
economic fundamentals.
    Saito called on each G-7 member nation to prepare to
intervene in the market strongly enough to ensure exchange
rates are stabilised at appropriate levels.


.I 5355
.C
earn
.W
UNIFIRST CORP <UNF> SETS QUARTERLY.
    WOBURN, Mass., April 9 -
    Qtly div five cts vs five cts prior
    Pay July One
    Record June 17


.I 5357
.C
earn
.W
<TRUMP PLAZA> 4TH QTR NET.
    ATLANTIC CITY, N.J., April 9 -
    Net profit 2,529,000 vs loss 1,066,000
    Revs 59.0 mln vs 52.6 mln
    Year
    Net profit 15.4 mln vs profit 865,000
    Revs 247.0 mln vs 231.1 mln
    NOTE: Company became wholly owned and operated by Donald
Trump in May 1986, when he acquired 50 pct interest that had
been owned by former operator Holiday Corp <HIA>.


.I 5358
.C
dlr;money-fx;
.W
EUROPEAN MARKETS REACT QUIETLY TO G-7 COMMUNIQUE.
    By Richard Murphy, Reuters
    ZURICH, April 9 - European currency markets reacted quietly
to the G-7 communique, with comments from bankers and dealers
ranging from disappointment that it was not more concrete to
surprise that the markets should have expected so much.
    The dollar opened lower against virtually all currencies
and traded in a narrow range after the communique, which
reaffirmed support for the Paris accord on currency
stabilisation but contained no moves to strengthen it.
    Dealers in Frankfurt and Zurich saw the dollar remaining
broadly entrenched in its current trading range.
    "The dollar is likely to stay within a range of 1.80 to 1.84
marks," said Gisela Steinhaeuser, senior dealer at Chase Bank
AG. She said there was some resistance to further climbs.
    However, she said the dollar could break out of the range
with major surprises such as a worse-than-expected U.S.
Merchandise trade deficit, due next Tuesday.
    Theodor Stadelmann, dealer with Bank Julius Baer and Co Ltd
in Zurich, said he expects the dollar to hold steady against
the mark and Swiss franc but to weaken further against the yen,
possibly to 140 yen.
    A Milan banker shared Stadelmann's view, saying he expects
a dollar-yen range of 140-150 in the short term.
    London traders said the G-7 communique failed to curb
underlying bearishness toward the dollar but this negative
sentiment was not yet strong enough to tempt interbank
operators to test the downside.
    Concern that finance ministers and officials still in
Washington could issue more concrete statements in favour of
currency stabilisation kept players sidelined, along with
worries about provoking fresh central bank intervention in the
long term, the traders said.
    Most Paris dealers expressed disappointment at the
communique, saying nothing has changed to reverse the dollar's
downward trend.
    Traders in several centres said the market would look for
fresh opportunities to test the willingness of central banks to
defend current ranges, which the communique said were "broadly
consistent with economic fundamentals and the basic policy
intentions outlined at the Louvre meeting."
    Dave Jouhin, senior dealer at Midland Bank in London, said
"They're going to put somebody's resolve to the test soon." The
U.S. February trade data may provide the trigger, dealers said.
    However, some dealers said London-based operators would be
unlikely to open major positions next week ahead of the long
Easter weekend. They saw near-term technical support at 1.825
marks and 145 yen and resistance about 1.83 marks and 146 yen.
    Chase Bank's Steinhaeuser and other Frankfurt dealers said
the G-7 communique guaranteed a relatively calm and stable
market for the foreseeable future compared with the extreme
volatility seen in the first few months of this year.
    One dealer at a German bank said the wording of the
communique made clear the leading nations did not want a
further dollar drop, and this was supporting the dollar.
    The German dealer saw the dollar gradually appreciating to
1.87 marks, broadly seen as its upper limit within the Louvre
accord's supposed currency target range.
    A Swiss bank economist said he believed the markets were
ready for a period of "mainly sideways movement."
    But Milan dealers were sceptical about the communique
contributing to greater stability.
    "Nothing has changed substantially to give the dollar a big
boost," said one dealer, while another Italian banker said he
expects the dollar to trade between 1.77 and 1.87 German marks
in the next three months.


.I 5360
.C
sugar
.W
WEST GERMAN BEET PLANTINGS DELAYED THREE WEEKS.
    HAMBURG, April 9 - Unseasonal cold weather has delayed
sugar beet plantings in West Germany by up to three weeks, the
agriculture ministry said.
    A ministry spokesman said in some central areas, especially
in the Rhineland, farmers have taken advantage of warmer
weather and started plantings in the past two days.
    West German planting intentions this year are put at
381,000 hectares, down from 390,500 ha last year, he said,
adding that the 1980/1985 average was 405,000 ha.


.I 5362
.C
acq
.W
STEP-SAVER <CODA> SAYS WARRANT EXERCISED.
    BALA CYNWYD, Pa., April 9 - Step-Saver Data Systems Inc
said Bergen-Richards Corp has exercised a warrant to buy
450,000 Step-Saver shares at two dlrs each.
    It said warrants issued to the underwriter in its initial
public offering were exercised in March for an aggregate of
169,200 dlrs.


.I 5365
.C
acq
.W
COAST SAVINGS <CSA> IN TALKS ON BUYING BANK.
    LOS ANGELES, April 8 - Coast Savings and Loan Association
said it is in talks with the Federal Savings and Loan Insurance
Corp on the acquisition of Central Savings and Loan Association
of San Diego.
    Central, which operates 46 branches, has been under
management guidance of the FSLIC since May 1985.
    Coast said the acquisition would give it an entry into the
San Joaquin Valley market besides strengthening its presence in
the San Diego, Los Angeles and Orange Counties areas.


.I 5366
.C
acq
.W
BRAMALL TO ACQUIRE GELCO FOR UP TO 26.3 MLN DLRS.
    LONDON, April 9 - <C.D. Bramall Plc> said in a statement
accompanying its annual results that it proposed to acquire
Gelco U.K. For some 26.3 mln dlrs.
    Part of the cost will be met by the issue of 2.14 mln new
ordinary Bramall shares which are being placed at 265p each.
    The acquisition will be satisfied by an initial payment of
some 25.3 mln dlrs in cash with further payments of 500,000
dlrs up to a maximum 26.3 mln dlrs. These further payments will
only be made if profits achieved by Gelco for the year ending
July 31, 1987 reach a certain level.
    Bramall shares were trading 6p lower at 278p.


.I 5368
.C
dlr;yen;
.W
U.S. SAID TO VIEW G-7 MEETING AS MAJOR SUCCESS.
    By Peter Torday, Reuters
    WASHINGTON, April 9  - The United States, which has long
sought Japanese action to stimulate its economy, appears to be
satisfied Tokyo's latest package is a major development and
allows leading industrial nations to reaffirm their agreement
to stabilize currencies.
    Monetary sources said they believed that U.S. Treasury
Secretary James Baker considered Tokyo's package, announced
yesterday, to be a major stimulation of the Japanese economy.
    But yesterday's statement by seven leading industrial
powers endorses the yen's rise from around 153 to the dollar,
the level at the February 22 Paris Accord, to about 145 today.
    The supplementary budget worth about 34.48 billion dlrs was
announced by the ruling Liberal Democratic Party on the eve of
Miyazawa's departure for Washington, to attend yesterday's
meetings of leading industrial nations.
    In a strongly worded statement terming the Japanese action
"extraordinary and urgent", the meeting reaffirmed the Paris
Accord by noting that current exchange rates are within ranges
broadly consistent with fundamentals, or economic reality.
    The Group of Seven -- the United States, Japan, West
Germany, France, Britain, Italy and Canada -- therefore
repeated their willingness to continue close cooperation to
foster exchange rate stability.
    The cooperation agreement has resulted in concerted central
bank intervention of 8 billion to 9 billion dlrs to halt the
dollar's fall. While relatively unsuccessful, the scale of
intervention between so many nations is unprecedented in recent
years.
    Monetary sources also said they understood that Secretary
Baker considered the meeting to be extremely successful in the
light of the Japanese announcement.
    They also said there was a growing feeling among the
finance ministers and central bankers that cooperation over
medium-term policies has replaced the bickering over short-term
differences in past meetings.
    West Germany, whose currency has not risen anything like
the yen since the Paris Agreement, appears from the face of
yesterday's statement to have won acceptance from other
countries that its exchange rate is acceptable.
    Bonn's finance minister Gerhard Stoltenberg argues that
major currency shifts needed to remedy the huge imbalance
between West Germany and Japan's trade surpluses and America's
trade deficit have already taken place.
    No mention was made, however, of the U.S. commitment to cut
the budget deficit even though it is implied in the
reafffirmation of Paris.
    European nations and Japan believe deficit cuts are
essential to curbing the record U.S. trade shortfall that
reached nearly 170 billion dlrs last year.
    A similar argument was made on Capitol Hill earlier this
week by Federal Reserve Board chairman Paul Volcker. A further
sharp fall to redress trade imbalances would "clearly pose
substantial risks of renewed inflationary momentum and could
undermine confidence in future financial stability," he said.
    Volcker warned a further dollar fall might force the
politically independent Fed to drive up interest rates.
    Monetary sources said that, privately, West Germany
welcomed the rise in the yen against the dollar while its own
currency remained relatively stable against the U.S. unit.
    Bonn and other European nations worry that once the weak
dollar blunts Tokyo's export drive to the United States, the
Japanese monolith will concentrate on European markets.
    The ministers, meanwhile, also continued talks on making
their policy coordination more binding and one, Canadian
Finance Minister Michael Wilson, said good progress was made.
    Wilson said they will meet before the June Economic Summit
to prepare a report for the leaders of the seven nations.
    The United States and France, backed by the International
Monetary Fund, want the seven to agree on ranges or "norms" for a
limited number of economic objectives such as growth,
inflation, monetary conditions, trade balances and current
account balances.
    Sharp deviations from these guidelines would result in
consultations between the countries on whether corrective
action should be required.
    But the inclusion of currencies as one of the objectives
has Bonn and London worried, monetary sources say, because it
implies Washington is moving in the direction of target zones.
    The sources said the Reagan administration unsuccessfully
sounded out its allies on a system of target zones to limit
currency fluctuations just before the February meeting.
    The concept is a much more rigid one than the secret ranges
of the Paris Accord and would mark a sharp departure from the
relatively free currency markets of recent years.


.I 5369
.C
gold
.W
BELGIUM LAUNCHES BONDS WITH GOLD WARRANTS.
    ZURICH, April 9 - The Kingdom of Belgium is launching 100
mln Swiss francs of seven year notes with warrants attached to
buy gold, lead mananger Credit Suisse said.
    The notes themselves have a 3-3/8 pct coupon and are priced
at par. Payment is due April 30, 1987 and final maturity April
30, 1994.
    Each 50,000 franc note carries 15 warrants. Two warrants
are required to allow the holder to buy 100 grammes of gold at
a price of 2,450 francs, during the entire life of the bond.
    The latest gold price in Zurich was 2,045/2,070 francs per
100 grammes.


.I 5370
.C
wheat;grain;
.W
FAO SEES LOWER GLOBAL WHEAT, GRAIN OUTPUT IN 1987.
    ROME, April 9 - The U.N. Food and Agriculture Organisation
(FAO) said global wheat and coarse grain output was likely to
fall in 1987 but supplies would remain adequate to meet demand.
    FAO said in its monthly food outlook bulletin total world
grain output was expected to fall 38 mln tonnes to 1,353 mln in
1987, due mainly to unusually high winter losses in the Soviet
Union, drought in China and reduced plantings in North America.
    World cereal stocks at the end of 1986/87 were forecast to
rise 47 mln tonnes to a record 452 mln tonnes, softening the
impact of reduced production. But stocks are unevenly
distributed, with about 50 pct held by the U.S.
    "Thus the food security prospects in 1987/88 for many
developing countries, particularly in Africa, depend crucially
on the outcome of this year's harvests," FAO said.
    FAO said world cereal supplies in 1986/87 were estimated at
a record 2,113 mln tonnes, about five pct higher than last
season and due mainly to large stocks and a record 1986
harvest, estimated at 1,865 mln tonnes.
    FAO's forecast of 1986/87 world cereals trade was revised
upwards by eight mln tonnes to 179 mln due to the likelihood of
substantial buying by China and the Soviet Union.


.I 5374
.C
earn
.W
CB AND T BANCSHARES INC <CBTB> 1ST QTR NET.
    COLUMBUS, Ga., April 9 -
    Shr 27 cts vs 24 cts
    Net 5,223,000 vs 4,682,000
    Avg shrs 19.7 mln vs 19.4 mln
    NOTE: Results reflected pooled acquisition of First
Community Bancshares Inc on March 31, 1987 and include Camden
Bancorp from January 31, 1987 purchase.


.I 5375
.C
earn
.W
XICOR INC <XICO> 1ST QTR MARCH 22 NET.
    MILPITAS, Calif., April 9 -
    Shr profit five cts vs loss 16 cts
    Net profit 689,000 vs loss 1,910,000
    Revs 12.3 mln vs 9,432,000
    NOTE: 1987 net includes 276,000 dlr tax credit.


.I 5376
.C
earn
.W
GEORGE WIMPEY SAYS BENEFITS OF RESTRUCTURING SEEN.
    LONDON, April 9 - George Wimpey Plc <WMPY.L> said  the
outlook for 1987 looked encouraging as the company realised the
continuing benefits of restructuring.
    It said its overall financial position showed further
improvement in 1986 and the reshaping of its U.K. Business into
clearly defined and activity related divisions had been
successfully achieved.
    Wimpey was commenting in a statement on its 1986 results
which showed pretax profits up 42 pct to 66.5 mln stg.
    The group had a good overall year in North America, the
company said in a statement.


.I 5377
.C
acq
.W
C.O.M.B. <CMCO> MAKES ACQUISITION.
    PLYMOUTH, Minn., April 9 - C.O.M.B. Co said it has acquired
the principal assets of National Tech Industries Inc and Telkom
Corp, which are engaged in the sale and telemarketing of
consumer electronic merchandise and do business as House of
Imports and N.L. Industries respectively.
    The company said it paid a total of 8,700,000 dlrs,
including the assumption of liabilities.
    National Tech had sales of about 23 mln dlrs for 1986, it
said.


.I 5379
.C
gold
.W
BELGIUM LAUNCHES BONDS WITH GOLD WARRANTS.
    ZURICH, April 9 - The Kingdom of Belgium is launching 100
mln Swiss francs of seven year notes with warrants attached to
buy gold, lead manager Credit Suisse said.
    The notes themselves have a 3-3/8 pct coupon and are priced
at par. Payment is due April 30, 1987, and final maturity April
30, 1994.
    Each 50,000 franc note carries 15 warrants. Two warrants
are required to allow the holder to buy 100 grammes of gold at
a price of 2,450 francs, during the entire life of the bond.
    The latest gold price in Zurich was 2,045/2,070 francs per
100 grammes.


.I 5380
.C
earn
.W
DATATRAK INC <DTRK> 3RD QTR FEB 28 NET.
    MOUNTAIN VIEW, Calif., April 9 -
    Shr profit nil vs profit nil
    Net profit 27,622 vs profit 5,556
    Sales 1,031,306 vs 840,906
    Nine mths
    Shr loss one ct vs loss two cts
    Net loss 195,095 vs loss 445,379
    Sales 2,702,085 vs 2,219,961


.I 5381
.C
yen
.W
MIYAZAWA SAYS YEN STILL INSIDE PARIS RANGE.
    WASHINGTON, April 9 - Japanese Finance Minister Kiichi
Miyazawa said the strengthening of the yen against the dollar
since the Paris Agreement was within the range agreed in the
Louvre discussions.
    "I would say that what has happened (to the yen) in the past
several weeks was not outside the range we agreed to in the
discussions in Paris," Miyazawa told a press conference
following the Group of Seven meeting here.
    He said the current discussions were a "reaffirmation" of
that agreement, saying the "solidarity" that occurred in Paris
was still in place.


.I 5382
.C
ship
.W
TODD SHIPYARDS <TOD> STRUCK ON WEST COAST.
    JERSEY CITY, N.J., April 9 - Todd Shipyards Corp said
production workers represented by the multi-union Pacific Coast
Metal Trades District Council at its San Francisco division
struck on April Six.
    It said negotiations are expected to resume at the end of
this month.
    Todd also said the collective bargaining division in effect
at its Galveston Division expires April 17, and negotiations
with the Galveston Metal Trades Council are continuing.
    The company said results of balloting on a new collective
bargaining agreement proposal in its Seattle Division are
expected to be tabulated at the close of business tomorrow.
    The Pacific Coast Council has recommended acceptance of
that proposal by membership, Todd said.
                                       


.I 5383
.C
jobs
.W
U.S. FIRST TIME JOBLESS CLAIMS FELL IN WEEK.
    WASHINGTON, April 9 - New applications for unemployment
insurance benefits fell to a seasonally adjusted 338,000 in the
week ended March 28 from 355,000 in the prior week, the Labor
Department said.
    The number of people actually receiving benefits under
regular state programs totaled 2,436,000 in the week ended
March 21, the latest period for which that figure was
available.
    That was down from 2,480,000 the previous week.
     


.I 5385
.C
acq
.W
******CLEVITE INDUSTRIES SAYS J.P. INDUSTRIES OFFERED 13.50.
DLRS A SHARE TO BUY COMPANY

.I 5387
.C
earn
.W
SUNTRUST BANKS INC <STI> 1ST QTR NET.
    ATLANTA, April 9 -
    Shr 54 cts vs 49 cts
    Net 70.2 mln vs 64.0 mln
    NOTE: Share adjusted for two-for-one split in July 1986.
    Results restated for pooled acquisition of Third NAtional
Corp in December 1986.
    Net chargeoffs 15.0 mln dlrs vs 14.2 mln dlrs.
    Assets 25.8 billion dlrs, up 7.2 pct from a year earlier,
deposits 21.1 billion, up 9.4 pct, and loans 17.1 billion dlrs,
up 17.2 pct.


.I 5392
.C
earn
.W
INTERNATIONAL THOMSON TO REPORT IN U.S. FUNDS.
    TORONTO, April 9 - <International Thomson Organisation Ltd>
said it will report financial results in U.S. funds rather than
sterling, beginning from Jan 1, 1987.
    It said the change will not be applied retroactively to
prior financial periods.
    The company said as a result of recent investments, most of
its assets now are located in the United States.
            


.I 5393
.C
earn
.W
PHILIP CROSBY ASSOCIATES INC <PCRO> 4TH QTR NET.
    WINTER PARK, Fal., April 9 -
    Shr three cts vs 18 cts
    Net 220,000 vs 1,250,000
    Revs 11.8 mln vs 9,430,000
    Year
    Shr 45 cts vs 69 cts
    Net 3,400,000 vs 4,037,274
    Revs 45.1 mln vs 34.3 mln


.I 5394
.C
earn
.W
COLONIAL AMERICAN BANKSHARES CORP <CABK> 1ST QTR.
    ROANOKE, Va., April 9 -
    Shr 52 cts vs 40 cts
    Qtly div 18 cts vs 15 cts prior
    Net 793,740 vs 603,661
    NOTE: Share adjusted for 10 pct stock dividend in November
1986.
    Dividend pay May One, record April 25.


.I 5398
.C
oilseed;veg-oil;wheat;grain;sorghum;soy-oil;rape-oil;sun-oil;
.W
RPT - ARGENTINE GRAIN/OILSEED EXPORT PRICES ADJUSTED.
    BUENOS AIRES, April 8 - The Argentine Grain Board adjusted
minimum export prices of grain and oilseed products in dlrs per
tonne FOB, previous in brackets, as follows:
    Sorghum 64 (63), sunflowerseed cake and expellers 103 (102)
, pellets 101 (100), meal 99 (98), linseed oil 274 (264),
groundnutseed oil 450 (445), soybean oil 300 (290), rapeseed
oil 290 (280).
    Sunflowerseed oil for shipment through May 323 (313) and
june onwards 330 (320).
    The board also adjusted export prices at which export taxes
are levied in dlrs per tonne FOB, previous in brackets, as
follows:
    Bran pollard wheat 40 (42), pellets 42 (44).


.I 5399
.C
acq
.W
CLEVITE <CLEV> GETS 13.50 DLR/SHR OFFER.
    GLENVIEW, ILL., April 9 - Clevite Industries Inc said it
received a written proposal from J.P. Industries Inc <JPI>
seeking to buy all of its outstanding shares for 13.50 dlrs a
share.
    Clevite's stock was trading on NASDAQ at 13-1/4.
    J.P. Industries recently completed the acquisition of
Clevite's Engine Parts Division.
    J.P. Industries said its proposed transaction would be
financed through borrowings under its available bank lines and
a bridge financing facility which Donaldson Lufkin and Jenrette
Securities Corp agreed to arrange.
    To expedite the transaction, J.P. Industries said it would
be willing to start a cash tender for Clevite's shares within
five days after agreeing upon a definitive merger and
confirmation of Clevite's financial results and condition.



.I 5401
.C
yen
.W
JAPAN BUSINESS LEADERS SAY G-7 ACCORD WORRYING.
    TOKYO, April 9 - The leaders of two of Japan's top business
groups said in separate statements the Group of Seven (G-7)
accord reached in Washington yesterday is of deep concern to
Japan because it shows the major industrial nations regard the
yen's current level as appropriate.
    Eishiro Saito, chairman of the Federation of Economic
Organizations (Keidanren), said the yen's present rate is well
above adequate levels. He did not elaborate.
    Takashi Ishihara, chairman of the Japan Committee for
Economic Development, said the accord will not prevent the yen
from rising further.
    "We do not understand why the G-7 approved present rates as
the yen has risen excessively since the Paris accord," Ishihara
said.


.I 5402
.C
livestock
.W
ARGENTINE CATTLE MARKET REPORT.
    BUENOS AIRES, APR 9 - ABOUT 3,314 HEAD OF CATTLE WERE
AUCTIONED IN LINIERS CATTLE MARKET, AGAINST 13,952 ON WEDNESDAY
AND 9,217 LAST THURSDAY, TRADE SOURCES SAID.
    MAXIMUN PRICES, IN AUSTRALES PER KILO, WITH DOLLAR
EQUIVALENT IN BRACKETS, INCLUDED:
                               TODAY     WEDNESDAY
    STEERS OVER 480 KILOS   1.02(0.658) 1.015(0.654)
    STEERS 460 TO 480 KILOS 1.05(0.677) 1.032(0.665)
    COWS FOR CANNING        0.56(0.361) 0.56 (0.361)

.I 5408
.C
money-fx
.W
U.K. MONEY MARKET DEFICIT REVISED DOWNWARD.
    LONDON, April 9 - The Bank of England said it has revised
its estimate of today's shortfall to 350 mln stg from 400 mln,
before taking account of 103 mln stg morning assistance.


.I 5409
.C
earn
.W
PHYSIO TECHNOLOGY <PHYT> SEES LOSS, IN DEFAULT.
    TOPEKA, Kan., April 9 - Physio Technology Inc said it
expects to have a third quarter, ended March 31, loss of about
200,000 dlrs and is in default on its bank loan because of the
resignation of chairman and chief executive officer.
    The company said the loss followed four quarters of modest
profits. In the year ago quarter it earned 11,000 dlrs, or one
cent a share. For the first half of fiscal 1987, it reported a
profit of 42,000 dlrs, or two cts a share, compared to a year
earlier loss of 294,000 dlrs, or 17 cts a share.
    It said President Michael R. Hall will assume the duties of
chief executive officer.
    Physio Technology said the resignation of Chairman James C.
Lane can constitute non-compliance with its Series A
convertible subordinated debentures due 1996 and a default
under its agreement with the Merchants Bank of Kansas City.
    It explained a declaration of non-compliance under the
debentures would create a a default under the loan agreements
requiring immediate payment of 1.8 mln dlrs of debentures and
about 450,000 dlrs outstanding under the bank credit line.
    The company said the debenture holders intend to waive the
non-compliance, but reserve the right to withdraw the waiver at
the end of any 30 day period.
    Physio Technology said it is changing its field sales force
to independent representatives and dealers from employees to
"significantly reduce its fixed overhead."
    Its statement did not indicate how many employees would be
affected by the move.
    The company said Lane will become an independent dealter
for the company in certain midwestern states. He will continue
to serve as a director, it added.


.I 5413
.C
earn
.W
WASHINGTON FEDERAL SAVINGS <WFSL> 2ND QTR NET.
    SEATTLE, April 9 -Qtr ends March 31
    Shr one dlr vs 76 cts
    Net 11.9 mln vs 8,929,000
    Six mths
    Shr 1.92 dlrs vs 1.43 dlrs
    Net 22.8 mln vs 16.8 mln
    NOTE: full name of bank is washington federal savings and
loan association.


.I 5418
.C
heat;crude;
.W
U.S. ENERGY FUTURES CALLED UNCHANGED TO LOWER.
    NEW YORK, APRIL 9 - Traders expect U.S. energy futures will
open unchanged to slightly lower this morning with support near
yesterday's lows.
    Crude futures are called unchanged to five cts weaker
tracking unchanged domestic crudes and North Sea Brent crude,
which traded at 18.01 dlrs a barrel today, about ten cts below
yesterday's New York close.
    Traders said the supply squeeze in 15-day forward April
Brent appears to have ended.
    Product futures, which fell sharply yesterday, are due to
open unchanged to 0.25 cent lower, traders said.
    Traders expect some followthrough selling in products but
said gasoil futures in London will probably lend some support
since they are trading as expected. May gasoil futures were off
1.50 dlrs a tonne this morning while June was down 1.25 dlrs in
thin conditions.


.I 5419
.C
earn
.W
PONCE FEDERAL BANK F.S.B. <PFBS> 1ST QTR NET.
    PONCE, Puerto rico, April 9 -
    Shr 63 cts vs 89 cts
    Net 3,425,216 vs 3,370,682
    Avg shrs 5,421,330 vs 3,803,425
    NOTE: net for both qtrs reflects gains on sales of
securities of 1,755,137, or 51 pct of net, in 1987; and
3,001,222, or 89 pct of net in 1986.


.I 5420
.C
money-fx;interest;
.W
****** BUNDESBANK SEES NO REASON TO CHANGE MONETARY COURSE -.
VICE-PRESIDENT SCHLESINGER

.I 5421
.C
money-fx
.W
U.K. MONEY MARKET DEFICIT REMOVED.
    LONDON, April 9 - The Bank of England said it has satisfied
its revised estimate of today's shortfall in the money market,
providing 261 mln stg assistance in afternoon operations.
    The Bank bought in band one, 60 mln stg bank bills at 9-7/8
pct and in band two 200 mln stg bank bills and one mln stg
treasury bills at 9-13/16 pct. This brings the total help so
far today to 364 mln stg, compared with its deficit estimate of
350 mln stg.


.I 5425
.C
money-fx
.W
LEBANESE POUND FALLS SHARPLY AGAINST DOLLAR.
    BEIRUT, April 9 - The Lebanese Pound fell sharply against
the U.S. Dollar again today with dealers attributing the
decline to continued political uncertainty.
    The pound closed at 118.25/118.75 against the dollar
compared to yesterday's close of 115.60/115.80.
    "Political deadlock is reflected in the pound's position.
There was more demand and less on offer in the market," one
dealer told Reuters.
    The pound, which was at 18 to the dollar in January, 1986,
has lost more than 30 pct of its international value over the
past three months.


.I 5426
.C
earn
.W
BROWN BOVERI UND CIE AG LIFTS 1986 DIVIDEND.
    MANNHEIM, West Germany, April 9 -
    Dividend on 1986 business 12 marks per share vs seven
marks.
    (Company is a subsidiary of Switzerland's BBC AG Brown
Boveri und Cie <BBCZ.Z>).


.I 5429
.C
ship;grain;
.W
LONDON FREIGHT MARKET FEATURES GRAIN OUT OF U.S.
    LONDON, April 9 - Moderately active grain fixing was
reported out of the U.S. But none of the business involved the
significant voyages to the Continent or Japan, ship brokers
said.
    A steady 13.50 dlrs was paid from the U.S. Gulf to Morocco
and 23.25 dlrs was paid for 27,000 long tons from the Gulf to
Taiwan. A vessel carrying 13,500 long tons of bagged wheat
flour from the Gulf to Aqaba received a lump sum of 472,500
dlrs.
    Grain from the Great Lakes to Algeria made 28 dlrs against
27.75 paid for similar fixing towards the end of March.
    Market talk suggested a Federal Commerce vessel had been
booked to move grain from the Great Lakes to Morocco on Comanav
account at about 22 dlrs and 15.50 had been paid for a cargo of
oilseeds from British Columbia to Japan, but no confirmation
was obtainable.
    On the Continent, shippers agreed 19 dlrs for wheat from La
Pallice to Buenaventura and 10.75 dlrs for grain from Ghent to
Naples/Venice range. Elsewhere, maize from East London to Japan
paid 22 dlrs.
    Soviet charterers reappeared in the timecharter sector and
secured a 30,000 tonner from Savona for a trans-Atlantic round
trip at 4,450 dlrs daily and a 31,000 tonner from
Antwerp-Hamburg for a similar voyage at 4,250 dlrs daily.


.I 5430
.C
hog;livestock;
.W
HOG AND CATTLE SLAUGHTER GUESSTIMATES.
    CHICAGO, April 9 - Chicago Mercantile Exchange floor
traders and commission house representatives are guesstimating
today's hog slaughter at about 287,000 to 295,000 head versus
292,000 week ago and 322,000 a year ago.
    Cattle slaughter is guesstimated at about 124,000 to
128,000 head versus 129,000 week ago and 134,000 a year ago.


.I 5433
.C
earn
.W
******WHIRLPOOL CORP 1ST QTR SHR 66 CTS VS 67 CTS.

.I 5434
.C
oilseed;soybean;
.W
BRAZILIAN SOY RAINFALL.
    SAOPAULO, APRIL 9 - THE FOLLOWING RAINFALL WAS RECORDED IN
THE 24 HOURS UP TO (1200) GMT TODAY
    PARANA STATE: CASCAVEL NIL, PONTA GROSSA NIL,CAMPO MOURAO
NIL, LONDRINA NIL, MARINGA NIL.
    RIO GRANDO DO SUL STATE: PASSO FUNDO NIL, SANTA MARIA 7.0
MILLIMETRES, CRUZ ALTA 8.5 MM, SAO LUIZ GONZAGA 4.4 MM.

.I 5435
.C
money-fx;interest;
.W
BUNDESBANK SEES NO CHANGE IN MONETARY COURSE.
    FRANKFURT, April 9 - The Bundesbank sees no current reason
to change monetary course, vice-president Helmut Schlesinger
told Reuters in a telephone interview.
    Schlesinger was responding to questions following remarks
yesterday by Bundesbank board member Claus Koehler and West
Berlin state central bank president Dieter Hiss, which, dealers
said, revived some speculation that German interest rate cuts
may once again be under discussion.
    Schlesinger said he had no comment on the remarks of his
two central bank council colleagues.
    But he added that the last central bank council meeting on
April 2 had discussed the economic situation with a mood of
"subdued optimism," particularly influenced by the news brought
by several state central bank presidents.
    "Much is going better than the impression gained by the
public from the January figures, which have been in the
meantime superseded," he said.
    German January industrial output fell 3.0 pct after a
decline of 0.9 pct in December. New industry orders fell 1.9
pct after they had been unchanged in December.
    Bank economists said that the two together showed the
economy would either stagnate or contract in the first quarter
of 1987.
    Aside from the economic developments, Schlesinger added, a
steady monetary course was important to hold the dollar/mark
rate around current levels as Bundesbank president Karl Otto
Poehl had said while attending the Washington World Bank/IMF
meeting.
    Asked, however, if the Bundesbank could move to cut rates
on repurchase agreements at the setting of the next repurchase
tender, due next Tuesday, Schlesinger said, "Since the central
bank council gives its opinion on this theme only every 14
days, this is hardly probable."
    Responding to the question whether the Bundesbank had moved
away from a policy of targetting monetary growth toward one of
targetting currency rates, Schlesinger said he could have no
comment on the subject while negotiations were still in
progress in Washington.


.I 5438
.C
coffee
.W
BRAZILIAN COFFEE RAINFALL.
    SAO PAULO, APRIL 9 - THE FOLLOWING RAINFALL WAS RECORDED IN
THE AREAS OVER THE PAST 24 HOURS
    PARANA STATE: UMUARAMA NIL, PARANAVAI NIL, LONDRINA NIL,
MARINGA NIL.
    SAO PAULO STATE PRESIDENTE PRUDENTE NIL, VOTUPORANGA NIL,
FRANCA NIL, CATANDUVA NIL, SAO CARLOS NIL, SAO SIMAO NIL.
    MINAS GERAIS STATE: GUAXUPE NIL, TRES PONTAS NIL.

.I 5440
.C
acq
.W
******E.F. HUTTON LBO INC SAID TENDER OFFER BY PC ACQUISITTION.
FOR PUROLATOR COURIER EXPIRED

.I 5441
.C
bop
.W
WORLD BANK TO SUPPORT SRI LANKA IF DEFICITS CUT.
    COLOMBO, April 9 - The World Bank will support Sri Lanka's
development program provided the country reduces its budget and
current account deficits, the Ministry of Finance said.
    It said Bank President Barber Conable at a meeting with Sri
Lanka's Finance Minister Ronnie de Mel in Washington also
emphasised the need for structural adjustment and reform to the
economy, battered by five years of separatist disturbances.
    Officials said Sri Lanka's budget deficit this year is
expected to surpass the projected 28.7 billion rupees while
defence spending, already up by two billion rupees from a
targetted 10 billion, is also likely grow.
    The Ministry said de Mel asked the World Bank to give Sri
Lanka 6.5 billion rupees balance of payments support.


.I 5442
.C
acq
.W
******E.F. HUTTON LBO INC SAYS UNIT TERMINATES MERGER AGREEMENT.
WITH PUROLATOR COURIER

.I 5443
.C
acq
.W
GEMINA HAS NO COMMENT ON AMBROSIANO REPORT.
    Milan, April 9 - Holding company <Gemina Spa> said it had
no comment on an Italian press report today that it has
acquired a 12 pct stake in <Nuovo Banco Ambrosiano Spa>.
    Italian daily La Repubblica said that Gemina paid 205
billion lire for the shareholding from several Italian banks. A
Gemina spokeswoman told Reuters, "We have nothing to say about
the report."
    A spokeswoman for Milan-based Ambrosiano said, "We have no
information at this time." In February, Ambrosiano chairman
Giovanni Bazoli said foreign and domestic firms have expressed
interest in buying stakes in the bank.


.I 5445
.C
earn
.W
VOLKSWAGEN DIVIDEND UNCHANGED ON 1986.
    WOLFSBURG, West Germany, April 9 -
    Dividend on 1986 business unchanged at 10 marks per
ordinary share. Company also set dividend of 11 marks for new
preference shares, which were issued last year.
    (Note: Company has said profit will match 1985 level,
despite provisions of 480 mln marks connected with alleged
currency fraud. Group net profit in 1985 was 596 mln marks,
parent company net was 477 mln marks. Company's full name is
Volkswagen AG <VOWG.F>).


.I 5446
.C
earn
.W
WHIRLPOOL CORP <WHR> 1ST QTR NET.
    BENTON HARBOR, MICH., April 9 -
    Shr 66 cts vs 67 cts
    Net 48,700,000 vs 49,300,000
    Sales 961.0 mln vs 870.6 mln
    Avg shrs 74,123,837 vs 73,374,398


.I 5447
.C
dlr;yen;
.W
U.S. SAID TO VIEW G-7 MEETING AS MAJOR SUCCESS.
    By Peter Torday, Reuters
    WASHINGTON, April 9  - The United States, which has long
sought Japanese action to stimulate its economy, appears to be
satisfied Tokyo's latest package is a major development and
allows leading industrial nations to reaffirm their agreement
to stabilize currencies.
    Monetary sources said they believed that U.S. Treasury
Secretary James Baker considered Tokyo's package, announced
yesterday, to be a major stimulation of the Japanese economy.
    But yesterday's statement by seven leading industrial
powers endorses the yen's rise from around 153 to the dollar,
the level at the February 22 Paris Accord, to about 145 today.
    And the initial reaction of currency markets in the Far
East demonstrates that financial markets are unconvinced that
currencies yet reflect economic fundamentals, even though the
countries appear to do so. The yen sank below 145 at one point
despite intervention by the Bank of Japan.
    Kiichi Miyazawa, Japan's Finance Minister, said the
movement since Paris was consistent with currency trading
ranges the nations agreed to defend in the February talks.
    "I would say that what has happened (to the yen) in the past
several weeks was not outside the range we agreed to in the
discussions in Paris," Miyazawa said yesterday.
    The supplementary budget worth about 34.48 billion dlrs was
announced by the ruling Liberal Democratic Party on the eve of
Miyazawa's departure for Washington, to attend yesterday's
meetings of leading industrial nations.
    In a strongly worded statement terming the Japanese action
"extraordinary and urgent", the meeting reaffirmed the Paris
Accord by noting that current exchange rates are within ranges
broadly consistent with fundamentals, or economic reality.
    The Group of Seven -- the United States, Japan, West
Germany, France, Britain, Italy and Canada -- therefore
repeated their willingness to continue close cooperation to
foster exchange rate stability.
    The cooperation agreement has resulted in concerted central
bank intervention of 8 billion to 9 billion dlrs to halt the
dollar's fall. While relatively unsuccessful, the scale of
intervention between so many nations is unprecedented in recent
years. Monetary sources also said they understood that
Secretary Baker considered the meeting to be extremely
successful in the light of the Japanese announcement.
    They also said there was a growing feeling among the
finance ministers and central bankers that cooperation over
medium-term policies has replaced the bickering over short-term
differences in past meetings.
    West Germany, whose currency has not risen anything like
the yen since the Paris Agreement, appears from the face of
yesterday's statement to have won acceptance from other
countries that its exchange rate is acceptable.
    Bonn's finance minister Gerhard Stoltenberg argues that
major currency shifts needed to remedy the huge imbalance
between West Germany and Japan's trade surpluses and America's
trade deficit have already taken place.
    No mention was made, however, of the U.S. commitment to cut
the budget deficit even though it is implied in the
reafffirmation of Paris.
    European nations and Japan believe deficit cuts are
essential to curbing the record U.S. trade shortfall that
reached nearly 170 billion dlrs last year.
    A similar argument was made on Capitol Hill earlier this
week by Federal Reserve Board chairman Paul Volcker. A further
sharp fall to redress trade imbalances would "clearly pose
substantial risks of renewed inflationary momentum and could
undermine confidence in future financial stability," he said.
    Volcker warned a further dollar fall might force the
politically independent Fed to drive up interest rates.
    Monetary sources said that, privately, West Germany
welcomed the rise in the yen against the dollar while its own
currency remained relatively stable against the U.S. unit.
    Bonn and other European nations worry that once the weak
dollar blunts Tokyo's export drive to the United States, the
Japanese monolith will concentrate on European markets.
    The ministers, meanwhile, also continued talks on making
their policy coordination more binding and one, Canadian
Finance Minister Michael Wilson, said good progress was made.
    Wilson said they will meet before the June Economic Summit
to prepare a report for the leaders of the seven nations.
    The United States and France, backed by the International
Monetary Fund, want the seven to agree on ranges or "norms" for a
limited number of economic objectives such as growth,
inflation, monetary conditions, trade balances and current
account balances.
    Sharp deviations from these guidelines would result in
consultations between the countries on whether corrective
action should be required.
    But the inclusion of currencies as one of the objectives
has Bonn and London worried, monetary sources say, because it
implies Washington is moving in the direction of target zones.
    The sources said the Reagan administration unsuccessfully
sounded out its allies on a system of target zones to limit
currency fluctuations just before the February meeting.
    The concept is a much more rigid one than the secret ranges
of the Paris Accord and would mark a sharp departure from the
relatively free currency markets of recent years.


.I 5448
.C
interest
.W
BANK OF FRANCE LEAVES INTERVENTION RATE UNCHANGED.
    PARIS, April 9 - The Bank of France said it left its
intervention rate unchanged at 7-3/4 pct when it injected funds
in the market against first category paper in today's money
market intervention tender.
    Money market dealers had earlier expressed mixed views on
the possibility of quarter point cut.
    The rate was last adjusted on March 9, when it was cut to
7-3/4 pct from the eight pct rate set in January.


.I 5449
.C
gnp
.W
GLOBAL ECONOMIC SLOWDOWN RAISES NEW DEBT FEARS.
    By Alver Carlson, Reuters
    WASHINGTON, April 9 - The global economy is expected to
weaken this year, adding new worries to an already serious
poverty outlook, economic analysts said.
    For finance ministers and central bankers attending this
week's semi-annual meetings of the International Monetary Fund
and World Bank, the new figures released by the IMF add an
additional concern.
    The Fund estimated world output would only grow by 2.7 pct
this year, versus 2.9 pct last year, and 3.1 pct in 1985.
    In the industrial countries, Gross National Product, a
measure of all goods and services, was expected to decline to
2.3 pct this year, compared with 2.4 pct in 1986, the IMF said.
    For the developing countries, the Gross Domestic Product,
another measure of economic growth, was expected to fall to 3.0
pct from 3.5 pct last year.
    The new figures are considered a major disappointment to
the poorest countries. They had hoped that new vitality in the
industrial countries brought on by a sharp decline in oil
prices would assist their economic recovery and help them cope
with growing mounds of debt.
    IMF officials, discussing their outlook, said they believed
the industrial country economies would move up to an annual
growth rate of three pct by the end of the decade.
    Economic analysts and the IMF have been saying for some
time that the ability to keep the debt crisis from turning into
an economic rout rests on sustained economic growth.
    Since the debtor countries must look to the wealthier
states for markets for their products as well as financial
assistance, economic weakness in the developed nations' 
economies poses fundamental worries.
    Debtor countries, including the very poorest states, have
only a few avenues open to them for earning foreign exchange,
including the key one of exports.
    The U.S. economy, which is in its fifth year of expansion,
has served as a mainstay for developing country exports, but it
too is seen as being rather feeble this year, growing by only
2.3 pct, according to the IMF.
    For this reason and because of a high trade deficit, the
United States has been pressuring Japan and West Germany to
ignite their economies but with little apparent success.
    The IMF study also examines the course of the dollar and
the curious lack of impact it has had on the U.S. trade
deficit.
    Reagan administration officials have been saying that the
impact is now beginning to show up, although it has been much
slower than expected.
    The IMF observed in its World Economic Outlook that "it has
to be recognized that exchange rate adjustments take time to
work through to payments flows -- probably at least three years
to get a resonably complete effect."
    The report added, however, "the adjustments may take even
more time on this occasion."
REUTER^M

.I 5450
.C
interest;trade;money-supply;
.W
SPANISH EMPLOYERS WORRIED BY HIGH INTEREST RATES.
    MADRID, April 9 - The head of Spain's employers'
federation, Jose Maria Cuevas, said employers were worried
about the government's monetary policies because high real
interest rates were hampering investment.
    He told a news conference wage pacts signed so far this
year were not endangering the government's five pct inflation
target. The government's perceived need to control inflation by
keeping a tight rein on credit was unnecessary, he said.
    High real interest rates were attracting an influx of
speculative foreign capital which was undercutting the
government's target for monetary growth, Cuevas said.
    Spain's most closely-watched measure of money supply,
liquid assets in public hands, grew at an annualised rate of 17
pct in March, against 11.4 pct in December last year and a
target range of 6.5 to 9.5 pct for 1987.
    To combat this, the Bank of Spain has raised its call money
rate 14 times so far this year, to 14.5 pct at present from
11.8 at end-1986.
    Cuevas said employers were heeding the government's call to
hold wage increases to its five pct inflation target this year,
with increases from salary reviews awarded last year and new
wage pacts averaging 5.6 pct in the first quarter of 1987.
    These agreements covered less than 40 pct of Spanish
workers, Cuevas said, with the rest still in wage negotiations.
    He said Spain's current wave of strikes mainly affected the
state sector, where the government is trying to impose its five
pct wage ceiling.
    Cuevas said employers were also worried about the trend in
Spain's foreign trade balance. The trade deficit in the first
two months of 1987 totalled 233 billion pesetas, a 68 pct
increase over the corresponding period last year.
    However, employers did not favour a devaluation of the
peseta to correct the imbalance.


.I 5451
.C
earn
.W
SHOWBOAT <SBO> DECLARES STOCK SPLIT.
    LAS VEGAS, April 9 - Showboat Inc said its board declared a
two-for-one stock split, payable to shareholders of record on
May 15.


.I 5454
.C
lead
.W
LEAD PRICES RISE ON FINELY BALANCED PHYSICALS.
    By Donald Bradshaw, Reuters
    LONDON, April 9 - Lead prices have risen this week against
a background of a finely balanced physical sector, traders
said.
    Further gains are possible if the USSR steps up its buying
or if labour problems develop in North America, they added.
    London Metal Exchange (LME) prices are unusually buoyant at
a time of year when seasonal demand is normally slackening and
prices tending to drift lower.
    This buoyancy is generally attributed by traders to the low
level of LME stocks and steady, if unspectacular, physical
demand in the Northern Hemisphere finding supplies curtailed.
    The supply problems are not new but are beginning to be
felt by a market in which, as peak winter demand tails off,
stocks usually build fast and availability increases, traders
said.
    The lower supply levels result from a number of different
factors around the globe.
    Delayed shipments from Peru to Mediterranean countries
because of production and transport problems, lack of Spanish
exports since the closure last year of Cia La Cruz's smelter at
Linares and lower output in Morocco and Greece have all meant
additional demand being directed to merchants who in turn have
been drawing on LME stocks.
    In addition Broken Hill Associated Smelters' Port Pirie,
South Australia, smelter is halting production for five weeks
for maintenance. Although the company said it would meet
commitments, this will put further pressure on stocks.
    And the U.S. Company Doe Run has kept its 140,000 tonnes
per year Boss, Montana smelter closed. This cut producer stocks
and contributed to a closer supply/demand balance within the
U.S. Market, for many years depressed by surplus production and
a regular supplier to the world market.
    Mexican supplies, which have sometimes swelled LME stocks,
have been normal but are finding ready buyers, traders said.
    On the demand side, winter battery manufacture has held up
quite well and some U.S. Buying of lead sheet has been reported
in the U.K. Soviet lead buying, notably absent in Europe in the
first two months of the year, was resumed when a large buying
order was filled by merchants in March.
    Merchant demand has fuelled the rise in LME lead prices
this week and has seen cash metal move above 320 stg and
establish a premium of around 10 stg over three months
delivery. Specific demand has been directed towards metal in
Gothenburg and Trieste warehouses. Gothenburg material is often
a target for merchants shipping to the USSR, traders said.
    On stocks, the popular LME Continental warehouses, Antwerp
and Rotterdam, have little more than 3,000 tonnes of lead each,
and this is believed to be in strong hands.
    Out of a total 22,125 tonnes in LME stocks, the lowest
level since June 1980, just over half is in U.K. Warehouses
which are not popular with merchants putting together
shipments.
    But even U.K. Stocks have dropped around 6,000 tonnes since
the start of the year. Traders said this is partly due to
secondary smelters buying ingots to supplement feed supplies
affected by environmental controls, which put restrictions on
the transport of used batteries.
    Labour negotiations in North America will play an important
part in determining the direction of prices, with contracts
expiring end-April at Cominco's Trail and Kimberley, B.C.,
Mine/smelter and at Doe Run's Herculaneum, Mo, smelter.
    Noranda's New Brunswick mine/smelter also has a contract
expiry in July which may cause some nervousness in view of
strikes by its zinc and copper workers over recent months.
    Traders said LME three months delivery, already attracting
speculative buying, could rise to 320/330 stg on current
firmness, while nearby tightness could widen the cash premium
to 20 from four. Three months was quoted at 313 stg at
midsession.


.I 5456
.C
earn
.W
REXHAM CORP <RXH> 1ST QTR NET.
    CHARLOTTE, N.C., April 9 -
    Shr 70 cts vs 42 cts
    Net 2,918,000 vs 1,746,000
    Sales 68.3 mln vs 53.5 mln
    NOTE: 1987 net includes pretax gain 400,000 dlrs from
change in pension accounting.
    1987 results include Production Graphics Corp and Systems
Technology and Weapons System Test Divisions of NEw Technology
Inc, acquired December 30, 1986.


.I 5457
.C
earn
.W
FIRST EASTERN CORP <FEBC> 1ST QTR NET.
    WILKES-BARRE, Pa., April 9 -
    Shr 50 cts vs 47 cts
    Net 3,445,000 vs 3,193,000
    NOTE: Share adjusted for two-for-one stock split in January
1987.


.I 5458
.C
interest
.W
FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES.
    WASHINGTON, April 9 - The Federal Home Loan Bank Board
adjusted the rates on its short-term discount notes as follows:
    MATURITY   NEW RATE  OLD RATE  MATURITY
  30-174 days  5.00 pct  5.00 pct    30-87 days
 175-190 days  5.85 pct  5.82 pct   88-103 days
 191-270 days  5.00 pct  5.00 pct  104-179 days
 271-288 days  5.92 pct  5.85 pct  180-205 days
 289-360 days  5.00 pct  5.00 pct  206-360 days
                       


.I 5459
.C
acq
.W
ANCHOR FINANCIAL <AFCX> TO MAKE ACQUISITION.
    MYRTLE BEACH, S.C., April 9 - Anchor Financial Corp said it
has agreed to acquire Waccamaw State Bank of Surfside Beach,
S.C., in an exchange of 1.435 Anchor shares for each Waccamaw
share, subject to regulatory and shareholder approvals.
    Waccamaw had assets of 22.8 mln dlrs as of March 31.


.I 5460
.C
dlr
.W
STOLTENBERG NOT SURPRISED BY DOLLAR REACTION.
    WASHINGTON, April 9 - West German Finance Minister Gerhard
Stoltenberg said he was not surprised by the overnight decline
of the dollar in foreign exchange markets.
    Speaking briefly with reporters before entering a meeting
of the International Monetary Fund he said, "These minor
movements don't really affect us."
    The dollar declined in the initial reaction to a statement
by the Group of Seven industrial countries reaffirming their
Paris agreement in February to maintain their currencies around
current levels.


.I 5461
.C
lead
.W
ASARCO UPS U.S. LEAD PRICE 0.50 CT TO 26.50 CTS.
    NEW YORK, April 9 - Asarco Inc said it is increasing its
base spot sales price for refined lead by one-half cent to
26.50 cents a lb, FOB, delivered in carload lots, effective
immediately.


.I 5463
.C
acq
.W
E.F. HUTTON <EFH> UNIT'S PUROLATOR OFFER EXPIRES.
    NEW YORK, April 9 - E.F. Hutton LBO Inc said the tender
offer by its wholly owned unit, PC Acquisition Inc, for
Purolator Courier Corp <PCC> expired at 2400 EDT yesterday
without the purchase of any Purolator common stock.
    Hutton added that PC Acquisition also terminated its merger
agreement with Purolator.
    Hutton said the offer, which had been conditioned upon the
tender of at least 5,116,892 Purolator shares, or about
two-thirds of the outstanding shares, was terminated because
the minimum number of shares was not tendered.
    Purolator had entered into a definitive agreement with PC
Acquisition, part-owned by E.F. Hutton LBO Inc, a unit of E.F.
Hutton, and some officers of Purolator's U.S. courier division,
in which PC offered to purchase 6,332,471 Purolator common
stock shares for 35 dlrs a share.
    Following that move, PC Acquisition planned to merge a
subsidiary into Purolator, converting all outstanding Purolator
common it did not own into an aggregate 46 mln dlrs principal
amount of 12 pct guaranteed debentures due 2002 and warrants to
purchase 15 pct of a Purolator unit comprised of Purolator's
U.S courier operations.
    Hutton said as of 2400 EDT yesterday about 181,000 shares
of Purolator common stock, or about 2.4 pct of the outstanding
shares, had been validly tendered and not withdrawn.
    PC Acquisition has instructed its depository for the offer
to return promptly the Purolator stock deposited by, or on
behalf of, tendering shareholders, Hutton said.


.I 5464
.C
earn
.W
******ABBOTT LABORATORIES 1ST QTR NET SHR 62 CTS VS 52 CTS.

.I 5465
.C
wheat;grain;sorghum;rice;
.W
INDIA FOODGRAIN TARGET 160 MLN TONNES IN 1987/88.
    NEW DELHI, April 9 - India's national foodgrain target has
been fixed at 160 mln tonnes in 1987/88 (Apr-Mar), unchanged
from the 1986/87 target, the Agriculture Ministry said in its
annual report for 1986/87.
    Actual output was estimated at 151 mln tonnes in 1986/87
due to failure of monsoon rains in 15 out of 35 meterological
sub-divisions of the country.
    The report gave the targets for various crops with
estimated harvested crops in 1986/87 in brackets as following,
in mln tonnes - rice 65 (60), wheat 49 (49), coarse grains
including sorghum and millets 32 (29) and pulses 14 (13).
    Despite failure of monsoon rains in recent years, it was
possible to maintain higher foodgrain production, signifying
growing resilience in agricultural sector, the report said.
    The strategy for increasing irrigation potential along with
greater use of high yielding seed varieites and improvement in
fertiliser efficiency is yielding results, it said, adding
total foodgrain output in 1985/86, 1984/85 and 1983/84
respectively was 150.5 mln tonnes, 145.5 mln and a record 152.4
mln.
   India has targeted to produce between 178 and 183 mln tonnes
of foodgrains by the last year of the seventh five-year
development plan ending March 31, 1990.
    Taking the midpoint of 180 mln tonnes as the target and the
1986/87 estimated production of around 151 mln tonnes, the gap
of 29 mln tonnes has to be made up during the remaining three
years of the plan by increasing grain output annually by more
than nine mln tonnes. But the target can be achieved only with
good weather, the report said.
    "The major thrust programme will, therefore, be better water
(irrigation) management. Simultaneously, efforts for spread of
improved technology including timely use of inputs (farm
materials like fertilisers) in adequate quantities have to be
vigrously pursued," it said.


.I 5466
.C
cotton
.W
CERTIFICATED COTTON STOCKS.
    NEW YORK, April 9 - Certificated cotton stocks deliverable
on the New York Cotton Exchange No 2 cotton futures contract as
of April 8 were reported at 34,661 bales, down 421 bales from
the previous day's figure. There were no bales awaiting review
and 1,218 bales awaiting decertification.


.I 5467
.C
earn
.W
REICHHOLD CHEMICAL <RCI> SETS ANTI-TAKEOVER PLAN.
    WHITE PLAINS, April 9 - Reichhold Chemical Inc said its
board adopted a warrant dividend plan in which one preferred
stock purchase right will be distributed as a dividend on each
common share outstanding.
    The company said its warrant dividend plan is designed to
protect its shareholders against unsolicted, coercive attempts
to aquire control without making an adequate offer for all
shares.
    Reichhold said the adoption is not a response to any
specific takeover attempt.
    Reichhold said each right will entitle shareholders to buy
one one-hundreth of a share of a newly created series of
preferred stock at an initial exercise price of 120 dlrs, with
dividend and voting rights approximately equal to those of one
share of the company's common stock.
    The rights will be exercisable only if, without Reichhold's
prior consent, a person or group a acquires 20 pct or more of
the voting power or announces a tender offer which would result
in 20 pct ownership, the company said.
    Reichhold said it is entitled to redeem the rights at five
cts apiece before a 20 pct position has been acquired, or
before an existing 20 pct shareholder buys an additional two
pct or more of the voting power of the company, or in
connection with certain transactions afterward.
    The tax-free distribution will become effective May 1,
1987, and will expire 10 years later, the company said.
    Details of the plan are outlined in a letter to be mailed
to stockholders.


.I 5468
.C
earn
.W
ABBOTT LABORATORIES INC <ABT> 1ST QTR NET.
    NORTH CHICAGO, ILL., April 9 -
    Shr 62 cts vs 52 cts 
    Net 142.0 mln vs 123.0 mln
    Sales 1.00 billion vs 865.0 mln



.I 5469
.C
acq
.W
HANSON <HAN> TO BUY INT'L PROTEIN <PRO> STOCK.
    FAIRFIELD, N.J., April 9 - International Proteins Corp said
it has agreed to sell in a private placement 330,000 common
shares at 11.75 dlrs a share to a U.S. subsidiary of Hanson
Trust Plc.
    In addition, David Clarke the president of another Hanson
Trust subsidiary, Hanson Industries, will be named chairman of
International Proteins's executive committee upon his election
to the board at the annual meeting.
    International Proteins recently acquired Clarke's family
business, Great South Beach Sales Co, for 900,000 restricted
common shares of which 350,000 have been issued to date.
    International Proteins said its agreement with Hanson Trust
is subject to stockholder approval at the annual meeting which
is expected to be held in June.
    The company said Hanson Trust is purchasing the stock for
investment purposes, adding the agreement includes restrictions
on purchase or sale of the company by Hanson for the next five
years.
    International Proteins said it will use the proceeds to
expand domestic operations.
    The company has about 2.1 mln shares outstanding.          
 


.I 5470
.C
wheat;grain;
.W
EGYPT BUYS PL 480 WHEAT FLOUR - U.S. TRADERS.
    KANSAS CITY, April 9 - Egypt bought 125,723 tonnes of U.S.
wheat flour in its PL 480 tender yesterday, trade sources said.
    The purchase included 51,880 tonnes for May shipment and
73,843 tonnes for June shipment. Price details were not
available.


.I 5471
.C
bop
.W
SPAIN HAS 35 MLN DLR CURRENT SURPLUS FEBRUARY.
    MADRID, April 9 - Spain had a 35 mln dlr current account
surplus in February compared with a 68 mln dlr surplus in
January and a 355 mln dlr surplus in February last year, Bank
of Spain figures show.
    Spain's trade deficit narrowed to 581 mln dlrs compared
with 664 mln dlrs in January but the large increase in non-oil
imports contributed to the substantial increase over the 159
mln dlr deficit registered in February 1986.
    Exports at 2.58 billion dlrs were up 19 pct compared with
February last year, but imports were 46 pct higher than last
February, totalling 3.16 billion dlrs.
    Non-oil imports totalled 2.79 billion dlrs compared with
1.91 billion in February last year, reflecting the large
ammount of investment goods entering the country with the
recovery of the Spanish economy, the Bank of Spain said.
    Spain's tourism earnings continued to grow and totalled 655
mln dlrs in February, compared with 103 mln dlrs in January and
502 mln dlrs in February last year.


.I 5472
.C
oilseed
.W
INDIA OILSEED OUTPUT FORECAST TO RISE.
    NEW DELHI, April 9 - India's oilseed output is expected to
rise to 12.25 mln tonnes in 1986/87 ending October, up on 11.15
mln in 1985/86 but down from 12.95 mln harvested in 1984/85,
the Agriculture Ministry's 1986/87 report said.
    But the forecast for 1986/87 is well below a target of 14.8
mln tonnes fixed for the year, it said, adding bad weather hit
groundnut and other oilseed crops.
    The National Oilseeds Development Program will invest 300
mln rupees in 1986/87 on supplying improved high-yielding seeds
and other support services to help boost production, it added.
India imports about 1.2 mln tonnes of edible oils a year.


.I 5473
.C
acq
.W
EXXON <XON> SOUTH AFRICAN UNIT ACQUIRED BY ZENEX.
    JOHANNESBURG, April 9 - <Zenex Oil Pty Ltd> said it
acquired the interests of Esso South Africa, the local
subsidiary of Exxon Corp <XON), and will use up to 20 mln rand
in profits to finance educational and social programs.
    The profit scheme will begin after Zenex has paid Exxon an
undisclosed purchase price for Esso, Zenex chairman John
Truscott said in a statement.
    The acquisition follows the Exxon withdrawal from South
Africa announced last December.


.I 5476
.C
interest
.W
SALLIE MAE ADJUSTS SHORT-TERM DISCOUNT NOTE RATES.
    WASHINGTON, April 9 - The Student Loan Marketing
Association said its rates on short-term discount notes were as
follows:
    MATURITY   NEW RATE    OLD RATE  MATURITY
    5-14 days  5.80 pct    5.75 pct     5-14 days
  15-360 days  5.00 pct    5.00 pct    15-85 days
                           5.80 pct    86-91 days
                           5.00 pct   92-176 days
                           5.83 pct  177-183 days
                           5.00 pct  184-360 days


.I 5477
.C
interest
.W
FREDDIE MAC ADJUSTS SHORT-TERM DISCOUNT RATES.
    WASHINGTON, April 9 - The Federal Home Loan Mortgage Corp
adjusted the rates on its short-term discount notes as follows:
   MATURITY   RATE       OLD RATE  MATURITY
    33 days   6.00 pct   6.00 pct  33 days
  


.I 5478
.C
grain
.W
ARGENTINE GRAIN BELT WEATHER REPORT.
    BUENOS AIRES, ABR 9 - ARGENTINE GRAIN BELT TEMPERATURES
(CENTIGRADE) AND RAIN (MM) IN THE 24 HOURS TO 12.00 GMT WERE:
    ...............MAX TEMP..MIN TEMP..RAINFALL
    BUENOS AIRES.......24.......12............0
    BAHIA BLANCA.......22........7............0
    TRES ARROYOS.......22........8............0
    TANDIL.............22........7............0
    JUNIN..............24.......11............0
    SANTA ROSA.........--........6............0
    CORDOBA............23.......12............1
    SANTA FE...........21.......18...........17

.I 5479
.C
earn
.W
VW SAYS 480 MLN MARKS MAXIMUM FOR CURRENCY LOSSES.
    WOLFSBURG, West Germany, April 9 - Losses for Volkswagen AG
<VOWG.F>, VW, linked to an alleged foreign currency fraud will
not exceed the 480 mln marks provision already made, a VW
spokesman said.
    The spokesman was commenting after VW had confirmed it
would pay an unchanged 10 mark dividend for ordinary shares on
1986 business, despite the provision.
    One West German newspaper today quoted foreign currency
dealers in Frankfurt as speculating that the total losses from
the currency affair could be as high as 1.5 billion marks, but
the VW spokesman described 480 mln marks as an "upper limit."
    VW said in a statement following today's supervisory board
meeting that it had discussed the foreign currency scandal in
detail, and was setting up a new probe into its foreign
currency activities to be carried out by an unnamed auditing
company.
    VW has said computer programs were erased and documents
were faked in the alleged fraud in which it believes
transactions intended to protect it against possible foreign
currency losses were not completed.
    VW's former foreign currency chief Burkhard Junger was
arrested on Monday on suspicion of embezzlement and of having
evaded justice.
    Earlier VW had said that its 1986 results would match 1985
profits. VW's group net profit in 1985 was 596 mln marks and
parent company net was 477 mln marks. It also said it recommend
an unchanged dividend to the supervisory board. The company has
also set a dividend of 11 marks for new preference shares,
which were issued last year. Analysts have described the held
dividend as a move to reassure worried shareholders.
    VW increased nominal capital by 300 marks last year to 1.5
billion marks, with the result that its total dividend payment
on 1986 will be 306 mln marks compared with 240 mln on 1985,
since the new capital was in preference shares.
    The share analysts say VW will have to dig into reserves in
order to maintain the disclosed 1986 profit at 1985 levels. At
the end of 1985, VW had parent company reserves of slightly
less than three billion marks.


.I 5480
.C
wheat;grain;
.W
YUGOSLAVIA TO TENDER FOR 100,000 TONNES WHEAT.
    WASHINGTON, April 9 - Yugoslavia will tender April 14 for
100,000 tonnes of wheat, the U.S. Agriculture Department's
Counselor in Belgrade said in a field report.
    The report, dated April 7, said the wheat must be from 1986
and 1987 harvest, and imports of soft wheat from Europe and
from other suppliers will not be considered.
    It said the imports will be used to rebuild the federal
reserves and as a result will not be subject to import
surcharges.


.I 5481
.C
earn
.W
******FEDERATED DEPARTMENT STORES MARCH SALES UP 4.9 PCT.

.I 5482
.C
coffee
.W
PRICES GENERALLY LOWER AT NAIROBI COFFEE AUCTION.
    NAIROBI, April 9 - Prices were lower at this week's coffee
auction for all grades and qualities except better quality AB
grades, which held steady, the Coffee Board of Kenya said.
    The board said it offered 35,000 bags and sold 32,876.
    So far this coffee year, Kenya has sold 918,707 bags to all
markets, of which 326,182 are for the 1986/7 pool, with an
overall average price of 41,500 shillings a tonne, it added.
    The board will offer 35,000 bags at its next auction on
April 14.
          BAGS                PRICE PER 50 KG
      OFFERED SOLD        AVERAGE
 PB      430   430   2304.78 (2267.21)
 AA     7289  6834   2292.92 (2358.96)
 AB    12664 11895   2289.99 (2291.13)
 C      3198  2867   2073.15 (2107.64)
 T       876   876   1508.79 (1510.67)
 TT     1375  1375   2053.25 (2095.64)
 E       159   159   2250.19 (2252.18)
 MISC   9009  8440   1409.50 (1398.60)
 TOTAL 35000 32876     AVERAGE FOR SALE      2014.93 (1994.94)


.I 5483
.C
earn
.W
ALEX. BROWN <ABSB> SETS SPLIT, TO OFFER SHARES.
    BALTIMORE, April 9 - Alex. Brown Inc said it has declared a
three-for-two stock split, payable May 29, record May 22.
    The company also said it has filed to offer 912,000 common
shares, including 162,000 to be sold by a shareholder, with
company proceeds to be used for working capital and general
corporate purposes.  Its Alex. Brown and Sons Inc subsidiary is
lead underwriter.
    The offering is expected to be made before the record date
of the split, the company said.


.I 5488
.C
earn
.W
HIGHLAND SUPERSTORES INC <HIGH> 4TH QTR NET.
    TAYLOR, MICH., April 9 - Period ended Jan 31
    Shr 38 cts vs 61 cts
    Net 7,012,000 vs 11,193,000
    Revs 223.0 mln vs 200.3 mln
    Year
    Shr 1.11 dlrs vs 1.36 dlrs
    Net 20,214,000 vs 23,602,000
    Revs 656.5 mln vs 520.5 mln
    Avg shrs 18,257,631 vs 17,376,480


.I 5489
.C
acq
.W
LVI GROUP <LVI> TO MAKE ACQUISITION.
    NEW YORK, April 9 - LVI Group Inc said it has agreed in
principle to purchase all outstanding shares of <Spectrum
Holding Corp> for a proposed 13 mln dlrs in cash.
    LVI said an additional 10 mln dlrs in common stock and
seven mln dlrs in notes will become payable if Spectrum has
certain minimum future earnings.
    LVI, an interior construction firm, said the acquisition is
subject to execution of a definitive agreement and completion
of due diligence.
    LVI and Spectrum, an asbestos abatement concern, expect to
close the deal in June, LVI said.


.I 5491
.C
earn
.W
TEXAS AMERICAN <TAE> OMITS PREFERRED PAYOUT.
    MIDLAND, Texas, April 9 - Texas American Energy Corp said
its board has decided to again omit the quarterly dividend on
its 2.575 dlr cumulative convertible exchangeable preferred
stock.
    The dividend would have been payable May One.  The company
last paid 64.3 cts a share on the issue in August 1986.


.I 5492
.C
earn
.W
VORNADO INC <VNO> 4TH QTR JAN 31 NET.
    GARFIELD, N.J., April 9 -
    Shr 1.64 dlrs vs 1.56 dlrs
    Net 4,583,000 vs 5,313,000
    Revs 20.1 mln vs 19 mln
    Avg shrs 2.8 mln vs 3.4 mln
    Year
    Shr 5.06 dlrs vs 5.92 dlrs
    Net 16 mln vs 20.3 mln
    Revs 74.6 mln vs 68 mln
    Avg shrs 3.2 mln vs 3.4 mln


.I 5493
.C
acq
.W
BRENDA MINES SELLING KERR ADDISON SHARES.
    TORONTO, April 9 - <Brenda Mines Ltd> said it sold
2,830,390 <Kerr Addison Mines Ltd> shares to a group of
underwriters led by Wood Gundy Inc and Brown, Baldwin Nisker
Ltd for redistribution.
    Financial terms were undisclosed.


.I 5494
.C
acq
.W
PHOENIX FINANCIAL <PHFC> BUYS DATA ACCESS STAKE.
    BLACKWOOD, N.J., April 9 - Data Access Systems Inc said
chairman David Cohen has sold 1,800,000 common shares to
Phoenix Financial corp for undisclosed terms and resigned as
chairman and chief executive officer.
    The company said Phoenix Financial now has a 27 pct
interest in Data Access and effective control.
    Data Access said Phoenix chairman Martin S. Ackerman has
been named chairman of Data Access as well and two other
Phoenix representatives have been named to the Data Access
board.  It said four directors other than Cohen have resigned
from the board.


.I 5495
.C
earn
.W
HEALTH AND REHABILITATION <HRP> INITIAL PAYOUT.
    CAMBRIDGE, Mass., April 9 - Health and Rehabilitation
Properties Trust said it declared an intitial dividend of 55
cts per share for the period ending March 31, 1987
    The dividend will be payed May 20 to shareholders of record
on April 20, the company said.
    The company said it organized in late 1986 and closed its
intitial public offering of shares Dec 23, 1986.
    The initital dividend includes five cts attributable to the
period between Dec 23 and 31, 1986, and 50 cts attributable to
the first qtr of 1987, ending March 31, 1987.


.I 5496
.C
earn
.W
T. ROWE PRICE <TROW> SEES HIGHER FIRST QUARTER.
    BALTIMORE, April 9 - T. Rowe Price Associates said its
first quarter earnings rose about 50 pct from the year-ago
2,634,000 dlrs and revenues about 30 pct from the year-ago 24.2
mln dlrs.
    It said it expects "very good" earnings and revenue growth
this year.  In 1986 it earned 14.8 mln dlrs on revenues of
111.1 mln dlrs.


.I 5498
.C
acq
.W
GENERAL PARTNERS CUTS STAKE IN GENCORP <GY>.
    WASHINGTON, April 9 - General Partners told the Securities
and Exchange Commission it has reduced its stake in GenCorp Inc
to 8.6 pct, from 9.8 pct, by selling 250,000 shares at a price
equal to 118.5 dlrs per share.
    General Partners, which includes GC Holdings Inc and
General Acquisitions Inc, said yesterday it was dropping its
100-dlr-a-share hostile takeover bid for GenCorp because of
GenCorp's move to buy back its shares for up to 130 dlrs each.


.I 5499
.C
earn
.W
HERITAGE FINANCIAL SERVICES <HERS> 1ST QTR NET.
    BLUE ISLAND, ILL., April 9 -
    Shr 45 cts vs 43 cts
    Net 1,503,000 vs 938,000
    Avg shrs 3,358,664 vs 2,158,664
    NOTE: Company had its initial public offering of 1,200,000
shares in October, 1986


.I 5500
.C
earn
.W
NATIONAL COMPUTER <NLCS> SEES EARNINGS GROWTH.
    MINNEAPOLIS, April 9 - National Computer Systems Inc
expects fiscal year earnings to improve by about 20 pct, the
company told analysts, although it said the April 30 first
quarter should show "down earnings and virtually flat
revenues."
    Chairman Charles Oswald said National Computer has taken
steps to improve margins. He said revenues are expected to
increase modestly because of the company's decision to downsize
its leasing business, nonrecurring revenueslast year from a
one-time Texas teacher assessment project and the impact of the
discontinuance of products last year.
    Oswald said National Computer's first quarter results will
be down as a result of a major financial systems sales last
year, a higher effective tax rate and the increased number of
shares outstanding.
    The company said the next three consecutive quarters should
demonstrate "excellent earnings growth."


.I 5501
.C
interest
.W
******U.K. CHANCELLOR LAWSON SAYS THERE MAY BE NEED TO CUT.
INTEREST RATES IN SOME COUNTRIES

.I 5503
.C
acq
.W
REXHAM <RXH> REPURCHASES STAKE FROM NORTEK <NTK>.
    CHARLOTTE, N.C., April 9 - Rexham Corp said it has
repurchased 381,050 of its shares or 9.1 pct from Nortek Inc
for 42 dlrs each, and Nortek has withdrawn its proposal to
acquire Rexham for 43 dlrs per share.
    Rexham said Nortek has also agreed not to buy Rexham shares
or take other actions under a 10-year standstill agreement. 
The Rexham board had rejected the Nortek bid as inadequate.
    The company also said its board has authorized the
repurchase in the open market or privately from time to time of
up to an additional five pct of its own shares and the
establishment of an Employee Stock Ownership Plan.  The plan is
expected to purchase from Rexham a new convertible preferred
stock with 11.5 pct of Rexham's voting power with proceeds of a
pension plan overfunding and borrowings.


.I 5505
.C
heat
.W
EXXON <XON> CUTS HEATING OIL PRICE, TRADERS SAID.
    NEW YORK, April 9 -- Oil traders in the New York area said
Exxon Corp's Exxon U.S.A. unit reduced the price it charges
contract barge customers for heating oil in New York harbor
0.50 cent a gallon, effective today.
    They said the reduction brings Exxon's contract barge price
to 49.75. The price decrease follows sharp declines in heating
oil prices in the spot and futures markets, traders said.


.I 5508
.C
interest
.W
FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES.
    WASHINGTON, April 9 - The Federal Home Loan Bank Board
adjusted the rates on its short-term discount notes as follows:
    MATURITY   NEW RATE  OLD RATE  MATURITY
  30-174 days  5.00 pct  5.00 pct   30-174 days
 175-190 days  5.88 pct  5.85 pct  175-190 days
 191-270 days  5.00 pct  5.00 pct  191-270 days
 271-288 days  5.92 pct  5.92 pct  271-288 days
 289-360 days  5.00 pct  5.00 pct  289-360 days
                       


.I 5511
.C
earn
.W
<STRATHFIELD OIL AND GAS LTD> YEAR NET.
    CALGARY, Alberta, April 9 -
    Shr 46 cts vs 48 cts
    Net 1,196,331 vs 1,341,314
    Revs 5,153,109 vs 7,680,350


.I 5512
.C
earn
.W
AFP IMAGING <AFPC> SEES HIGHER FISCAL 1987 SALES.
    ELMSFORD, N.Y., April 9 - AFP Imaging Corp said it expects
revenues to reach about 20 mln dlrs in fiscal 1987, ending June
31, compared with sales of 16.8 mln dlrs in fiscal 1986.
    AFP said its products have continue to gain market share in
the medical, dental and graphic arts industries over the past
eight months, adding that it will spend "considerable effort"
now to expand its KENRO pre-press vertical cameras and
processors.
    The company, which designs and makes film processing and
camera equipment for the medical industry, said it plans to be
a major player in the 10 bln dlr graphics art industry through
a combination of internal growth and acquisitions.
    AFP also said it expects KENRO revenues to double during
the coming fiscal year.
    AFP said it is exploring the possibility of assembling and
distributing a line of dental chairs and operatories for an
unnamed company in the industry. AFP said the move could expand
its DENT-X dental x-ray processing product presence in the
dental equipment business whilke adding more factory loading.
                                         


.I 5513
.C
money-fx;interest;
.W
FED MAY ADD RESERVES TO BANKING SYSTEM.
    NEW YORK, April 9 - The Federal Reserve may intervene in
the government securities market to supply temporary reserves
indirectly via customer repurchase agreements, economists said.
    They said that while the Fed faces no great urgency to add
reserves at the start of the two-week maintenance period today
it would probably do so in order to offset a relatively high
federal funds rate.
    Fed funds opened at 6-3/16 pct and remained there in early
trading. Yesterday, they averaged 6.45 pct, after rising as
high as seven pct at the close.


.I 5514
.C
acq
.W
DIAMOND CRYSTAL <DSLT> MIGHT SELL SALT UNIT.
    ST. CLAIR, Mich., April 9 - Diamond Crystal Salt Co said it
might sell its salt division.
    The company said it retained First Boston Corp to assist it
with the possible sale of the division, "assuming a fair price
and reasonable terms can be obtained."
    Diamond Crystal said sale of the unit was in the best
long-term interests of its shareholders.
    The company also said it incorporated its Packet Products
Division as of April one. The unit will be an indirect wholly
owned subsidiary called Diamond Crystal Specialty Foods Inc.
Current management of the division will remain.


.I 5515
.C
interest
.W
LAWSON SAYS SOME COUNTRIES COULD CUT RATES.
    WASHINGTON, April 9 - Nigel Lawson, Britain's Chancellor of
the Exchequer, said some countries may need to cut interest
rates with the aim of maintaining exchange rate stability.
    Speaking to journalists one day after the Group of Seven
countries reaffirmed goals set in Paris six weeks ago, he said
central banks would continue to intervene "as and when
necessary."
    He said the G-7 countries were concerned that Japan do more
to stimulate domestic demand and welcomed measures outlined by
Japanese Finance Minister Kiichi Miyazawa yesterday.
    Lawson said he was still worried about  the risk of a
simultaneous recession in the United States, Japan and West
Germany, though less so than when he gave his March 17 budget
speech to the British Parliament.
    "If anything I'm a little bit less concerned, but there is
still a risk," he said.
    Asked if the United States should consider increasing
interest rates to support the dollar, he said, "If there is a
need for changes in relative interest rates, it doesn't need to
be a rise in interest rates in the United States."
    Lawson said there was some concern expressed in yesterday's
meetings at the slow progress the United States had made in
reducing its budget deficit.
    "We believe there will be some worthwhile progress in
reducing the deficit this year. The important thing is that it
continue year after year," Lawson said.
    The February 22 Louvre accord called for efforts to
stabilize currencies at then-current exchange rates. In the six
weeks that followed the Japanese yen continued to rise against
the dollar despite massive central bank intervention.
    Asked whether this intervention was a sign of weakness in
the Louvre accord, he said, "I don't think so. If there had been
no intervention you would have called that a sign of weakness."
    Although intervention could be a cause of inflation, Lawson
said, "the world does not appear to be in an inflationary mode
... but one has to be vigilant."
    He said yesterday's G-7 statement, which affirmed that
"current levels" of exchange rates were appropriate, had been
"carefully worded." "We know what we mean, and we all mean the
same thing," he said.
    Lawson said financial markets seem to believe that Japanese
measures outlined in the Louvre accord were the source of
weakness for that agreement.
    Therefore, the G-7 countries welcomed Miyazawa's
presentation of plans for a supplemental budget to stimulate
domestic demand.
    They particularly welcomed the goal of an immediate
increase in public works spending, but Lawson said the package
also involved a second stage to increase expenditures during
the second half of this year.


.I 5516
.C
wheat;grain;barley;corn;
.W
FRENCH FREE MARKET CEREAL EXPORT BIDS DETAILED.
    PARIS, April 9 - French operators have requested licences
to export 320,000 tonnes of free market barley, 225,000 tonnes
of maize, 25,000 tonnes of free market bread-making wheat and
20,000 tonnes of feed wheat at today's EC tender, trade sources
said.
    For the barley, rebates of between 138 and 141.25 European
currency units (Ecus) per tonne were sought, for maize they
were between 129.65 and 139 Ecus, for bread-making wheat around
145 Ecus and for feed wheat around 142.45 Ecus.
    Barley rebates of up to 138.50 Ecus were requested for a
total of 40,000 tonnes and at 139 Ecus for 85,000 tonnes.
    Rebates of up to 130 Ecus per tonne were requested for a
total of 55,000 tonnes maize and up to 131 Ecus for 105,000
tonnes, the sources said.


.I 5518
.C
potato
.W
U.K. POTATO FUTURES TRADING NOT TO BE SUSPENDED.
    LONDON, April 9 - Trading on the London potato futures
market will not be suspended, Richard Harris, Chairman of the
London Potato Futures Association (LPFA), said in a statement
to floor members.
    It was in response to strong representations by the Potato
Marketing Board (PMB) complaining of a gross distortion of
price which they say will result in large deliveries into the
physical market when the April futures position expires.
    The PMB had sought an immediate suspension in futures
trading and asked the LPFA to take action to restore the
relationship between futures and physicals.
    Farmers and merchants have alleged a squeeze and cornering
of the market but Harris pointed out that recent investigations
by the Association of Futures Brokers and Dealers (AFBD), the
International Commodities Clearing House (ICCH) and other
parties, found no evidence to substantiate this.
    The main complaint from some sections of the physical
market is what they say is an unrealistic futures premium over
the PMB's average ex-farm price. April futures traded this
morning between 168 and 170 stg per tonne compared with PMB's
average price of 104 stg.
    Bill Englebright, joint secretary of the LPFA said there is
a two-tier market for physical potatoes. He said quality
potatoes are in short supply and prepackers have been paying
between 145 and 165 stg per tonne for best samples. But lesser
quality grades have traded below 100 stg.
    Some merchants fear that a large tonnage will be delivered
against the April futures contract between now and the end of
the month, and possibly disrupt the physical market.
    Harris said the LPFA rule book allows the management
committee to take steps as necessary to correct any malpractice
and he assured the committee is monitoring the situation.


.I 5519
.C
money-fx
.W
GROUP OF 10 WELCOMES LATEST G-7 AGREEMENT.
    WASHINGTON, April 9 - The Group of 10 developed nations
issued a communique welcoming the reaffirmation of the Paris
accord on currency stability by the Group of Seven leading
industrial democracies yesterday.
    In the communique issued this morning, the G-10 said
"prospects of member countries' economies would be improved by
stability in the exchange rates of their currencies."
    The G-10 includes the group of seven - the United States,
Canada, Britain, Japan, Italy, West Germany and France - plus
Belgium, the Netherlands, Sweden and also Switzerland.
    Sources who attended the G-10 conference this morning said
the reference to the latest G-7 agreement was especially added
to the brief communique because currency stability will benefit
all the G-10 members.
    The G-10 met briefly before the International Monetary Fund
Interim Committee meeting scheduled for today.
.


.I 5522
.C
tin
.W
SPOT TIN EASIER ON EUROPEAN FREE MARKET.
    LONDON, April 9 - Spot tin on the European free market was
indicated in the easier range 4,200 to 4,230 stg per tonne, for
high grade metal in warehouse Rotterdam, down 20 stg from
yesterday's afternoon kerb close.
    Stability in sterling versus the dollar continued to apply
pressure to a market which is coming close to testing a
psychological chart support base at 4,200 stg, traders said.
    Dealers said major consumers still need to cover their May
and June requirements but are holding out for even lower
offers. Reported high grade tin business in London was confined
to end April metal at 4,225 stg.
    Small-scale spot business was reported by West German
operators at 12.60 and 12.63 marks per kilo although the market
was still being undercut by Chinese material, which traded at
one stage down to 12.54 marks per kilo, traders said.


.I 5523
.C
dlr;money-fx;
.W
DOLLAR ENDS LOWER IN LACKLUSTRE FRANKFURT.
    By Allan Saunderson, Reuters
    FRANKFURT, April 9 - The dollar drifted down to end one
pfennig lower after a lacklustre session, held in limits by the
lack of concrete news from the Group of Seven meeting and
comments on the edge of the Washington IMF/World Bank meeting.
    Dealers said the communique early in the European morning
from the G-7 meeting contained no significant new factors and
although the dollar dipped it generally resisted further
attempts to push it lower through the day.
    The U.S. Currency ended at 1.8270/80 marks, below
yesterday's last 1.8365/75.
    Koch said the assessment of the dollar's direction was
based on a global view, with operators paying most attention to
comments by finance officials to see how closely they stated
adherence to international agreements such as those set at the
Plaza Hotel in 1985 and in Paris on February 22.
    Koch described the wording of the communique from the G-7
as "soft as wax."
    Bundebank vice-president Helmut Schlesinger told Reuters in
a telephone interview that the German central bank sees no
current reason to change monetary course at present.
    Schlesinger was responding to questions following remarks
yesterday by Bundesbank board member Claus Koehler and West
Berlin state central bank president Dieter Hiss, which dealers
said revived some speculation that German interest rate cuts
may be under consideration.
    German call money was slightly softer today, at around 3.70
pct after 3.80 yesterday.
    Some dealers said rates on new liquidity injections added
via Bundesbank securities repurchase agreements may be cut next
week. Hopes of a cut were dashed on Tuesday with an allocation
at an unchanged 3.80 pct.
    But speaking of the pact tender rate next week, Schlesinger
said, "since the central bank council gives its opinion on this
theme only every 14 days, this is hardly probable."
    Euromark rates scarcely responded to the central bankers
comments, with six months funds ending unaltered at around
3-7/8 pct. Eurodollars for the same maturity rose a fractional
1/16 pct from yesterday to around 6-11/16 pct.
    Sterling dipped to end at 2.952/956 marks after 2.960/965
last night. The Swiss franc firmed slightly to 120.30/45 marks
per 100 from 120.25/40, with the yen soaring however to
1.2570/90 marks per 100 from 1.2515/35 yesterday.
    EMS currencies saw the French franc end unchanged from last
night at 30.03/06 marks per 100, with the Belgian franc easing
however to 4.829/831 marks per 100 from 4.831/833.


.I 5524
.C
earn
.W
CONSOLIDATED PAPERS INC <CPER> 1ST QTR NET.
    WISCONSIN RAPIDS, WIS., April 9 -
    Shr 1.01 dlrs vs 1.08 dlrs
    Net 21,983,000 vs 23,434,000
    Sales 174.9 mln vs 161.7 mln


.I 5527
.C
acq
.W
HUMANA <HUM> TO SELL MEDICAL OFFICES.
    LOUISVILLE, Ky., April 9 - Humana Inc said it has agreed in
principle to sell 68 MedFirst primary medical care facilities
to <Primedical Corp> for undisclosed terms, with transfers
taking place over the next four months.
    It said it retains 37 MedFirst offices, mostly in the
Chicago area.
    The transaction is not expected to have any impact on
earnings, Humana said.


.I 5530
.C
earn
.W
MET-COIL SYSTEMS CORP<METS> 3RD QTR FEB 28 NET.
    CEDAR RAPIDS, IOWA, April 9 -
    Shr seven cts vs nine cts
    Net 168,000 vs 206,000
    Sales 15.3 mln vs 10.9 mln
    Nine mths
    Shr 10 cts vs 38 cts
    Net 228,000 vs 649,000
    Sales 35.8 mln vs 32.5 mln
    Qtly div three cts vs three cts prior
    Pay April 30
    Record April 20


.I 5532
.C
earn
.W
******FORD RAISES QTLY PAYOUT 10 CTS/SHR TO 75 CTS.

.I 5534
.C
money-fx
.W
LAWSON SEES NO CHANGE IN U.K. MONETARY POLICY.
    WASHINGTON, April 9 - British Chancellor of the Exchequer
Nigel Lawson said he saw no immediate implications for British
monetary policy arising from the Group of Seven meeting
yesterday.
    "Exchange rate stability is in the U.K.'s interest," he told
journalists.
    Asked what it meant for U.K. monetary policy, he said, "No,
I do not think there are any immediate implications."


.I 5535
.C
earn
.W
FORD MOTOR CO <F> RAISES QTLY PAYOUT.
    DEARBORN, Mich., April 9 -
    Qtly div 75 cts vs 65 cts prior
    Pay June one
    Record May one


.I 5537
.C
iron-steel
.W
TALKING POINT/STEEL COMPANIES.
    By Steven Radwell, Reuters
    NEW YORK, April 9 - Steel stocks, which have had a healthy
runup recently, still present some short term investment
opportunities, according to some steel analysts.
    But others say the upturn, based on strong orders and firm
prices this spring, has been strictly seasonal and will end
soon. They recommend taking profits.
    "It's that time of year. This is strictly seasonal," said
Charles Bradford of Merrill Lynch and Co. "Orders will be
strong for about two months, and there are signs that some
(order rates) are starting to dive already."
    But Dean Witter Reynolds Inc analyst Clarence Morrison sees
some short-term potential in the group, which includes USX Corp
<X>, Bethlehem Steel Corp <BS>, Armco Inc <AS> and Inland Steel
Industries Inc <IAD>.
    "There is still some attractiveness to steels over the
short- to intermediate-term based on improved order rates and
rising prices," Morrison said. He only recommends one stock,
however, Inland, which is modernizing steelmaking operations to
make them more efficient.
    Despite his bearishness, Merrill's Bradford continues to
recommend Armco, which he sees as a major turnaround.
    Armco's steelmaking operations are profitable, the balance
sheet has been improved, and its oilfield equipment business
has been slimmed and put in a joint venture with USX, Bradford
noted. "It's not a high-quality investment situation yet but
they've come a long way," he said.
    "We think the stock will do moderately better than the
market," he said. Armco shares, trading off 1/4 at 10 today,
could go to 12, and possibly as high as 15, he said.
    Bradford sees Armco earning 50 to 75 cts a share in 1987,
before special gains from recouped investment tax credits,
against losses last year.
    Armco's 1988 earnings could be significantly higher, he
said.
    Bradford is recommending sale of USX shares. "We had a buy
on it below 20 but when it gets to 28, let somebody else have
it," he said.
    The steel and energy concern will earn about one dlr a
share in 1987, about half of that coming from asset sales, and
from two dlrs to 2.50 dlrs in 1988, Bradford said. "But a lot
depends on oil prices," he added. About 60 pct of USX's sales
come from oil and natural gas.
    Other analysts, including Michelle Galanter Applebaum of
Salomon Brothers Inc, recommend USX. "The company's done a lot
(of restructuring), more than the market's given them credit
for," she said.
    She sees the stock going to the mid 30s or higher. USX was
trading up 1/8 at 28-1/2. She predicts USX will earn 18 cts a
share this year and 2.73 dlrs next year against large losses in
1986.
    Applebaum, who is also positive on Armco and Inland, has
been recommending the stocks since last November.
    Peter Marcus of Painewebber Inc is neutral on the group
although he said the earnings outlook is improved through the
third quarter.
    But he sees potential trouble beyond then. "I think (steel)
prices on a bookings basis will start to drop by the summer,"
he said.
    Applebaum of Salomon Brothers also sees some seasonal
dropoff later in the year. "But there are more positives than
negatives," she said, citing reduced capacity in the domestic
industry, better prices, and a weaker dollar, which should
cause steel imports to drop off slightly from last year.


.I 5538
.C
earn
.W
DEKALB CORP <DKLBB> 2ND QTR FEB 28 NET.
    DEKALB, ILL., April 9 -
    Shr 20 cts vs 14 cts
    Net 2.4 mln vs 1.7 mln
    Revs 136.7 mln vs 174.4 mln
    Six Mths
    SDhr 72 cts vs 82 cts
    Net 8.6 mln vs 9.9 mln
    Revs 212.5 mln vs 268.8 mln


.I 5539
.C
earn
.W
ABBOTT <ABT> SEES GAINS FROM WEAKER DOLLAR.
    NORTH CHICAGO, ILL., April 9 - Abbott Laboratories Inc said
its 1987 first quarter record results reflected continued
productivity improvement, higher volume, better product mix and
a weaker U.S. dollar.
    Abbott reported 1987 first quarter earnings rose to a
record 142 mln dlrs or 62 cts a share on record sales of one
billion dlrs.
    Research and development expenses, most of which was
applied to diagnostic and pharmaceutical products, increased by
23 pct to 78 mln dlrs, it said.
    Sales of pharmaceutical and nutritional products were 548
mln dlrs in the first quarter, up 17.6 pct over a year ago,
Abbott said. Hospital and laboratory product sales in the first
quarter rose 14.1 pct to 456 mln dlrs, it said.
    First quarter sales in domestic markets advanced 11.5 pct
to 688 mln dlrs while international sales jumped 27.1 pct to
316 mln dlrs, Abbott said.


.I 5540
.C
livestock;carcass;
.W
EASTERN DISTRIBUTIVE BEEF TRADE WEEKLY - USDA.
    North Brunswick, NJ, Apr  9 - Demand good for moderate
supplies of most beef cuts, However, limited interest noted for
tenderloins/flank steaks. Yield grade 2-3 beef cuts, fabricated
items, vacuum packed.
                          LBS    CHOICE
 ROUND CUTS -steady/up 11.00                 
 160 round, part bnls     50-85  few 137
 161 round, bnls          42-80  few 147
 161 diamond cut          49-85  few 149
 167 knuckle               8-15  few 148
 167a knuckle, peeled      8-15  few 163
 168 top inside round     14-26  165-175
 170 bottom gooseneck rnd 18-33  131-135
 More

.I 5541
.C
cotton
.W
BRAZIL COTTON CROP LOWER -- USDA REPORT.
    WASHINGTON, April 9 - Brazil's 1986/87 cotton crop estimate
has been reduced to 710,000 from 735,000 tonnes (lint basis),
the U.S. Agriculture Department's officer in Sao Paulo said in
a field report.
    The report, dated April 7, said the reduction is based on
an expected smaller harvest in the center-south region.
    The center-south crop is now estimated at 550,000 tonnes --
25,000 tonnes below the previous estimate.
    Hot, dry weather during part of January and excessive rains
in some areas in February reduced yield prospects and may have
affected quality, the report said.
    Nearly 60 pct of the crop has been harvested in Parana and
slightly less in Sao Paulo, it said. Cotton entering gins is of
fairly good quality, according to trade sources, it said.


.I 5774
.C
ship
.W
IRAN SAYS IT WILL COMBAT GULF INTERVENTION.
    ABU DHABI, June 1 - Iranian foreign minister Ali Akbar
Velayati warned that Iran would combat any superpower
intervention in the Gulf.
    "Iran, which is the most powerful (country) in the Gulf...
Will not allow the superpowers or any other foreign forces to
interfere in the region," he said.
    Velayati, visiting the United Arab Emirates on the first
leg of a Gulf tour, told reporters Iran had the "capabilities
and means" to prevent any interference. President Reagan has
pledged to keep the Gulf sealanes open and to protect Kuwaiti
tankers from possible Iranian attack.


.I 5778
.C
earn
.W
TOSHIBA CORP <TSBA.T> YEAR ENDED MARCH 31.
    TOKYO, June 1 -
    Group shr 11.86 yen vs 19.24
    Net 34.18 billion vs 59.44 billion
    Pretax 78.02 billion vs 130.52 billion
    Operating 51.58 billion vs 121.50 billion
    Sales 3,308 billion vs 3,373 billion


.I 5779
.C
gas;fuel;
.W
SINGAPORE OIL COMPANIES TO SET OWN PUMP PRICES.
    SINGAPORE, June 1 - Singapore oil companies can set their
own petrol and diesel prices at the pump from today subject to
ceilings determined by their individual wholesale prices, The
Ministry of Trade and Industry said.
    The ministry previously revised pump prices and announced
the changes for the oil companies.
    Lead content of petrol is further cut to 0.15 gm/litre from
0.4 gm from today. Pump prices of the lower lead petrol grades
are expected to be announced soon by the oil companies which
have said wholesale prices are between 1.3 cents/litre to 3.2
cents higher than previous grades.


.I 5780
.C
cpi
.W
PERU CONSUMER PRICES RISE 5.9 PCT IN MAY.
    LIMA, May 31 - Peru's consumer price index rose 5.9 pct in
May to 15,706.5 (base 1979) compared to 6.6 pct in April and
3.3 pct in May 1986, the National Statistics Institute said.
    It said accumulated inflation for the first five months of
this year was 33.8 pct against 24.1 pct for the same period in
1986.
    Inflation for the year ending May 1987 was 75.7 pct
compared to 76.8 pct for the year ending May 1986.


.I 5781
.C
grain;sugar;orange;
.W
CHINA PROVINCE BECOMES GRAIN IMPORTER.
    PEKING, June 1 - The south China province of Guangdong is
importing millions of tonnes of grain a year from overseas and
other parts of China because farmers have switched from grain
to more profitable crops, the Peking Review magazine said.
    The official magazine said the province's grain area fell
to 4.33 mln hectares in 1985 from 5.7 mln in 1978 out of a
total farmland area of 7.4 mln hectares.
    Farmers have switched to cash crops such as sugarcane,
bananas, oranges, papaya and freshwater fish-farming, in part
to supply major consumer markets in Hong Kong and Macao, the
magazine said. It gave no 1986 area figures.
    The magazine said China aims to keep 80 pct of national
farmland under grain, 10 pct under cash crops and 10 pct under
other crops, although the ratio will vary from place to place.
    It said primitive cultivation methods, labour-intensity and
low productivity make grain the least profitable farm
commodity. Farmers in one central region of China can from 0.1
hectare earn 2,250 yuan a year from vegetables, 375-450 yuan
from cotton or 225 yuan from grain, it added.
    It said consumer prices for foodgrain can be adjusted only
gradually as part of a reform of the entire pricing system.


.I 5783
.C
interest
.W
******Bundesbank's Schlesinger says no plan to cut discount rate-Nihon Keizai newspaper.
Blah blah blah.

.I 5784
.C
gas
.W
SINGAPORE PETROLEUM CO REVISES PETROL PUMP PRICES.
    SINGAPORE, June 1 - Singapore Petroleum Co Pte Ltd will
revise pump prices of petrol from June 2, an official said.
    Grade 97 octane with 0.15 gm/lead will be 96.8 cents/litre
against 94 cents previously for 0.4 gm lead. Grade 92 octane
will be 90.6 cents against 87.6 previously.
    SPC's price revision follows the Ministry of Trade and
Industry's move to liberalise petrol pricing by allowing oil
companies to set their own pump prices.
    New grades of petrol with lower lead content are sold in
Singapore from today in line with the Ministry of Environment's
regulations.


.I 5786
.C
interest
.W
BUNDESBANK REPORTED TO HAVE NO PLAN FOR RATE CUT.
    TOKYO, June 1 - Bundesbank Deputy President Helmut
Schlesinger said the West German central bank had no plan to
cut its three pct discount rate, Nihon Keizai newspaper
reported.
    The financial daily quoted Schlesinger as saying in an
interview that the bank would try to maintain current interest
rate levels for the time being.
    He also told the newspaper he saw no need for large-scale
intervention in the foreign exchange market because exchange
rates are stable.
     Earlier, Schlesinger told a press conference that the
Bundesbank would continue its policy of maintaining short-term
interest rates at a low level for currency stability.
    He also said he was satisfied with the current dollar/mark
exchange rate but added that he was not certain if it was ideal
for the West German economy.


.I 5787
.C
trade
.W
SEOUL ANNOUNCES MORE TARIFF CUTS FOR U.S.
    SEOUL, June 1 - South Korea will cut import taxes on 50
items, including construction equipment, photographic film,
cigarettes and pipe tobacco, to help reduce its trade surplus
with the United States, the finance ministry said.
    The tariff cuts, of between five and 30 percentage points,
take effect on July 1.
    This brings to 157 the number of goods on which import
taxes have been cut this year, a ministry official said.
    The 157 are among about 290 items on which Washington has
asked Seoul to lower tariffs, he added.
    Today's announcement follows Saturday's removal of import
curbs on 170 products. For 46 of those products, the U.S. Had
had sought free access to the South Korean market.
    "This is in line with the government's policy to limit our
trade surplus with the United States to help reduce trade
friction between the two countries," the official said.
    South Korea's trade surplus with the U.S. Rose to 7.3
billion dlrs in 1986 from 4.3 billion in 1985. Officials said
the surplus was expected to widen further in 1987 but Seoul
would try to hold it below eight billion dlrs.
    The finance ministry said tariffs would be cut later this
month on a further 53 items, including acrylic yarn and
ethylene, by an average 7.7 percentage points in order to check
inflation.
    The officials said the tariff cuts would contribute to
holding wholesale and consumer price rises at less than three
pct this year.


.I 5790
.C
trade
.W
U.S. STUDY SAYS TARIFFS AND QUOTAS COULD BACKFIRE.
    WASHINGTON, June 1 - The use of tariffs and quotas to
reduce the flow of foreign goods into the United States will do
little to cut the nation's swelling trade deficit, a government
study said.
    In fact, the Federal Trade Commission (FTC) report said,
such protectionist policies could make U.S. Products less
competitive in the world marketplace by raising the cost of
imported products that are re-exported in different forms.
    "Such policies are much more likely to hurt, rather than
help, the productive capabilities of the U.S. Economy," it said.
    The 218-page report, written by FTC economists John Hilke
and Philip Nelson, blamed the rising trade shortfall, which
climbed to a record 166.3 billion dlrs last year, on shifting
currency exchange rates and growing U.S consumer demand.
    Other factors commonly blamed for the deficit, such as
foreign trade practices, deteriorating U.S. Industrial
competitiveness, high labour costs and government restrictions
on mergers, added little to the problem, it said.
    "Although each industry's competitiveness affects the level
of imports and exports in that industry, in general we find
that there have been no significant industry-specific changes
affecting competitiveness that would explain the increase in
the overall trade deficit," the study said.
    "To the extent any government action is needed to deal with
the trade deficits, policies should focus on economy-wide
phenomena such as exchange rates and relative economic growth,"
the FTC study said.
    Supporting its conclusion that broad-based economic shifts
were the cause of the increase in the trade deficit, the report
said it found that nearly all U.S. Industries lost some
domestic market share to foreign competitors in the 1980s.
    It also said it found a "fairly direct relationship" between
the increased trade deficit and the influence of shifting
currency exchange rates, U.S. Economic growth and domestic
demand for goods and services, which has outpaced foreign
consumer demand.
    The study examined seven factors which have been commonly
blamed for the trade deficit: foreign government subsidies and
trade barriers to protect foreign industries, a lack of
investment in U.S. Industry, declining research and development
in U.S. Industry, high labour costs, union work rules, the oil
prices rises of the 1970s and U.S. Antitrust regulations.
    In each case, the study found little or no evidence that
the factor had any impact on the trade deficit.


.I 5793
.C
rubber
.W
TOKYO EXCHANGE ALLOWS MORE GOLD AND RUBBER BROKERS.
    TOKYO, June 1 - The Tokyo Commodity Exchange for Industry
(TOCOM) said it will allow five more members to become precious
metal brokers, taking the total to 54, and four more members to
broke rubber, for a total of 39.
    An exchange official told Reuters the Ministry of
International Trade and Industry is expected to approve the the
new brokers by mid-June.
    The move has been under study since early May in response
to requests by non-broker members of the exchange.


.I 5795
.C
gold
.W
RENISON GC AND CITY RESOURCES SET PNG GOLD VENTURE.
    SYDNEY, June 1 - Renison Goldfields Consolidated Ltd
<RGFJ.S> (RGC) and explorer <City Resources Ltd> have agreed in
principle on a joint venture to re-examine the Bulolo alluvial
gold field in Papua New Guinea, City Resources said.
    City Resources would progressively earn up to 66.66 pct of
RGC's Prospecting Authority 585, which covers all the field, by
spending a total of 6.5 mln kina, it said in a statement.
    It said it believed Bulolo was not fully exploited in the
past, noting the literature refers to heavy gold losses in
tailings during dredging from 1931 to 1967 which produced a
total of 2.1 mln ounces.
    City Resources also said previous dredging was only carried
out to a depth of 36 metres and high grade gold values are
reported to at least 60 metres in the central part of the
Bulolo Valley and possibly as deep as 90 metres.
    In its productive life, recovered average grade at Bulolo
was 0.3 rpt 0.3 grams a tonne from some 207 mln cubic metres of
gravel, it said. City Resources will act as operator.
    The Bulolo field, in Morobe Province, was the first
successful gold mining operation of <Placer Development Ltd>
after it was floated in Canada in 1926. It operated the field
until dredging ceased in 1967.


.I 5800
.C
ship
.W
MOSCOW SAYS WILL RETALIATE AGAINST GULF ATTACKS.
    KUWAIT, June 1 - Any Iranian attack on Soviet ships in the
Gulf will bring a forceful and violent response, a Soviet
foreign ministry official said in an interview published here.
    Alexander Ivanov, head of the Gulf desk at the Soviet
Foreign Ministry, told Al-Rai al-Aam newspaper Moscow "will
answer back with force and violence if Iran attempts to attack
any Soviet ship or tanker in the Gulf." A Soviet tanker hit a
mine in the Gulf last month.
    Ivanov also accused the United States of stepping up the
regional crisis and of failing to exert genuine efforts to end
the Iran-Iraq war.


.I 5801
.C
gas
.W
MOBIL RAISES SINGAPORE PETROL PUMP PRICES.
    SINGAPORE, June 1 - Mobil Oil Singapore Pte Lte will raise
pump prices of petrol from June 2, a spokeswoman said.
    Grade 97 octane with 0.15 gm lead will be 96.8 cents/litre
against 94 cents previously for 0.4 gm lead. Grade 92 octane
will be 90.2 cents against 87.6 previously.
    SPC earlier announced its pump prices of 96.8 cents and
90.6 cents for 97 and 92 octane, respectively, for 0.15 gm lead
petrol which is being sold in Singapore from today in line with
the Ministry of Environment's regulations.


.I 5808
.C
interest
.W
WINDOW FOR BANK AID IN KUWAIT REMAINS SHUT.
    KUWAIT, June 1 - The Kuwait Central Bank kept its window
for funds to the domestic interbank deposit market shut as
banks returned from a four day holiday, dealers said.
    The move drove short-term interest rates sharply higher,
with overnight and tomorrow-next funds more than doubling from
last Wednesday and hitting 20 pct.
    There were few offers in a tight market and traders
scrambled for any available funds. One-month to one-year
deposits were indicated one point higher at eight, seven pct
but there was little activity at the longer end of the market.
    Bankers see the suspension of central bank aid as a
deliberate move to drive up Kuwaiti dinar interest rates and
stem a flow of funds out of the country, where market
nervousness is increasing over the growing tension in the Gulf.
    The central bank's move has been combined with a steady cut
in the dinar exchange rate.
    Today's rate was reduced to 0.27939/73 to the dollar from
0.27758/92 on Wednesday before the four day bank holiday that
celebrated the end of the fasting month of Ramadan.


.I 5810
.C
gas
.W
SHELL, CALTEX, BP REVISE SINGAPORE PETROL PRICES.
    SINGAPORE, June 1 - Shell Eastern Pte Ltd will revise pump
prices of petrol from 2300 hours local while Caltex Asia Ltd
and BP Singapore Pte Ltd will revise theirs at midnight
tonight, company officials said.
    Caltex and Shell will set prices of 0.15 gm lead at 96.8
cents/litre for 97 octane and 90.2 cents for 92 octane. BP will
set prices at 96.8 cents/litre and 90.6 cents, respectively.
Previous industry pump prices for 0.4 gm lead were 94 cents for
97 octane and 87.6 cents for 92 octane.


.I 5811
.C
fuel
.W
BANGLADESH TO IMPORT 60,000 TONS OF DIESEL FROM USSR.
    DHAKA, June 1 - Bangladesh will import 60,000 tons of high
speed diesel oil from the Soviet Union under a barter agreement
signed here last week, Bangladesh petroleum Corporation
officials said.
    The oil worth about 10 mln U.S. Dlrs will be shipped by
December this year, they added but did not say what Bangladesh
would sell in return to the Soviet Union.


.I 5815
.C
palm-oil;veg-oil;coconut;meal-feed;coconut-oil;
.W
PHILIPPINE COCONUT CHIEF TO LOBBY AGAINST EC TAX.
    By Chaitanya Kalbag, Reuters
    MANILA, June 1 - Philippine Coconut Authority (PCA)
chairman Jose Romero said he would visit Brussels later this
month to lobby against a proposed 100 pct European Community
(EC) levy on vegetable oil imports.
    "I intend to visit Brussels and talk to whoever is putting
up this devilish scheme to impoverish third world countries
like the Philippines," Romero said in an interview.
    He said he did not know how much support the levy had
within the EC but he said he believed those originally opposed
to the tax were under pressure to change their position.
    Romero said a group of EC members led by West Germany, the
Netherlands, Denmark and Norway were opposed to the tax. But
there was a danger some of them would be persuaded to change
sides, and if that happened opposition could crumble.
    Romero said another threat to exports lay in an EC warning
that copra meal cake used in livestock feeds contained
dangerous levels of aflatoxin, a carcinogenic chemical.
    He said the EC standard of 0.02 parts of aflatoxin per
million parts of meal, which EC countries had been asked to
apply by October 1988, was too rigid. He said Philippine copra
cake contained much higher levels of aflatoxin.
    Aflatoxin comes from moulds which develop in copra when it
is not properly dried or ground.
    Romero said he would tell big buyers of copra meal in
London that the Philippines was doing its best to meet EC
standards. It was also trying to eliminate aflatoxin totally,
but this was likely to take several years of research.
    Copra meal exports were 817,641 tonnes or 35 pct of total
coconut exports in 1986. The meal was worth 73.5 mln dlrs.
    Romero said he would also visit Oxford University's
department of agricultural economics to discuss ways of
avoiding the copra process altogether.
    "There are ways of producing coconut products outside of
copra," Romero said. "We can process fresh coconut without drying
the meat in the sun. Through the wet process we can process
coconuts into other food or non-food products, or we can go to
the chemical root."
    He said there was a tendency for agricultural countries to
become more protectionist and he expected export prices of
coconut products to drop.
    "In the long term we will be getting less and less for more
and more production, and I'm not comfortable with that," he
said.
    With countries like Indonesia and Malaysia stepping up
production of palm oil, a coconut oil substitute, palm oil
output had risen nearly 70 pct since 1971, Romero said.
    "To add to that the U.S. Soybean Association is spending
billions of dollars to discredit palm oil and coconut oil by
saying that they are polysaturated fats and bad for the heart,"
he said.
    Romero said he expected coconut product export prices to
stay up for the rest of the year. They would probably touch a
high of 20 cents/pound from the current level of 18.59 cents,
and a sharp rise from year-ago levels of 10.50 cents.
    Romero said the Philippines was at the end of a five-year
coconut production cycle which showed production tended to fall
after two successive years of good harvests.
    He said 1985 and 1986 were good harvests and this year, to
add to the production fall, drought had affected output.
    "Traders are stocking up and when they have overbought the
prices will start declining again. The only sure way to keep
prices stable is by processing, adding more value," he said.
    Coconut farmers were being encouraged to intercrop by
planting other cash crops between coconut trees, he said.
    "A typical farm may have from 100 to 150 trees sitting on
10,000 square metres of land. That's a lot of space," Romero
said. He said the government's proposed land reform program
would exclude about 75 pct of the coconut farmers because they
had less than the proposed seven-hectares of land.
    "If the idea of land reform is to increase income levels,
production and employment then it won't happen," he said.
    PCA figures show about one-third of the country's
population is dependent on the coconut industry.
    Coconuts are planted on about 3.2 mln hectares or
one-fourth of total agricultural land.


.I 5816
.C
crude
.W
PEMEX OFFICIAL SAYS OPEC OUTPUT CRITICAL TO PRICE.
    TOKYO, June 1 - Crude oil prices could remain around 18
dlrs a barrel until the end of the year, but OPEC's decision on
output at its next meeting would be the critical factor, an
official of Mexico's state oil company, Petroleos Mexicanos
(Pemex), told a group of Japanese businessmen.
    Adrian Lajous, Pemex' executive vice president of
international trade, said current OPEC output already appeared
to be very near the 16.6 mln barrel per day level it set itself
for the third quarter. "Production is surging ahead of what was
originally planned, while demand is growing more slowly than
envisaged a few months ago," he said.
    He said OPEC had to look very carefully at what level of
production in the third quarter would effectively sustain the
18 dlrs price, and that an increase to what had originally been
envisaged might soften price levels.
    The 13-member cartel is scheduled to meet on June 25 in
Vienna to review its December accord on prices and output.
    "I hope OPEC will follow a very conservative attitude in
terms of volume decisions," Lajous said.
    A repetition of what happened last year, when OPEC boosted
output and sent oil prices tumbling down below 10 dlrs, is
always there as a possibility, he said.
    "I hope never again to go through the trauma of 1986. I
expect other oil exporters have learned their lessons and
discipline will be maintained," he said.
    Lajous said there was still excess supply and as long as
this remains there will be a tendency to instability in oil
markets, but prices should remain around 18 to 19 dlrs during
1987 if output remains under control.
    He said Saudi King Fahd's remarks last month, that
increased production was not so important as long as incomes
would not be affected by the output, were "very relevant and
welcome from such a powerful producer."


.I 5817
.C
acq
.W
CONISTON GROUP TO CONTINUE BID FOR ALLEGIS <AEG>.
    NEW YORK, June 1 - An investor group led by Coniston
Partners said it plans to continue its effort to gain control
of Allegis Corp despite the defensive maneuvers Allegis
announced last week.
    Allegis said then that it would borrow three billion dlrs
and pay shareholders a dividend of 60 dlrs per share, lowering
the company's net worth. The Coniston group, which owns 13 pct
of Allegis stock, has said that it would seek shareholder
consents to remove 13 of the 16 Allegis directors. The group
had said it would consider breaking up Allegis into its
airline, hotel and vehicle rental components if it succeeded.
    The Coniston group said it expects to make a further
announcement today on its plans for Allegis.
    Wall Street analysts and traders had not expected Coniston
to abandon its pursuit of Allegis as a result of the Allegis
defensive measures.
    Allegis officials were unavailable for comment.


.I 5818
.C
lead;strategic-metal;zinc;
.W
COMINCO LEAD/ZINC UNION REJECTS CONTRACT.
    TRAIL, BRITISH COLUMBIA, June 1 - Three United Steelworkers
of America locals on strike at Cominco Ltd rejected a tentative
three-year contract, a union representative said.
    "The vote was 1,229, or 54.5 pct, against, and 1,028, or
45.5 pct, for the contract. Eighty-one pct of the membership
voted," he said.
    The union representative said that the pact offered cost of
living increases designed to keep pace with inflation, but
contained no wage increase.
    The locals' bargaining committees are expected to meet and
prepare for the reopening of negotiations with Cominco, he
said.
    The three locals cover about 2,600 production and
maintenance workers at Cominco's Trail smelter and Kimberley,
B.C. lead-zinc mine.
    Output at both sites has been shut down since the
production and maintenance workers, along with about 600 office
and technical workers, went on strike May 9.
    The two Steelworkers locals representing the office and
technical workers have not negotiated since May 21.
    The strike caused Cominco to declare force majeure, which
means the company may not be able to honor contracts for
products from the smelter and mine.
    Each of the five locals have separate contracts, all of
which expired April 30, but the main issues are similar.
    The union had requested a three pct wage increase in each
year of a two-year contract. Cominco had pressed for a
three-year contract and some loosening of the rules on job
classifications.
    The Trail smelter, about 400 miles east of Vancouver,
produced 240,000 long tons of zinc and 110,000 long tons of
lead last year. The Sullivan mine at Kimberley, about 450 miles
east of Vancouver, produced 2.2 mln long tons of ore last year,
most for processing at the Trail smelter.
    The smelter also produced cadmium, bismuth and indium.
    Revenues from the Trail smelter totalled 356 mln Canadian
dlrs in 1986.


.I 5819
.C
acq
.W
******SPECTRA-PHYSICS REJECTS CIBA-GEIGY TENDER OFFER.
Blah blah blah.

.I 5822
.C
acq
.W
******FIRST CITY INDUSTRIES SELLS YALE AND NUTONE UNITS FOR 400 MLN DLRS AND SECURITIES.
Blah blah blah.

.I 5824
.C
lead;strategic-metal;zinc;
.W
COMINCO <CLT.TO> UNION REJECTS CONTRACT.
     Trail, British Columbia, June 1 - Three United
Steelworkers of America locals on strike at Cominco Ltd
rejected a tentative three-year contract, a union
representative said.
     "The vote was 1,229, or 54.5 pct, against, and 1,028, or
45.5 pct, for the contract. Eighty-one pct of the membership
voted," he said.
     The union representative said that the pact offered cost
of living increases designed to keep pace with inflation, but
contained no wage increase.       
    The locals' bargaining committees are expected to meet and
prepare for the reopening of negotiations with Cominco, he
said.
     The three locals cover about 2,600 production and
maintenance workers at Cominco's Trail smelter and Kimberley,
B.C. lead-zinc mine.
     Output at both sites has been shut down since the
production and maintenance workers, along with about 600 office
and technical workers, went on strike May nine.     
     The two Steelworkers locals representing the office and
technical workers have not negotiated since May 21.
     The strike caused Cominco to declare force majeire, which
means the company may not be able to honor contracts for
products from the smelter and mine.
    Each of the five locals have separate contracts, all of
which expired April 30, but the main issues are similar.       

     The union had requested a three pct wage increase in each
year of a two-year contract. Cominco had pressed for a
three-year contract and some loosening of the rules on job
classifications.
     The Trail smelter, about 400 miles east of Vancouver,
produced 240,000 long tons of zinc and 110,000 long tons of
lead last year. The Sullivan mine at Kimberley, about 450 miles
east of Vancouver, produced 2.2 mln long tons of ore last year,
most for processing at the Trail smelter.
     The smelter also produced cadmium, bismuth and indium.
     Revenues from the Trail smelter totalled 356 mln Canadian
dlrs in 1986.        


.I 5825
.C
acq
.W
******BOEING CO TO ACQUIRE ARGOSYSTEMS FOR 37 DLRS A SHARE.
Blah blah blah.

.I 5826
.C
acq
.W
FIRST CITY <FCY> SELLS YALE, NUTONE UNITS.
    BEVERLY HILLS, Calif., June 1 - First City Industries Inc
said it has reached a definitive agreement to sell its Nuton
and Yale security subsidiaries to Valor PLC for 400 mln dlrs
and warrants to purchase two mln Valor ordinary shares.
    In addition, the company said it will recieve a special
dividend of 60 mln dlrs from Nutone and Yale and it has agreed
to buy 35 mln dlrs of Valor convertible preference shares.
    First City said it is seeking to increase shareholder
values by improving and realizing the values inherent in its
operating subsidiaries.
    The company said the transaction is subject to approval by
shareholders of Valor and is expected to be completed within 40
days.
    It said Valor has arranged financing through an issue of
ordinary and convertible preference shares underwritten by
Hoare Govette Ltd and Barclays de Zoete Wedd Ltd.
    Nutone makes built-in electric products for the housing
market and Yale makes door locks and electronic security
products.
    Valor makes home products.


.I 5827
.C
earn
.W
GENOVESE DRUG STORES INC <GDXA.O> 1ST QTR MAY 22.
    MELVILLE, N.Y., June 1 -
    Shr 23 cts vs seven cts
    Net 911,000 vs 293,000
    Sales 88.1 mln vs 74.8 mln


.I 5829
.C
acq
.W
NATIONAL SECURITY <NSIC.O> STAKE ACQUIRED.
    ELBA, Ala., June 1 - National Security Insurance Co said a
group of investors has acquired 226,243 common shares, or a
22.2 pct, interest, for 27.50 dlrs per share.
    The company said the acquisition of the portion of the
shares over a five pct interest is subject to approval by the
Alabama Department of Insurance.
    It said the sellers included Atlantic American Corp
<AAME.O>, Bankers Fidelity Life Insurance Co and Georgia
Casualty Insurance Co.


.I 5830
.C
ship;nat-gas;
.W
GAS CARRIER ESCAPED GULF ATTACK LAST WEEK - LLOYDS.
    LONDON, June 1 - The Panamanian liquified gas carrier
Nyhammer, 48,772 dwt, was attacked by an Iranian gunboat on May
24, Lloyds Shipping Intelligence said.
    One rocket was fired but missed.
    The vessel subsequently arrived at its destination of Ras
Tanura on May 25 and left this morning.


.I 5831
.C
acq
.W
******COMPUTER ASSOCIATES TO ACQUIRE UCCEL CORP FOR ABOUT 800 MLN DLRS.
Blah blah blah.

.I 5832
.C
tea
.W
SRI LANKAN TEA WORKERS LAUNCH ONE-DAY PROTEST.
    COLOMBO, June 1 - Thousands of tea workers of Indian origin
went on strike today to press demands for citizenship and
voting rights in Sri Lanka, a union statement said.
    The Ceylon Workers Congress (CWC) said its 400,000 members
launched a prayer campaign at temples and other places in a
non-violent protest to get the authorities to expedite
citizenship procedures.
    A CWC spokesman said a three-day campaign was suspended
after a Cabinet committee promised to speed up procedures under
a new set of regulations. Trade sources said the strike did not
affect production or today's Colombo auction.


.I 5837
.C
cocoa
.W
DUTCH COCOA PROCESSORS UNHAPPY WITH ICCO BUFFER.
    By Jeremy Lovell, Reuters
    ROTTERDAM, June 1 - Dutch cocoa processors are unhappy with
the intermittent buying activities of the International Cocoa
Organization's buffer stock manager, industry sources told
Reuters.
    "The way he is operating at the moment is doing almost
nothing to support the market. In fact he could be said to be
actively depressing it," one company spokesman said.
    Including the 3,000 tonnes he acquired on Friday, the total
amount of cocoa bought by the buffer stock manager since he
recently began support operations totals 21,000 tonnes.
    Despite this buying, the price of cocoa is well under the
1,600 Special Drawing Rights, SDRs, a tonne level below which
the bsm is obliged to buy cocoa off the market.
    "Even before he started operations, traders estimated the
manager would need to buy at least up to his 75,000 tonnes
maximum before prices moved up to or above the 1,600 SDR level,
and yet he appears reluctant to do so," one manufacturer said.
    "We all hoped the manager would move into the market to buy
up to 75,000 tonnes in a fairly short period, and then simply
step back," he added.
    "The way the manager is only nibbling at the edge of the
market at the moment is actually depressing sentiment and the
market because everyone is holding back from both buying and
selling waiting to see what the manager will do next," one
processor said.
    "As long as his buying tactics remain the same the market is
likely to stay in the doldrums, and I see no indication he is
about to alter his methods," he added.
    Processors and chocolate manufacturers said consumer prices
for cocoa products were unlikely to be affected by buffer stock
buying for some time to come.


.I 5839
.C
acq
.W
******ENTERTAINMENT MARKETING SEEKS TO BUY CRAZY EDDIE FOR EIGHT DLRS A SHARE.
Blah blah blah.

.I 5840
.C
acq
.W
SPECTRA-PHYSICS <SPY> BOARD REJECTS TENDER OFFER.
    SAN JOSE, Calif., June 1 - Spectra-Physics Inc said its
board rejected a 32 dlrs per share unsolicited tender offer for
the company's stock from Ciba-Geigy Ltd <CIGZ.Z>, which already
holds 18.8 pct of the stock.
    Spectra-Physics said it also filed a lawsuit in Delaware
federal court this morning seeking to enjoin the offer and
alleging, among other things, that the offer vilates federal
securities laws, certain agreements between Ciba-Geigy and
Spectra-Physics, and Ciba-Geigy's fiduciary duties.
    Spectra-Physics said the two Ciba-Geigy designess to its
board were not present at yesterday's special meeting which
voted to reject the offer as financially inadequate, unfair and
not in the best interests of Spectra-Physics or its
stockholders.
    The company said the board also authorized a special
committee of outside directors to take whatever steps it deems
necessary to protect the interests of Spectra-Physics and its
stockholders and to investigate all alternatives to maximize
the value of the stock, including talks with third parties.
    Spectra-Physics said a letter communicating the board's
recommendation and reasons therefore is being mailed to
stockholders.
    It said Robert Bruce, Reliance Group Holdings Inc's <REL>
designee on Spectra-Physics' board, resigned his position on
May 29. His letter of resignation said the action was to
alleviate Ciba-Geigy's stated justification for making the
unsolicited offer that it had not contemplated another
significant investor having representation on the board when
its Spectra-Physics' investment was made.


.I 5841
.C
wheat;grain;corn;
.W
FRENCH SAY WHEAT STOCKS FORECAST NO SURPRISE.
    PARIS, June 1 - The U.S. Department of Agriculture's
forecast that French end-of-season soft wheat stocks will
almost double in 1987/88 is premature but would not be
surprising, according to French cereal organisation officials.
    The Cereals Intervention Board, ONIC, Wheat Producers'
Association and the National Union of Agricultural and Cereal
Cooperatives have not yet forecast 1987/88 exports or
end-of-season stocks.
    However, the officials said the USDA's figure of end
1987/88 stocks at 5.03 mln tonnes against 1986/87's 2.87 mln
was not surprising given a record high yield forecast in April.
    The French Feed Cereals Research Institute, ITCF, forecast
in mid-April an average yield of 6.58 tonnes per hectare for
soft wheat in 1987/88 compared with 5.6 tonnes in 1986/87 and
the record high yield of 6.5/6.6 tonnes in 1984.
    This would result in a French soft wheat harvest of around
31 mln tonnes against 25.5 mln in 1986/87, given a Ministry of
Agriculture estimate of area planted of 4.66 mln hectares
against 4.61 mln in 1986/87.
    ONIC's first preliminary forecast of the 1987/88 campaign
will be released at the beginning of September, an ONIC
official said.
    Soft wheat exports in 1987/88 were extremely difficult to
estimate at this stage, both within the European Community and
to non-EC countries, an ONIC official said.
    He said, however, that among countries to which France
could increase its wheat exports were Egypt and the Maghreb
countries (Morocco, Algeria and Tunisia), he said.
    The USDA's forecast of an 11.65 mln tonne maize crop in
1987/88 against 11.48 mln in 1986/87, while again premature,
was not out of line with estimates of the French Maize
Producers Association, AGPM, an AGPM official said.
    Maize plantings would be down in 1987/88 but yields were
expected to be higher, the AGPM official said.
    It estimated 1987/88 maize plantings of 1.73 mln hectares,
down seven pct from the 1.87 mln hectares planted in 1986/87.


.I 5844
.C
acq
.W
BOEING <BA> TO ACQUIRE DEFENSE ELECTRONICS FIRM.
    SEATTLE, June 1 - Boeing Co and ARGOSystems Inc <ARGI.O>
said they reached an agreement for Boeing to acquire the
Sunnyvale, Calif., defense electronics firm for about 275 mln
dlrs.
    The boards of both companies have approved the merger,
which will be accomplished through a tender offer by a Boeing
subsidiary of 37 dlrs a share cash for all of ARGOSystems'
shares, the companies said.
    Under the agreement, the Boeing subsidiary, TBC Holdings
Corp, will begin the tender offer promptly. If at least 90 pct
of the shares are not tendered, the offer will be prorated to
49 pct, the companies said.
    ARGOSystems has granted Boeing an option to buy 1,238,311
shares or 18.5 pct of the outstanding stock for 37 dlrs a
share, they said.
    Also, Bill May, chairman of ARGOSystems, and three other
officers have granted Boeing an option to buy their shares,
another 8.9 pct of the outstanding stock, for 37 dlrs a share.
    ARGOSystems makes equipment to monitor and analyze military
communications signals, electronic warfare equipment to monitor
and jam radar signals and signal processing systems.
    For the nine months ended March 31, 1987, ARGOSystems
reported earnings more than doubled to 6.3 mln dlrs or 95 cts a
share from 3.1 mln dlrs or 46 cts. The year-ago period included
a 2.2 mln dlr charge from a writedown of securities. Sales rose
23.5 pct to 70.9 mln dlrs.
    Sales are expected to exceed 100 mln dlrs for the fiscal
year ending June 30, the companies said in a joint statement.
    The company's backlog is currently more than 180 mln dlrs,
they said. It has about 1,200 employees.
    About 30 pct of ARGOSystems' business comes from
international customers.
    "ARGOSystems is a clear leader in its field. This
association will expand our overall activities and
significantly enhance our ability to compete in the defense
electronics area," Boeing president Frank Shrontz said in a
statement.
    ARGOSystems will operate as a wholly owned subsidiary of
Boeing Co.
    The merger following the tender offer will be subject to
approval by ARGOSystems shareholders, the companies said.
    The tender offer and merger are subject to customary
conditions and expiration of the Hart-Scott-Rodino notification
waiting period, they said.


.I 5845
.C
acq
.W
COMPUTER ASSOCIATES <CA>, UCCEL SET MERGER.
    NEW YORK, June 1 - Computer Associates International Inc
and UCCEL Corp <UCE> said they have signed a definitive merger
agreement under which Computer Associates will pay about 800
mln dlrs in stock for all outstanding UCCEL shares.
    The companies said under the terms of the agreement, all
UCCEL shareholders will receive about 1.69 shares of Computer
common stock for each of the approximately 17 mln UCCEL shares
outstanding.
   
    According to the companies, this would amount to about
47.50 dlrs per UCCEL share, based on May 29 New York Stock
Exchange closing prices.
    Closing of the transaction is anticipated in August, the
companies said. The companies said the resulting company wil
retain the name Computer Associates International Inc.
    Additionally, the companies said Charles Wang, currently
Computer Associates chairman and chief executive, will continue
as chairman of the new company.


.I 5847
.C
grain;sugar;corn;copper;
.W
ZAMBIA CUTS PRICES AS TROOPS PATROL COPPERBELT.
    LUSAKA, June 1 - The Zambian government today announced
minor price cuts for essential commodities as part of its new
economic strategy, while police and troops patrolled the
northern Copperbelt to prevent any outbreaks of rioting.
    However, staple foods, such as bread, sugar and maize meal,
were not affected by the cuts and many people said this could
provoke trouble from disgruntled elements who had expected more
sweeping reductions.
    Observers in the capital expressed disillusionment with the
small extent of the price cuts, which ranged up to 10 pct on
items such as blankets, soap, detergents and baby food.
    Residents in the Copperbelt contacted by telephone said
government forces had set up roadblocks around the main towns.
    In Lusaka, business went on as usual and there was no sign
of troops or police reinforcements on the streets.
    President Kaunda had ordered the price reductions to take
account of lower import costs following the revaluation of the
kwacha to a fixed rate of eight per dlr from 21 on May 1.
    The revaluation formed part of a new go-it-alone economic
strategy which Kaunda adopted to replace Zambia's IMF austerity
program.
    Labour leaders in the Copperbelt said last week gangs of
unemployed youths were being formed in the politically volatile
region to take action against shops that did not reduce their
prices after today's deadline. Fifteen people were killed in
the Copperbelt during food riots last December after the
government tried to lift maize subsidies.


.I 5849
.C
trade
.W
SEOUL ANNOUNCES MORE TARIFF CUTS FOR U.S.
    SEOUL, June 1 - South Korea will cut import taxes on 50
goods, including construction equipment, cigarettes and
tobacco, to help reduce its trade surplus with the United
States, the Finance Ministry said today. The tariff cuts of
between five and 30 pct will take effect on July 1.
    South Korea ran a trade surplus of 7.3 billion dlrs with
Washington in 1986, sharply up from 4.3 billion in 1985.
    Today's announcement brings to 157 the number of goods for
which similar measures were taken this year, a ministry
official said. The 157 are among about 290 items on which
Washington has asked Seoul to lower tariffs.
    "This is in line with the government's policy to limit our
trade surplus with the United States to help reduce trade
friction between the two countries," said the official.


.I 5851
.C
acq
.W
ENTERTAINMENT MAKES BUYOUT OFFER TO CRAZY EDDIE.
    HOUSTON, Texas, June 1 - Entertainment Marketing Inc <EM>
said it has made an offer to the board of Crazy Eddie Inc to
acquire all outstanding shares of Crazy Eddie Inc for eight
dlrs a share in cash.
    Entertainment said the offer would be conducted through a
negotiated merger with a new corporation to be formed by
Entertainment Marketing.
    Entertaiment said it has requested an early meeting with
Crazy Eddie Inc's board and that it has committed 50 mln dlrs
toward the purchase of the shares including those already
purchased.
   
    The company also said it has retained Dean Witter Reynolds
Inc to assist in raising the balance of the financing.
    According to Entertainment, its company and its chairman
own about 4.3 pct of Crazy Eddie's currently outstanding
shares.
    Additionally, the company said it is willing to negotiate
all aspects of its offer and is willing to consider a
transaction which would be tax free to Crazy Eddie's
shareholders.


.I 5854
.C
crude;nat-gas;
.W
INDIA PLANS MORE BOMBAY OFFSHORE OIL WELLS.
    BOMBAY, June 1 - India's state-owned Oil and Natural Gas
Commission (ONGC) plans to drill more wells in the Bombay
offshore area, where a well spudded in February this year gave
both oil and gas, an ONGC spokesman said.
    The exploratory well, spudded at a depth of 2,140 metres,
yielded 2,000 barrels of oil and 180,000 cubic metres of gas
per day, he said.
    "The well, one of the four structures drilled in the area 80
km north-west of Bombay, indicates good prospects of both oil
and gas. We've decided to drill at least three more wells in
there before starting production on a commercial scale."
    Production of Bombay High, part of the Bombay offshore
field, has stabilised at around 500,000 barrels per day for the
last two years.
    ONGC produced 27.85 mln tonnes of crude in 1986/87 ending
March, up from 27.51 the previous year. Bombay High accounted
for 20.61 mln tonnes, marginally up from 20.10 the year before.
India's total oil output is around 30 mln tonnes.
    ONGC has been exploring the Bombay offshore area, developed
since the late 1970s, for more oil as production from Bombay
High has reached a plateau.


.I 5856
.C
acq
.W
SOCIETY FOR SAVINGS <SOCS.O> FORMS PARENT.
    HARTFORD, Conn., June 1 - Society for Savings Bancorp Inc
said it has completed its previously announced plan of
acquisition making a new Delaware-chartered bank holding
company the parent of Conneticut chartered Society for Savings.


.I 5857
.C
crude
.W
SAUDI RENEGOTIATION OF ARAMCO DEAL MOVING ALONG.
    NEW YORK, JUNE 1 - Saudi Arabia's renegotiation of its
collective agreement with Aramco to purchase oil for the
latter's ex-partners is moving along and should lead to a
fundamental structural change in the contract, oil industry
sources said.
    Petroleum Intelligence Weekly, in this Monday's edition,
said negotiations are moving along for adjustment of the 1.34
mln bpd joint long term agreement at official prices and
volumes and other terms may be rearranged.
    The agreement signed in January for the months from
February to June is up for renegotiation.
    Under the January contract Aramco was to purchase 1.34 mln
bpd for the four partners allocated among them as Exxon Corp
<XON> 440,000 bpd, Texaco Inc <TX> 350,000 bpd, Mobil Corp
<MOB> and Chevron Corp <CHV> 550,000 bpd between them.
    But an overlifting by Texaco Inc in the first quarter
allowed other companies like Exxon Corp to underlift its
obligations under the contract
    PIW said that that one alternative under consideration is
to revert to four individual contracts rather than a collective
agrement.
    John Lichtblau, director of the Petroleum Industry Research
Foundation Inc said that renegotiation of the pact was more of
a formality as the Saudis have each company on a separate
schedule although separate agreements with the companies would
favor one on one negotiations and ensure that contracted
liftings occur .
    "The companies will probably follow the Saudi wants within
limits as they do not want to antagonize them for the long
haul," he said.
    Lichtblau said that the renegotiations would most likely
concentrate on volume rather than price.
    Saudi displeasure with the agreement has long been noted
and in April industry publications said that renegotiation were
being sought, a fact later confirmed by Reuters with Aramco.
    Aramco Corp was formerly owned by Chevron Corp <CHV>, Exxon
Corp <XON>, Mobil Corp <MOB> and Texaco Inc <TX> but is now
owned by Saudi Arabia which bought its assets although the
ex-partners have various agreements with Saudi Arabia.


.I 5859
.C
wheat;grain;
.W
OKLAHOMA CLEANING UP AFTER WEEK OF FLOODS, RAINS.
    OKLAHOMA CITY, June 1 - Residents of central Oklahoma
returned to their homes over the weekend after a week of heavy
rains and severe flooding that left two dead and caused more
than 20 mln dlrs in damage, officials said.
    Some 900 people were evacuated from their homes during the
rains and flooding last week, civil defense officials said.
    Many of the shelters set up throughout the state in areas
threatened by flooding, except those near the Washita and Red
Rivers, closed as residents returned to their damaged homes.
    Farmers who had expected a near-record wheat crop now say
this year will see one of the largest losses in decades.
    Gov. Henry Bellmon, who on Thursday declared a flooding
emergency for central Oklahoma, was expected to ask President
Reagan for federal disaster relief for the area.
    In northern Texas, officials reported several tornadoes on
Friday. A twister in Lubbock yesterday damaged six mobile homes
and two houses. No injuries were reported.


.I 5861
.C
money-fx
.W
U.K. MONEY MARKET GIVEN 25 MLN STG LATE ASSISTANCE.
    LONDON, June 1 - The Bank of England said it provided the
money market with late assistance of around 25 mln stg.
    This takes the Bank's total help today to some 137 mln stg
and compares with its latest forecast of a 150 mln stg
shortage.


.I 5867
.C
acq
.W
CPC INTERNATIONAL <CPC> COMPLETES ASIAN SALE.
    ENGLEWOOD CLIFFS, N.J., June 1 - CPC International Inc said
it has completed previously-announced transactions involving
its grocery products businesses in four Asian countries with
Ajinomoto Co Inc <AJIN.T>, raising about 300 mln dlrs.
    It said it will receive about 40 mln dlrs more later,
mostly this month, when closings are expected in three more
countries.  Proceeds will be used mostly for debt reduction.
    CPC said Ajinomoto has purchased its equity in Knorr Foods
Co Ltd, a joint venture in Japan between the two companies,
with CPC to get fees for trademark and technology use.
    CPC said Ajinomoto is also purchasing 50 pct interests in
CPC's wholly-owned subsidiaries in Hong Kong, Malaysia, the
Philippines, Singapore, Taiwan and Thailand.


.I 5872
.C
acq
.W
******BORDEN TO ACQUIRE PRINCE CO FOR ABOUT 180 MLN DLRS.
Blah blah blah.

.I 5876
.C
acq
.W
POREX <PORX.O> TO MERGE WITH MEDCO <MCCS.O>.
    FAIRLAWN, N.J., June 1 - Porex Technologies Corp said it
has agreed to merge with its partly-owned subsidiary Medco
Containment Services Inc in a deal worth about 380 mln dlrs in
cash and common stock to Porex shareholders.
    The company said under the agreement, Prex holders would
receive new Medco shares representing a pro rata share of the
9,159,552 Medco shares now owned by Porex plus a pro rata
shares of the cash value of other porex assets, which is
estimated at 60 mln dlrs subject to adjustment.
    Medco now has 16.9 mln shares outstanding.
    While exact terms may not be determined until the
transaction becomes effective, Porex said each Porex share is
expected to be exchanged for 0.82 Medco share and 5.38 dlrs in
cash, subject to approval by sharehoilders of both companies.
As part of the deal, Medco will split its stock five for two.
    The company said the merger will be accounted for as a
corporate reorganization and be recorded at historical book
values.


.I 5878
.C
acq
.W
COLT INDUSTRIES <COT> TO SELL BRITISH UNIT.
    NEW YORK, June 1 - Colt Industries Inc said it signed a
conditional agreement to sell its Woodville Polymer Engineering
Ltd subsidiary in Great Britain to the Dowty Group PLC of
Gloucestershire, England, for 35.9 mln stg.
    The deal is scheduled to close by the end of June, the
company said.
    Woodville, which makes high technology precision products
for aerospace, automotive and other industries, had 1986 sales
of about 24 mln stg, it said.


.I 5881
.C
earn
.W
ADVANCED SYSTEMS INC<ASY> 2ND QTR APRIL 30 NET.
    CHICAGO, June 1 -
    Shr 32 cts vs 22 cts
    Net 2,022,000 vs 1,355,000
    Revs 16.0 mln vs 13.2 mln
    Avg shrs 6,237,000 vs 6,052,000
    Six mths
    Shr 58 cts vs 42 cts
    Net 3,561,000 vs 2,525,000
    Revs 30.0 mln vs 26.1 mln
    Avg shrs 6,180,000 vs 6,017,000


.I 5882
.C
earn
.W
MANNVILLE OIL AND GAS LTD <MOG.TO> 1ST QTR NET.
    CALGARY, Alberta, June 1 -
    Shr two cts vs seven cts
    Net 164,000 vs 417,000
    Revs 1,345,000 vs 2,021,000


.I 5883
.C
earn
.W
HOUSE OF FABRICS INC <HF> 1ST QTR NET APRIL 30.
    SHERMAN OAKS, Calif., June 1 - 
    Shr 27 cts vs 18 cts
    Net 1,757,000 vs 1,201,000
    Revs 73.5 mln vs 71.2 mln


.I 5885
.C
earn
.W
ORBIT OIL AND GAS LTD <ORB.TO> 1ST QTR NET.
    Calgary, Alberta, June 1 -
    Shr three cts vs three cts
    Net 421,000 vs 333,000
    Revs 2,103,000 vs 2,287,000
    Avg shrs 16,068,000 vs 12,041,000


.I 5889
.C
acq
.W
VIDEO <JUKE.O> TO BUY PRESIDENT'S SHARES.
    MIAMI, June 1 - Video Jukebox Network inc said it signed a
letter of intent to purchase up to 3.5 mln shares of the four
mln shares of the company's common stock from its founder and
president, Steven Peters.
    Video said the shares are to be purchased by Louis Wolfson
III, senior vice president of <Venture W Inc>, <National Brands
Inc>, J. Patrick Michaels Jr and <CEA Investors Partnership
II>.
    Video said it currently has 7,525,000 shares of common
stock outstanding. The company said it went public earlier this
year and its current ask price was 1-7/8.
   
    CEA Investors Partnership II has planned the partnership to
be operated by Michaels, who is chairman and president of
<Communications Equity Associates Inc>, a media brokerage firm,
Video said.
    The terms of the proposed transaction were not disclosed.
    Video said Peters will continue as chairman and president
of the company.
    It said the parties have until June 29 to agree to all
terms of the letter of intent.


.I 5892
.C
earn
.W
BERKSHIRE GAS CO <BGAS.O> RAISES PAYOUT.
    PITTSFIELD, Mass., June 1 -
    Qtly div 30-1/2 cts vs 28-1/2 cts prior
    Pay July 15
    Record June 30


.I 5894
.C
earn
.W
MARCADE GROUP INC <MAR> 1ST QTR MAY 2 NET.
    NEW YORK, June 1 -
    Shr four cts vs 10 cts
    Shr diluted two cts vs 10 cts
    Net 1,841,000 vs 978,000
    Revs 36.1 mln vs 20.5 mln
    Avg shrs 25,734,000 vs 9,200,000
    Avg shrs diluted 48,878,000 vs 9,200,000


.I 5896
.C
earn
.W
GREENMAN BROS INC <GMN> 1ST QTR MAY 2 LOSS.
    FARMINGDALE, N.Y., June 1 -
    Shr loss 52 cts vs loss 49 cts
    Net loss 3,142,000 vs loss 2,936,000
    Sales 40.9 mln vs 40.1 mln
    NOTE: Year ago share results adjusted for five-for-four
stock split in August 1986


.I 5897
.C
acq
.W
MARCADE GROUP <MAR> PLANS ACQUISITION.
    NEW YORK, June 1 - Marcade Group Inc said it has agreed in
principle to acquire a prominent, privately-held maker of
ladies' sports wear for an cash, shares and options to purchase
Marcade common valued at about 20 mln dlrs.
    In its fiscal year recently ended, Marcade said, the
company to be acquired which owns five U.S. manufacturing
facilities and one offshore had revenues of over 60 mln dlrs
and pretax earnings of about four mln dlrs.


.I 5900
.C
acq
.W
PENNSYLVANIA ENTERPRISES <PENT.O> BID STANDS.
    WILKES-BARRE, Pa., June 1 - Utilities Investment Inc said
it still is offering to acquire Pennsylvania Enterprises Inc
for 55 dlrs per share.
    It said it is prepared to negotiate its offer.
    The Pennsylvania Enterprises board rejected the offer two
weeks ago as being inadequate.
    Utilities said it has the financial commitments required to
ensure that Pennsylvania Enterprises' facilities would be
upgraded to insure an adequate supply of safe drinking water.
    It said its representatives will be attending Pennsylvania
Enterprises' annual meeting tomorrow in Wilkes-Barre, Pa.


.I 5901
.C
pet-chem
.W
DOW CHEMICAL <DOW> TO INCREASE PRICES.
    MIDLAND, Mich., June 1 - Dow Chemical U.S.A. Midland Co
said it will increase prices of its high performance thermal
fluids, in bulk and drums, effective July One, for contract and
spot customers.
    The bulk list prices for diphenyl oxide, in both technical
and refined grades, will be raised five pct to 1.26 dlrs per
pound for technical and 1.36 dlrs per for refined, Dow said.
    Other increases include Dowtherm G to 21.92 dlrs per
gallon; Dowtherm HT to 20.94 dlrs per gallon; Dowtherm J to
14.96 dlrs per gallon, and Dowtherm LF to 18.68 dlrs per
gallon.


.I 5905
.C
acq
.W
******MERRILL LYNCH SAYS PRORATION FACTOR FOR SUPERMARKETS TENDER IS 85.66 PCT.
Blah blah blah.

.I 5906
.C
cocoa
.W
BRAZIL NOT SELLING TO COCOA BUFFER STOCK - TRADE.
    RIO DE JANEIRO, June 1 - Brazil is not selling cocoa beans
to the International Cocoa Organization, ICCO, buffer stock, as
spot prices for beans in the interior area are 20 to 25 pct
higher than levels which would be paid by the ICCO buffer stock
manager, trade sources in the major producing state Bahia said.
    The scarcity of beans because of the effects of drought on
the current temporao harvest has pushed prices well above
international levels, the sources noted.
    The only buyers are bean exporters or local processors
covering previously contracted commitments, they added.
    If sales were made they would be executed by individual
exporting companies which are members of the Brazilian Cocoa
Trade Commission, they said.


.I 5907
.C
acq
.W
RAVEN INDUSTRIES <RAV> BUYS TRUCK BODY BUSINESS.
    SIOUX FALLS, S.D., June 1 - Raven Industries Inc said it
purchased the utility truck body business of (Astoria
Fibra-Steel, Inc) for cash.
    Details of the transaction were not disclosed.
    The Astoria product line, which has annual sales of about
2.5 mln dlrs, will be manufactured and sold by Raven's newly
formed subsidiary, Astoria Industries Inc, Raven said. Its
Glasstite Inc subsidiary also manufactures and sells utility
truck bodies.



.I 5911
.C
acq
.W
PAY N' PAK <PNP> GETS TWO OFFERS FOR COMPANY.
    NEW YORK, June 1 - Pay N' Pak Stores Inc said it received
two proposals in response to its previously announced
solicitation of potential buyers for the company.
    The company said it is evaluating the proposals from Paul
Bilzerian and from a third party which is active in the
leveraged buyout field but which Pay N' Pak declined to
identify.
    It said the Bilzerian proposal calls for shareholders to
receive on a blended basis 16.67 dlrs in cash and 3.30 dlrs in
liquidation value of cumulative exchangeable redeemable
preferred stock for each common share.
   
    Pay N' Pak said the second proposal is structured as a
merger in which each holder would receive a combination of
17.50 dlrs in cash and 2.50 dlrs in liquidation value of 13-1/2
pct cumulative preferred.
    The company said the dividend on the preferred offered by
Bilzerian would be set so that in the opinion his financial
advisor and the company's financial advisor the preferred would
trade in the public market at its liquidation value.
    Dividends on the preferred could be paid at the option of
the surviving corporation in cash or additional shares of
preferred for the first five years, it added..
   
    Pay N' Pak said Bilzerian's proposal is subject to a
physical inventory of merchandise at June 30. Bilzerian did not
provide details with respect to financing of his proposal,
which is not subject to a financing condition.
    The company said dividends on the preferred being offered
in the second proposal would be paid in additional preferred in
the first three years and the preferred would be redeemed in
years 12 and 13.
    It said the second offer is contingent on the arrangement
of financing, adding the party making the offer is confident of
its ability to obtain the balance of the financing.
   
    Pay N' Pak said the second proposal is conditioned upon a
satisfactory agreement with the company's management regarding
its equity participation in the new company.
    The second party anticipates executing a letter of intent
when it delivers its financing commitment to the Pay N' Pak
board that would incorporate an expense reinbursement and
option arrangement, the company said.


.I 5912
.C
acq
.W
MAXWELL FILES SUIT TO STOP HARCOURT <HBJ>.
    New York, June 1 - Publisher Robert Maxwell's British
Printing and Communicaton Corp PLC said it filed a lawsuit in
U.S. district court against Harcourt Brace Jovanovich Inc, its
directors and advisers to stop, among other things, payment of
the special dividend Harcourt is paying as part of its
recapitalization.
    The suit, filed in Manhattan, also names First Boston Corp
<FBC> and seeks to void the issue by Harcourt of 40,000 shares
of super voting preferred stock to First Boston Securities Corp
and the issue of convertible voting preferred stock with
4,700,000 votes in the Harcourt employee stock ownership plan.
    The preferred shares to be issued to First Boston have
8,160,000 votes. The suit, brought derivatively on behalf of
Harcourt and individually in British Printing's capacity as a
substantial holder of Harcourt common shares and 6-3/8 pct
convertible debentures.
    The suit alleges Harcourt's special dividend exceeds by
more than one billion dlrs Harcout's surplus available for
dividends under New York law and contstitutes a fraudulent
conveyance.
    The lawsuit also alleges that Harcourt failed to disclose
that one consequence of the payment of the dividend, which it
terms illegal, will be that shareholders will be liable to
repay it.
    Harcourt last week said it would pay 40 dlrs per share to
stockholders as a special dividend. Harcourt also announced an
extensive recapitalization plan, which analysts said was aimed
at thwarting a takeover effort by British Printing.
    British Printing last week withdrew its 44 dlr per share,
or two billion dlr offer for Harcourt because of the
recapitalizaton plan. At the time, it said it was reviewing its
alternatives.
    British Printing said it filed the suit after consultation
with its advisers. Its lawsuit also alleges that Harcourt
failed to disclose the effect of the special dividend on
Harcourt 6-3/8 pct convertible debentures.
    British Printing alleges the effect will be an enormous
increase effective on the June eight record date for the
dividend in the number of Harcourt common shares issuable upon
conversion of the debentures. British Printing also charged 
Harcourt is unlawfully coercing debenture holders to convert
denbentures before the record date because Harcourt may not
have enough authorized common shares to honor conversion after
the date.
    British Printing holds 460,600 shares and 5.6 mln dlrs
worth of debentures.
    The suit also alleges that management, the board of
directors, and First Boston engaged in an illegal scheme of
entrenchment through a combination of selling to First Boston
Securities Corp the super voting preferred at a bargain price,
the grant to the company employee stock plan of convertible
voting preferred, the six mln share open market repurchase
program and the manner in which its financing has been
structured.


.I 5914
.C
acq
.W
STEINBERG GROUP HAS FIVE PCT OF PIZZA INN <PZA>.
    WASHINGTON, June 1 - A group controlled by New York
investor Saul Steinberg told the Securities and Exchange
Commission it has acquired 168,500 shares of Pizza Inn Inc, or
5.02 pct of the total outstanding common stock.
    The group, which includes Reliance Financial Serivces Corp,
a subsidiary of Reliance Group Holdings Inc <REL>, said it
bought the stock as an investment. It said it might add to its
stake or sell some or all of it.
    The Steinberg group said it bought the stock for 1.75 mln
dlrs in open market purchases between April 13 and May 19 at
prices ranging from 13.625 to 14.2661 dlrs a share.


.I 5915
.C
money-fx;interest;
.W
FED EXPECTED TO SET CUSTOMER REPURCHASES.
    NEW YORK, June 1 - The Federal Reserve is expected to add
reserves to the U.S. banking system by arranging a round of
customer repurchase agreements during this morning's
intervention period, several economists said.
    Some others, however, judged that the Fed has almost
completed its reserve-adding requirement for the statement
period ending on Wednesday and will not need to operate today.
    Fed funds were trading at 6-11/16 pct, compared with
Friday's average of 6.63 pct.


.I 5917
.C
acq
.W
SUPERMARKETS GENERAL <SGL> TENDER EXPIRES.
    NEW YORK, June 1 - SMG Acquisition Corp, a subsidiary of
Merrill Lynch Capital Partners Inc, said 38.3 mln shares of
Supermarkets General Corp were validly tendered by the midnight
Friday expiration, resulting in a preliminary proration factor
of 85.66 pct.
    Merrill Lynch said it expects to announce the final
proration factor within 10 business days and begin payment
immediately thereafter. Shares validly tendered represented
about 98.75 pct of the outstanding shares of Supermarkets
General, the announcement said. The cash tender offer was for
up to 32.8 mln shares at 46.75 dlrs net per share.


.I 5918
.C
acq;pet-chem;
.W
MONSANTO TO BUY RHONE-POULENC POLYPHENYL BUSINESS.
    BRUSSELS, June 1 - Monsanto Chemical Company, a unit of
Monsanto Co <MTC.N>, is to acquire the polyphenyls business of
Rhone-Poulenc Chimie, a unit of Rhone-Poulenc <RHON.PA>,
Monsanto said in a statement issued from its European
headquarters.
    The statement did not disclose financial details.
    Gustaaf Francx, general manager of Monsanto Chemical Co
Europe-Africa, said the acquisition would help Monsanto to
expand its customer base for polyphenyls, which are used as
components for high temperature heat transfer fluids.


.I 5922
.C
crude
.W
OPEC OUTPUT IN MAY SEEN OVER CEILING AT 17 MLN BPD LONDON, June.
1 - OPEC's May output appears to have risen well above its 15.8
mln bpd ceiling to 17 mln bpd, and the increase is likely to
put a short-term lid on spot oil prices, Kleinwort Grieveson
Securities says.
    But Kleinwort's latest World Oil Report said re-stocking
and lower non-OPEC output earlier this year should allow the
group to produce up to 17 mln bpd in the current third quarter.
    "On the supply/demand front, the market continues to enjoy a
degree of stability rarely seen in recent years," it said.
    It said most OPEC members were overproducing slightly but
only the United Arab Emirates (UAE) was seriously above quota.
    The report said Saudi Arabia had been sending clear signals
on the need to maintain oil prices at current levels of around
18 dlrs a barrel and adopt provisional output rises agreed in
December when OPEC meets in Vienna on June 25. If OPEC adopts
the provisional ceilings of 16.6 mln bpd in third quarter and
18.3 mln bpd in the fourth, there will probably be room for
overproduction in the third quarter when demand for its crude
will probably be 17.5 to 18 mln, it said.
    It said that the UAE and Ecuador may demand higher quotas
in Vienna, but the biggest obstacle is Iraq, which has refused
to honour its quota as it is less than that of Gulf War enemy
Iran.
    But OPEC appears committed to a short meeting and realises
something must be done about the Iraq issue, the report said.
    According to Kleinwort's sources, Saudi Arabia has already
held separate talks with Iran and Iraq and is urging Iraq to be
more moderate.
    "One strong indication that some kind of deal may be
eventually worked out is the almost complete silence coming
from Iran," it said.
    Indications are that, in return for going along with the
Saudi desire to maintain official prices in Vienna, Iran is
seeking concessions from the kingdom on the Iraq issue, it
said.
    Kleinwort said the kingdom will face an increasingly uphill
task in trying to maintain prices around 18 dlrs beyond 1987.
    Firstly, OPEC hardliners led by Iran are bound to oppose
such a move. Secondly, other OPEC members will press for
another price rise if the dollar remains weak against other
currencies.
    Thirdly, Saudi Arabia may be forced to raise prices earlier
than it intended to ward off growing calls for higher prices
from the U.S. To stimulate domestic drilling and exploration.
    The report concluded that there is a strong possibility
official OPEC prices will rise to 20 dlrs a barrel by end-1987
and 22 dlrs a barrel by end-1988.


.I 5923
.C
acq;pet-chem;
.W
BORDEN <BN> TO ACQUIRE MAJOR PASTA MAKER.
    NEW YROK, June 1 - Borden Inc said it is acquiring <Prince
Co Inc> and three companies producing grocery products for 180
mln dlrs.
    Borden said the four companies are expected to have 1987
sales totaling 230 mln dlrs.
    It said Prince, a Lowell, Mass., producer of pasta and
Italian food sauces, is expected to account for 210 mln dlrs of
this total. This year's sales of Borden pasta -- by the 13
regional brands and the premium Creamette brand distributed on
a nearly national basis -- are expected to toal 285 mln dlrs,
it said.
    Borden said the other three companies being acquired are
Steero Bouillon of Jersey City, N.J., Blue Channel Inc, a
Beaufort, S.C., producer of canned crabmeat, and the canned
shrimp products line of DeJean Packing Inc of Biloxi, Miss.
    Borden also said the divestment of three operations with
about 50 mln dlrs a year in sales is expected to produce nearly
45 mln dlrs in cash for use toward the purchase of new
businesses.
    It said the sale of Polyco of Cincinnati, Ohio, which makes
polyvinyl acetate emulsions, to Rohm and Haas Co <ROH> was
announced by the buyer last month.
   
    Borden said the divestment of two producers of toy models
and hobby items -- Heller in France and Humbrol in England --
is in process.


.I 5927
.C
acq
.W
(SUBURBAN BANCORP), (WOODSTOCK BANCORP) TO MERGE.
    PALATINE, Ill., June 1 - (Suburban Bancorp Inc) and
(Woodstock State Bancorp Inc) said they agreed to a merger
under which Suburban will purchase Woodstock's shares for a
total of more than 18 mln dlrs in cash and Suburban Bancorp
shares.
    Woodstock is the holding company for the 110 mln dlr State
Bank of Woodstock. The merger will bring Suburban's assets to
661 mln dlrs and its total banks to 13.
    The merger is subject to regulatory and shareholder
approval.


.I 5931
.C
interest
.W
U.K. BANKERS CONSIDER NEW ECGD FINANCING PLAN.
    LONDON, June 1 - Representatives of major U.K. Based banks
are meeting here today to consider a new plan for reducing the
cost of financing British exports guaranteed by the Export
Credits Guarantee Department (ECGD), senior banking sources
said.
    The plan is being developed in conjunction with the ECGD
and the Bank of England.
    Neither the ECGD nor the Bank of England would comment on
the plan. However, bankers said one of the main points under
discussion is a plan to refinance the bulk of the ECGD's medium
term credit portfolio in the international capital markets.

    The proposals involve introducing a set of interest margins
on ECGD backed debt of 5/16 to 7/8 pct, depending on the size
and maturity of the credit and the currency.
    The banks are likely to push for a higher margin. Bankers
said that while these rates would reduce a bank's return they
would still be more than those proposed about a year ago when
the government attempted unsuccessfully to initiate another
cost reduction plan.
    At the same time, the banks would be expected to allow the
ECGD to realise additional savings by refinancing existing
government backed credit in the capital markets.

    On credits that are refinanced an original lender would
receive a residual margin of 7/16 pct for loans up to 10 mln
stg and 3/16 pct on larger transactions.



.I 5933
.C
acq
.W
COKE CONSOLIDATED <COKE.O> TO SELL CANADA UNIT.
    CHARLOTTE, N.C., June 1 - Coca-Cola Bottling Co
Consolidated said it has agreed in principle to sell its
Vancouver-based Canadian bottling subsidiary to Coca-Cola Co
<KO> for undisclosed terms, with closing expected within 60
days subject to regulatroy approvals.
    The company said the sale, a previously-announced agreement
for Coca-Cola to buy 1,600,000 Coke Consolidated common shares
and operating cash flow should allow it to reduce its long-term
debvt to about 200 nmln dlrs from 325 mln dlrs at the end of
the first quarter.


.I 5934
.C
acq
.W
CAMPEAU <CMP.T> UNIT TO SELL GARFINCKEL'S.
    NEW YORK, June 1 - Campeau Corp said its Allied Stores Corp
entered into a definitive agreement to sell its Garfinckel's
division to <Raleigh Stories Corp> for 95 mln dlrs.
     The transaction is expected to close in July, the company
said.
    Garfinckel's net sales for fiscal 1986 were 111.9 mln dlrs,
the company said.
    Campeau said it expects to sell its remaining Allied
divisions in the near future. Campeau announced its first
agreement to sell an Allied unit in April, the company said.
                                      


.I 5935
.C
acq
.W
WALLACE COMPUTER <WCS> BUY OFFICE PRODUCTS FIRM.
    HILLSIDE, ILL., June 1 - Wallace Computer Services Inc said
it acquired for 12 mln dlrs in cash and industrial revenue
bonds, certain assets of Rockwell-Barnes Inc, a Chicago-based
office products company.


.I 5939
.C
acq
.W
SUN <SUN> TO ACQUIRE MORE OF WYOMING FIELD.
    FORT WORTH, Texas, - <Wolverine Exploration Co> said
substantially all the material aspects of the agreement to sell
its 8.95 pct working interest in the Luckey Ditch unit in Unita
County, Wyo., to Sun Co Inc have been satisfied.
    Closing of the transaction is scheduled for June eight,
Wolverine said. The company agreed to sell its interest for
7,250,000 dlrs, subject to downward adjustment for certain
title and state requirements. Sun already owns a 44 pct working
interest in the unit.


.I 5945
.C
earn
.W
CONSOLIDATED PROFESSOR <CPF.TO> 1ST QTR NET.
    TORONTO, June 1 -
    Shr profit one ct vs nil
    Net profit 163,016 vs loss 23,527
    Revs 250,469 vs 48,473
    Note: Full name Consolidated Professor Mines Ltd.


.I 5950
.C
acq
.W
GEODYNE <GEOD.O> SETS WARRANTS, ACQUISITION.
    TULSA, June 1 - Geodyne Resources Inc said iit filed a
registration with the Securities and Exchange Commission
covering a planned offering of 3.6 mln warrants to buy its
common.
    The company also said its board is evaluating a proposal to
acquire closely-held <Snyder Exploration Co> for one mln
Geodyne shares. Members of Geodyne's senior management also
serve as senior management at Snyder and PaineWebber Group Inc
<PWJ>, which owns 40 pct of Geodyne's 12.6 mln outstanding
shares, has a substantial equity interest in Snyder.
    The acquisition is being evaluated by Geodyne board members
not employed by the company, PaineWebber or any company
affiliated with PaineWebber. It will be subject to approval by
the board and series C preferred shareholders.
    Geodyne Resources said a registration related to the stock
to be exchanged for Snyder has been filed with the SEC but has
not yet become effective.
    The Snyder owners other than PainWebber are Geodyne's
president, Michael W. Tomasso, and its executive vice
president, James D. Snyder.
    The company said the warrants will be offered solely to
investors in the PaineWebber/Geodyne Energy Income Program II.
For every 100 dlrs invested in the program, an investor will be
entitled to buy one warrant to purchase one Geodyne common
share at a price equal to 120 pct of the average closing price
of the stock for the 15 trading days prior to formation of the
partnership to which the investor subscribes.
    In adddition, Geodyne said, PaineWebber investment
executives who market the program will be entitled to receive
one warrant for every 500 dlrs in subcriptions generated after
a four-year vesting period. These warrants would have an
exercise price equal to 150 pct of the 15-day average.
    The company said the warrants are currently priced at 25
cts each, but this price is suject to further evaluation by an
independent underwriter.


.I 5954
.C
earn
.W
DETECTION SYSTEMS <DETC.O> YEAR END MARCH 31.
    FAIRPORT, N.Y., June 1 -
    Shr 36 cts vs nil
    Net 713,000 vs 1,500
    Revs 13 mln vs 9,328,000


.I 5955
.C
earn
.W
J. BILDNER AND SONS INC <JBIL.O> 1ST QTR.
    BOSTON, June 1 -
    Shr one ct vs nil
    Net 32,345 vs 3,772
    Revs 9,946,578 vs 5,939,252


.I 5957
.C
crude
.W
COMPROMISE SEEN LIKELY OVER CONOCO-STATOIL DISPUTE.
    OSLO, June 1 - Norway is expected to seek a compromise
solution to defuse a row between Den Norske Stats Oljeselskap
A/S <STAT.OL> (Statoil) and Conoco Norge A/S over which firm
will operate the Heidrun oil field, government sources said.
    The sources, who asked not to be named, said the government
will likely recommend that Conoco be allowed to continue as the
field's operator through the development phase, with Statoil
taking over only after production starts in the early 1990s.
    Oil Minister Arne Oeien told Reuters the government had
today discused the Heidrun matter but that no final decision
had been taken and several questions remained unresolved.
    It was unlikely the government would announce its decision
on Heidrun operatorship until after Thursday's cabinet meeting
and after discussing a proposed solution with both companies,
the sources added.
    This spring Norway's state-owned oil company Statoil
exercised an option in the Heidrun field exploration license
that, if approved by the government, would allow it to relieve
Conoco as Heidrun operator, a move sharply criticised by
Conoco.
    Heidrun is often cited by the government and industry as
the most likely candidate for the first field development
project on the Haltenbanken exploration tract off central
Norway.


.I 5958
.C
earn
.W
FIAT UNIT FIDIS REPORTS SHARPLY HIGHER 1986 PROFIT.
    TURIN, June 1 - Year 1986
    Net profit 132 billion lire vs 82 billion
    Ordinary share dividend 500 lire vs 400
    Note - <Finanziaria Di Sviluppo Spa>, a financial services
subsidiary of Fiat Spa <FIAT.MI>, said in a statement that
shareholders approved a previously announced nominal share
capital increase from 125 billion lire to 250 billion.


.I 5959
.C
money-fx;interest;dmk;dfl;
.W
DUTCH OFFICIAL RATE CUT SEEN STILL LIKELY.
    By Marcel Michelson, Reuters
    AMSTERDAM, June 1 - A cut of about half a percentage point
in Dutch official interest rates is still in prospect, although
economists said the timing would depend on Bundesbank moves.
    Speculation has been rife that the Dutch Central Bank,
encouraged by a strong guilder/mark relationship and wide
premiums for Dutch money and capital market rates over German,
might lower rates without the Bundesbank moving first.
    Last month, the Central Bank lowered its special advances
rate to 5.1 pct from 5.25 pct after the Bundesbank dropped its
repurchase tender rate to 3.55 pct from 3.8 pct.
    That rate has remained in force, just holding above the
five pct official secured loans rate which governs commercial
bank borrowings.
    Given a strong guilder, a further fall in the West German
repo rate would trigger a lower special advances tariff,
forcing an official Dutch rate cut, analysts said.
    In February, when the Bundesbank cut its discount rate to
three pct from 3.5 pct, the Central Bank only lowered money
market rates and removed a surcharge over the secured loans
rate on lending under its three month credit quota.
    Since then, however, both the Central Bank and Finance
Ministry have made it clear they favour lower official rates.
    In April, Central Bank President Wim Duisenberg said he
would follow any Bundesbank cut, and last week the Finance
Ministry expressed satisfaction when it raised 2.25 billion
guilders with a six pct coupon state loan priced at 100.10 pct
for an effective yield of 5.98 pct, the lowest since 1965.
    Technically, analysts said, there has to be a difference
between the secured loans rate which applies to lending under
the credit quota, and the tariff on special advances which add
extra liquidity to the money market.
    Bank economists and dealers said a West German move to
further lower the rate on securities repurchase pacts would
result in the Central Bank easing the special advance rate,
provided the guilder/mark relationship permitted.
    The Central Bank aims to keep the guilder stable around its
parity value within the European Monetary System of 112.673
guilders per 100 marks.
    Today, foreign exchange buying pushed the mark up 10
guilder cents to 112.705 guilders per 100 at the fix, a level
that would not permit a change in the interest rate
differential between West Germany and the Netherlands, dealers
said.
    An economist at ABN Bank said he expected West German and
Dutch interest rates to ease in the short term. However, he
said new wage agreements in West Germany had raised inflation
expectations which would put upward pressure on interest rates
in the longer term.
    In the Netherlands, the inflation outlook for 1987 is nil,
or even negative, while the latest official economic forecasts
point to a falling rate of economic growth.
    "It will depend on the outcome of collective wage agreement
negotiations here whether there could be cost push inflation,"
the ABN economist said.
    He said Dutch money supply growth, which ran at 3.4 pct in
January, could also contribute to some inflation.
    At Amro Bank, a leading analyst said inflation could run to
two pct next year. The bank expects Dutch capital market rates,
currently averaging around 6.1 pct, to stop easing in the
second half of this year and stabilize around 5.6 pct.
    Analysts said an official rate cut could trigger a buying
spree on the bond market which would bring yields down,
probably only temporarily, while money rates could fall below
five pct.
    Currently, all periods are traded at 5.12 to 5.25 pct in
the money market.


.I 5961
.C
gold
.W
NORTHGATE QUEBEC GOLD WORKERS END STRIKE.
    TORONTO, June 1 - Northgate Exploration Ltd said
hourly-paid workers at its two Chibougamau, Quebec mines voted
on the weekend to accept a new three-year contract offer and
returned to work today after a one-month strike.
    It said the workers, represented by United Steelworkers of
America, would receive a 1.21 dlr an hour pay raise over the
life of the new contract and improved benefits.
    Northgate, which produced 23,400 ounces of gold in first
quarter, said that while the strike slowed production, "We are
still looking forward to a very satisfactory performance."
    The Chibougamau mines produced 81,500 ounces of gold last
year.


.I 5964
.C
acq
.W
ROYAL GOLD <RGLD.O> AGREES TO MAKE ACQUISITION.
    DENVER, June 1 - Royal Gold Inc said it has signed two
agreements in principle to acquire the stock of two
<Transwestern Mining Co> units for 1.1 mln shares of Royal Gold
common stock.
    Royal said the assets of the units it will acquire from
Transwestern are mostly gold properties.
    It added it expects to close the deals on June 18 and 19,
subject to standard closing conditions, including title and
environmental approval and closing of a definitive agreement.
    Royal said the shares issued in the deal will be subject to
registration rights.


.I 5968
.C
earn
.W
HAWKINS CHEMICAL INC<HWKN.O> 2ND QTR MAR 31 NET.
    MINNEAPOLIS, MINN., June 1 -
    Shr 12 cts vs six cts
    Net 398,318 vs 211,801
    Sales 7,385,107 vs 7,275,162
    Six Mths
    Shr 22 cts vs 13 cts
    Net 736,219 vs 446,288
    Sales 14.3 mln vs 14.2 mln
    NOTE: Per share earnings adjusted for ten pct stock
dividend paid February 1987.


.I 5970
.C
gold
.W
NORTHGATE <NGX> QUEBEC WORKERS END STRIKE.
    TORONTO, June 1 - Northgate Exploration Ltd said
hourly-paid workers at its two Chibougamau, Quebec, mines voted
on the weekend to accept a three-year contract offer and
returned to work today after a one-month strike.
    It said the workers, represented by United Steelworkers of
America, would receive a 1.21-dlr-an-hour pay raise over the
life of the new contract and improved benefits.
    Northgate, which produced 23,400 ounces of gold in first
quarter, said that while the strike slowed production, "We are
still looking forward to a very satisfactory performance." The
Chibougamau mines produced 81,500 ounces of gold last year.


.I 5971
.C
jobs
.W
PORTUGUESE UNEMPLOYMENT STEADY IN FIRST QUARTER.
    LISBON, June 1 - Unemployment in Portugal held steady at
9.6 pct in the first quarter of 1987 after the same rate in the
last quarter of 1986, the National Statistics Institute said.
    This compared with 11.1 pct unemployment in the first
quarter of 1986.
    The total number of registered unemployed in the first
quarter of this year was 437,500.


.I 5978
.C
acq
.W
PARTNERSHIP UPS HBO <HBOC.O> STAKE TO 8.7 PCT.
    WASHINGTON, June 1 - Andover Group, a Great Falls, Va.,
investment partnership that is seeking control of HBO and Co,
said it raised its stake in the company to 2,026,000 shares, or
8.7 pct of the total, from 1,626,000 shares, or 7.0 pct.
    In a filing with the Securities and Exchange Commission,
the partnership said it bought 400,000 HBO common shares for
5.4 mln dlrs on May 28.
    The group, which has a slate of candidates seeking board
seats, said it would decide whether to submit an offer to
acquire the company after the HBO annual shareholders meeting,
which was to have been April 30, but was postponed.


.I 5981
.C
acq
.W
HUMANA <HUM> TO BUY INT'L MEDICAL ASSETS.
    TALLAHASSEE, Fla., June 1 - Humana Inc said a Florida Judge
approved a previously announced proposal for the company to buy
certain assets of International Medical Centers, which had been
declared insolvent and put into receivership in early May.
    Humana said it will pay 40 mln dlrs to the state's
Department of Insurance to pay prior claims and 20 mln dlrs in
working capital.


.I 5982
.C
acq
.W
DIVERSIFIED INDUSTRIES (DMC) TO SELL UNITS.
    ST. LOUIS, June 1 - Diversified Industries Inc plans to
recover more than four mln dlrs from the sale of two marginal
subsidiaries, chairman Ben Fixman told the annual meeting.
    Fixman said Diversified Industries, as part of its effort
to redeploy assets, wants to sell its Theodore Sall Inc and
Liberty Smelting Works (1962) Ltd units. The two either lost
money or had marginal profitability in recent years, he said.
    Diversified also said it is in the process of obtaining six
mln dlrs in an industrial revenue bond financing from the State
of Connecticut to modernize the company's Plume and Atwood
Brass Mill plant in Thomaston, Conn.


.I 5989
.C
acq
.W
INSURANCE FIRM AS PIEZO <PEPI.O> PREFERRED STAKE.
    WASHINGTON, June 1 - Corporate Life Insurance Co, a West
Chester, Pa., insurance firm, told the Securities and Exchange
Commission it has acquired 44,600 shares of preferred stock in
Piezo Electric Products Inc, or 10.8 pct of the total.
    Corporate insurance said it bought the cumulative
convertible preferred stock stake for 199,690 dlrs for
investment purposes.



.I 5990
.C
acq
.W
CELLULAR INC <CELS.O> TO SELL UNIT, TAKE GAIN.
    DENVER, June 1 - Cellular Inc said it reached a definitive
agreement to sell assets of its wholly owned Michigan Cellular
Inc to Century Telephone Enterprises Inc <CTL> and add 28 cts a
share to the year's earnings as a result.
    It said the sale, subject to regulatory approval,
represents a capital gain in excess of 800,000 dlrs over the
original price paid by Cellular for its cellular interests in
Michigan, acquired in December 1986.


.I 5992
.C
gold;silver;
.W
LITTLE REACTION TO COMEX PRICE LIMIT REMOVAL.
    New York, June 1 - The elimination of price limits on
precious metals contracts trading at the Commodity Exchange in
New York appears to be having little effect on the market,
analysts said.
    "There is nothing apparent from the change," said William
O'Neill, director of futures research at Elders Futures Inc.
"The market has not approached the old price limits and trading
is relative quiet, in narrow ranges," he added.
    Gold futures, which previously had a limit of 25 dlrs on
market moves in most back months, were about 7.00 dlrs weaker
in the nearby contracts amid thin conditions, traders said.
    On May 5, COMEX did away with price limits on the two
contracts following spot after a volatile market in silver
futures at the end of April caused severe disruptions.
    During the last week of April, silver futures traded up and
down the price limit in the back months, causing traders to
rush into the spot contract to offset those moves, analysts
said.  As a result, Elders' O'Neill said, there was much
confusion, many unmatched trades, and large losses.
    The COMEX fined Elders Futures and three other large firms
a total of 100,000 dlrs for failure to resolve unmatched trades
in a timely manner.
    Silver futures were trading about 30-40 cts weaker in the
nearby contracts amid quiet trading today.
    O'Neill said the elimination of price limits on all COMEX
metals futures would add caution to trading since all contracts
could move any distance.
    "This is amore realistic approach because the metals market
is a 24 hours market and prices can move without limit,"
O'Neill said.
    Paul Cain, a vice president at Shearson Lehman Brothers,
said the elimination of price limits will cut back on panic
buying or selling  and contribute to more orderly markets.
   


.I 5993
.C
earn
.W
COMPTEK RESEARCH INC <CMTK.O> 4TH QTR MARCH 31.
    BUFFALO, N.Y., June 1 -
    Shr 17 cts vs four cts
    Net 373,000 vs 82,000
    Sales 10.1 mln vs 7,825,000
    Year
    Shr 45 cts vs 27 cts
    Net 981,000 vs 595,000
    Sales 34.5 mln vs 28.5 mln


.I 5996
.C
crude
.W
U.S. GULF OF MEXICO RIG COUNT CLIMBS TO 38.9 PCT.
    HOUSTON, June 1 - Utilization of offshore mobile rigs in
the Gulf of Mexico climbed by 2.1 pct last week to 38.9 pct,
reflecting a total of 91 working rigs, Offshore Data Services
said.
    One year ago, the Gulf of Mexico utilization rate was 32.5
pct. Offshore Data Services said some drilling contractors had
reported recent increases of about 1,000 dlrs a day on large
jackup rigs, which now command rates of 11,000 to 12,000 dlrs a
day.
    In the European/Mediterranean area the rig utilization rate
rose 0.6 pct to 53.6 pct, against 67.3 pct one year ago.
    Worldwide rig utilization rose by 1.2 pct to 57.7 pct,
reflecting a net increase of eight working rigs. Offshore Data
Services said a total of 419 rigs were in use worldwide and 307
were idled last week.


.I 5997
.C
acq
.W
DOTRONIX <DOTX.O> COMPLETES ACQUISITION.
    NEW BRIGHTON, MINN, June 1 - Dotronix Inc said it completed
the acquisition of Video Monitors Inc for 3.92 mln dlrs.
    Video Monitors is a privately-owned Wisconsin-based
manufacturer of video display and and video monitor devices.


.I 5998
.C
earn
.W
DATAFLEX CORP <DFLX.O> 4TH QTR MARCH 31 NET.
    EDISON, N.J., June 1 -
    Shr 11 cts vs eight cts
    Net 248,000 vs 155,000
    Revs 4,385,000 vs 2,487,000
    Year
    Shr 36 cts vs 12 cts
    Net 720,000 vs 220,000
    Revs 15.2 mln vs 9,253,000
    NOTE: Share adjusted for 10 pct stock dividend in April
1987.


.I 5999
.C
earn
.W
POLYDEX PHARMACEUTICALS LTD <POLXF.O> 1ST QTR.
    TORONTO, June 1 - April 30 end
    Shr loss one ct vs loss two cts
    Net loss 83,116 vs loss 266,037
    Sales 1,393,455 vs 1,035,500


.I 6000
.C
wheat;grain;
.W
ONIC TENDERS WEDNESDAY FOR WHEAT FOR PAKISTAN.
    PARIS, June 1 - The French Cereals Intervention Board
(ONIC) will tender Wednesday for 20,000 tonnes soft wheat for
Pakistan under the French food aid programme, an ONIC official
said.
    The grain will be shipped between June 15 and July 15.
    ONIC also will hold a tender June 9 for 65,000 tonnes soft
wheat under the European Community food aid programme, for
shipment in bulk during August, the official said.


.I 6002
.C
cocoa;coffee;
.W
FRENCH AID TO TOGO TO HELP COFFEE, COCOA TREES.
    LOME, June 1 - France is to provide Togo with 475 mln cfa
francs of aid for a range of projects that include development
of the coffee and cocoa industries and reafforestation in the
south of the country, official sources said.


.I 6004
.C
acq
.W
(CLARK COPY) BUYS NORWEGIAN FIRM.
    ELK GROVE VILLAGE, Ill., June 1 - Clark Copy International
Corp said it bought a Norwegian drafting machines company for
three mln U.S. dlrs.
    Clark Copy said its majority-owned Norwegian subsidiary,
Interactive Computer Aids Co of Norway, purchased Kongsberg
Drafting Systems, a division of Norwegian state-owned Kongsberg
Vappenfabrikk.
    Kongsberg Drafting's annual worldwide sales are about 15
mln dlrs, Clark Copy said.


.I 6007
.C
nat-gas
.W
BAKER HUGHES' <BHI> U.S. RIG COUNT FALLS TO 758.
    HOUSTON, June 1 - The U.S. drilling rig count fell by four
last week to a total of 758, against 723 working rigs at this
time last year, Baker Hughes Inc said.
    In Canada, the weekly rig count rose 19 to 100, compared to
46 working rigs last year.
    Among individual states, the steepest declines were in
Oklahoma and Louisiana which lost eight and seven,
respectively. Drilling increases were reported by Michigan, up
by five rigs, and Ohio and Pennsylvania which each rose by
three. Baker Hughes said the total of 758 working rigs in the
United States included 84 rigs working in offshore waters.


.I 6008
.C
trade;lumber;
.W
U.S. TRADE BILL VERY DANGEROUS FOR CANADA, LOBBY.
    TORONTO, June 1 -  A trade bill before the United States
House of Representatives "is a very dangerous bill for Canadian
industry," Canadian Forest Industry Council chairman Adam
Zimmerman told reporters.
    By changing the definition of subsidy under U.S.
countervailing duty law, House of Representatives Bill 3
removes protection for companies that take advantage of widely
used government programs, Zimmerman told a media briefing.
    "Clearly, any industry to which Canadian governments grant
rights to fish, mine, cut timber, or produce power could be
vulnerable to a finding of a subsidy under this language," he
said.
    The Canadian forest lobby's Zimmerman also said the House
of Representative Bill would adopt a new way of measuring
subsidies that would greatly increase the size of any
countervailing duties that might be imposed on Canadian
resource exports to the U.S.
    Under the bill, any difference between Canadian prices and
U.S. or world market prices would constitute a subsidy, he
said. Such a method would make Canadian resource industries
vulnerable to similar penalties like a 15 pct export tax
imposed last January on shipments of Canadian softwood lumber
to the U.S., Zimmerman added.
    Canadian negotiators agreed to levy the new tax if a U.S.
forest industry lobby would drop its request for a countervail
duty on imports of Canadian softwood lumber.
    "We represent the first victim of the move to price other
countries' natural resources according to the U.S. system,"
Zimmerman said.
    "If we're an example, than other resource industries had
better watch out," he added.
    Zimmerman said the Canadian Forest Industry Council plans
to discuss concerns about the U.S. trade bill with lobby groups
from other Canadian resource industries.


.I 6009
.C
acq
.W
SOCIETY/SAVINGS <SOCS.O> FORMS HOLDING COMPANY.
    HARTFORD, Conn., June 1 - Society for Savings said it has
completed a merger into newly formed holding company Society
for Savings Bancorp Inc on a share-for-share basis.


.I 6010
.C
earn
.W
GEODYNE RESOURCES INC <GEOD.O> 4TH QTR FEB 28.
    TULSA, Okla., June 1 -
    Shr profit three cts vs profit 31 cts
    Net profit 330,;575 vs profit 1,4;73,100
    Revs 1,501,996 vs 2,602,568
    Avg shrs 10,964,786 vs 4,446,958
    Year
    Shr loss eight cts vs profit six cts
    Net loss 91,523 vs profit 746,289
    Revs 3,854,821 vs 5,231,598
    Avg shrs 6,091,334 vs 4,446,958
    NOTE: Share results after preferred dividend requirements
of 44,174 dlrs vs 99,901 dlrs in quarter and 377,111 dlrs vs
480,851 dlrs in year
    Company 40 pct owned by PainWebber Group Inc <PWJ>


.I 6011
.C
acq
.W
LADD FURNITURE <LADF.O> COMPLETES ACQUISITION.
    HICKORY, N.C., June 1 - LADD Furniture Inc said it has
completed the previously-announced acquisition of
privately-held Colony House Furniture Inc for an undisclosed
amount of cash and notes.


.I 6012
.C
iron-steel
.W
EC MINISTERS CONSIDER CUTBACKS IN STEEL SUPPORT.
    LUXEMBOURG, June 1 - A new steel quota system that would
strictly limit European Community (EC) support to the industry
could be forced on producers if they fail to find their own
solution quickly, officials said.
    EC industry ministers meeting here considered two key
proposals aimed at cutting back surplus capacity by 30 mln
tonnes by 1990.
    The first would limit the current quota system, which has
protected EC output for seven years, only to flat products and
heavy sections, thereby forcing other types of steel products
into free market competition.
    The second proposal would link continuation of a quota
system with progress toward plant closures, although less than
a month ago the EC steelmakers' lobby group Eurofer said they
had abandoned efforts to close plants voluntarily.
    The ministers stopped short of imposing their own solution
immediately, instead urging steel producers to try again to
reach agreement on voluntary cutbacks.
    The EC Commission has said it will come up with detailed
proposals in July on the future of the EC steel industry and EC
industry ministers meet again in September to reach a final
decision.


.I 6015
.C
acq
.W
PHILIP CROSBY <PCRO.O> MAKES ACQUISITION.
    WINTER HAVEN, Fla., June 1 - Philip Crosby Associates Inc
said it has agreed to acquire Process Integrity Inc of Dallas,
a computer software designer, for undisclosed terms.
    It said Process' software helps companies monitor
industrial processes, identifies problems and recommends
solutions.


.I 6020
.C
acq
.W
PEERLESS MANUFACTURING <PMFG.O> SELLS UNIT.
    DALLAS, June 1 - Peerless Manufacturing Co said it has sold
its Industrial Sensors and Instruments Division and Panhandle
Equipment Co subsidiaries for a total of 635,000 dlrs in cash.
    It said the transaction will result in a loss of about
605,000 dlrs or 50 cts per share, which it will take in the
fourth quarter ending June 30. Peerless said due to the sale it
will probably have a loss for the year.
    It said it sold the units, to buyers it did not name, due
to increasing losses caused by the depressed petroleum
equipment market.
                               
    Peerless earned 576,000 dlrs or 63 cts per share in fiscal
1986.
    It said the units being sold lost 28 cts per share in the
first nine months of fiscal 1987 and 12 cts in all of fiscal
1986.


.I 6021
.C
acq
.W
******HICKS AND HAAS GROUP GETS FINANCING FOR SPECTRADYNE ACQUISITION.
Blah blah blah.

.I 6023
.C
earn
.W
UNITED TOTE INC <TOTE.O> 2ND QTR APRIL 30.
    SHEPHERD, Mont., June 1 -
    Shr profit four cts vs profit three cts
    Net profit 64,197 vs profit 56,437
    Revs 4.9 mln vs 1.6 mln
    Six months
    Shr profit four vs loss seven cts
    Net profit 67,133 vs loss 114,427
    Revs 9.1 mln vs 2.8 mln
    NOTE:1987 first half includes revnues of new racetrack
operation.



.I 6024
.C
lumber
.W
CANADA LUMBER EXPORTS MAY BECOME UNPROFITABLE.
    TORONTO, June 1 - Canada's softwood lumber will become
unprofitable for some forest product producers if prices
decline to about 175 U.S. dlrs per thousand board feet of two
by four inch lumber from current levels of about 195 U.S. dlrs,
Canadian Forest Industry Council chairman Adam Zimmerman told
reporters.
    Zimmerman reiterated profitability has been hurt by a move
by Canadian negotiators to impose last January a 15 pct export
tax on softwood lumber shipped to the U.S. in exchange for a
U.S. lumbermen's lobby dropping its request for a countervail
duty.
    "I think that there has been a falling off in the market, so
I think there is a moderate slow down in the price now,"
Zimmerman said at a media briefing.
    Zimmerman said the adverse impact from lower U.S. lumber
product prices would be felt by lumber mills in eastern Canada
first, migrating westward.
    "The country has swallowed a time bomb and it will go off
when times get tough," Zimmerman said.
    He also said the federal government should maintain the
existing 15 pct export tax and not allow provinces to offset
the tax with increased provincial fees for cutting lumber.


.I 6025
.C
acq
.W
<SEMICON TOOLS INC> MAKING ACQUISITION.
    NEW ROCHELLE, N.Y., June 1 - Semicon Tools Inc said it has
signed a letter of intent to acquire a majority interest in
privately held East Coast Sales, a distributor and fabricator
of technical ceramic products and disposable clean room
materials and supplies.
    Terms were not disclosed.
    It said it expects to acquisition to result in a
substantial sales increase.


.I 6026
.C
acq
.W
SAFETY-KLEEN <SK> COMPLETES ACQUISITION.
    ELGIN, ILL., June 1 - Safety-Kleen Corp said it completed
the acquisition of an 80 pct interest in BresLube Enterprises,
for about 12 mln dlrs in stock and cash.
     BresLube, based in Toronto, collects used lubricating oils
from auto garages, car dealers and other businesses, and
re-refines it for resale. Its annual revenues are about 18 mln
dlrs.


.I 6032
.C
acq
.W
HICKS/HAAS GROUP HAS SPECTRADYNE <SPDY.O> FUNDS.
    DALLAS, June 1 - SPI Holding Inc, a group consisting of
Hicks and Haas and Acadia Partners LP, said it has received
commitments for the senior bank financing needed to complete
its proposed acquisition of Spectradyne Inc for 46 dlrs a share
in cash or securities, or a total of about 452 mln dlrs.
    The transaction was conditioned on the arrangement fo
financing by today.
    It said it has also executed multi-year employment and
non-competition agreements with five Spectrayne senior managers.


.I 6036
.C
alum
.W
******ALCOA RAISING PRICES OF ALUMINUM BEVERAGE CAN STOCK EIGHT PCT.
Blah blah blah.

.I 6038
.C
acq
.W
COMPUTER ASSOC. <CA> BOLSTERS HAND AGAINST IBM.
    BY LAWRENCE EDELMAN, Reuters
    NEW YORK, June 1 - Computer Associates International Inc's
800 mln dlr merger with Uccel Corp <UCE> will eliminate its
strongest rival, but the company still faces stiff competition
from International Business Machines Corp <IBM>, Wall Street
analysts said.
     "IBM is still the ruling force in mainframe systems
software," said Scott Smith, an analyst with Donaldson Lufkin
and Jenrette.
    "But the combination of the two companies will clearly
present a much stronger front," he said.
    Besides IBM, "Computer Associates will be far and away the
most powerful company in the field," added E.F. Hutton analyst
Terence Quinn.
    That field is a segment of the market known as system
utilities, or software packages that boost the productivity of
a company's data processing facilities by increasing the speed,
power and efficiency of large mainframe computers.
    The merger of Uccel and Computer Associates combines the
two biggest systems utilities suppliers other than IBM.
Analysts said the remaining players are mostly small firms that
will find the competition much harder than in the past.
    For Computer Associates, the merger with Uccel caps a
six-year acquisition campaign that has vaulted the Garden City,
N.Y.-based company to the top of the software industry.
    When the deal is completed sometime in August, the
company's revenues will exceed 450 mln dlrs, pushing it past 
Microsoft Corp <MFST> as the world's largest independent
software vendor.
    Computer Associates founder and chairman Charles B. Wang
took the company public in 1981, and since then he has bought
15 companies and boosted annual sales from 18.5 mln to 309.3
mln dlrs for the year ended March 31.
    Liemandt took charge of Wyly, sold off its non-computer
businesses and decided that it would focus solely on mainframe
computer software. In 1984, the company was renamed Uccel Corp.
    Liemandt, who said he will leave the company after the
merger is completed, also turned to acquisitions for growth.
    On the last day of 1986, Uccel completed the buyouts of six
companies for a total of about 60 mln dlrs.
    For 1986, it earned 17.0 mln dlrs, or 1.01 dlrs a share, on
sales of 141.5 mln dlrs.
    The agreement took industry analysts by surprise, largely
because the companies had been such bitter rivals. Also,
Dallas-based Uccel had engineered a strong comeback from the
dark days of 1982, when, as Wyly Corp, it lost 7.7 mln dlrs, or
56 cts a share.
   At that time, Wyly owned a potpourri of 13 different
businesses, only three of which were involved in computer
software. In 1983, Walter Haefner, a Swiss financier and a
major Wyly investor, lured Gregory J. Liemandt away from his
job as chairman of General Electric Co's <GE> computer services
unit.
    Computer Associates' Wang and Uccel's Liemandt said at a
news conference that the merger would give computer users a
single source for a wide range of software products.
    In addition to system utilities, Computer Associates also
sell products for microcomputers, while Uccel has made inroads
in the applications software market, where analysts said it has
been successful with accounting and banking systems.
    Wang said Computer Associates would continue to support and
enhance both companies' product lines, but noted that the
company will eventually weed out duplicate offerings. He said
about 20 pct of the companies' products overlap.
    Analysts said the merger would dilute the holdings of
current Computer Associates shareholders by about 10 pct. But
they joined Wang in forecasting that the deal will not dilute
Computer Associates' earnings for the current fiscal year.
    Quinn of E.F. Hutton said Wang has a proven track record of
completing acquisitions without earnings dilution. Therefore,
he said he would not change his 1988 earnings estimate of 1.05
dlrs a share.
    Wang said he would look closely at the combined operations
of the two companies and cut duplication in sales, marketing
and research and development.
    Analysts said Computer Associates paid a premium for Uccel.
Based on Friday's closing price, the company will swap 47.50
dlrs worth of its stock for each Uccel share, which is nearly
33 times Uccel's 1987 estimated earnings of 1.45 dlrs a share.
    Stephen T. McClellan of Merrill Lynch Research said most
software companies are currently valued at about 20 times
per-share earnings. But the analyst said Uccel was worth the
premium because of its earnings potential and customer base.

    Wang said Haefner, the Swiss investor, would hold about 25
pct of Computer Associates stock after the merger. He currently
owns 58 pct of Uccel.
    The executive said the merger would not alter his target of
maintaining sales and earnings growth of 30 pct to 35 pct.
    In addition, he said he expects no problems in having the
deal cleared by the antitrust division of the U.S. Justice
Department.
    Uccel's Liemandt declined to say what he will do after the
merger, but he did not rule out working together with Wang.



.I 6039
.C
acq
.W
MAXWELL WOULD NOT RENEW BID IF SUIT FAILS.
    London, June 1 - British press magnate Robert Maxwell said
his British Printing and Communication Corp Plc would not renew
its bid for Harcourt Brace Jovanovich Inc <HBJ> if the lawsuit
filed against Harcourt in New York today fails.
    Speaking at a press conference, Maxwell denied market
rumors that British Printing had approached British
institutions to arrange a rights issue with a view to
relaunching its bid for the U.S. publishing concern.
    "I don't believe in chasing mirages," maxwell said.
    British Printing filed suit in U.S. District Court in
Manhattan to block what Maxwell called a fraudulent
recapitalization announced by Harcourt last week.
    Harcourt, in response to a hostile two billion dlr takeover
proposal from Maxwell, planned a recapitalization that would
pay shareholders 40 dlrs per share. Under the plan, it also
said 40 pct of its shares will be controlled by its employees,
management, and its financial adviser, First Boston Corp <FBC>.


.I 6040
.C
alum
.W
******ALCOA RAISING PRICES OF ALUMINUM BEVERAGE CAN STOCK EIGHT PCT.
Blah blah blah.

.I 6041
.C
earn
.W
<GRAND UNION CO> 4TH QTR MARCH 28 NET.
    ELMWOOD PARK, N.J., June 1 -
    Net 7,237,000 vs 5,938,000
    Sales 630.8 mln vs 601.8 mln
    Year
    Net 34.1 mln vs 20.5 mln
    Sales 2.75 billion vs 2.61 billion
    NOTE: Twelve and 52-week periods.
    Generale Occidentale SA subsidiary.
    Prior year net both periods includes 7,580,000 dlr pretax
charge for store closings.
    Year net includes pension gain 3,455,000 dlrs vs charge
5,502,000 dlrs due to change in pension accounting.
    Income tax rate for year 45.9 pct vs 34.1 pct due to
abolition of investment tax credits.  Elimination of investment
tax credits approximately offset gain from change in pension
accounting, company said.


.I 6044
.C
acq
.W
U.S. VIDEO <VVCO.O>, FIRST NATIONAL IN MERGER.
    NEW YORK, June 1 - U.S. Video Vending Corp said it
completed acquiring First National Telecommunications INc from
First National Entertainment Corp for about 10 mln, or a
controlling interest of U.S. Video Vending shares.
    Pursuant to the transaction, Harvey Seslowsky and William
Hodes resigned from U.S. Video's board and were replaced by
four members of First National.


.I 6045
.C
cocoa
.W
COCOA ORIGINS DISMAYED BY BUFFER STOCK ACTION.
    By Peter Read, Reuters
    LONDON, June 1 - Traders recently returned from West Africa
say some producers there are dismayed by the ineffective action
so far by the International Cocoa Organization (ICCO) buffer
stock manager on buffer stock purchases.
    One trader said some West African producers are annoyed the
Buffer Stock manager is not playing his part as required by the
International Cocoa Pact to stabilise prices from current lows.
    So far, only 21,000 tonnes of second hand cocoa have been
taken up for buffer stock purposes and this, traders noted,
only on an intermittent basis.
    They noted the purchases, of 8,000 tonnes in the first week
he bought and 13,000 in the second, are well short of the
limitations of no more than 5,000 tonnes in one day and 20,000
in one week which the cocoa agreement places on him.
    The traders recently returned from West Africa say
producers there are unhappy about the impact on cocoa prices so
far, noting producing countries are part of the international
cocoa pact and deserve the same treatment as consumers.
    London traders say terminal market prices would have to
gain around 300 stg a tonne to take the ICCO 10-day average
indicator to its 1,935 sdr per tonne midway point (or reference
price).
    However, little progress has been made in that direction,
and the 10-day average is still well below the 1,600 sdr lower
intervention level at 1,562.87 from 1,569.46 previously.
    The buffer stock manager may announce today he will be
making purchases tomorrow, although under the rules of the
agreement such action is not automatic, traders said.
    Complaints about the inaction of the buffer stock manager
are not confined to West African producers, they observed.
    A Reuter report from Rotterdam quoted industry sources
there saying Dutch cocoa processors also are unhappy with the
intermittent buffer stock buying activities.
    In London, traders expressed surprise that no more than
21,000 tonnes cocoa has been bought so far against total
potential purchases under the new agreement of 150,000 tonnes.
Carryover holdings from the previous International Cocoa
Agreement in the stock total 100,000 tonnes.
    Terminal prices today rose by up to 10 stg a tonne from
Friday's close, basis July at its high of 1,271.
    It seems that when the buffer stock manager is absent from
the market, prices go up, while when he declares his intention
to buy, quite often the reverse applies, traders said.


.I 6048
.C
acq
.W
RAPID-AMERICAN COMPLETES K MART <KM> STORE BUY.
    NEW YORK, June 1 - Privately-held Rapid-American Corp said
it has completed the previously-announced acquisition of 66
Kresge and Jupiter stores from K Mart Corp.
    The company said it plans to operate 57 of the stores as
McCrory Five and 10 variety stores and close the others by the
end of July.


.I 6050
.C
earn
.W
HUGHES SUPPLY INC <HUG> 1ST QTR APRIL 30 NET.
    ORLANDO, Fla., June 1 -
    Shr 58 cts vs 53 cts
    Shr diluted 54 cts vs 53 cts
    Net 1,957,745 vs 1,594,009
    Sales 95.8 mln vs 87.4 mln
    NOTE: Average shares up 11.7 pct on primary basis.


.I 6052
.C
gold;silver;copper;alum;
.W
LITTLE REACTION TO REMOVAL COMEX DAILY LIMITS.
    New York, June 1 - The elimination of limits on daily price
fluctuations for metals futures contracts traded on the
Commodity Exchange, COMEX, appears to be having little effect
on the market, analysts said.
    "There is nothing apparent from the change," said William
O'Neill, director of futures research at Elders Futures Inc.
    "The market has not approached the old price limits and
trading is relative quiet, in narrow ranges," he said.
    On May 5, COMEX eliminated price limits on the two
contracts following each spot delivery in gold, silver, copper
and aluminum futures after a review of its clearing operations,
which were severely tested by a volatile market in silver
futures at the end of April. COMEX announced Friday the lifting
of all daily limits, effective today.
    Gold futures, which previously had a limit of 25 dlrs per
ounce in most back months, were about 7.00 dlrs weaker in the
nearby contracts amid thin volume conditions, traders said.
    Silver futures, previously limited at 50 cents in most back
months, were trading about 30-40 cts weaker in the nearby
contracts amid quiet trading today.
    During the last week of April, silver futures often traded
at the daily allowable limit amid concerns about inflation, the
dollar, and other factors. Traders rushed into the spot, or
unlimited, contract to offset those moves, analysts said.
    As a result, O'Neill said, there was much confusion, many
unmatched trades, and large losses for some traders.
    The COMEX fined four large firms a total of 100,000 dlrs
for failure to resolve unmatched trades in a timely manner.
    Paul Cain, a vice president at Shearson Lehman Brothers,
said the elimination of price limits will cut back on panic
buying or selling and contribute to more orderly markets.
    O'Neill added that the elimination of daily limits would
add caution to trading.
    "This is a more realistic approach because the metals
market is a 24 hours market and prices can move without limit,"
O'Neill said.


.I 6054
.C
acq
.W
TOTAL HEALTH <TLHT.O> TO MAKE ACQUISITION.
    GREAT NECK, N.Y., June 1 - Total Health Systems Inc said it
has agreed to acquire CoMED Inc of Denville, N.J., a health
maintenance organization with over 63,000 subscribers, for an
undisclosed amount of cash, the assumption of liabilities and
the provision of up to 10 mln dlrs in equity and debt
financing.
    The company said the acquisition is subject to regulatory
approvals.
    It said CoMED had 1986 revenues of 30.0 mln dlrs and
earnings of 650,383 dlrs and had revenues for the first four
months of 1987 of 13.6 mln dlrs, up 60 pct from a year before.



.I 6057
.C
acq
.W
UNITED ASSET <UAM> COMPLETES ACQUISITION.
    PROVIDENCE, June 1 - United Asset Management corp said it
has completed the acquisition of Rice, Hall, James and
Associates of San Diego for undisclosed terms.
    It said Rice Hall manages investments for institutions and
individuals and has about 690 mln dlrs in assets under
management currently.


.I 6060
.C
wheat;grain;corn;soybean;
.W
******U.S. EXPORT INSPECTIONS, IN THOUS BUSHELS,  SOYBEANS 7,209, WHEAT 15,187 CORN 25,347.
Blah blah blah.

.I 6061
.C
acq
.W
COMPUTERLAND TO BE ACQUIRED BY INVESTOR GROUP.
    OAKLAND, Calif., June 1 - Computerland Corp said an
investor group led by the financial services firm E.M. Warburg
Pincus and Co Inc has agreed to acquire Computerland's
business.
    Computerland, a privately-held company said to be the
world's largest retailer of personal computers, declined to
provide details of the arrangement.
    But the company said it expects to close the acquisition
over the next 60 to 90 days.
    In announcing the transaction, Computerland said the
acquisition will provide it with resources and support to
maintain and expand its leadership position in the computer
retail industry.
    Computerland also said its network retail sales in 1986
totalled 1.45 billion dlrs.


.I 6065
.C
acq
.W
***BILZERIAN SAYS IF PAY N'PAK SIGNS MERGER ACCORD HE WILL TENDER FOR 7.5 MLN SHARES.
Blah blah blah.

.I 6066
.C
acq
.W
PIOSEC <PIO.AL> ACQUIRES SEMICONDUCTOR STAKE.
    VANCOUVER, B.C., May 31 - Piosec Technology Ltd said it
exchanged 4.5 mln common shares for 21 pct of privately owned
<Alliance Semiconductor Corp> of Santa Clara, Calif.
    Followin the acquisition, a Piosec spokesman said, the
company has 6.5 mln shares outstanding.


.I 6069
.C
tin
.W
TIN TRADERS' RESPONSE MUTED TO KL FUTURES MARKET.
    LONDON, June 1 - European free market tin traders made a
somewhat muted response to plans for a Kuala Lumpur
dollar-based tin futures market due to be launched in October.
    Traders said the new market would probably be a useful
trading medium for Japan and other South East Asian tin
interests although European traders generally appear to be
reasonably satisfied with the current "free market" system
which has been operating since London Metal Exchange, LME, tin
trading ceased in October 1985. Dealers here will also want to
see how acceptable foreign metal will be on the new market and
what sort of demand develops for forward deliveries.
    There is also a view among European traders that, while the
proposed Kuala Lumpur tin futures market would provide another
useful reference point, a market inaugurated by the Malaysian
government -- in the past viewed as a major player at times by
the trade -- would make participants uncomfortable.
    Some traders expressed a preference for a resumption of
trading on the London Metal Exchange, but they added that while
there has been some behind the scenes discussion on the subject
a definite move is unlikely until outstanding High Court
litigation actions have been resolved.
    Spot tin prices on the European free market are currently
around 4,200 stg per tonne for high grade metal in warehouse
Rotterdam. Over the past 18 months the price moved to a ten
year low of 3,400 stg in March 1986 and rebounded to as high as
4,680 stg in December 1986.
    This compares with 8,140 stg last paid when LME trading
ceased in October 1985 and a record high tin price of 10,350
stg traded for Cash Standard Grade metal in June of that year.
    LME warehouse stocks are now near a two-year low at 28,065
tonnes, having fallen steadily from a record high of 72,485
tonnes reached in February 1986.
    Traders said the free market turned bullish during late
last year based on producer forecasts of a supply/demand
deficit of some 28,000/29,000 tonnes. Analysts were predicting
prices of up to 5,000 stg per tonne during 1987.
    However, the trend was reversed following a strong upswing
in sterling versus the dollar and values fell back briefly to
4,100 stg last month after approaching 4,700 stg in December.
    The decline accelerated as producers who had sold very
little metal at the higher levels became competitive sellers.
    There was also a lack of significant demand from major
steel mills who made large purchases prior to the new year.
    Traders say the 15 ITC creditor banks' original tin
holdings of nearly 45,000 tonnes have now been almost halved,
and the bulk of material still available is being held by
Malaysian and Japanese firms which are reluctant to depress the
market with unwanted metal.
    Some 80,000 tonnes were held by banks and brokers after the
International Tin Council's, ITC, buffer stock manager halted
support operations on the LME on behalf of the 22 members
nations of the International Tin Agreement.
    The overhang of metal was reduced further by broker
Shearson Lehman Brothers, which earlier this year reported
having sold its ITC-related holdings and halved its overall tin
position.
    Analysts see no immediate sign of a rally in European tin
prices and movements are still expected to be largely related
to currency fluctuations, unless significant consumer demand
emerges for the third quarter.
    The Association of Tin Producing Countries, ATPC, has made
efforts since the collapse of the ITA to achieve higher world
prices by attempting to bring all major producers under an
export control umbrella, but to date Brazil and China, two
major producers, remain unaffected by the ATPC argument and
apparently are continuing to offer material at discounts to
consumers in main European trading centres, dealers said.


.I 6071
.C
cocoa
.W
******ICCO buffer stock manager to buy 5,000 tonnes cocoa Tuesday, June 2 - official.
Blah blah blah.

.I 6076
.C
acq
.W
CO-OPERATIVE <COBK.O> COMPLETES ACQUISITION.
    ACTON, Mass., June 1 - Co-operative Bancorp said it
completed the acquisition of all the issued and outstanding
stock of the Quincy Co-operative Bank <QBCK.O>.
    Under the agreement, Quincy stockholders will receive 30
dlrs cash for each share owned of the Quincy Co-operative Bank,
for a total transaction of approximately 50 mln dlrs,
Co-operative said.


.I 6080
.C
money-fx
.W
******REAGAN SAYS U.S., ALLIES MUST HONOR ACCORDS ON EXCHANGE RATE STABILITY.
Blah blah blah.

.I 6081
.C
acq;pet-chem;
.W
MONSANTO <MTC> TO ACQUIRE RHONE-POULENC ASSETS.
    ST. LOUIS, June 1 - Monsanto Co said it is acquiring
certain commerical assets of <Rhone-Poulenc Chimie's>
polyphenyl business.
    Terms of the transaction were not disclosed.
    Among the assets being acquired are its polyphenyl business
worldwide, including biphenyl and the heat transfer fluid
Gilotherm TH, together with associated manufacturing and
application technology, Monsanto said.


.I 6084
.C
acq
.W
INFO-DATA TO ACQUIRE USA OUTDOOR ADVERTISING.
    DEERFIELD BEACH, Fla., June 1 - <Info-Data Inc> said it
will acquire <USA Outdoor Advertising Inc> of Jacksonville,
Fla., in exchange for stock.
    USA Outdoor Advertising was acquired for 62.4 pct of the
outstanding shares of Info-Data Inc, the company said.
    Info-Data said it plans to change its name to USA Outdoor
Advertising Inc to reflect the change in the company's
operations.


.I 6086
.C
money-fx
.W
REAGAN URGES FULFILLMENT OF EXCHANGE ACCORDS.
    WASHINGTON, June 1 - President Reagan, preparing to depart
for the Venice economic summit on Wednesday, said the United
States and its allies must fulfill agreements on exchange rate
stability.
    "Economic policy decisions made last year in Tokyo, and at
this year's meetings of Group of 7 Finance ministers in Paris
and in Washington, cannot be ignored or forgotten," he said.
    "The commitments made at these meetings need to be
translated into action," Reagan said in a pre-summit speech
celebrating the 40th anniversary of the Marshall Plan.


.I 6087
.C
acq
.W
UNI-MARTS <IMMA.O> ACQUIRES GAS-N-ALL STORES.
    STATE COLLEGE, Pa., June 1 - Uni Marts Inc said it acquired
seven <Gas-N-All Inc> convenience stores for an undisclosed
amount of cash.
    The acquisition bring to 228 the number of convenience
stores owned by Uni-Marts, the company said.


.I 6088
.C
ship;crude;
.W
REAGAN HINTS U.S. WANTS HELP IN PATROLLING GULF.
    WASHINGTON, June 1 - President Reagan said he would discuss
the Mideast Gulf situation with allied leaders at next week's
Venice economic summit and hinted he would seek their help in
preserving free navigation.
    In a speech prepared for delivery as the United States made
plans to protect 11 Kuwaiti oil tankers from Iranian attack,
Reagan said the American people were aware that "it is not our
interests alone that are being protected."
    Saying that allied dependence on gulf oil was no secret,
Reagan declared, "During the upcoming summit in Venice, we will
be discussing the common security interests shared by the
western democracies in the MIDEAST Gulf.
    "The future belongs to the brave. Free men should not cower
before such challenges, and they should not expect to stand
alone."
    Reagan will meet the leaders of Britain, France, West
Germany, Italy, Canada and Japan at the economic summit, which
will take place in Venice June 8-10.
   
    The 13th annual top-level meeting of the major industrial
democracies will take place against a backdrop of rising
congressional concern over Reagan's plan to protect gulf
shipping and demands that the allies do more.
     These concerns were heightened by the May 17 Iraqi missile
attack on the U.S. frigate Stark which killed 37 seamen.
    "They died while guarding a chokepoint of freedom, deterring
aggression and reaffirming America's willingness to protect its
vital interests," Reagan said.
   
    In a pre-summit speech celebrating the 40th anniversary of
the Marshall Plan, Reagan, who spoke to an audience of foreign
affairs experts, also pledged to push for economic expansion by
West Germany and Japan to bolster the world trading system.
    "While the vibrancy of the U.S. economy has contributed
enormously to the world expansion, preserving a growing world
economy is the business of every member of the world trading
community," he said.
   
    "It will be made clear, especially to our friends in Japan
and the Federal Republic of Germany, that growth-oriented
domestic policies are needed to bolster the world trading
system on which they depend."
    Reagan coupled this appeal with a call for compliance with
allied accords on exchange rate stability.
    "Economic policy decisions made last year in Tokyo and at
this year's meetings of Group of Seven finance ministers in
Paris and in Washington cannot be ignored or forgotten," he
said. "The commitments made at these meetings need to be
translated into action."


.I 6089
.C
earn
.W
MERRILL CORP <MRLL.O> 1ST QTR APRIL 30 NET.
    ST. PAUL, Minn., June 1 -
    Shr 21 cts vs 20 cts
    Net 965,000 vs 726,000
    Revs 13.4 mln vs 11.8 mln
    Avg shrs 4,606,242 vs 3,624,528


.I 6090
.C
acq
.W
ADVANCED TELECOMMUNICATIONS <ATEL.O> TO BUY CO.
    ATLANTA, Ga., June 1 - Advanced Telecommunications Corp
said it reached an agreement in principle to purchase <Teltec
Savings Communications Co>, a long distance telephone service
in Florida.
    The proposed acquisition price is approximately 17.5 mln
dlrs in cash, the company said.


.I 6091
.C
earn
.W
ODETICS INC <OA/OB> 4TH QTR MARCH 31 NET.
    ANAHEIM, Calif., June 1 -
    Shr seven cts vs eight cts
    Net 278,000 vs 340,000
    Revs 11.4 mln vs 8,871,000
    Year
    Shr three cts vs one ct
    Net 113,000 vs 33,000
    Revs 39.7 mln vs 33.1 mln


.I 6093
.C
oilseed;wheat;grain;
.W
ADDITIONAL CCC CREDIT GUARANTEES FOR KOREA--USDA.
    WASHINGTON, June 1 - The Commodity Credit Corporation (CCC)
has reallocated 50.0 mln dlrs in credit guarantees from the
previously announced undesignated line to provide additional
guarantees for sales of feedgrains, oilseeds, and wheat to
South Korea, the U.S. Agriculture Department said.
    The department said the action increases the feed grains
line by 23 mln dlrs to 63 mln, the oilseed line by seven mln
dlrs to 52 mln, and the wheat guarantee line by 20 mln to 165
mln dlrs.
    The undesignated line is reduced to zero.
    The commodities are for delivery during the current fiscal
year ending this September 30, it said.


.I 6095
.C
crude
.W
******BASIN PIPELINE TEXAS/OKLA BORDER WASHED OUT BY FLOODS SOME 300,000 BPD CRUDE AFFECTED.
Blah blah blah.

.I 6096
.C
interest
.W
CCC INTEREST HIGHER IN JUNE, USDA SAYS.
    WASHINGTON, June 1 - Interest rates on commodity loans
disbursed by the Commodity Credit Corporation (CCC) this month
will carry a 6-7/8 pct interest rate, the U.S. Agriculture
Department said.
    That is up from the May rate of 6-1/4 pct and reflects the
interest rate charged the CCC by the U.S. Treasury in June,
USDA noted.


.I 6097
.C
veg-oil
.W
ANDRIESSEN HINTS FATS/OIL TAX COULD GO TO SUMMIT.
    HEVEREN, Belgium, June 1 - European Community (EC)
Agriculture Commissioner Frans Andriessen said his proposal for
a tax of up to 330 European Currency Units per tonne on oils
and fats was likely to go up for discussion at next week's
summit meeting of EC leaders.
    EC farm ministers have been unable to agree the tax, one of
the main items proposed by Andriessen for the 1987-88 farm
price package.
    The tax, which would apply on both domestically-produced
and imported oils and fats, has been fiercely opposed by the
United States and developing countries' vegetable and marine
oil producers.


.I 6098
.C
acq
.W
BILZERIAN PREPARED TO TENDER FOR PAY N'PAK <PNP>.
    NEW YORK, June 1 - Investor Paul Bilzerian said if Pay N'
Pak Stores Inc enters into a merger accord with him he will
immediately begin a tender offer for 7.5 mln shares for 20 dlrs
per share in cash.
    Bilzerian told Reuters he believes his offer is superior to
a leveraged buyout proposal disclosed in an announcement by the
company this morning.
    The company said it is evaluating both proposals.
Bilizerian said he was optimistic his offer will be accepted at
a meeting of the board of directors Wednesday. Officials of Pay
N' Pak did were not immediately available for comment.
 
    Bilzerian said he has a pool of 150 mln dlrs raised by
Shearson Lehman Brothers Inc available for the tender and "we
may add a bank to that."
    "We've submitted an agreement we're prepared to sign," he
said. Shares not accepted in Bilzerian's tender would be
exchangeable for 20 dlrs in convertible preferred stock.
    Asked what would happen if the leveraged buyout group,
which the company did not identify, topped his offer between
now and the board meeting, Bilzerian said he expected an
opportunity to respond.
    Pay N' Pak gave no details about the buyout group, but did
say the offer was contingent on financing and on an agrreement
regarding management's equity participation.
    Bilzerian said it was his understanding that the management
particpation was "nominal."
    Pay N' Pak fell 1-1/2 to 19. Arbitrageurs said there was
disappointment that neither of the offers topped 20 dlrs.
    "We were expecting an offer north of (above) 21 or 22
dlrs," said one arbitrageur. The leveraged buyout plan was for
17.50 dlrs per share in cash and 2.50 dlrs in 13-1/2 pct
cumulative preferred stock.

    Robert Cheadle, analyst at Montgomery Securities, said "you
have to ask yourself why no one in the industry made a bid."
    Scott Drysdale, analyst at Birr Wilson Securities, said the
company has not made the best strategic moves over the years.
"They have not done the right things at the right time," he
said, and as a result earnings per share have steadily declined
since 1984. The 57 cts per share in earnings reported for the
fiscal year ended in February was lower than 1978's earnings,
he said. Earnings totaled 5.7 mln dlrs on revenue of 398.4 mln
dlrs.
    Drysdale said Pay N' Pak has better trained sales people
than many competitors, but it competes on price even though
competitors have lower costs. The result is squeezed margins.
He noted that there have been no other publicly identified
bidders stepping forward since the company rejected an earlier
Bilzerian proposal in mid-April.
    Another arbitrageur said it might not be too late for
another bidder to get in the game. He speculated that someone
in the same home improvement business might be able to offer a
deal for stock that would top both the buyout proposal and
Bilzerian's plan.


.I 6100
.C
acq
.W
******FORSTMANN LITTLE AND CO SAID IT PLANS TO SELL SYBRON CORP UNIT.
Blah blah blah.

.I 6101
.C
acq
.W
PHARMACONTROL <PHAR.O> ACQUIRES REVCO UNIT.
    ENGLEWOOD CLIFFS, N.J., June 1 - PharmaControl Corp said it
acquired Private Formulations Inc from <Revco D.S. Inc> for six
mln dlrs in cash, a 13,550,000 dlr promissory note and warrants
to buy 200,000 PharmaControl common shares.
    PharmaControl said the purchase price was financed, along
with one mln dlrs in working capital, through secured
institutional financing.
    The company said betweenm 11,550,000 dlrs and 12,550,000
dlrs f the principal amount of the Revco note, plus accrued
interest, is payable June 30. The balance is payable over three
years.
    PharmaControl said it expects to make the payment due to
Revco from proceeds of a proposed offering of units consisting
of convertible subordinated debenturers and common stock
currently on file with the Securities and Exchange Commission.
    Upon closing of the public offering, the company said, it
expects the secured institutional financing to increase to a
total of 12 mln dlrs.
    Private Formulations is primarily engaged in the
manufacture and distribution of vitamins and private label
over-the-counter pharmaceutical products.


.I 6104
.C
acq
.W
FISHER SHAREHOLDER INDECISIVE OVER STOCK BUY.
    BEDFORD HEIGHTS, Ohio, June 1 - Fisher Foods Inc <FHR> said
<5300 Richmond Road Corp>, its largest shareholder, has not yet
reached a definitive decision about whether it will buy more
Fisher stock through a possible merger, tender offer or another
acquisition proposal.
    5300 is a Delaware corporation formed by <American Seaways
Foods Inc>, <Rini Holding Co> and <Rego Companies> which owns
1.5 mln shares of Fisher, or about 44 pct of its outstanding
common stock.
    Fisher said 5300 had announced on April 20 that they would
make a decision on June 1 about the move.
    Fisher said 5300 also told it they will continue to explore
possible advantages and disadvantages of various acquisition
proposals.
    5300 also said it is continuing to discuss with various
financial groups about possible financing for such a move, but
gave no indication of when any financing or proposal would be
finalized, Fisher said.


.I 6105
.C
grain;barley;
.W
******U.S. EXPORTERS REPORT 150,000 TONNES OF  BARLEY SOLD TO SAUDI ARABIA FOR 1987/88-USDA.
Blah blah blah.

.I 6107
.C
grain;barley;
.W
BARLEY SOLD TO SAUDI ARABIA  - USDA.
    WASHINGTON, June 1 - Private exporters reported sales of
150,000 tonnes of barley to Saudi Arabia for delivery in the
1987/88 season, the U.S. Agriculture Deapartment said.
    The 1987/88 season for barley begins today.


.I 6108
.C
acq
.W
U.S. BANCORP <USBC.O> HAS ACQUISITION APPROVAL.
    PORTLAND, Ore., June 1 - U.S. Bancorp (Oregon) said it has
been advised orally that its application for the acquisition of
Old National Bancorp has been approved by the Board of
Governors of the Federal Reserve.
    The company said it has also been advised that it has
received Fed approvals for its acquisition of Heritage Bank of
Camas, Wash., and for its conversion of its subsidiary, U.S.
Thrift and Loan of Salt Lake City, Utah, into a commercial
bank.
    In January U.S. Bancorp and Old National reached a
definitive agreement covering the acquisition of all the stock
of Old National which it does not already own for 171 mln dlrs.
    U.S. Bancorp currently owns 4.9 pct of Old National's
stock.


.I 6109
.C
crude
.W
MAJOR U.S. OIL PIPELINE SHUT DOWN BY FLOODS.
    NEW YORK, June 1 - Flooding in the Red River on the
Texas/Oklahoma border has shut down the Basin Pipeline, a
24-inch pipeline that transports as much as 300,000 barrels per
day of sweet and sour crudes from Texas to Cushing, Okla, a
Texaco Pipeline Co spokesman confirmed.
    "The water is rushing by so fast that we can't get any
divers down to assess the damage but there is some possibility
that the pipeline could be up by the end of the week," a company
source said.
    The pipeline transmits roughly two-thirds sour crude and
one-third sweet crude oil from the Midland, Texas region.
    Texaco sources said that if the pipeline service is
restored by Friday there would be little problem in restoring
oil which has been lost to the flood.
    "But if the pipeline is down more than 10 days it will be
difficult to make up without prorationing and we would not like
to proration this pipeline, if we don't have to."
    The Basin Pipeline is jointly owned by Atlantic Richfield
Corp <ARC>, Shell Oil Co, a subsidiary of the Royal Dutch/Shell
Group <RD> and Texaco Inc <TX>, which is the pipeline's
operator.
     Peter Beutel, analyst at Elders Futures Inc, said crude
oil futures contracts on New York Mercantile Exchange rose to
new highs this afternoon following news of the pipeline break.
    July crude futures of West Texas Intermediate traded up to
19.60 dlrs a barrel, a rise of more than 20 cts.
    Cash market prices also firmed on the news with sellers of
WTI raising offers to 19.60 dlrs a barrel.
    Sour crudes, which would be most affected by the pipeline
shutdown, however, were slow to react to the news with West
Texas Sour and Alaska North Slope holding 50 cts to one dlr a
barrel below WTI, respectively.
    Dan Stevens, manager of public and government affairs at
Texaco, said the company hopes to fix the pipeline in five days
but that will depend on when the water level of the Red River
recedes. There is already evidence that the water level is
dropping and it appears the rain has stopped in the area
affecting the pipeline, Stevens said.
    He said the segment of the pipeline that was damaged was
underground and at a distance from the Red River that flooded.
The pipeline runs over the Red River and under the subsoil
nearby, according to Stevens. He said some of this subsoil was
apparently washed away.
   
    The potential for environmental damage is being downplayed
at this time despite the volume of oil that runs through this
line.
    Texaco's Stevens said that aerial surveillance has not
found any crude on the water in the river or in Lake Texoma,
which is nearby.


.I 6111
.C
earn
.W
BRITISH LAND OF AMERICA INC <BLA> YEAR MARCH 31.
    NEW YORK, June 1 -
    Shr loss 36 cts vs loss 57 cts
    Net loss 4,589,000 vs loss 7,339,000
    Revs 19.9 mln vs 19.6 mln
    Avg shrs 14.7 mln vs 13.3 mln
    NOTE: Company is a subsidiary of <British Land Co PLC>


.I 6113
.C
acq
.W
FORSTMANN LITTLE AND CO TO SELL UNIT.
    NEW YORK, June 1 - <Forstman Little and Co> said it plans
to sell its Sybron Corp unit, a leading maker and marketer of
dental and laboratory products, for an undisclosed sum.
    Forstmann Little said it acquired Sybron in February 1986
and since that time Sybron has been substantially restructured,
with new management, lower corporate overhead and a new
location in Saddle Brook, N.J.
    Fortsmann Little said <Goldman Sachs and Co> will act as
its financial advisor for the move. It added that Sybron
expects revenues for the current fiscal year of 242 mln dlrs
with operating income of about 51 mln dlrs.


.I 6114
.C
acq
.W
TAKEOVER SPECULATION LIFTS HUTTON <EFH> SHARES.
    New York, June 1 - E.F. Hutton Group Inc shares rose on
speculation the company would receive a takeover offer, traders
said.
    Hutton's stock also was affected by a newspaper report that
First Boston Corp <FBC> accumulated almost five pct of Hutton's
stock on behalf of an outside client, traders said. Traders
said the story, which appeared in USA Today, added speculation
which began on the street last week. They said there were
rumors the stock was under accumulation and speculation
abounded the company would soon receive an offer. A Hutton
official declined comment. Hutton's stock rose 2-1/4 to 39-3/8.
    Hutton several months ago rejected a buyout offer from
Shearson Lehman Brothers Inc <SHE>. The newspaper story
mentioned speculation American Express Co <AXP>, the parent of
Shearson, was a possible buyer. But traders said the rumors
today did not name buyers. First Boston officials were not
immediatley available for comment.
    Prudential Bache analyst Larry Eckenfelder said he doubted
the speculation about American Express. He said he believed
Hutton, which is occassionally surrounded by rumors, moved up
today as a result of the newspaper article. "Hutton is still a
takeover candidate," said Eckenfelder.


.I 6115
.C
acq
.W
HONG KONG FIRM UPS WRATHER <WCO> STAKE TO 28 PCT.
    WASHINGTON, June 1 - Industrial Equity (Pacific) Ltd, a
Hong Kong investment firm, said it raised its stake in Wrather
Corp to 2,025,850 shares, or 28.1 pct of the total outstanding
common stock, from 1,808,700 shares, or 25.1 pct.
    In a filing with the Securities and Exchange Commission,
Industrial Equity, which is principally owned by Brierley
Investments Ltd, a publicly held New Zealand firm, said it
bought 217,150 Wrather common shares on May 28 and 29 at 20.00
dlrs a share, or 4.3 mln dlrs total.


.I 6118
.C
crude
.W
CONGRESSMAN SAYS U.S. UNPREPARED FOR OIL CUTOFF.
    WASHINGTON, June 1 - Rep. Mike Synar said today that while
President Reagan is ready to use military force to protect
Kuwait tankers in the Gulf, the United States is ill-prepared
at home to deal with a new energy crisis.
    Synar, Democrat of Oklahoma, made his remarks in comments
on a study by the General Accounting Office (GAO) on the U.S.
participation in the 1985 test of the emergency oil sharing
program of the International Energy Agency.
    The IEA, an alliance of 21 oil consuming countries, was
formed after the 1973-74 Arab oil embargo to find ways to deal
with any future oil cutoff.
    Synar said, "the president is prepared to take military
action to protect Kuwaiti oil tankers but has been unwilling to
take less dangerous, equally-important action to prepare our
nation for the next energy crisis."
    Reagan said the U.S. military would protect Kuwaiti oilers
to assure the West of a continuing supply of Middle East oil,
increasingly being threatened by the Iranian-Iraqi war. Synar,
who asked for the GAO report after criticism of U.S. action in
a previous IEA test, said the United States successfully
advocated a test limited to training participants in oil
sharing procedures and the system's mechanical aspects.


.I 6120
.C
acq
.W
ALLIED-SIGNAL <ALD> COMPLETES SALE OF MPB CORP.
    MORRIS TOWNSHIP, N.J., June 1 - Allied-Signal Inc said it 
completed the sale of its MPB Corp unit to Bearing Acquisition
Corp for 145 mln dlrs plus assumption of certain MPB
liabilities.
    Headquartered in Keene, N.H., MPB designs and makes
precision ball and roller bearings used in aerospace, ordnance
and computer applications. Allied-Signal said the unit had 1986
sales of over 90 mln dlrs.
    It noted the sale to newly formed Bearing Acquisition was
announced May 18.
   
    Allied-Signal said Bearing Acquisition is a newly-formed
corporation owned by an investors group organized by Harold S.
Geneen and Donaldson Lufkin and Jenrette Securities Corp.
    Wells Fargo Bank provided senior debt financing to Bearing
Acquisition and Donaldson Lufkin and Jenrette provided bridge
financing in the form of subordinated notes, preferred stock
and common stock in an amount sufficient to fund the purchase
price, Allied-Signal added.


.I 6121
.C
lead;strategic-metal;zinc;
.W
COMINCO <CLT.TO> SEES MEETING WITH STRIKING UNION LOCALS.
    TRAIL, British Columbia, June 1 - Cominco Ltd said it
expects to meet today with two of five United Steelworkers of
America locals on strike at its Trail smelter and Kimberley,
B.C. lead-zinc mine, a Cominco spokesman said.
    It had no meeting scheduled with the other three striking
locals, which rejected a tentative three-year contract
Saturday, Cominco spokesman Richard Fish said.
    Fish said the pact that was rejected contained a cost of
living increase tied to the Canadian consumer price index, but
no wage increase. With 81 pct of the membership voting, 54.5
pct voted no and 45.5 pct voted yes, the union said.
    The three locals represent about 2,600 production and
maintenance workers, while the remaining two locals cover about
600 office and technical workers.
    The office and technical workers last negotiated May 21.
Production at Trail and Kimberley has been shut down since the
strike began May 9 and Cominco has had to declare force
majeure, which means the company may be unable to honor
contracts for products from the smelter and mine.
    Each of the five locals have separate contracts, all of
which expired April 30, but the main issues are similar.
    The Trail smelter, about 400 miles east of Vancouver,
produced 240,000 long tons of zinc and 110,000 long tons of
lead last year. The Sullivan mine at Kimberley, about 450 miles
east of Vancouver, produced 2.2 mln long tons of ore last year,
most for processing at the Trail smelter.
    The smelter also produced cadmium, bismuth and indium.
    Trail smelter revenue was 356 mln Canadian dlrs in 1986.


.I 6122
.C
acq
.W
BASS GROUP CUTS NATIONAL DISTILLERS <DR> STAKE.
    WASHINGTON, June 1 - An investor group led by members of
the Bass family of Fort Worth, Texas, said it lowered its stake
in National Distillers and Chemical Corp to 1,159,400 shares,
or 3.6 pct of the total common, from 1,727,200, or 5.3 pct.
    In a filing with the Securities and Exchange Commission,
the Bass group said it sold 567,800 National Distillers common
shares between May 15 and 29 at prices ranging from 59.94 to
63.44 dlrs a share.
    As long as the group's stake is below five pct, it is not
required to disclose its further dealings in National
Distillers' common stock.


.I 6123
.C
acq
.W
REPUBLIC AMERICAN<RAWC.O> UPS BUCKEYE<BPL> STAKE.
    WASHINGTON, June 1 - Republic American Corp told the
Securities and Exchange Commission it raised its stake in
Buckeye Partners L.P. to 963,200 limited partnership units, or
8.0 pct of the total, from 744,200 units, or 6.2 pct.
    Republic, which is controlled by Cincinnati, Ohio,
financier Carl Lindner and his American Financial Corp, said it
bought 219,000 Buckeye units between May 14 and 22 at prices
ranging from 22.49 to 23.02 dlrs each, or about 5.0 mln dlrs
total.


.I 6125
.C
acq
.W
KINGSBRIDGE, MASCO SET MERGER.
    NEW YORK, June 1 - Kingsbridge Holdings Ltd, said it signed
a letter of intent for a merger with <Masco Sports Inc>.
    The transaction calls for 230 mln sahres of Kingsbridge
common stock to be issued to shareholders of Masco.



.I 6126
.C
earn
.W
INTERNATIONAL CORONA <ICR.TO> 2ND QTR NET.
    TORONTO, June 1 - Period ended March 31
    Oper shr profit four cts vs loss 17 cts
    Oper net profit 584,000 vs loss 2,165,000
    Revs 7,493,000 vs not given
    SIX MTHS
    Oper shr profit eight cts vs loss 14 cts
    Oper net profit 1,177,000 vs loss 1,778,000
    Revs 14.8 mln vs not given.
   


.I 6129
.C
earn
.W
ROYEX GOLD MINING <RGM.TO> 2ND QTR MARCH 31 NET.
    TORONTO, June 1 -
    Oper shr loss three cts vs loss one ct
    Oper net loss 1,796,000 vs loss 381,000
    Revs 2,501,000 vs 2,695,000
    SIX MTHS
    Oper shr loss eight cts vs loss four cts
    Oper net loss 3,235,000 vs loss 1,123,000
    Revs 4,850,000 vs 4,551,000
    Note: 1987 net excludes 2nd qtr extraordinary gain of 87
mln dlrs or 1.54 dlrs shr from sale of 51 pct stake of Mascot
Gold Mines Ltd <MSG.TO>. Full name Royex Gold Mining Corp.


.I 6130
.C
acq
.W
******DRESSER INDUSTRIES INC TO SELL RELIANCE STANDARD LIFE INSURANCE TO ROSENKRANZ UNIT.
Blah blah blah.

.I 6133
.C
earn
.W
DIANA CORP <DNA> YEAR MARCH 28 OPER NET.
    MILWAUKEE, WIS., June 1 - 
    Oper shr 74 cts vs 30 cts
    Oper net 3,034,000 vs 1,225,000
    NOTE: 1987 operating net excludes credits of 1,043,000 dlrs
or 25 cts a share.
    1986 operating net excludes discontinued operations of
84,000 dlrs or two cts, and extraordinary charges of 1,119,000
dlrs or a loss of 27 cts.


.I 6136
.C
acq
.W
WYSE <WYSE.O> TO GET LINK TECHNOLOGIES.
    SAN JOSE, Calif., June 1 - Wyse Technology said it agreed
in principle to acquire privately-held Link Technologies Inc in
exchange for an undisclosed amount of Wyse Technology shares.
    Link Technologies develops and markets computer terminals,
Wyse also said.


.I 6140
.C
earn
.W
MCLAIN INDUSTRIES INC <MCCL.O> 2ND QTR MARCH 31.
    STERLING HEIGHTS, Mich., June 1 -
    Shr 11 cts vs 13 cts
    Net 234,326 vs 266,653
    Revs 5.5 mln vs 5.8 mln
    Six months
    Shr 21 cts vs 31 cts
    Net 445,509 vs 646,978
    Revs 9.4 mln vs 10.8 mln


.I 6143
.C
strategic-metal
.W
COMINCO SEEKS MEETING WITH STRIKING UNION LOCALS.
    TRAIL, British Columbia, June 1 - Cominco Ltd said it
expects to meet today with two of five United Steelworkers of
America locals on strike at its Trail smelter and Kimberley,
B.C. lead-zinc mine, a Cominco spokesman said.
    It had no meeting scheduled with the other three striking
locals, which rejected a tentative three-year contract
Saturday, Cominco spokesman Richard Fish said.
    Fish said the pact that was rejected contained a cost of
living increase tied to the Canadian consumer price index, but
no wage increase. With 81 pct of the membership voting, 54.5
pct voted no and 45.5 pct voted yes, the union said.
    The three locals represent about 2,600 production and
maintenance workers, while the remaining two locals cover about
600 office and technical workers.
    The office and technical workers last negotiated May 21.
Production at Trail and Kimberley has been shut down since the
strike began May 9 and Cominco has had to declare force
majeure, which means the company may be unable to honor
contracts for products from the smelter and mine.
    Each of the five locals have separate contracts, all of
which expired April 30, but the main issues are similar.
    The Trail smelter, about 400 miles east of Vancouver,
produced 240,000 long tons of zinc and 110,000 long tons of
lead last year. The Sullivan mine at Kimberley, about 450 miles
east of Vancouver, produced 2.2 mln long tons of ore last year,
most for processing at the Trail smelter.
    The smelter also produced cadmium, bismuth and indium.
    Trail smelter revenue was 356 mln Canadian dlrs in 1986.


.I 6146
.C
earn
.W
PHILLIPS-VAN HEUSEN CORP <PVH> 1ST QTR.
    NEW YORK, June 1 -
    Shr 73 cts vs 60 cts
    Net 4.6 mln vs 3.8 mln
    Revs 112.8 mln vs 104.1 mln
    NOTE:1987 includes lifo charge of 1.5 mln dlrs, pension
expenses declined by 879,000 dlrs due to change in accounting,
interest decreased by 382,000 dlrs.


.I 6147
.C
acq
.W
DRESSER <DI> TO SELL UNIT TO ROSENKRANZ AND CO.
    DALLAS, June 1 - Dresser Industries Inc said it signed a
definitive agreement to sell its Reliance Standard Life
Insurance Co to RSL Holding Co Inc., a subsidiary of the
privately-held, New York-based investment firm of Rosenkranz
and Co.
    Terms were not undisclosed. Philadelphia-based Reliance
earned 25.3 mln dlrs on sales of 201.6 mln dlrs in 1986.
    Dresser said it will use the proceeds from the sale for
stock repurchases, debt reduction, and possibly complementary
acquisitions in the field of engineered products and services
for energy producers.


.I 6148
.C
acq
.W
ATCOR<ATCO.O> SEEKS BUYERS FOR CONSUMER BUSINESS.
    CHICAGO, June 1 - Atcor Inc said that Roth-American Inc,
which had signed a letter of intent on May 1 to acquire its
Turco and Charmglow operations of its consumer products
segment, has decided against buying Charmglow.
    While Roth-American said it is still interested in
acquiring Turco, Atcor said it is now reviewing its options
with other potential buyers who have expressed interest in its
consumer products businesses.


.I 6149
.C
earn
.W
INTERNATIONAL CONSUMER BRANDS <ICBI.O> 1ST QTR.
    WESTPORT, Conn, June 1 -
    Shr profit one cts vs loss three cts
    Net profit 68,607 vs loss 183,893
    Revs 4.2 mln vs 602,665


.I 6150
.C
acq
.W
USPCI <UPC> SEEN REJECTING UNION PACIFIC BID.
    CHICAGO, June 1 - USPCI Inc likely will reject a 43-dlr-a-
share bid made last Wednesday by Union Pacific Corp (UNP), 
analysts said.
    "The offer is inadequate," said Douglas Augenthaler, an
analyst with E.F. Hutton, noting that it does not represent the
needed premium over the company's fundamental value based on
earnings estimates.
    USPCI, which has 8.7 mln shares outstanding, was trading at
48-1/8, down 3/8.
    USPCI vice president of finance Larry Shelton said he could
not comment on the adequacy of the offer or on when the board
would meet to consider it.
    Augenthaler said that while USPCI was trading at only 34
dlrs a share at the time of the takeover bid, its announcement
that same day of higher earnings expectations changed its
value. USPCI said its second quarter earnings would exceed
analysts expectations of 24 to 30 cts a share.
    At that price, USPCI could maintain a stock price in the
low 40s, Augenthaler said.
    Hutton revised its 1987 earnings estimate for the waste
management concern to 1.40 dlrs a share from 1.20 dlrs on the
announcment, he said. It lifted its 1988 projection to 1.90
dlrs a share from 1.70 dlrs.
    In addition, analysts said the hazardous waste management
business holds significant growth potential. The industry has
grown from 16 to 35 pct over the last five years, based on
earnings per share, said Jeffrey Klein, an analyst with Kidder
Peabody and Co. The industry is expected to continue growing at
15 to 35 pct over the next five years, he said.
    Augenthaler said the 43-dlr-a-share offer, or 375 mln dlrs
total, would be a bargain for Union Pacific. The transportation
and energy company would both gain entry into a profitable
business and win cost-control benefits, he said.
    "Union Pacific has what are rumored to be some fairly
signficant environmmental problems of its own," he said.
    Herb Mee Jr., president of Beard Oil Co (BEC), which holds
a 30.4 pct stake in USPCI, said last week Union Pacific's offer
was "grossly inadequate."


.I 6151
.C
crude
.W
TOTAL PETROLEUM <TPN> SHUTS TEXAS PIPELINES.
    NEW YORK, June 1 - Total Petroleum NA <TPN> shut down
several small crude oil pipelines operating near the
Texas/Oklahoma border last Friday as a precaution against
damage from local flooding, according to Gary Zollinger,
manager of operations.
    Total shut a 12-inch line that runs across the Ouachita
River from Wynnewood to Ardmore with a capacity of 62,000 bpd
as well as several smaller pipelines a few inches wide with
capacities of several thousand bpd or less, Zollinger said.
    The Basin Pipeline, a major pipeline running 300,000 bpd,
run by a consortium of other oil companies, was closed today.
    One other small pipeline that Total also closed has a
capacity of 3,000 to 4,000 bpd and crosses the Red River in
Fargo, Texas, Zollinger said.
    He said the closed pipelines run under river water and
could be damaged as the flooded rivers erode the river banks
and expose the piping.
    Zollinger said Total is waiting for the river waters to
recede before they reactivate the pipelines.


.I 6154
.C
crude
.W
DOE REACHES PROPOSED OIL SETTLEMENTS.
    WASHINGTON, June 1 - The Energy Department said it reached
proposed oil pricing settlements totaling 680,150 dlrs with the
operator and four working interest owners of A.D. LeBlanc No. 1
well, Vermillion Parish, La.
    Trigon Exploration Co., Inc operated the well from June
1979 to January 1981 for D. Bryan Ferguson, C. William Rogers,
Omni Drilling Partnership No 1978-2 and Entex Inc.
    DOE alleged Trigon caused overcharges of 624,208 dlrs by
improperly classifying its oil as "newly discovered crude," a
classification that allowed charging higher prices during a
period of price controls.
    It said the proposed settlements would resolve disputes
over possible violations by the five parties. DOE added that in
agreeing to the settlements, the five did not admit any
violations or non-compliance with its regulations.
    It said it would receive written comments on the
settlements before making it final.


.I 6160
.C
acq
.W
FIRST OF AMERICA (FABK.O) ACQUIRES KEYSTONE.
    KALAMAZOO, Mich, June 1 - First of America Bank Corp said
it acquired (Keystone Bancshares Inc) for 25 mln dlrs.
    Keystone shareholders will receive 45 dlrs per Keystone
share, payable in First of America convertible preferred stock
having a dividend rate of nine pct.
    Keystone has two affiliates with combined assets of 205 mln
dlrs. First of America has 7.9 billion dlrs in assets.


.I 6161
.C
hog
.W
NPPC APPEAL ON CANADIAN PORK DISMISSED.
    Chicago, June 1 - The U.S. Court of International Trade has
upheld the International Trade Commission's refusal to extend
countervailing duties on Canadian hogs to include pork
products, the National Pork Producers' Council said.
    The court's ruling came in an appeal to the Trade
Commission's decision filed by the Pork Producers' Council.
    Council president Tom Miller said he was disappointed by
the court ruling and said the council will accelerate
activities in support of an amendment to the 1930 Tariff Act
that would address the objections outlined in the Trade
Commission's ruling.
    The Commission had said there was insufficient economic
integration between the pork production industry and the pork
packing industry to justify extending the duty on live hogs to
fresh, chilled or frozen pork.
    The legislation has already passed the House of
Representatives and recently passed the Senate Finance
Committee. It is expected to be considered by the full Senate
by the end of the summer.
    An appeal by the Canadian Pork Council that the current
countervailing duty on Canadian hogs entering the U.S. be
lifted is pending before the Court.


.I 6163
.C
acq
.W
FLUOROCARBON <FCBN.O> COMPLETES ACQUISITION.
    LAGUNA NIGEL, Calif., June 1 - Fluorocarbon Co said it
completed the acquisition of Eaton Corp's <ETN> industrial
polymer division.
    The company said it paid about 70 mln dlrs in cash for the
division, which will be renamed Samuel Moore Group.
    Fluorocarbon also said the division should boost annual
sales to 165 mln dlrs from last year's 98 mln dlrs.


.I 6165
.C
acq;hog;
.W
DEKALB <DKLBB.O> SELLS HEINOLD HOG MARKET.
    DEKALB, Ill., June 1 - Dekalb Corp said it sold its Heinold
Hog Market Inc to the unit's employees through an Employee
Stock Ownership Plan (ESOP).
    Terms were not disclosed, but president Bruce Bickner said
the sale will have a positive, but not substantial, impact on
DeKalb as a whole.
    The company said the hog marketing unit did not fit with
its strategy of investing in its core businesses.



.I 6167
.C
iron-steel
.W
LTV <QLTV> TO NEGOTIATE WITH STEELWORKERS.
    CLEVELAND, June 1 - LTV Corp's LTV Steel Corp said it
agreed to resume negotiations with the United Steelworkers of
America at the local plant levels, to discuss those provisions
of its proposal that require local implementation.
    The local steelworker union narrowly rejected a tentative
agreement with the company on May 14, it said.
    LTV also said it agreed to reopen its offer contained in
the tentative agreement reached with the union's negotiating
committee as part of a plan to resolve problems through local
discussions.
               


.I 6172
.C
earn
.W
CHARTER POWER SYSTEMS INC <CHP> 1ST QTR.
    PLYMOUTH MEETING, Pa, June 1 -
    Shr 11 cts vs 21 cts
    Net 563,000 vs 863,00
    Revs 28.8 mln vs 32.5 mln
    Avg shrs 5.0 mln vs 3.3 mln


.I 6173
.C
acq
.W
FINANCIAL SECURITY <FSSLA.O> TO BE ACQUIRED.
    DELRAY BEACH, Fla, June 1 - Financial Security Savings and
Loan Association said it signed a letter of intent for a
controlling interest to be acquired by an investor group led by
South Florida developer William Landa.
    Terms were not disclosed.


.I 6175
.C
acq
.W
EDELMAN GROUP CUTS BURLINGTON <BUR> STAKE.
    WASHINGTON, June 1 - New York investor Asher Edelman and
Dominion Textile Inc <DTX.T>, who are currently seeking to
acquire Burlington Industries Inc in a hostile tender offer,
said they lowered their stake in the company.
    In a filing with the Secruties and Exchange Commission, the
Edelman/Dominion group, known as Samjens Acqusition Corp, said
it sold options to buy 258,800 Burlington common shares,
reducing its stake in the company to 3,408,813 shares, or 12.33
pct, from 3,667,313 shares, or 13.3 pct.
    The group said the sale, which represented all the
Burlington options it owned, was made May 28 for 8.7 mln dlrs.
    The Edelman/Dominion group last week sweetened its hostile
tender offer to 77 dlrs a share, after Burlington agreed to a
leveraged buyout by a Morgan Stanley and Co-backed group for 76
dlrs a share.
    But the Edelman/Dominion group, which has litigation
pending against Burlington, also said it has held talks with
Morgan Stanley about "the possibility of settlement of
outstanding matters among" it, Morgan Stanley and Burlington.


.I 6177
.C
acq
.W
ENTERTAINMENT MARKETING TOPS CRAZY EDDIE OFFER.
    By Michael Connor, Reuters
    NEW YORK, June 1 - A quickly growing Texas-based
distributor of electronics products offered 240 mln dlrs
for Crazy Eddie Inc <crzy>, the leading New York City
electronics retailer, or one dlr per share more than its
founder has bid.
    The 8-dlr-a-share offer by Entertainment Marketing Inc <em>
for Crazy Eddie comes less than two weeks after founder Eddie
Antar and a firm controlled by the Belzbergs of Canada
announced a bid to take the 32-store Crazy Eddie chain private.
    Analysts said Entertainment Marketing, whose revenues and
profits quadrupled in 1986, may be looking to break into the
highly competitive New York City retail market for consumer
electronics, the nation's biggest, at a time the fortunes of
electronics retailers have sagged.
    The analysts questioned whether Houston-based Entertainment
Marketing, founded by a former electronics retailer but whose
present buinesses are primarily as wholesale distributors, had
the management expertise for retailing or was merely trying to
drive up the price of the Crazy Eddie shares it already owns.
    "I have mixed feelings," said analyst Dennis Telzrow of
Eppler, Geurin and Turner, a Dallas brokerage. "On the one hand
it's probably a cheap price. On the other hand, does
Entertainment Marketing have the management talent to run it
and will the Crazy Eddie people leave?"
    "It's a risky strategy for Entertainment Marketing," said
analyst Eliot Laurence of Wessels Arnold and Henderson, a
Minneapolis brokerage. "Electronics retailing is very management
concentrated; they'd want to keep Crazy Eddie's management in
place."
    Laurence said that, since Entertainment Marketing already
owns 4.3 percent of Crazy Eddie's 31.3 million shares, it may
be trying to get the Antar-Belzberg group to increase its
7-dlr-a-share offer.
    Shares of Crazy Eddie, which have jumped from the high
4-dlr range to above 7 dlrs since the Antar-Belzberg bid was
announced May 20, rose another 50 cents Monday to 8.375 a share
in over-the- counter trading. 
    Antar, the reclusive founder of the chain in the New York
City, Philadelphia and Connecticut areas, said last month that
his group controlled 14 percent of Crazy Eddie's shares.
    A Crazy Eddie spokesman said the company's board has taken
no decision on the Antar-Belzberg offer, worth some 187 mln dlrs
since they own more shares than Entertainment Marketing. He
would not comment on the new offer.
    Entertainment Marketing sells computer products such as
disk drives and other, often discounted electronics goods to
retailers, primarily in the southwest, and directly to
consumers by cable television.
    In fiscal 1986, ending last January, its revenues rose to
87.9 mln dlrs from 21.3 mln dlrs the previous year. Net profit
went to 3.2 mln dlrs from 750,000 dlrs in 1985.
    Entertainment Marketing, whose chief executive officer,
Elias Zinn, once ran an electronics retailing business, said in
a statement it had committed 50 mln dlrs toward the purchase
of Crazy Eddie and had retained Dean Witter Reynolds Inc to
assist in financing the balance.
    Analyst Telzerow estimated that the company would have to
borrow about 100 mln dlrs to complete the proposed buyout since
Crazy Eddie has cash and other assets worth about the same
amount.
    Shares of Entertainment Marketing were up 12.5 cents Monday
to 9.50.


.I 6185
.C
acq
.W
FIRST UNION <FUNC.O> COMPLETES ACQUISITIONS.
    JACKSONVILLE, Fla., June 1 - First Union Corp said it
completed the acquisition of two Florida-based banks, North
Port Bank, based in North Port, and City Commerical Bank, based
in Sarasota.


.I 6186
.C
earn
.W
CROP GENETICS INTERNATIONAL <CROP.O> 4TH QTR.
    HANOVER, Md., June 1 - 4th qtr ended March 31.
    Shr loss 24 cts vs loss 19 cts
    Net loss 751,900 vs loss 569,000
    Revs 497,500 vs 811,400
    Year
    Shr loss 1.13 dlrs vs loss 70 cts
    Net loss 3,472,700 vs 1,990,300
    Revs 2,484,100 vs 2,498,300


.I 6187
.C
acq
.W
INVESTORS MAY TAKE COMPUTERLAND PUBLIC.
    BY LAWRENCE EDELMAN, REUTERS
    NEW YORK, June 1 - The investor group that has agreed to
buy <Computerland Corp> will likely take the leading personal
computer retailer public or sell it to other investors,
industry analysts said.
    "Now's a good time," said Joe Levy of International Data
Corp. "The personal computer industry has bottomed out and is
on the way up again," he said.
    Earlier today, closely held Computerland, the largest PC
retailing chain in the country, said it agreed to be bought by
an investor group led by E.M. Warburg Pincus and Co, New York.
    Neither Computerland, which is 96 pct owned by its founder,
William H. Millard, nor E.M. Warburg, a money management and
venture capital firm, would disclose the value of the
transaction.
    Analysts estimated that Computerland, whose 800 stores
generated 1.4 billion dlrs in sales last year, would fetch  150
mln dlrs to 250 mln dlrs. Computerland franchise owners pay
royalties averaging 5.9 pct to the parent company.
    Officials for E.M. Warburg referred all questions to
Computerland. Computerland officials could not immediately be
reached for comment.
    E.M. Warburg currently manages 1.5 billion dlrs in venture
capital funds, and its past investments have included Mattel
Inc <MAT> and the Ingersoll newspaper chain. It is also a money
manager, with 3.5 billion dlrs under management.
   Although the PC retailers are benefitting from the strong
upturn in PC sales, analysts said Computerland must make key
changes if it is to fend off advances from rivals like
Businessland Inc <BUSL.O> and Tandy Corp's <TAN> Radio Shack
stores. "The name of the game now is outbound sales forces,
customer service and customer support," said Levy of
International Data.

    Relations between Computerland and its franchise owners
have mellowed recently after Millard was forced to give up
managment control of the company in 1985.
    Ed Faber, who took over as chairman and chief executive
officer, revamped the company's royalty plan, which help quell
much of the franchisee dissent.
   


.I 6191
.C
acq
.W
LADD <LADD.O> UNIT COMPLETES ACQUISITION.
    HICKORY, N.C, June 1 - Ladd Furniture Inc's Clayton-Marcus
Furniture subsidiary said it completed the previously announced
purchase of privately-held Colony House Furniture Inc
for an undisclosed amount of cash and notes.


.I 6195
.C
acq
.W
CIS <CISIF.O> AGREES TO SECOND EXTENSION.
    TULSA, Okla., June 1 - CIS Technologies Inc said that it
and the Swiss Reinsurance Co of Zurich, Switzerland agreed to a
second extension of two dates for the final part of their share
purchase agreement.
    It said the June one election date has been extended to
June 15 and the June 30 closing date has been changed to July
31.


.I 6198
.C
acq
.W
WASTE MANAGEMENT <WMX> BOARD OKAYS MODULAIRE BUY.
    OAK BROOK, Ill., June 1 - Waste Management Inc said its
directors approved a May 10 accord with Modulaire Industries
<MODX.O> under which Waste Management would acquire Modulaire.
    Under the agreement, Modulaire stockholders would receive
16 dlrs in Waste Management stock for each Modulaire share.
    Modulaire has scheduled a special shareholders meeting for
July 15 to vote on the merger. Waste Management said it has
received proxies from holders of 49.6 pct of Modulaire's common
stock that could be voted in favor of the merger.
    The Hart-Scott-Roding waiting period on the takeover will
expire June 17.


.I 6201
.C
acq
.W
BURLINGTON <BUR> HEARING TO CONTINUE TOMORROW.
    Greensboro, N.C., June 1 - U.S. District Court Judge Eugene
A. Gordon said he plans to issue a decision tomorrow on
Burlington Industries Inc's request for an injunction to stop
Samjens Acquisition Corp's takeover bid for the company.
    Wall Street sources have said the outcome of the case could
be pivotal in determining the winner in the fierce takeover
battle for Burlington, the largest u.s. textile maker.
    Gordon presided over six hours of argument today by lawyers
for Burlington and Samjens, a partnership formed by Dominion
Textile Inc and New York investor Asher Edelman.
    Hearings are scheduled to continue tomorrow. A preliminary
injunction would hold up Samjens 2.47 billion dlr offer until
the case is decided.
    Burlington had previously agreed to a 2.44 billion dlr
buyout from Morgan Stanley Group Inc <MS>, one dlr per share
lower than a sweetened 77 dlr per share bid made by Samjens
last week. Burlington has not responded to the new Samjens
offer.
    Burlington has alleged in its lawsuit that Edelman and
Dominion used illegally obtained confidential information about
the company in making their takeover attempt.
 
    That information, Burlington said, was provided by James
Ammeen, a former Burlington executive, through PaineWebber
Group Inc <PWJ>. Ammeen, who had worked for Burlington for 23
years, had as many as 12 divisions with 50 pct of Burlington's
sales reporting to him. When he left Burlington in November,
1985, Burlington said he signed a contract promising never to
divulge inside information about the company.
    Burlington lawyers said shortly after he left he began
working with a PaineWebber employee on a hostile plan to
"takeover the company, dismember the company and displace its
management," Burlington lawyer Hubert Humphrey said.
    Samjens lawyers acknowledged it received information from
PaineWebber, but argued the information was public information
and could be obtained either from texitle industry analysts or
Burlington's public financial statements.
    Burlington lawyers said PaineWebber and Ammeen met with
Edelman and Dominion in November and continued to meet with
them until a couple of days before Edelman and Dominion went
public April 24 with their intention to take over the company.
Burlington lawyers claim Dominion's board decided to attempt a
takeover of Burlington after Ammeen met with the board in
February.
    Burlington lawyers said Edelman and Dominion held
discussions with PaineWebber and Ammeen about acting as
financial advisers to Samjens. But they allege talks broke off
because Painewebber and Ammeen could not satisfy Edelman and
dominion with a written statement that they did not provide
inside information.
    Lawyers for Samjens contended that Painewebber and Ammeen
withdrew as potential advisers because Burlington chairman
Frank Greenberg had called a PaineWebber executive and
threatened legal action if PaineWebber got involved in an
effort to takeover Burlilgnton.
    "The ultimate question is not the price per share or the
profit, but rather the permissable standards of conduct for
those who would takeover an American company," said burlington
lawyer Humphrey.
    Burlington lawyers also contended that Burlington, as the
largest manufacturer of denim in the United States, would be in
violation of anti-trust laws if it acquired Dominion, Canada's
largest textile maker. Dominion has denim manufacturing plants
in Georgia, which would reduce competition in the denim market,
the lawyers said.
    Samjens' lawyers discounted the concern. They said the
market for denim is more fragmented than Burlington contends
and that Burlington has the ability to switch between light
weight and heavy weight denim production as demand and price
dictate.
    Samjens lawyers also pointed to a lawsuit filed by
Burlington in Canada, in which it said it was considering a bid
for Dominion. "Surely, what would have been sauce for the goose
would have been sauce for the gander," said Sidney Rosdeitcher,
a Samjens lawyer.


.I 6202
.C
acq
.W
EDELMAN DETAILS BURLINGTON <BUR> OPTIONS SALE.
    NEW YORK, June 1 - A tender offer of Asher Edelman and
Dominion Textile Ltd <DTX.TO> for Burlington Idustries Inc is
not affected by the investors' sale of options to buy
Burlington stock, according to an associate of Edelman.
    Noting that "our tender offer is definitely in place" the
aide said the investors are prohibited by Securities and
Exchange Commission regulations from exercising options as long
as a tender offer is open. The options are due to expire at the
end of June.
    He said the May 28 sale of options to buy 258,800
Burlington shares was thus a "non-event."


.I 6204
.C
acq
.W
CONT'L MATERIALS <CUO> ENDS CONSIDERATION OF BID.
    CHICAGO, June 1 - Continental Materials Corp said its
directors decided not to give further consideration to
"business combination" proposed by a stockholder group that
holds 5.2 pct of Continental Materials stock.
    Continental Materials said the offer had been received from
Continental Associates, a group of St. Louis businessmen.    
According to Continental Materials, the group said May 11 it
might boost its stake in Continental Materials. But the group
also said in a letter last week to the company that the group
had no financing. The board "did not consider it an official
offer," a Continental Materials spokeswoman said.


.I 6205
.C
acq
.W
AMERIBANC <AINV.O>, CARDINAL END ACQUISITION.
    ANNANDALE, Va., June 1 - Ameribanc Investors Group and
Cardinal Savings and Loan Association jointly announced that
the proposed acquisition of Cardinal by Ameribanc has been
terminated by mutual agreement.


.I 6208
.C
alum
.W
VENEZUELA GETS 300 MLN DLRS CREDIT FOR ALUMINUM.
    CARACAS, June 1 - Venezuela has obtained more than 300 mln
dlrs in financing for industrial projects and increased its
lines of credit for import financing, finance minister Manuel
Azpurua said.
    'We can say that we are achieving the recuperation of
credit, but that cannot be done overnight,' Azpurua said in a
television interview.
    He said a credit agreement for 100 mln marks will be signed
this week with the German state bank Kreditanstalt fur
Wiederaufbau (KFW), to finance an expansion of the state
aluminum company Venalum.
    The credit will be divided into two separate agreements,
one for 85 mln marks with an interest rate of 6.13 pct, and
another for 15 mln marks, at 6.20 pct.
    Azpurua said financing has also been obtained for expansion
of Alcasa, another state aluminum company, and for projects in
the state steel and petrochemical industries.
    Yesterday, he said Venezuela obtained two new credits of
5.0 mln dlrs each for export financing, one from Credit du Nord
of France and the other from Britain's Midland Bank.
    The Venezuelan government has been criticised at home for
failing to obtain new credits, despite its insistence on
repaying foreign debt according to the terms of a rescheduling
accord reached last February.
    Azpurua recently visited Tokyo hoping to acquire new
credits for industrial expansions but clinched no agreements.
Japanese officials refused to allow a new issue of Venezuelan
bonds until the country regains its 'Triple A' credit rating.


.I 6209
.C
dlr;money-fx;trade;
.W
U.S. TRADE DATA SEEN AS KEY TO DOLLAR TREND.
    BY HISANOBU OHSE, REUTERS
    NEW YORK, June 1 - The dollar's recent signs of stability
have raised hopes that its 27-month decline may be nearly over,
but most currency analysts refuse to commit themselves until
after the June 12 release of U.S. trade data for April.
    "The trade data will be a deciding factor to see if the
dollar has bottomed out," said Jim McGroarty of Discount Corp.
    Since February 1985, the dollar has nearly halved its value
against the yen and the mark as part of an officially
orchestrated campaign to make U.S. goods more competitive on
world markets and redress gaping world trade imbalances.
    On April 27, the dollar fell to a 40-year low of 137.25 yen
but has enjoyed a modest recovery over the last few weeks,
topping 145 yen today for the first time in nearly two months.
    Many economists now believe that the dollar has fallen far
enough to ease the trade deficit's drag on the U.S. economy.
    The U.S. trade gap narrowed to 13.6 billion dlrs in March
from 15.1 billion in February and is expected to show continued
improvement in April in volume, if not in real, terms.
    Keiichi Udagawa of Bank of Tokyo in New York said that if
further progress is reported, the dollar would head back up
towards 150 yen.
    "There is growing consensus that the dollar has bottomed
out for the medium term," added Tom Campbell of First National
Bank of Chicago.
    Other factors supporting this bullish view were growing
expectations that Federal Reserve Chairman Paul Volcker would
be reappointed for a third four-year term in August, Japan's
larger-than-expected economic stimulus package last week and 
more favorably technical chart signals, analysts said.
    The dollar was also aided by Japan's moves to dampen
speculative selling in Tokyo and by reports of active central
bank intervention to support the dollar.
    The Federal Reserve Bank of New York said last week that
the U.S. monetary authorities bought more than four billion
dlrs during the February-April period -- the largest amount
since the dollar crisis of the late 1970's.
    Discount Corp's McGroarty described the Fed's intervention
volume as "impressive".
    James O'Neill of Marine Midland Bank was not so positive,
however: "the dollar has not yet bottomed out. After the trade
data are released, the dollar could fall towards 1.77 marks and
140 yen."
    Similarly, Natsuo Okada of Sumitomo Bank in New York
warned, "I don't think the dollar has bottomed out yet."
    Although the dollar could rise as high as 146.50 yen, Okada
said market impatience about the painstakingly slow decline of
the U.S. trade deficit may lead to renewed pressure.
    Currency analysts also warned about an unfavorable reaction
to the seven-nation economic Summit on June 8 to 10 in Venice,
which is likely to focus on the implementation of previous
commitments rather than yield any fresh initiatives.
    President Reagan said today, "economic policy decisions
made last year in Tokyo and at this year's meetings of Group of
Seven finance ministers in Paris and Washington cannot be
ignored or forgotten."
    "The commitments made at these meetings need to be
translated into action," he added in a speech, celebrating the
40th anniversary of the Marshall aid plan for Europe.
    Now that Tokyo has unveiled its fiscal stimulus package,
analysts expected Bonn and the dollar/mark rate to bear the
brunt of U.S. calls for further action.
    Marine Midland's O'Neill said, "pressure will build up on
Germany to take stimulative action like Japan."
    Some Japanese bank dealers warned that although the dollar
could hold above 145 yen for some months it could also come
under attack again if it seems the latest economic package is
not having much impact on Japan's economy and its trade
surplus. Reflecting a longer-term uncertainty, some some trust
banks and Japanese insurers are keeping their short dollar
positons hedged against exchange losses in their foreign
portfolios, while some others have started covering those short
positions, Japanese bank dealers said.


.I 6210
.C
acq
.W
COURT UPHOLDS BANK BUILDING <BB> SELF-TENDER.
    ST. LOUIS, June 1 - Bank Building and Equipment Corp of
America said the Delaware Chancery Court denied a stockholder's
request for a preliminary injunction against an
offer for Bank Building stock made by the company and its
employee stock ownership plan and trust.
    Bank Building said the joint offer is for 780,300 shares of
Bank Building stock at 14 dlrs a share. The offer is scheduled
to expire midnight (EDT) on June 2.
    Bank Building also said its board set July 30 as the date
of the company's annual meeting, with a record date of July
six.


.I 6211
.C
acq
.W
HARCOURT <HBJ> DEBENTURES MAY TRIGGER SUIT.
    NEW YORK, June 1 - Holders of convertible subordinated
debentures of Harcourt Brace Jovanovich Inc threatened to sue
the company if they do not get more information about how their
investment will be affected by the company's proposed
recapitalization plan.
    The holders, none of whom was willing to be identified,
said although Harcourt has urged that they convert their shares
to common stock by the June eight record date for a special
dividend, they were unable to determine if it might be better
for them to continue holding the debentures.
   
    "There are rumors that various houses will bring litigation
if we don't get answers," said a Wall Street source. Officials
of Harcourt declined to comment, citing a suit brought by
British publisher Robert Maxwell whose has been trying to
acquire Harcourt.
    Executives of First Boston Inc, Harcourt's financial
adviser, did not return a telephone call seeking comment.
    When it announced its recapitalization May 26 Harcourt
advised holders of the 6-3/8 pct convertible subordinated
debentures due 2011 to convert into common by the June eight
record date for the company's special dividend.
    Harcourt's special dividend pays 40 dlrs per share in cash
plus a security worth 10 dlrs. Holders would also retain stock
in the recapitalized firm.
    The debentures had been convertible at 34 dlrs per share.
Harcourt's May 26 announcement said the conversion price would
be adjusted according to the indenture covering the securities.
Arbitrageurs said the conversion formula yielded a "negative
number" and thus they needed further information from the
company.


.I 6212
.C
alum
.W
VENEZUELA OBTAINED 300 MILLION DLRS IN CREDITS.
    Caracas, june 1 - venezuela has obtained more than 300 mln
dlrs in financing for industrial projects and has also
increased its lines of credit for import financing, finance
minister manuel azpurua said.
    "we can say that we are achieving the recuperation of
credit, but that cannot be done overnight," azpurua said in a
television interview.
    Azpurua said a credit agreement for 100 mln marks will be
signed this week with the german state bank kreditanstalt fur
wiederaufbau (kfw), to finance an expansion of the state
aluminum company venalum.
    The credit will be divided into two separate agreements,
one for 85 mln marks with an interest rate of 6.13 pct, and
another for 15 mln marks, at 6.20 pct. Azpurua said financing
had also been obtained for the expansion of alcasa, another
state aluminum company, as well as for projects in the state
steel and petrochemical industries. He did not provide details.
    Yesterday, after a meeting of leaders of the ruling accion
democratica party, azpurua said venezuela had obtained two new
credits of five mln dlrs each for export financing, one from
credit du nord of france and the other from the midland bank of
great britain.
    The finance minister's statements came as the government is
under sharp criticism for failing to obtain new credits,
despite its insistence on repaying the foreign debt according
to the terms of a rescheduling accord reached last february.
    Azpurua and other senior economic officals returned from a
trip to tokyo last week in which they hoped to acquire new
credits for industrial expansions, but no agreements were
reached.
    Japanese officials also refused to allow a new issue of
venezuelan debt bonds because until the country regains its
'triple a' credit classification.


.I 6213
.C
crude
.W
SOUTH KOREA INCREASES DUTY ON CRUDE IMPORTS.
    SEOUL, June 2 - South Korea has increased its duty on crude
oil imports to 4.29 dlrs a barrel from 3.29 dlrs, effective
today, the energy ministry said.
    The duty, to raise funds for special energy projects, was
adjusted after average crude import prices rose to 16.85 dlrs a
barrel in April, from 16.65 dlrs in March and 13.08 dlrs in
April 1986, ministry officials said.
    A separate 24.5 pct import tax on crude oil is unchanged.


.I 6214
.C
acq
.W
EQUITICORP TASMAN TO BID FOR MONIER LTD.
    SYDNEY, June 2 - <Equiticorp Tasman Ltd> (ETL) said it will
offer 4.15 dlrs a share cash for all the issued capital of
Monier Ltd <MNRA.S>, currently the subject of a 3.80 dlrs a
share bid by CSR Ltd <CSRA.S>.
    Alternatively, ETL will offer three shares plus 82 cents
cash for each Monier share, it said in a statement.
    As previously reported, ETL moved into the market for
Monier shares last week, taking its stake to 13.7 pct by
Friday.
    It now holds 14.99 pct, the maximum allowed without Foreign
Investment Review Board (FIRB) approval. ETL is classified as
foreign because of its New Zealand base.
    The ETL cash offer values Monier's issued capital of 156.28
mln shares at 649 mln dlrs, against 593 mln for the CSR bid.
    Based on the current price of ETL shares of 1.05 dlrs, the
alternative is worth 3.97 dlrs per share, but ETL said the
value placed on its shares for the offer aproximates to the
diluted asset backing of ETL as at March 31.
    ETL said the offer will have no minimum acceptance
conditions and will be subject to Australian foreign investment
and U.S. Hart-Scott-Rodino anti-trust clearances.
    ETL chairman Allan Hawkins said in the statement that the
shareholding in Monier was a long term investment.
    ETL and its <Feltex International Ltd> associate have
targetted the building products sector as an area of expansion
and Monier fits well with this aim, he added.
    Monier chairman Bill Locke said in a separate statement
that the independent directors of Monier intend to recommend
acceptance of the ETL bid in the absence of a higher bid.
    He also said Monier will not now proceed with the
one-for-two bonus issue announced with its interim results on
March 19 in view of the proposed takeover bids.
    As previously reported, the CSR offer involves a complex
put and call option deal with Monier's major shareholder,
Redland Plc <RDLD.L>, which gives Redland the choice of
accepting the CSR offer for its 49.8 pct stake or moving to
50.1 pct within six months of the bid closing.
    CSR officials have made it clear that they see Redland
taking the second option, resulting in the two companies
running Monier as a joint venture.
    CSR officials have also said they had no intention of
raising the company's bid for Monier after ETL's intervention
became public last week.


.I 6215
.C
money-fx
.W
VENEZUELA TIGHTENS FOREIGN EXCHANGE RESTRICTIONS.
    PANAMA CITY, June 1 - Venezuela's central bank has ordered
Venezuelan banks and exchange houses to cease foreign exchange
operations with brokers based outside the country, according to
a copy of a central bank telex made available to Reuters.
    The measure, confirmed by a brokerage firm here, has
effectively cut off all foreign participation in Venezuela's
volatile currency market.
    The telex, issued on May 19, was signed by Carlos Hernandez
Delfino, manager of the bank's department of international
operations.
    The telex said the restriction on business with foreign
brokers is in line with an earlier measure prohibiting foreign
exchange houses from selling dollars or other foreign
currencies to anyone living outside Venezuela.
    In recent weeks the Venezuelan government has denied
rumours that it intends to impose foreign exchange controls to
prop up the weakening bolivar.
    But brokers said the central bank's move is seen as a de
facto currency control. "It is definitely a control in the sense
that there's no longer complete freedom to operate," one broker
here said.
    "Gradually they're imposing restrictions and the direction
is towards complete control," the broker said.
    The broker, who requested anonymity, said virtually all his
Venezuelan customers had stopped doing business with him since
the central bank issued the telex and followed it up with
telephone calls.
    He said that before the restriction was imposed the volume
of his firm's transactions with Venezuela was about 10 mln dlrs
a day. "It was a frenetic market, it was really quite active," he
said.
    The broker said he saw no logical explanation for the
prohibition because his firm only acted act as an intermediary
between Venezuelan brokers, exchange houses and banks.
    "We weren't buying dollars from Venezuelans, that's
ridiculous," he said. "They've been on a rampage against
foreigners."
    The broker noted that two months ago Venezuela's central
bank quietly announced that banks doing foreign exchange
business outside Venezuela would have to respect a new 200 pct
reserve requirement.
    In February, the central bank also prohibited trading in
bolivar futures, the broker said.
    "We used to have a forward market," he said. "For a small
currency it was miraculous."
    He said the bolivar, which averaged 20.29 to the U.S.
Dollar in 1986, would continue to slip from its current range
of 28.35 to 28.50 because the central bank was rapidly running
out of foreign reserves to support the currency on the free
market.


.I 6216
.C
gas
.W
ESSO RAISES SINGAPORE PETROL PUMP PRICES.
    SINGAPORE, June 2 - Esso Singapore Pte Ltd said it raised
pump prices of petrol from today.
    New prices for 0.15 gm lead grades are 97.0 cents/litre for
97 octane and 90.8 cents for 95 octane.
    Other Singapore oil companies announced yesterday that they
would revise their pump prices effective today.
    Shell Eastern Petroleum Pte Ltd, Mobil Oil Singapore Pte
Ltd, Caltex Asia Ltd, Singapore Petroleum Co Pte Ltd and BP
Singapore Pte Ltd are pricing 97 octane at 96.8 cents. Shell,
Mobil and Caltex are pricing 92 octane at 90.2 cents, and SPC
and BP at 90.6 cents.


.I 6217
.C
interest
.W
CITIBANK LOWERS AUSTRALIAN PRIME RATE TO 16 PCT.
    SYDNEY, June 18 - Citibank Ltd said it would lower its
Australian prime rate to 16 pct from 16.5, effective tomorrow.
    The new rate, if unmatched by other banks, will be the
lowest among Australian trading banks. Other primes range from
16.25 to 17.5 pct.
    Australian prime rates have now retreated from a recent
peak of 19 pct in October in line with declining money market
levels. Citibank said its reduction reflected the decline.


.I 6218
.C
strategic-metal
.W
CHINA MOVES TO STABILISE WORLD TUNGSTEN PRICES.
    PEKING, June 18 - China is moving to stabilise world prices
of tungsten after fluctuating prices this year affected the
country's export earnings, the China Daily said.
    The paper quoted industry officials as saying they would
fix export prices on the basis of the world market, stop
smuggling and encourage producers to reduce exports.
    Current world prices range from 49 to 55 dlrs per tonne
unit, but China suffered heavy losses when the price slumped to
39 dlrs earlier this year, it said.
    Some 45 pct of world tungsten exports come from China, but
the country imports high-grade tungsten products.


.I 6219
.C
acq
.W
AUSTRALIA'S ANSETT TO TAKE 20 PCT OF AMERICA WEST.
    SYDNEY, June 18 - Australia's <Ansett Airlines> will
exercise an option to acquire 20 pct of America West Airlines
Inc <AWAL.O> for about 31.5 mln U.S. Dlrs, <Ansett Transport
Industries Ltd> managing director Peter Abeles said.
    Exercise, involving the purchase of about three mln new
America West shares for 10.50 U.S. Dlrs each, was scheduled to
be finalised in July or August, he said in a statement.
    Abeles said Ansett would become the largest single
shareholder in what he said was the fastest growing airline in
the United States. America West is based in Phoenix, Arizona.
    Under the terms of the option agreement, Ansett would have
the right to maintain its 20 pct position in the event of
future stock sales, but could not go beyond 20 pct unless so
requested by America West, Abeles said.
    America West would retain the right of first refusal if
Ansett offered any of the shares for sale.
    In addition, Ansett would gain one board seat, he said.
    Ansett Transport Industries wholly owns Ansett Airlines,
one of Australia's two major domestic airlines, and is in turn
owned 50/50 by Abeles' international transport group TNT Ltd
<TNTA.S> and Rupert Murdoch's News Corp Ltd <NCPA.S>.


.I 6222
.C
ship
.W
JAPAN FOREIGN SHIPBUILDING ORDERS FALL IN MAY.
    TOKYO, June 18 - New foreign shipbuilding orders received
by Japanese yards in May fell to five vessels totalling 188,900
gross tons (gt) from eight ships of 314,000 gt in April,
against four ships of 104,500 gt a year earlier, the Japan Ship
Exporters Association said.
    The backlog of orders at end-May was 122 ships of 3.70 mln
gt against 125 ships of 3.73 mln at end-April and 233 ships of
5.99 mln a year ago, an association official said.
    The world shipping recession and the yen's appreciation
against the dollar depressed May orders, he said.


.I 6224
.C
trade
.W
SHULTZ PREDICTS RAPID NARROWING OF U.S. TRADE GAP.
    SINGAPORE, June 18 - Secretary of State George Shultz said
the U.S. Would erase its large foreign trade deficit faster
than many predicted, and the consequences for its trade
partners might be traumatic.
    "The U.S. Economy will inevitably make the adjustment
necessary to move from a deficit to a surplus trade balance in
order to service our growing foreign debt," he told a conference
attended by the six members of the Association of Southeast
Asian Nations and their leading Western friends.
    "In my view, this will happen more rapidly than many
observers now predict."
    "The universal strategy of aggressive export-led growth is
becoming less effective," Shultz said.
    "It is not arithmetically possible for every country in the
world to be a net exporter at the same time. The U.S. Deficit,
which we all decry, has been in a sense the place into which
everyone's export-led strategy for growth has gone."
    "The huge surpluses of Japan and (West) Germany have fed on
this deficit, so something will have to give and it will be
possibly a traumatic experience," he added.
    "While you must keep up the pressure on us to eschew
protectionist policies, you must act too," Shultz said.
    "I can do a better job of convincing the Congress to leave
our door open to imports if more of our trading partners open
their doors wider," he told the group, which included
representatives from Australia, Canada, Japan, New Zealand and
the European Community.


.I 6228
.C
acq
.W
******HONG KONG'S DAIRY FARM SAYS IT BIDS FOR 22 PCT OF KWIK.
SAVE FOR 146.6 MLN STG

.I 6231
.C
acq
.W
DAIRY FARM BIDS 146.6 MLN STG FOR 22 PCT KWIK SAVE.
    HONG KONG, June 18 - <Dairy Farm International Holdings
Ltd> said in a statement it is making a tender offer for 22 pct
of Kwik Save Discount Group Plc <KWIK.L> of Britain for a total
146.6 mln stg.
    Dairy Farm said it will offer to buy up to 32.58 mln Kwik
Save shares at 4.50 stg each.
    The offer will bring Dairy Farm's stake in Kwik Save to 25
pct from the present 3.5 pct, or 5.25 mln shares.
    The offer, which will begin on Monday and ends June 30,
requires that the shares tendered will bring its stake to at
least 15 pct.
    Dairy Farm said it will finance the acquisition by placing
89 mln shares with affiliate Jardine Strategic Holdings Ltd
<JARS.HK> at 5.10 H.K. Dlrs each for a total of 454 mln dlrs.
    The placement will raise Jardine Strategic's stake in Dairy
Farm to 39.75 pct from the current 35.3 pct.
    It said the Kwik Save purchase will also be financed with a
loan from the Hongkong and Shanghai Banking Corp <HKBH.HK>. It
did not give the size of the loan but it said it would raise
its net bank borrowings to a maximum of 2.2 billion H.K. Dlrs.
    Dairy Farm said it would reduce its bank borrowings by the
proceeds from the previously announced sale of its office
building in Sydney for 625 mln dlrs.
    It will consider raising additional capital, most probably
through a placement of convertible preference shares in the
Euromarket, it added.
    Company chairman Simon Keswick said the U.K. Market "offers
attractive opportunities for competitively priced food
retailers" and that "a strategic investment in Kwik Save offers
the best vehicle to pursue those opportunities."


.I 6232
.C
gas;fuel;naphtha;
.W
SINGAPORE PETROLEUM CO RAISES OIL PRODUCT POSTINGS.
    SINGAPORE, June 18 - Singapore Petroleum Co Pte Ltd said it
will raise posted prices for its products from June 19, by one
cent/gallon for lpg, naphtha and gasoline, two cents for gas
oil and by 60 cents/barrel for marine diesel oil.
    New prices are - lpg 36.0 cents/gallon, chemical naphtha
47, unleaded reformate 65.8, 0.4 gm lead 97 octane 61.3, 95
octane 59.3, 92 octane 55.5, 85 octane 49.5, 0.125 gm lead 97
octane 64.3, 92 octane 58.5, 85 octane 52.5, jet kerosene 51.5,
kerosene 50.5, premium kerosene 54.5, dual purpose kerosene
52.5, 0.5 pct sulphur gas oil 52.0, one pct sulphur 51.0 and
marine diesel oil 21.20 dlrs/barrel.


.I 6233
.C
earn
.W
MAZDA MOTOR CORP <MAZT.T>.
    TOKYO, June 18 - Six months ended April 30
    Parent shr 1.66 yen vs 7.28
    Div 3.50 yen vs same
    Net 1.59 billion vs 6.88 billion
    Current 5.03 billion vs 16.03 billion
    Sales 804.02 billion vs 839.20 billion
    Oustanding shrs 955.00 mln vs 944.15 mln


.I 6234
.C
oilseed;grain;meal-feed;corn;rapeseed;livestock;sorghum;carcass;soy-meal;
.W
JAPAN 1986/87 COMPOUND FEED OUTPUT UP 2.3 PCT.
    TOKYO, June 18 - Japanese compound feed output rose 2.3 pct
to 25.80 mln tonnes in 1986/87 ended March 31 from 25.23 mln a
year earlier, the Agriculture Ministry said.
    The marginal rise reflected slight growth in demand for
poultry raising and a moderate increase in demand for beef
cattle raising, Ministry officials said.
    Compound feed sales totalled 26.01 mln tonnes in 1986/87
against 25.40 mln a year ago, while end-March stocks were
217,554 tonnes against 224,101.
    Corn use in feed output in 1986/87 rose to 11.71 mln tonnes
from 11.02 mln a year earlier due to low import prices.
    The officials said corn imports rose because the world
surplus and the yen's strength against the dollar reduced
Chicago prices. The corn compounding ratio rose to 45.2 pct in
1986/87 from 43.4 pct a year earlier.
    Sorghum use rose marginally to 4.80 mln tonnes in 1986/87
from 4.79 mln, but the compounding ratio fell to 18.5 pct from
18.9 pct because of greater corn use. Higher import prices due
to poor harvests last year in major producing nations such as
Argentina made feed makers reluctant to use sorghum.
    Soybean meal use fell to 2.58 mln tonnes from 2.63 mln and
the compounding ratio declined to 10.0 pct from 10.3 pct.
    The drop in soybean meal consumption resulted from
increased use of cheaper rapeseed meal, the officials said.
    Rapeseed consumption in 1986/87 was 563,889 tonnes against
528,152 a year earlier. The compounding ratio rose to 2.2 pct
from 2.1 pct.


.I 6235
.C
earn
.W
BERISFORD LIFTS FIRST HALF PROFIT 2.5 MLN STG.
    LONDON, June 18 - six months to March 31
    Shr 16.25p vs 15.61p
    Div 4.0p vs 3.5p
    Turnover 6.12 billion vs 4.89 billion
    Interest 25.2 mln vs 37.6 mln
    Pretax profit 42.7 mln vs 40.3 mln
    Tax 10.3 mln vs 9.9 mln
    Minorities 1.3 mln vs 439,000
    Extraordinary items 2.6 mln credit vs 1.2 mln debit
    Note - company name is S and W Berisford Plc <BRFD.L>


.I 6239
.C
money-supply
.W
SOUTH AFRICAN M-3 APRIL GROWTH REVISED UPWARD.
    PRETORIA, June 18 - South African year-on-year broadly
defined M-3 money supply growth was revised upward to 10.37 pct
for April from a preliminary 10.08 pct, but was down from a
revised 10.69 pct in March, Reserve Bank figures show.
    M-3 rose to a revised 82.38 billion rand in April from a
preliminary 82.17 billion and March's revised 81.39 billion. In
April last year M-3 stood at 74.64 billion rand.
    Preliminary figures for May show M-3 at 83.24 billion rand
for a year-on-year rise of 10.97 pct from 75.01 billion in May
1986.
    April M-1A rose a year-on-year 15.12 pct to 14.22 billion
rand after rising 14.72 pct to 13.97 billion in March while M1
rose 24.49 pct to 27.92 billion after a 20.69 pct increase to
26.97 billion, the figures showed.
    M-2 rose 8.28 pct to 58.71 billion in April after rising
6.47 pct to 57.52 billion in March.


.I 6240
.C
interest
.W
COMMONWEALTH BANK CUTS AUSTRALIAN SPLIT PRIME.
    SYDNEY, June 18 - The Commonwealth Bank of Australia said
it will lower its reference rate for loans to 15.75 pct from
16.25 pct and its overdraft reference rate to 16.25 pct from
16.75, effective June 24.
    Bank officials have said the bank regards the overdraft
reference rate, based on short-term rate trends, as its key
prime lending rate to corporate customers. The loan reference
rate is based on longer term trends.
    The bank is the latest to cut prime rates in recent days
following a continuing decline in market rates. Other prime
rates now range from 16 pct to 17.5 pct.


.I 6241
.C
silver;platinum;
.W
AUSTRALIA TO PRODUCE SILVER AND PLATINUM COINS.
    CANBERRA, June 18 - The Australian government has given
support in principle to the production of platinum and silver
bullion coins at the Perth Mint, Treasurer Paul Keating said.
    This followed the success of the Australian Nugget gold
bullion coins launched this year, he said in a statement.
    He said that, as with the Australian nuggets, the coins
would be legal tender. The platinum coins would be made in four
weights but the silver coin would be of one ounce weight.
    He said detailed arrangements for their issue would be
finalised after talks between the Federal authorities and the
Western Australian government, owner of the Perth Mint.


.I 6242
.C
gnp
.W
S.KOREA SEES GNP GROWTH MORE THAN 10 PCT THIS YEAR.
    SEOUL, June 18 - South Korea's gross national product (GNP)
will exceed 10 pct real growth this year and the won will rise
further as long as the current account surplus continues to
widen, Deputy Prime Minister Chun In-Yong told reporters.
    Chung, who is also Minister of Economic Planning, said his
GNP estimate was based on the assumption that the economy will
remain stable.
    The official target for 1987 GNP growth is eight pct.
    GNP rose 15.6 pct between the first quarters of 1987 and
1986, according to provisional Bank of Korea figures.
    GNP rose 12.5 pct in calendar 1986.
    In the first four months of this year, the current account
swung to a surplus of 2.5 billion dlrs from a deficit of 294
mln dlrs in the same 1986 period.
    "What the Minister said does not imply any major economic
policy change," a Ministry spokesman told Reuters. "But he tried
to urge business circles to prepare for the forseeable economic
(future) ... A high won era."
    South Korean manufacturers, who have insisted the won
should not rise more than seven pct this year, have said they
plan to ask the government to slow down its appreciation
against the dollar.
    The Bank of Korea today quoted the won unchanged at 812.05
against the dollar, a 6.02 pct gain so far this year compared
with a 3.34 pct increase for the whole of 1986.
    The won strengthened by 6.60 won to the dollar in three
days earlier this month while an International Monetary Fund
team held talks here to discuss revaluation.


.I 6245
.C
crude
.W
AUSTRALIAN CRUDE OUTPUT FALLS IN FIRST NINE MONTHS.
    CANBERRA, June 18 - Australian crude oil and condensate
output fell 7.6 pct to 23,480 megalitres, or about 147 mln
barrels, in the first nine months of fiscal 1986/87 ending June
30, the Department of Resources and Energy said.
    The decline in production in the nine months to end-March
reflected mainly a sharp dip early in the fiscal year, when low
oil prices and high marginal excise rates led to a reduction of
output from Bass Strait, department figures in its Major Energy
Statistics publication show.
    A megalitre is 6,290 barrels.


.I 6247
.C
earn
.W
BRITISH TELECOM RAISES 1986/87 PROFIT 11.7 PCT.
    LONDON, June 18 - Year to end-March
    Shr 20.9p, a 22.3 pct rise
    Div 5.1p making 8.45p vs vs 7.5p
    Turnover 9.42 billion, a 12.4 pct increase
    Operating profit 2.35 billion, a 10.9 pct increase
    Pretax profit 2.07 billion, a 11.7 pct rise
    Fourth quarter 1987
    Turnover 2.42 billion, a 8.4 pct rise
    Operating profit 629.0 mln, a 12.1 pct increase
    Pretax profit 555.0 mln, a 11.7 pct rise.


.I 6248
.C
bop;trade;
.W
AUSTRIAN CURRENT SURPLUS GROWS IN FOUR MONTHS.
    VIENNA, June 18 - Austria's current account surplus grew to
11.0 billion schillings in the first four months this year from
8.2 billion in the same period last year, the National Bank
said.
    In April, the current account recorded a deficit of 300 mln
schillings compared with an 800 mln surplus in March and an 800
mln deficit in April, 1986, the bank said in a statement.
    The trade deficit in the first four months fell to 16.4
billion schillings from 17.5 billion in the same period last
year while in April the deficit was 4.1 billion compared with
6.9 billion in March and 3.6 billion in April, 1986.


.I 6249
.C
earn
.W
JOHNSON MATTHEY RAISE PRETAX PROFITS BY 67.8 PCT.
    LONDON, June 18 - Year to March 31
    Fin div 3.5p making 5.5p vs 2.5p
    Shr 25.2p vs 14.7p
    Pretax profit 50.5 mln stg vs 30.1 mln
    Net after tax 36.0 mln vs 21.6 mln
    Turnover 1.22 billion vs 1.16 billion
    Extraordinary dbt 10.3 mln vs 8.2 mln
    Note - Full company name is <Johnson-Matthey Plc>.


.I 6256
.C
acq
.W
GOVERNMENT TO SELL 25 PCT OF AIR NEW ZEALAND.
    WELLINGTON, June 18 - The New Zealand Government will sell
25 pct of state-owned <Air New Zealand Ltd> to the public,
Civil Aviation minister Richard Prebble said.
    Prebble said in a statement the government would appoint an
adviser to help it decide how the shares should be sold, the
timing of any sales and the price.
    "Clearly there will be a need to gauge the effect of other
proposed share issues so as to enter the market at the best
opportunity," Prebble said.
    "We are in no particular rush to sell our shares in Air New
Zealand," he said.
    "Our aim is to maximise the benefit to the taxpayer. If that
means waiting for a while, then so be it," Prebble said.
    He said Air New Zealand expects to release its results soon
for the year to March 31 1987. He said he was confident it
would post an excellent profit.
    Prebble said Air New Zealand was successful but its ability
to prosper in future was hampered by its
wholly-government-owned status.
    Prebble said access to new sources of capital would
increase its ability to expand and develop.
    This sale announcement follows the public float in March of
around 13 pct of the <Bank of New Zealand Ltd>.
    The government has said it will also float part of the
capital of other state-owned operations, including <DFC New
Zealand Ltd>, formerly Development Finance Corp of New Zealand
Ltd, and Petroleum Corp of New Zealand Ltd.


.I 6261
.C
wpi
.W
S. AFRICAN PRODUCER PRICE INFLATION RISES IN APRIL.
    PRETORIA, June 18 - South African year-on-year producer
price inflation rose to 16.1 pct in April against 15.8 pct in
March, Central Statistics Office figures show.
    The all items index (base 1980) rose a monthly 1.2 pct to
242.5 in April after increasing 1.1 pct to 239.6 in March and
standing at 208.9 a year earlier.


.I 6266
.C
earn
.W
LONDON INTERNATIONAL RAISE PROFITS BY 3.05 MLN.
    LONDON, June 18 - Year to March 31
    Final dividend 3.65p vs 3.1p making 5.4p vs 4.6p
    Share 14.11p vs 12.13p
    Pre-tax profit 27.11 mln stg vs 24.06 mln
    Net profit 18.12 mln vs 15.21 mln
    Turnover 252.11 mln vs 225.29 mln
    Note - London International Group Plc <LONL.L> said that
sharply increased sales of condoms had led to a particularly
strong start to the year and it had considerable confidence for
the future.

.I 6271
.C
trade
.W
TOSHIBA, SHARP RESTRAIN LAP-TOP PC EXPORTS TO EC.
    TOKYO, June 18 - Toshiba Corp <TSBA.T> and Sharp Corp
<SHRP.T> decided to maintain exports of lap-top personal
computers to the European Community (EC) at last year's levels,
despite the halt of shipments to the U.S., Company spokesmen
told Reuters.
    They said the voluntary restraints were aimed at averting
EC sanctions urged by European computer makers. The Europeans
feared Japanese personal computers would flood EC markets after
Washington imposed 100 pct tariffs last April.
    Toshiba and Sharp together control about 40 pct of the
personal computer market in the EC, the Sharp spokesman said.
    Toshiba said exports of T1100 and T3100 lap-top computers
would continue at 5,000 units a month for the time being.
    Sharp said exports to the EC of PC 7000 series lap-top
personal computers would continue at last year's level of
12,000 to 16,000 units a year.
    Washington imposed the tariffs because of Japan's alleged
failure to uphold a 1986 agreement on semiconductor trade.


.I 6272
.C
interest
.W
BELGIUM CUTS TREASURY CERTIFICATE RATES.
    BRUSSELS, June 18 - The Belgian National Bank said it cut
one, two, and three month treasury certificate rates, all by
0.10 points, effective immediately.
    The cuts take the one month rate to 6.75 pct, the two month
rate to 6.80 pct and the key three month rate to 6.85 pct, the
central bank said in a telex.
    A National Bank spokesman said the modest cut was made
after a decline in domestic money market rates yesterday, and
was not expected to be followed by a cut in the 7.60 pct
discount rate.
    The short-term treasury certificate rates, and especially
the three-month rate, have been the National Bank's main
monetary policy instrument for the last two years.
    The discount rate has been the market's penalty rate rather
than a guiding rate since 1985, and its advances are currently
little used as liquidity is ample, bank economists said.
    The bank last cut one- to three-month certificate rates on
June 5, also by 0.10 points.


.I 6273
.C
ship;crude;
.W
ARAB HEAVY TERM CRUDE SUPPLIES TO JAPAN UP IN JULY.
    TOKYO, June 18 - <Aramco Corp> has accepted Japanese
nominations to lift a higher proportion of Arab Heavy crude oil
under term contracts in July, oil industry sources said.
    Japanese companies requested a ratio of 80 pct Arab Heavy
to 20 pct Arab Light under a term contract agreement with
Aramco for 100,000 barrels per day, the sources said. The
contractual ratio is 30 pct heavy crude to 70 pct light.
    Japanese demand for heavy crude oil has increased
substantially since the All Japan Seaman's Union ceased sailing
into the northern Mideast gulf last month, causing problems
with liftings of heavy Kuwait and Khafji crudes.


.I 6275
.C
crude
.W
INDONESIA CUTS JULY CRUDE SUPPLIES TO JAPAN.
    TOKYO, June 18 - Indonesia's state oil company, Pertamina,
has informed its affiliated Japanese companies that crude oil
supplies will be 40 pct less than contractual volumes in July,
a spokesman for an affiliated company said.
    He said the allocations were in line with Indonesia's
production ceiling under its current OPEC quota, so they might
be increased if OPEC ratifies a production rise next week.
    Allocations of Indonesia's main traded crude, Minas, had
been cut by 50 pct and Duri by 38 pct, he said.
    Last month contractual volumes were cut by 30 pct.
    Contractual volumes assume no production ceiling.
    Oil traders said Indonesian grades were already trading
above their official selling prices (osp) on the spot market
due to strong demand from Japan and the U.S. And tight
supplies.
    A cargo of Duri loading in July was reportedly traded
yesterday at 70 cents over its osp of 15.60 dlrs per barrel and
Minas is trading about 20 cents higher, they said.


.I 6276
.C
reserves
.W
******FRENCH OFFICIAL RESERVES 420.50 BILLION FRANCS IN MAY VS.
420.24 BILLION APRIL - OFFICIAL

.I 6279
.C
reserves
.W
FRENCH OFFICIAL RESERVES RISE IN MAY.
    PARIS, June 18 - French official reserves rose 258 mln
francs in May to 420.50 billion francs from 420.24 billion at
the end of April, the Finance Ministry said.
    The slight rise partly reflected the repayment last month
of France's outstanding 11.95 billion francs of debt owed to
the European Monetary Cooperation Fund (FECOM).
    It also reflected a negative 314 mln franc position with
France's Exchange Stabilisation Fund after intervention
purchases of 10.6 billion francs during May.
    Foreign currency holdings fell 7.28 billion francs to
124.58 billion while ECU holdings fell by 5.55 billion francs
to 58.52 billion due to the repayment of part of France's debt
owed to the FECOM and Stabilisation Fund operations, the
ministry said.
    Claims on the IMF rose 1.14 billion francs to 18.97
billion, including a 385 mln franc increase in France's reserve
position with the IMF and a 751 mln franc rise in holdings of
Special Drawing Rights.
    Gold holdings were unchanged at 218.46 billion francs.


.I 6282
.C
acq
.W
FRENCH STATE SELL-OFFS RAISE 52 BILLION FRANCS.
    PARIS, June 17 - The French government's privatisation
program, which began late last year, has earned the French
State about 52 billion francs to date, the Finance Ministry
said.
    Sources close to Finance Minister Edouard Balladur said the
revenues raised from the privatisation program would be used in
priority to pay off public debt, which stood at 398.2 billion
at the end of 1986.
    The Ministry said in a communique that the returns included
banking group Societe Generale <SGEN.PA>, which began its
two-week public flotation last Monday.
    The government has carried out eight flotations, as well as
the private sale of telephone group <Cie Generale de
Constructions Telephoniques> (CGCT) since its denationalisation
scheme began last December with the sell-off of glass makers
Saint-Gobain <SGEP.PA>, it added.
    The government has pledged to privatise 66 state-owned
industrial, banking and insurance companies by 1991.
    Other companies to be sold to the private sector in the
near future are television network TF-1 later this month and
banking group Cie Financiere de Suez <FSPP.PA> in the autumn.
    The ministry said TF-1's forthcoming sell-off meant that a
third of the government's programme would have been completed
in less than nine months.
    Balladur on Sunday rejected press and opposition charges
that the share prices for privatised companies had been pitched
too low.
    He said that the average premium of shares trading on the
Bourse was between 15 and 30 pct over their offer price. This
compared with premiums of between 60 and 80 pct on similar
share flotations in Britain.


.I 6283
.C
sugar
.W
FIJI MAKES SUGAR PAYMENT TO GET HARVEST STARTED.
    SUVA, June 18 - Fiji sugar farmers will receive an interim
payment on the 1986 crop, four months ahead of schedule, in a
move aimed at getting harvesting of the drought-hit 1987 crop
under way, Governor-general Ratu Sir Penaia Ganilau said.
    Industry sources said latest forecasts for the 1987 crop
indicated output of 360,000 tonnes, well down on the record
501,800 tonne tel quel production in the 1986 (May-December)
crop year.
    The previous record was set in 1982 when Fiji produced
486,790 tonnes.
    For the past month Fiji sugar farmers have delayed
harvesting the 1987 crop pending a response from the
Governor-general to demands following the May 14 coup.
    Ganilau said in a statement the Fiji Sugar Corp would make
a payment of five dlrs per tonne against the final payment for
the 1986 crop on the understanding that preparations by growers
for commencement of harvesting would be completed at all mills
by June 23.
    Crushing would commence at Labasa and Penang mills on June
23 and at Lautoka and Rarawai mills on June 30, he said.
    The interim payment, to be made on or about June 30, is the
full amount of the grower's share of 1986 sugar proceeds
received to-date. The balance will be paid in October.
    Growers had also called for the full 1987 forecast price of
23.50 dlrs per tonne of cane to be paid in cash on delivery to
the mill, but this has been rejected by the state controlled
Fiji Sugar Corp, Ganilau said.
    However, in addition to the scheduled delivery payment of
14.10 dlrs, an additional sum of 2.35 dlrs, or 10 pct of the
forecast price, would be paid on December 15, on all cane
harvested by November 30, he said.
    Ganilau said, "This will be at least one month in advance of
the expected date of payment of the second payment of cane. The
balance of the second payment will be made six weeks after the
end of crushing."
    Another demand of Fiji's 22,000 small farmers was that an
estimated 14 mln dlr loan from the Fiji Development Bank (FDB)
for the 1983 cane crop rehabilitation programme be written off.
The FDB rejected this request.
    Ganilau said, however, "The bank is prepared to carefully
consider requests for rescheduling loan repayments in cases of
hardship on a case-by-case basis."
    In response to a further demand that all soldiers be
removed from the cane growing areas, Ganilau said the army
would restrict its presence in the cane areas.
    He said he had directed the authorities to issue permits to
harvesting gangs, cane growers and sugar industry trade unions
to hold the necessary meetings in preparation for the
commencement of harvest.
    Senior representatives of the sugar cane growers had
indicated a desire to commence the crush as soon as possible,
he added.


.I 6285
.C
jobs
.W
******UK MAY ADJUSTED UNEMPLOYMENT FALLS RECORD 64,300 TO 2.95.
MLN OR 10.6 PCT - OFFICIAL

.I 6286
.C
income
.W
******UK AVERAGE EARNINGS ROSE 6.5 PCT IN YEAR TO APRIL,.
UNDERLYING RISE 7.75 PCT - OFFICIAL

.I 6288
.C
ipi
.W
******U.K. APRIL INDUSTRIAL OUTPUT RISES 0.3 PCT, MANUFACTURING.
UP 0.55 PCT - OFFICIAL

.I 6289
.C
money-supply
.W
******U.K. MAY ADJUSTED M3 RISES PROVISIONAL 2.1 PCT, M0 UP 0.5.
PCT - BANK OF ENGLAND

.I 6290
.C
interest
.W
******MAY AJUSTED STERLING BANK LENDING UP 2.7 BILLION STG.
AFTER 1.5 BILLION IN APRIL - OFFICIAL

.I 6291
.C
jobs
.W
U.K. UNEMPLOYMENT FALLS BELOW THREE MLN IN MAY.
    LONDON, June 18 - U.K. Unemployment fell a record
provisional, seasonally-adjusted 64,300 in May to a total 2.95
mln or 10.6 pct of the workforce, the Employment Department
said.
    In April, seasonally-adjusted unemployment fell by an
upwardly revised 21,600 to 3.02 mln or 10.9 pct, it said.
    The unadjusted jobless total in May, including school
leavers, alos fell a record 121,000 to 2.99 mln or 10.8 pct
from April's 3.11 mln, 11.2 pct.
    May was the eleventh successive decline from a peak last
summer of 11.6 pct, the Employment Department said.
    "Unemployment has fallen to under three mln for the first
time in over three years. The May fall of 64,000 was the
largest drop since records were first kept (in 1948),"
Employment Minister Norman Fowler said.
    All regions have seen above average falls in long term
unemployment during the past year, he added.
    The last time the adjusted total of unemployed was below
three mln was July 1984, while the unadjusted total was last
below this level in June 1983.


.I 6292
.C
income
.W
U.K. EARNINGS UP UNDERLYING 7.75 PCT IN APRIL.
    LONDON, June 18 - U.K. Average earnings rose a seasonally
adjusted 6.5 pct in the year to end-April, after increasing by
6.7 pct annually in March, the Employment Department said.
    The April index, base 1980, was set at a provisional,
seasonally-adjusted 197.3, up from 194.8 in March.
    But the underlying rise was 7.75 pct, up 0.25 pct from
March and back to the same level seen late last year.
    The underlying rise is adjusted for factors such as
back-pay and timing variations.
    Unit wage costs in U.K. Manufacturing industry rose one pct
in the year to April, after an upward revised rise of 0.7 pct
in the period to March, the Department of Employment added.
    In the three months to end-April, such costs were 0.9 pct
higher, year-on-year, compared with a rise of 1.2 pct in the
three months to March.
    Manufacturing productivity in April was 6.1 pct higher than
a year ago after a downward revised 6.8 pct increase in March.
In the last three months period manufacturing productivity was
up 6.7 pct, having increased 6.5 pct in the first quarter.


.I 6296
.C
oilseed;soybean;
.W
TAIWAN TO REOPEN TENDER FOR U.S. SOYBEANS.
    TAIPEI, June 18 - The joint committee of Taiwan's soybean
importers will reopen a tender tomorrow for two shipments of
54,000 to 66,000 tonnes of U.S. Soybeans, a committee spokesman
told Reuters.
     The committee rejected a tender today for a cargo of
27,000 to 33,000 tonnes on the grounds the prices offered by
the U.S. Suppliers were too high, he said.
    The committee will be seeking a further shipment of between
27,000 and 33,000 tonnes when it reopens the tender tomorrow,
he added.


.I 6301
.C
interest
.W
CITIBANK LOWERS AUSTRALIAN PRIME RATE TO 16 PCT.
    SYDNEY, June 18 - Citibank Ltd said it would lower its
Australian prime rate to 16 pct from 16.5, effective tomorrow.
    The new rate, if unmatched by other banks, will be the
lowest among Australian trading banks. Other primes range from
16.25 to 17.5 pct.
    Australian prime rates have now retreated from a recent
peak of 19 pct in October in line with declining money market
levels. Citibank said its reduction reflected the decline.


.I 6306
.C
trade
.W
U.S. SENATORS PROPOSE BAN ON TOSHIBA IMPORTS.
    WASHINGTON, June 18 - Three U.S. Senators said they will
propose a temporary ban on imports of all Toshiba products due
to the company's illegal sales of sensitive high-technology
goods to the Soviet Union.
    Senator Jake Garn, John Heinz and Richard Selby said at a
hearing of the senate banking committee on export control, they
will offer the proposal as part of a major trade bill when it
is brought before the senate this summer.
    Garn, a Utah Republican, said "I am talking about specific
retribution on a company that endangers the security of their
own country and ours."


.I 6309
.C
sugar
.W
FOUR SUGAR CARGOES SOLD TO CHINA YESTERDAY -TRADE.
    LONDON, June 18 - Four cargoes of raw sugar were sold to
China yesterday via the London trade to supplement the
country's current nearby buying programme, traders said.
    The sugar was reported sold at around 160 dlrs a tonne c
and f for July/August shipment or arrival in September, they
said.
    Some traders said recent Chinese purchases could total as
much as 300,000 tonnes, but others, while agreeing a heavy
volume had been taken, said an amount less than that figure was
involved.
    China was still believed to be in the market for more
sugar, traders said.


.I 6315
.C
earn
.W
JAMES HARDIE INDUSTRIES LTD <HAHA.S> YR TO MARCH.
    SYDNEY, June 18 - Yr ended March 31
    Shr 37.8 cents vs 30.7
    Final div 13 cents vs 11, making yr 24 vs 22
    Net 60.58 mln dlrs vs 47.42 mln
    Turnover 1.50 billion vs 1.56 billion
    Other income 16.84 mln vs 3.73 mln
    Shrs 161.71 mln vs 154.19 mln.
    NOTE - Div pay Aug 6. Reg July 17. Div is unfranked and
thus will not be tax-free under dividend imputation.
    Net is after tax 28.39 mln dlrs vs 29.93 mln, depreciation
32.05 mln vs 34.59 mln, interest 29.16 mln vs 45.74 mln and
minorities 1.35 mln vs 9.89 mln but before extraordinary profit
2.28 mln vs loss 31.05 mln.


.I 6316
.C
interest
.W
COMMONWEALTH BANK CUTS AUSTRALIAN SPLIT PRIME.
    SYDNEY, June 18 - The Commonwealth Bank of Australia said
it will lower its reference rate for loans to 15.75 pct from
16.25 pct and its overdraft reference rate to 16.25 pct from
16.75, effective June 24.
    Bank officials have said the bank regards the overdraft
reference rate, based on short-term rate trends, as its key
prime lending rate to corporate customers. The loan reference
rate is based on longer term trends.
    The bank is the latest to cut prime rates in recent days
following a continuing decline in market rates. Other prime
rates now range from 16 pct to 17.5 pct.


.I 6317
.C
veg-oil
.W
DUTCH PARLIAMENT BACKS STAND AGAINST OILS TAX.
    ROTTERDAM, June 18 - Dutch parliamentary parties have
re-affirmed their support for the government's opposition to
the proposed European Community tax on oils and fats,
parliamentarians said.
    A broad cross-section of members of parliament voiced their
opposition to the tax during a debate in the lower house
yesterday on the basis of possible retaliation from the U.S.
And on the potentially damaging effect on Third World
countries.
    State Secretary for Foreign Affairs Rene Van Der Linden
said the government was against the tax although it noted
deepening EC financial difficulties.
    "It is difficult to be against the tax and against extra
finance. The EC members have to make a choice," Van Der Linden
said.
    However, he denied the government had dropped its
opposition to the proposed tax or altered its position.


.I 6318
.C
acq
.W
CSR DECLARES PIONEER SUGAR BID UNCONDITIONAL.
    SYDNEY, June 18 - CSR Ltd <CSRA.S> said it had declared
unconditional its takeover bid for <Pioneer Sugar Mills Ltd>
following Pioneer's recommendation that shareholders accept.
    This meant Pioneer shareholders would be paid for all
shares tendered within 14 days, CSR said in a statement.
    CSR's statement follows Industrial Equity Ltd's <INEA.S>
disclosure yesterday that it had built up a 9.8 pct stake in
Pioneer at 2.54 dlrs a share, topping CSR's cash bid of 2.50.
    CSR is also offering one share, currently worth 4.04 dlrs,
plus 1.20 cash, for every two Pioneer shares, which values
Pioneer at 2.62 per share. It holds about 33 pct of Pioneer.


.I 6319
.C
acq
.W
SANDVIK, DIAMANT BOART FINALISE DRILLS MERGER.
    BRUSSELS, June 18 - Sweden's Sandvik AB <SVIK.ST> and
Diamant Boart SA of Belgium, in which Societe Generale de
Belgique <BELB.BR> holds an indirect 52 pct stake, have
finalised negotiations on merging oil and gas drilling tool
activities, officials of both companies said.
    Staffan Paues, President of the new Brussels-based joint
venture company Diamant Boart Stratabit SA (DBS), told a news
conference that the merged firm would be able to offer products
for all types of drilling operations.
    He said there were already signs that a slow recovery from
recession was under way in the oil and gas industries.
    "Stability in oil prices should lead to renewed investment"
Paues said.
    DBS, which Paues said began operations today, brings
together Sandvik's wholly-owned U.S. Subsidiary Strata Bit Corp
of Houston and Diamant Boart's petroleum activities in Europe,
North America, the Middle and Far East and Africa.
    Paues said the merger was a direct result of the sharp fall
in oil prices 18 months ago which led oil firms to cut back
exploration activities. Officials said the complementary
character of the two firms' operations was a further reason.


.I 6321
.C
acq
.W
******THOMSON GRAND PUBLIC TAKES OVER THORN EMI'S AUDIOVISUAL.
DIVISION - THOMSON

.I 6322
.C
acq
.W
THOMSON TAKES OVER THORN EMI AUDIOVISUAL.
    PARIS, June 18 - Thomson Grand Public, the subsidiary of
Thomson SA <THMP.PA>, has taken over the audiovisual consumer
goods division of British group Thorn EMI, Thomson Grand Public
chairman Pierre Garcin said.
    The cost of the deal, signed late yesterday, is around 90
mln stg and Thomson will finance 50 mln of this from its
equity.
    Thorn EMI is a leader in the British audiovisual market
with a turnover last year of 300 mln stg.
    Garcin said the new acquisition would substantially
increase Thomson's turnover in the sector.


.I 6323
.C
ship;lead;
.W
VESSEL LOST IN PACIFIC WAS CARRYING LEAD.
    LONDON, June 18 - The 37,635 deadweight tonnes bulk carrier
Cumberlande, which sank in the South Pacific last Friday, was
carrying a cargo which included lead as well as magnesium ore,
a Lloyds Shipping Intelligence spokesman said.
    He was unable to confirm the tonnages involved.
    Trade reports circulating the London Metal Exchange said
the vessel, en route to New Orleans from Newcastle, New South
Wales, had been carrying 10,000 tonnes of lead concentrates.
Traders said this pushed lead prices higher in early morning
trading as the market is currently sensitive to any fundamental
news due to its finely balanced supply/demand position and low
stocks.
    Trade sources said that 10,000 tonnes of lead concentrates
could convert to around 5,000 tonnes of metal, although this
depended on the quality of the concentrates.
    A loss of this size could cause a gap in the supply
pipeline, particularly in North America, they noted. Supplies
there have been very tight this year and there is a strike at
one major producer, Cominco, and labour talks currently being
held at another, Noranda subsidiary Brunswick Mining and
Smelting Ltd.


.I 6327
.C
acq
.W
JWT GROUP <JWT> SUES WPP GROUP PLC.
    NEW YORK, June 18 - JWT Group Inc said it filed a suit
against <WPP Group Plc> to enjoin the company from continuing
its tender offer.
    The company said it charged that former JWT Group unit
executive John Peters has breached his fiduciary duty by
disclosing confidential information about the company and its
clients.
    The company said the suit, filed in New York State Supreme
Court, seeks to halt the "ongoing misuse and misappropriation
of highly confidential and proprietary information concerning
JWT and its clients.
    The defendants in the suit are WPP Group and its units and
Peters, who until January 29 was a director of J. Walter
Thompson Co, JWT Group's main subsidiary and its president and
chief operating officer.
    JWT said it asked the court to enjoin the defendants from
acquiring any further JWT stock, make them return all
confidential and proprietary information and to disgorge all
profits or other gains.
    The company said it also asked the court to award JWT
unspecified damages.


.I 6328
.C
acq
.W
JWT GROUP <JWT> GRANTS GOLDEN PARACHUTES.
    WASHINGTON, June 18 - JWT Group Inc disclosed in a filing
with the Securities and Exchange Commission that it awarded
so-called "golden parachutes" to 26 top officers.
    The company said it granted the special bonuses, which take
effect only if an executive is fired within two years of a
successful takeover, on June 8.
    It granted 25 of the officials a severance payment of just
under three times their annual compensation if they are fired
after a takeover. For chairman Don Johnston, the payment was
limited to twice his annual compensation.
    JWT approved additional lump-sum payments of one year's
compensation to an unspecified number of other highly paid
company officials.
    The company also altered its employee retirement and stock
incentive plans, to assure continued protection and benefits
for employees in the event of a hostile takeover.
    The company did not disclose the cost of the changes made
in the severance, retirement or stock plans.


.I 6329
.C
acq
.W
UNILEVER DECLINES COMMENT ON GILLETTE BID RUMOURS.
    LONDON, June 18 - A spokesman for Unilever Plc <UN.AS>
declined to comment on market rumours that it may be
considering a bid for the U.S. Health care group The Gillette
Co <GS.N>.
    Gillette shares are traded on the over-the-counter market
in London and this morning stood one dollar higher at 38 dlrs
in response to the bid speculation. Unilever dipped 33p to
3,275 in a generally depressed U.K. Market.
    Most analysts dismissed the rumours saying it was an old
story, and one commented that it was "utter rubbish," adding he
thought Unilever would not be interested in Gillette.
    Gillette shares rose sharply at the beginning of the month
on Wall Street rumours that Sir James Goldsmith was building a
stake in the company.
    Gillette has been the subject of repeated rumours since
Ronald Perelman, chairman of the Revlon Group Inc <REV>, made
an unsuccessful bid for the company last year.


.I 6337
.C
acq
.W
SERVICE RESOURCES <SRC> ENDS SORG <SRG> BID.
    NEW YORK, June 18 - Service Resources Corp said it has
withdrawn and terminated its 23 dlr per share takeover offer to
Sorg Inc because Sorg failed to respond to the bid.
    It said, as Sorg's largest single shareholder, it will
evaluate all its options, including making a further offer to
Sorg or disposing of some or all of its Sorg shares.


.I 6342
.C
acq
.W
HALCYON HAS STAKE IN RESEARCH-COTTRELL <RC>.
    NEW YORK, June 18 - Halcyon Investments, a New York firm,
reported a 6.9 pct stake in Research-Cottrell Inc.
    Alan Slifka, a partner in Halcyon, told Reuters the shares
were purchased for investment purposes but declined further
comment.
    On June 8, Research-Cottrell said it had entered into a
definitive agreement to be acquired by R-C Acquisitions Inc for
43 dlrs per share. Research-Cottrell closed at 44-1/4 today,
unchanged from the previous close.


.I 6343
.C
earn
.W
CULLINET SOFTWARE INC <CUL> 4TH QTR EARNINGS.
    WESTWOOD, Mass., June 18 - April 30 end
    Shr loss 13 cts vs shr profit 12 cts
    Net loss 4,116,000 vs net profit 3,672,000
    Revs 61.1 mln vs 55.5 mln
    Avg shrs 32,263,000 vs 31,640,000
    12 months
    Shr loss 86 cts vs shr profit 42 cts
    Net loss 27.6 mln vs net profit 13 mln
    Revs 174.9 mln vs 189.3 mln
    Avg shrs 32,184,000 vs 30,938,000
    NOTE: Both 1987 and 1986 figures restated to reflect April
21, 1987 acquisition of Distribution Management Systems Inc,
accounted for as a pooling of interests.
    1987 results include a first quarter non-recurring charge
of 7 mln dlrs with an after-tax impact of 11 cts per share
attributable to the write-off of the remaining assets acquried
from Computer Pictures Corp in November 1982.


.I 6344
.C
acq
.W
ALLEGIS <AEG> MEETS WITH UNITED EMPLOYEES GROUP.
    CHICAGO, June 18 - A spokesman for a group of United
Airlines employees, who oppose the attempted takeover of United
by the Airline Pilots Association, said he met with the new
chairman of Allegis, Frank Olson.
    William Palmer, the group's spokesman, which claims to
speak for thousands of United employees, said the meeting with
Olson was "positive and friendly," but no future meeting dates
were set.
    In April the pilots union offered to buy out United, an
Allegis subsidiary, through an employee stock ownership plan.


.I 6347
.C
interest
.W
NAT WEST CUTS MORTGAGE RATE FOR NEW BORROWERS.
    London, JUNE 18 - National Westminster Bank Plc <NWBL.L>
announced a 0.75 pct reduction in the mortgage interest rate
applicable to new mortgages taken out from June 19, 1987.
    The new rate is 10.5 pct (APR - Annual Percentage Rate -
11.2 pct including fees for normal repayment mortgages, and
11.1 pct including fees for endowment and pension mortgages).
    A spokesman for Nat West said the position for existing
mortgages is being kept under active review in the light of
market conditions, and an announcement will be made as soon as
possible.


.I 6351
.C
veg-oil
.W
RPT - OPPOSITION TO EC OILS TAX INTACT - MINISTER.
    LUXEMBOURG, June 17 - A minority group of European
Community countries strong enough to block the adoption of a
tax on vegetable and marine oils and fats is still intact after
the EC Commission proposed changes to its proposals earlier
today, British agriculture minister John MacGregor told
journalists.
    He said Britain, West Germany, the Netherlands and Denmark
continue to oppose the tax after the Commission proposed making
it temporary and promising compensation to any third countries
whose exports suffered.


.I 6352
.C
acq
.W
HARCOURT BRACE <HBJ> CALLS SPECIAL MEETING.
    ORLANDO, Fla., June 18 - Harcourt Brace Jovanovich Inc said
it has called a special meeting for July 23 for a vote on an
increase in authorized common shares to 100 mln from 50 mln, an
increase in preferred shares to 150 mln from 2,500,000 and a
provision allowing the payment of preferred dividends in stock
or property as well as cash.
    The company said June 29 will be the record date for the
meeting.  Harcourt which is fighting off a takeover bid from
<British Printing and Communication Corp PLC>, has declared a
special dividend on common stock of 40 dlrs in cash and 12 pct
preferred stock with a market value of 10 dlrs per share.
    The special dividend is to be paid July 27.


.I 6354
.C
earn
.W
PENWEST INC <PENW.O> 3RD QTR MAY 31 NET.
    BELLEVUE, Wash., June 18 -
    Shr 1.08 dlrs vs 37 cts
    Net 3,025,000 vs 1,188,000
    Sales 35.2 mln vs 35.4 mln
    Avg shrs 2,794,298 vs 3,187,051
    Nine mths
    Shr 2.43 dlrs vs 83 cts
    Net 6,781,000 vs 2,576,000
    Sales 101.0 mln vs 99.7 mln
    Avg shrs 2,794,298 vs 3,115,499


.I 6356
.C
coffee
.W
RPT - EUROPEAN TRADE MAY PROPOSE NEW ICO FORMULA.
    By Jeremy Lovell, Reuters
    AMSTERDAM, June 17 - European coffee traders and roasters
may propose a new formula for calculating International Coffee
Organization (ICO) coffee quotas at the end of their meeting
here this week, traders and officials told Reuters.
    Although traders were unwilling to reveal details of the
possible new formula, they said it would give Brazil, the
world's biggest coffee producer, unchanged ICO quotas for the
next two years and could be a basis for renegotiation.
    "The main sticking point on quotas has been Brazil's
attitude, and this compromise could be a solution, " one said.
    However, the European coffee trade federation meeting,
which began here today and is to continue to the end of the
week, has revealed gaps in the European position on
re-introducing quotas.
    Traders said that, as a whole, the trade side was against
re-introduction of ICO quotas, while roasters were generally in
favour with the single proviso that there had to be some
formula basis for re-allocating quota shares among producing
countries.
    The roasters said the positions were generally fairly
close, and problems with some Government officials.
    Germany and Italy were cited as the extremes of polarized
Government attitudes, with most other countries on the fence.
    Sources said Germany was the most extreme against quota
re-introduction, while the Italians were most in favour.
    "Nevertheless, we expect to find enough common ground by the
end of the week to at least present a common European Community
(EC) view at the next meeting of consumer members of the
International Coffee Agreement (ICA) in July," one trader said.
    "We hope we can present the compromise proposal and that not
only the consumer side, but the producer side will accept it,"
one official said.
    "We have learned that we can live without the quotas that
were suspended in February last year, but would prefer the
stability they can bring to the market as long as we do not
simply return to the old and outdated status quo as far as
quota allocation is concerned," he added.
    Overall, however, trader and roaster opinion on the
likelihood of a successful re-negotiation was mildly
pessimistic, varying between a 50-50 chance and 60-40 against.
    "Our main difficulty will be to persuade the U.S. On the
consumer side and Brazil on the producer side to agree to quota
re-introduction, " he said.
    "The U.S. Position has, if anything, hardened, while the new
Brazilian Coffee Institute president has adopted the least
negotiable position of any of his predecessors," one trader
said.
    "However, with many producers starting to swing in favour of
the consumer position that quotas have to be re-allocated under
a new formula, Brazil is becoming increasingly isolated, which
gives at least some hope of a compromise at the ICO quota
meeting in September," the official said.


.I 6357
.C
acq
.W
FIRST DATA MANAGEMENT <FDMC.O> COMPLETES MERGER.
    OKLAHOMA CITY, June 18 - First Data Management co Inc said
it has completed a merger into Firsst Data MAnagement Holding
co following sharehoplder approval.
    It said each 100 shares will be exchanged for 1,000 dlrs
principal amount of 14.375 pct senior subordinated debentures
due June 15, 2002.


.I 6358
.C
earn
.W
FROST AND SULLIVAN INC <FRSL.O> 3RD QTR.
    NEW YORK, June 18 - Qtr ends April 30
    Shr loss 10 cts vs profit nine cts
    Net loss 163,465 vs profit 131,815
    Revs 3,672,731 vs 3,763,829
    Nine mths
    Shr profit four cts vs profit one ct
    Net profit 57,911 vs profit 11,380
    Revs 11,753,950 vs 10,794,822


.I 6361
.C
grain;sugar;rice;
.W
INDONESIA REJECTS WORLD BANK FARM REFORM PROPOSALS.
    JAKARTA, June 18 - Indonesia rejected World Bank
recommendations for sweeping reforms to its farm economy, as
the country's foreign aid donors met to consider giving it 2.5
billion dlrs in grants and soft loans.
    Agriculture Minister Achmad Affandi, in written remarks
distributed today as Indonesia's 14 foreign donor nations met
at The Hague, said, "The general argument presented by the Bank
for this free trade, open economy view is weak."
    The Bank called for overhauls in how Indonesia manages the
largest farm area in South-east Asia, and said agricultural
growth was stagnating under subsisides for rice farming.
    The Bank report said Indonesia's rice production had peaked
and the subsidies are a waste of money.
    Affandi replied that rice is the main staple and provides
an income for 17 pct of the workforce. The subsidies were
needed to support the fertilizer industry, including importers,
exporters, producers and distributors, he said, as well as
assisting in small part the majority of Indonesian farmers.
    Affandi agreed with a bank recommendation that farmers
should be free to choose their own crops, but he said the
government would continue to maintain production targets for
"strategic commodities" such as rice and sugar.
    The Bank report was especially critical of Indonesia's
drive to plant sugar, saying domestic sugar prices are double
the world average because of inefficiencies, and the country
would save money by importing the commodity.
    However, Affandi said volatile world sugar prices, the need
to save foreign exchange and an already up-and-running sugar
industry were good arguments for continuing the sugar drive.
    He also said import barriers and trade monopolies in the
agricultural sector were needed to help domestic industry
develop and because of "over-production and price intervention
in the developed nations."


.I 6362
.C
earn
.W
CULP INC <CULP.O> 4TH QTR MAY TWO NET.
    HIGH POINT, N.C., June 18 -
    Shr 29 cts vs 23 cts
    Net 1,262,000 vs 1,002,000
    Sales 49.9 mln vs 40.3 mln
    Year
    Shr 1.18 dlrs vs one dlr
    Net 5,205,000 vs 4,339,000
    Sales 180.1 mln vs 150.7 mln
    NOTE: Prior year net both periods includes gain 900,000
dlrs from adjustments to LIFO reserves, compensation related
accruals and a revised effective tax rate.


.I 6366
.C
grain;corn;
.W
BUDGET PACT CUTS U.S. FARM FUNDS 1.25 BILLION DLRS.
    WASHINGTON, June 18 - U.S. House and Senate budget
negotiators agreed as part of an overall budget accord reached
yesterday, to cut 1.25 billion dlrs from fiscal 1988 spending
on agricultural programs, Congressional sources told Reuters.
    The agreed cut in farm programs is a compromise between 1.4
billion sought by the Senate and one billion by the House.
    The negotiators also agreed to cut 1.6 billion from the
farm budget in fiscal 1989 and 2.45 billion in 1990, for a
total of 5.3 billion in saving over three years, sources said.
    The agreement presents the House and Senate Agriculture
committees with difficult choices on how to make changes in
agriculture programs that achieve the budget savings targets
without jeopardizing popular support payments, senior
Congressional aides told Reuters.
    Some farm state lawmakers already are manuevering to find
the budget savings.
    Rep. Dan Glickman, D-Kan., Chairman of the House grains
subcommittee, has introduced a bill which would freeze wheat
and corn loan rates for the 1988 crop at the current 2.28 dlrs
and 1.92 dlrs respectively, saying it would save 500 mln dlrs.
    House Agriculture Committee chairman Kika De la Garza has
said the committee will consider the Glickman proposal.
    But Congressional sources said the proposal is unlikely to
be approved because of opposition from Republican lawmakers and
a strong stance by Agriculture Secretary Richard Lyng, who said
freezing loan rates would send the wrong signal to other major
grain export competitors and would not achieve the budget
savings Glickman claims.
    Another area where Glickman and other have said budget
savings might be made is to increase acreage reduction program,
ARP, levels for wheat and corn.
    However, on this issue also Lyng has taken a strong stand
within the Reagan administration, arguing that the 1988 crop
wheat acreage reduction should be left at 27.5 pct and not 30
pct as sought by the Office of Management and Budget, OMB. Most
commodity lobbyists expect Lyng to prevail.
    Congressional sources said the only way to achieve
significant budget cuts through ARP increases would be to boost
the 1988 corn ARP. But one informed Congressional source said
singling-out corn for an ARP increase would would be seen as
unfair to one commodity.
    Congressional sources said the areas where Congress is most
likely to eventually look for budget savings are some
tightening of the payment limitation rules, and possible 
adoption of a 0/92 program for the 1988 crops of major grains.
    Those changes would achieve a portion of the 1.25 billion
but not enough, they said.
    Ultimately, Congressional sources said the agriculture
committees may be forced to apply an across-the-board cut on
all Commodity Credit Corp. payments to farmers, including price
support loans and deficiency payments, similar to the
Gramm-Rudman-Hollings budget cut applied in fiscal 1986.
    This idea has been suggested by the American Farm Bureau
Federation, AFBF, as the fairest approach for all commodities.


.I 6368
.C
jobs
.W
U.S. FIRST TIME JOBLESS CLAIMS ROSE IN WEEK.
    WASHINGTON, June 18 - New applications for unemployment
insurance benefits rose to a seasonally adjusted 340,000 in the
week ended June 6 from 310,000 in the prior week, the Labor
Department said.
    The number of people actually receiving benefits under
regular state programs totaled 2,359,000 in the week ended May
30, the latest period for which that figure was available.
    That was up from 2,255,000 the previous week.
     


.I 6373
.C
crude
.W
OPEC DIFFERENTIALS NOT SEEN POSING MAJOR PROBLEMS.
    By Judith Matloff, Reuters
    LONDON, June 18 - Some OPEC states are unhappy about the
prices assigned to their crude oil but this should not pose
great problems when the group reviews its six-month-old price
and output pact in Vienna next week, oil analysts say.
    They said Nigeria, which holds the OPEC conference
presidency, and Qatar probably have the biggest grievances
about price differentials making some of their crudes
uncompetitive.
    There has also been speculation by Japanese traders that
OPEC might want to mark up prices of high-sulphur heavy crudes,
to correspond with greater demand and higher fuel oil prices.
    But most experts agree that a major overhaul of price
differentials is unlikely, so as to avoid giving the market
signals of a dent in OPEC's new unity.
    "All OPEC members can make a good case for changing
differentials," said one analyst with a major oil company. "But
at the end of the day, the attitude is going to be "leave well
alone' and little or nothing is likely to be altered."
    Iran, Libya and Saudi Arabia are among those who also saw
sales problems earlier this year, traders say. But diminished
customer resistance to fixed prices and, in some cases,
marketing incentives have helped their sales.
    Some producers can sell uncompetitively priced crudes by
means of discounts, processing deals or selling them alongside
better priced grades in a "package."
    Many OPEC crudes are seen to be reasonably priced, at least
for some part of the year. But many experts say OPEC should
change prices quarterly or monthly to match seasonal demand for
fuel oil-rich heavy crudes and gasoline-rich lighter grades. At
its last meeting in December, OPEC agreed to reintroduce fixed
prices from February 1 around an 18 dlr per barrel reference
point. Official prices had been effectively dropped in 1985
when members offered discounts to attract customers.
    OPEC also decided to limit first-half 1987 output to 15.8
mln bpd and proposed ceilings of 16.6 mln for the third quarter
and 18.3 mln for the fourth. Analysts expect it will now extend
or raise slightly the current ceiling for the coming months.
    Spot market and netback values for some crudes do not
mirror official prices, but OPEC will probably keep the 18 dlr
target and at most make minimal changes to differentials,
analysts say.
    The 18 dlr figure is based on a basket of six OPEC and one
non-OPEC crudes. OPEC assigned prices to its other key export
crudes, with a 2.65 dlr gap between the heaviest and lightest.
Extra heavy crudes were among those left out.
    Industry estimates vary on the proportion of OPEC oil
exports actually sold at official prices. Several experts say
only one-quarter to one-third of the total in fact sells at
official prices, with some of the rest included in processing
or barter deals or sold in the form of refined products.
    Problems with the new structure appeared earlier this year,
when some producers' output fell due to customer reluctance to
pay the new prices.
   Nigeria especially found its gasoline-rich Bonny Light crude
-- now OPEC's highest priced grade at 18.92 dlrs a barrel --
was uncompetitive on the spot market against Britain's Brent.
    In February and March, Nigeria's production shrank below
its 1.238 mln bpd OPEC quota. Spot prices have since revived,
due partly to seasonal demand for gasoline, and its output has
risen.
    Some experts feel Bonny Light is still overvalued and say
its price should be cut by between 50 cts to one dlr a barrel.
    But Mehdi Varzi, chief oil analyst with London's Kleinwort
Grieveson Securities, doubts Nigeria will actively push the
differentials question in Vienna.
    "It would not look good for OPEC unity if Nigeria, which
holds the presidency, raised the issue," he said.


.I 6377
.C
money-fx
.W
NEW ZEALAND BUDGET FORECAST SEEN AS POSITIVE.
    WELLINGTON, June 18 - Analysts said they were surprised at
the government's announcement of a forecast budget surplus for
fiscal 1988 but said it was consistent with previous policy
statements and positive for the economy.
    Finance Minister Roger Douglas predicted a budget surplus
for the year ending March 1988 of 379 mln New Zealand dlrs
against a 1.95 billion deficit last year.
    Analysts polled by Reuters said the forecast budget surplus
was even more positive than the most bullish analysts'
forecasts and that this was good news for financial markets.
    Market expectations among analysts questioned by Reuters
before the budget varied widely between a balanced budget and a
2.3 billion dlr deficit. But none predicted a surplus.
    The forecast initially looks positive for both the bond and
the foreign exchange markets, one analyst said. Paradoxically,
the New Zealand dollar could rise in the medium term, despite
lower interest rates, as overseas investors became more
confident about investing in New Zealand, he said.
    However, some foreign exchange dealers disagreed, saying
the local dollar is primarily interest rate driven and will
move lower.
    The local dollar dropped to 0.5940/50 U.S. Dlrs in after
hours trading, against 0.5970/77 just before the budget
release.
    Analysts said the budget was also positive for the share
market, despite an increase in the contribution of company
taxation to revenue figures.
    One equities analyst predicted that the budget surplus
announcement could push the share market up by 50 points
tomorrow.
    The Budget statement was broadly as expected, with a
continuation of existing policies, and the absence of
traditional pre-election incentives would be viewed positively
by overseas investors, another said.
    But one merchant bank economist said that certain anti-tax
avoidance measures could damage some sectors of the share
market, particularly multi-national companies.
    The government is also lowering its borrowing requirements,
through bond tenders, as a result of the surplus. The
requirement for the rest of the year is now down to 950 mln
N.Z. Dlrs from a predicted 1.75 billion.
    Predicted revenue in the Budget looked sustainable and
there appeared to be no holding back on expenditure, another
economist said. He added that the document seemed entirely
credible.
    "Altogether it looks good for Labour's election prospects,"
he said.
    An election is due before the end of September.


.I 6379
.C
earn
.W
GENERAL INSTRUMENT CORP <GRL> 1ST QTR MAY 31.
    NEW YORK, June 18 -
    Shr 37 cts vs eight cts
    Net 12.0 mln vs 5.1 mln
    Revs 280.1 mln vs 155.9 mln
    Backlog 625.7 mln vs 451.6 mln


.I 6390
.C
acq
.W
MR. ROOTER <ROOT.O> RESCINDS UNITED WESTERN PACT.
    OKLAHOMA CITY, June 18 - Mr. Rooter Corp said it rescinded
a recent agreement calling for <United Western Energy Corp> to
to buy a majority of Mr. Rooter's stock for four dlrs a share.
    The company said it has also demanded repayment of a
150,000 dlr loan made to United Western.
    Since announcing the agreements, Mr. Rooter said, it
discovered additional information relating to United Western
and the unaffiliated privately held corporation which had
guaranteed all of United Western's obligations under the
agreements.
    Mr. Rooter said the agreements were rescinded d"in light of
this additional information," without providing details.
    It said talks are in progress with United Western with
regard to the repayment terms of the loan.


.I 6394
.C
grain;sugar;rice;
.W
INDONESIA REJECTS WORLD BANK FARM REFORM IDEAS.
    JAKARTA, June 18 - Indonesia rejected World Bank
recommendations for sweeping reforms to its farm economy, as
the country's foreign aid donors met to consider giving it 2.5
billion dlrs in grants and soft loans.
    Agriculture Minister Achmad Affandi, in written remarks
distributed today as Indonesia's 14 foreign donor nations met
at The Hague, said, "The general argument presented by the Bank
for this free trade, open economy view is weak."
    The Bank called for overhauls in how Indonesia manages the
largest farm area in South-east Asia, and said agricultural
growth was stagnating under subsidies for rice farming.
    The Bank report said Indonesia's rice production had peaked
and the subsidies are a waste of money.
    Affandi replied that rice is the main staple and provides
an income for 17 pct of the workforce. The subsidies were
needed to support the fertilizer industry, including importers,
exporters, producers and distributors, he said, as well as
assisting in small part the majority of Indonesian farmers.
    Affandi agreed with a bank recommendation that farmers
should be free to choose their own crops, but he said the
government would continue to maintain production targets for
"strategic commodities" such as rice and sugar.
    The Bank report was especially critical of Indonesia's
drive to plant sugar, saying domestic sugar prices are double
the world average because of inefficiencies, and the country
would save money by importing the commodity.
    However, Affandi said volatile world sugar prices, the need
to save foreign exchange and an already up-and-running sugar
industry were good arguments for continuing the sugar drive.
    He also said import barriers and trade monopolies in the
agricultural sector were needed to help domestic industry
develop and because of "over-production and price intervention
in the developed nations."


.I 6395
.C
acq
.W
******GILLETTE SAYS REVLON ASKED ITS BOARD TO CONSENT TO 40.50.
DLRS PER SHARE OFFER

.I 6396
.C
acq
.W
******LIBERTY FINANCIAL SAYS IT AGREES TO BE ACQUIRED BY.
EQUIMARK FOR 48 DLRS PER SHARE

.I 6398
.C
earn
.W
PRICE CO <PCLB.O> 3RD QTR JUNE SEVEN NET.
    SAN DIEGO, June 18 -
    Shr 30 cts vs 24 cts
    Net 14.7 mln vs 11.3 mln
    Sales 738.9 mln vs 605.1 mln
    Avg shrs 49.0 mln vs 47.9 mln
    Nine mths
    Shr 1.11 dlrs vs 93 ctsd
    Net 54.2 mln vs 42.9 mln
    Sales 2.45 billion vs 1.95 billion
    Avg shrs 48.9 mln vs 46.4 mln
    NOTE: Twelve- and 40-week periods.


.I 6400
.C
earn
.W
MEDCHEM PRODUCTS INC <MDCH.O> 3RD QTR NET.
    ACTION, Mass., June 18 - Qtr ends May 31
    Shr 20 cts vs eight cts
    Net 509,043 dlrs vs 202,473 dlrs
    Revs 2,106,462 dlrs vs 1,158,621 dlrs
    Nine mths
    Shr 58 cts vs 50 cts
    Net 1,465,271 dlrs vs 1,240,773 dlrs
    Revs 5,854,819 dlrs vs 4,640,687 dlrs


.I 6403
.C
crude;nat-gas;
.W
WESTCOAST <WTC> TO ACQUIRE AGIP PROPERTIES.
    VANCOUVER, British Columbia, June 18 - Westcoast
Transmission Co Ltd said it agreed to acquire the Western
Canada oil and gas reserves and properties of AGIP Canada Ltd,
a subsidiary of AGIP SpA, part of Italy's ENI group, for 54 mln
Canadian dlrs.
    At the end of 1986, AGIP Canada reported proven and
probable reserves of 4.2 mln barrels of crude oil and natural
gas liquids and 22.7 billion cubic feet of natural gas. AGIP
Canada also holds 176,000 net exploratory acres in Western
Canada. Its properties produce about 1,100 barrels of oil a
day.
    The deal is subject to approval by both companies'
directors.
    Westcoast said the acquisition would enable it to apply
more than 150 mln dlrs of accumulated tax pools of AGIP Canada
Ltd to enhance after-tax cash flow from the acquired
properties.
    AGIP Canada said it would retain offshore exploration
blocks in Labrador, a gold mine in Yukon Territory and uranium
interests in Saskatchewan.


.I 6406
.C
acq
.W
LOMAS AND NETTLETON <LNF> TO MAKE ACQUISITION.
    DALLAS, June 17 - Lomas and Nettleton Financial Corp said
it has agreed in principle to acquire Houston discount
brokerage firm Texas First Brokerage Services Inc for
undisclosed terms, subject to regulatory approvals.
    It said completion is expected by July 31.


.I 6407
.C
crude
.W
******SHELL CANADA RAISES CRUDE OIL POSTING 32 CANADIAN CTS/BBL.

.I 6410
.C
acq
.W
LIBERTY FINANCIAL ANNOUNCES MERGER WITH EQUIMARK.
    HORSHAM, Pa., June 18 - Liberty Financial Group Inc, the
parent of Liberty Savings Bank said it has signed a definitive
agreement to be acquired by Equimark Corp <EQK>, the parent of
Equibank, for 48 dlrs a share of Liberty.
    The transaction is structured as a merger of Liberty with a
duly-formed unit of Equimark, the company said.
    Liberty shareholders will receive about 48 dlrs per share
uopn the merger, the company said.
    According to the companies, the acquisition is contingent
upon the approval of Liberty's shareholders and the appropriate
regulatory authorities.
   
    Liberty said the acquisition of its unit, Liberty Savings
Bank, by Equimark Corp, will result in the bank operating as a
separate wholly owned unit of Equimark.
    Charles Cheleden, chairman and president of Liberty
Financial and Liberty Savings, will continue as president and
chief executive officer of Liberty Savings, headquartered in
Horsham, Pa., the company said.
    Liberty said it feels that the price of 48 dlrs in cash per
share is attractive and that it has advised by Shearson Lehman
Brothers that the price is fair.


.I 6412
.C
acq
.W
GILLETTE <GS> GETS OFFER FROM REVLON <REV>.
    BOSTON, June 18 - Gillette Co said Revlon Group made an
unsolicited request, asking the Gillette board to allow Revlon
to make a cash offer for all Gillette shares of at least 40.50
dlrs per share.
    Gillette said consent for the bid is required under a
standstill agreement between Revlon and Gillette before Revlon
can make any move on Gillette's stock.
    In November 1986, Revlon made an unsolicited offer for
Gillette shares, Gillette said.
    Subsequently, Revlon withdrew its offer, sold back to
Gillette the shares it owned at that time and entered into the
standstill agreement.
    The Gillette board of directors has a regularly scheduled
meeting this afternoon, and Gillette said it anticipates making
a statement after that meeting.


.I 6415
.C
acq
.W
BECOR WESTERN <BCW> TALKS TO FOURTH BIDDER.
    SOUTH MILWAUKEE, Wis., June 18 - Becor Western Inc said it
is talking with a possible fourth bidder for the company.
    The company also said Lynch Corp <LGL> has renewed its
offer for Becor which was withdrawn last week.
    Talks with the possible bidder are expected to be concluded
shortly, Becor said, adding its board will evaluate all then
existing offers at that time.
    In the meantime, the company said, it plans today to
adjourn further its meeting of stockholders to June 30. That
meeting was called to act on a merger agreement calling for a
buyout by BCW Acquisitions Inc.
    The third identified Becor suitor is <Davis Mining and
Manufacturing Inc>.
    In Fairfield, N.J., Lynch said its latest proposal calls
Lynch to own 75 pct of Becor's stock and Becor holders to
retain the other 25 pct.
    Peviously, Lynch would have held about 25 pct, with Becor
holders receiving 25 pct and Becor management about half.
    Lynch said the proposal was changed because it believes
Becor's management "needs more guidance in terms of financial
structuring.


.I 6416
.C
income
.W
******U.S. PERSONAL INCOME ROSE 0.2 PCT IN MAY, SPENDING UP 0.1.
PCT

.I 6417
.C
income
.W
U.S. PERSONAL INCOME ROSE 0.2 PCT IN MAY.
    WASHINGTON, June 18 - U.S. personal income rose 0.2 pct, or
7.9 billion dlrs, in May to a seasonally adjusted annual rate
of 3,630.0 billion dlrs, the Commerce Department said.
    The increase followed a revised 0.4 pct rise in April. The
department previously estimated April income rose 0.3 pct.
    The department also revised up the March personal income
rise to 0.3 pct from a previously reported 0.2 pct.
    Personal consumption expenditures rose 0.1 pct, or 1.5
billion dlrs, to 2,893.3 billion dlrs in May after rising 0.6
pct or 18.6 billion dlrs in April, the department said.
    The department said both the April and May increases in
personal income were restrained by lower subsidy payments to
farmers and by initial payments to a newly established
retirement fund for federal government employees in April.
    Wages and salaries increased 8.8 billion dlrs in May after
a 7.0 billion dlr rise in April, while manufacturing payrolls
were up 1.6 billion dlrs in May after falling 1.3 billion dlrs
in April.
    Farmers' incomes fell 11 billion dlrs in May after
decreasing 6.7 billion dlrs in April due to lower farm subsidy
payments, the department said.


.I 6419
.C
acq
.W
S. AND W. BERISFORD WANTS TO STAY INDEPENDENT.
    LONDON, June 18 - S.And W. Berisford Plc <BRFD.L>, which
has attracted takeover bids, is making every possible effort to
remain independent, deputy chairman Henry Lewis said after the
company announced interim results.
    "We've taken specific steps to strengthen ourselves for this
purpose," he added, referring to management changes and a
corporate strategy of concentrating on four business sectors.
    Berisford aims to produced balanced earnings growth from a
combination of commodities, property, financial services and
food. Its industrial division, with assets of about 90 mln stg
including debt, is being reviewed and parts may be sold.


.I 6420
.C
money-fx
.W
******FED'S SEGER SAYS FOREIGN EXCHANGE MARKETS SHOWING SIGNS.
OF STABILITY

.I 6422
.C
interest
.W
******FED'S SEGER SAYS U.S. THRIFT INDUSTRY NEEDS STABLE.
INTEREST RATES

.I 6424
.C
interest;jobs;income;reserves;
.W
U.K. DATA DEPRESS RATE CUT OUTLOOK - ANALYSTS.
    By Rowena Whelan, Reuters
    LONDON, June 18 - Today's U.K. Economic data have pushed
the chances of another base lending rate cut from the current
nine pct further into the distance, analysts said.
    A record fall in unemployment and good manufacturing
production data showed that the economy is still strong and
does not need a fillip from lower rates.
    News that underlying earnings are rising 7.75 pct annually,
taken together with higher than expected bank lending and money
supply growth, revived inflation worries and monetarist
arguments against easier credit, they said.
    "The timetable on lower interest rates is being pushed back
all the while. The strength of the economy and broad money
growth are making it more difficult to see one in the near
term," said Chase Manhattan Securities economist Robin Marshall.
    Analysts have reached this conclusion despite yesterday's
mortgage rate cuts for new borrowers, which building societies
said were a sign of the expected near term trend for U.K.
Rates.
    It also counters the optimistic forecasts of last week that
a post-general election cut was imminent, supported by such
optimistic economic news as May's record reserves rise which
mirrored the Bank of England efforts to cap sterling's
strength.
    The gilt market lost nearly half a point as enthusiasm
about May's 64,300 fall in the seasonally adjusted unemployment
rate, to 2.95 mln or 10.6 pct of the workforce, was rapidly
replaced by dismay at the continued high level of underlying
average earnings in April, dealers said.
    The upset was compounded by news that sterling bank lending
rose 2.7 billion stg in May, above forecast, and that the Bank
of England looks likely to have to sell more gilts to offset
the impact on domestic money supply of its current
intervention.
    "The gilt market reaction was correct," said Bill Martin,
chief U.K. Economist at brokers Phillips and Drew.
    "That's very important ... It shows the economy in a very
good state indeed," Skeoch said.
    "There's no reason to get worries about inflationary
pressures because they're very subdued." Unit wage cost rises
were better than expected, just one pct higher in the year to
April, and it was these costs rather than average earnings
which were potentially inflationary, he added.
    "I don't think these average earnings numbers are a major
problem," agreed Chase Manhattan's Marshall.
    But he said the gilts market was likely to remain worried
about the funding implications of recent intervention.
    He said the inflow of foreign money into sterling assets
earlier this year, attracted by growth prospects and hopes that
the ruling Conservatives would win last week's election, now
looks likely to prevent a base rate cut as the authorities try
to prevent these funds swelling the domestic money system.
    However, David Owen, U.K. Economist at Kleinwort Grieveson
Securities, said any fresh sterling strength would still
trigger a base rate cut and that today's figures did not signal
higher inflation this year.
    "Wage increases are being offset by productivity growth. As
long as that continues we're okay," he added.


.I 6426
.C
money-fx
.W
FED GOVERNOR SEGER SEES CURRENCY STABILITY.
    WASHINGTON, June 18 - Federal Reserve Board Governor Martha
Seger said there were signs of helpful stability in foreign
exchange markets in recent weeks.
    "I think we are beginning to see more calm in those markets,"
Seger told reporters after a speech to the U.S. League of
Savings Institutions.
    "I think it is very healthy when you can get into a period
of stability," she said.
    She said market forces have a major influence on exchange
rates and said she did not know the right value for the dollar
against the Yen or the Mark.
    Seger told the Savings and Loan executives that she was
concerned about financial markets' absorption with exchange
rate influences.
    "I am concerned that we have gotten so nervous," about
exchange rates, Seger said.
    She said the Fed takes into account additional factors in
determining monetary policy than the value of the dollar
against other currencies.
    On the economy, Seger called the latest figures in gross
national product a modest upward revision.


.I 6428
.C
livestock
.W
INDONESIA/TURKEY ELIGIBLE FOR CATTLE UNDER EEP.
    WASHINGTON, June 18 - U.S. exporters will be able to sell
8,000 head of dairy cattle to Indonesia and 5,000 head to
Turkey under the Export Enhancement Program, the U.S.
Agriculture Department said.
    The export sales will be subsidized with commodities from
the inventory of the Commodity Credit Corporation (CCC), the
department said.
    Indonesia and Turkey already have purchased 7,500 and 5,000
head of dairy cattle, respectively, under the program.
    Details of the program and an invitation for offers from
exporters will be issued in the near future, it said.


.I 6430
.C
crude
.W
******IMPERIAL OIL RAISES CRUDE OIL POSTINGS 32 CANADIAN.
CTS/BBL, LIGHT SWEET NOW 25.60


.I 6432
.C
crude
.W
******PHILLIPS RAISES CRUDE OIL POSTED PRICES 50 CTS/BBL.
EFFECTIVE YESTERDAY, WTI NOW 19 DLRS.

.I 6434
.C
acq
.W
USAIR <U> SAYS DOT PUBLIC COUNSEL BACKS MERGER.
    WASHINGTON, June 18 - USAir Group Inc said the U.S.
Department of Transportation's Office of Public Counsel has
urged that expedited non-hearing procedures be used in its
proposed acquisition of Piedmont Aviation Inc <PIE>.
    The company said that America West Airlines Inc <AWAL.O>
was the only party voicing opposition to the acquisition.  The
Department of Transportation had asked parties to submit
statements by June 17 either supporting or opposing the
acquisition.
    USAir said it and Piedmont again requested expedited
approval for the acquisition.
    The company said the Office of Public Counsel could find no
evidence that the acquisition would substantially lessen
competition in any market.


.I 6438
.C
acq
.W
FREEDOM FEDERAL <FRFE.O> SEEKS BUYER.
    OAK BROOK, ILL., June 18 - Freedom Federal Savings Bank
said it hired Salomon Brothers Inc to solicit offers for the
purchase of the bank as part of an ongoing review of methods to
enhance shareholder value.
    Freedom Federal operates 15 retail branch banks and had
1986 year end assets of about 733 mln dlrs.
    "There is no assurance the bank will receive acceptable
offers or be sold, but we feel this is a prudent step to take
at this time," the bank said.


.I 6440
.C
acq
.W
ARCO <ARC> SPIN-OFF SEEN AT 500 MLN DLRS.
    By Samuel Fromartz, Reuters
    NEW YORK, June 18 - Atlantic Richfield Co, considering a
spin-off of a 20 pct interest in its chemical operations, could
gain about 500 mln dlrs from the deal, industry analysts
estimated.
    Yesterday ARCO's stock jumped as much as five points on
rumors it was spinning off the chemical operations. Based on
about 183 mln outstanding shares, the market in its frenzy was
valuing the spin-off at about 900 mln dlrs, analysts said.
    Atlantic Richfield, aware of the rumors, issued a statement
around mid-day that it was considering a sale of only 20 pct of
the unit, leading investors to take profits.
    After the announcement, the company's stock retreated,
closing at 93-7/8, up 1-3/8. Today it was off 1/4.
    "It was a smaller deal than expected and somewhat
disappointing," said analyst George Baker at Smith Barney. He
said rumors of the spin-off had been around "for a couple of
days."
    Baker said the unit was very profitable but it wasn't
getting the type of exposure Atlantic Richfield sought, and its
value was not reflected in the company's stock price.
    Industry analyst Richard Pzena of Sanford C. Bernstein said
the unit had operating earnings of 132 mln dlrs last year and
he expected it to earn about 175 mln dlrs this year.
    Based on a multiple of 17 times earnings--which Pzena says
chemical companies now sell for--the entire unit is worth about
three billion dlrs, putting the 20 pct interest at around 500
to 600 mln dlrs.
    Pzena said he thought the company was selling the stake
because chemical margins had peaked, and he speculated the
company would use the proceeds to pay down debt.
    But he added the possibility remained the deal would fall
through. Yesterday, ARCO said the proposal had not yet been
presented to its board.
    The chemical unit last year had revenues of 1.9 billion
dlrs.
   


.I 6441
.C
crude
.W
SHELL CANADA <SHC> RAISES CRUDE 32 CTS CANADIAN.
    NEW YORK, June 18 - Shell Canada <SHC>, whose majority
interest is owned by the Royal Dutch/Shell Group of companies,
raised the postings of light sweet and sour crude oil from
Edmonton/Swann Hills 32 Canadian cts a barrel, effective today.
    The new price for light sweet crude oil is 25.60 Canadian
dlrs a barrel while the new price for light sweet sour crude is
24.08 Canadian dlrs a barrel.
    The Royal Dtuch/Shell Group owns 72 pct of Shell Canada and
public shareholders, primarily Canadian, own the remaining 28
pct of the company, a Shell Canada spokesman said.


.I 6444
.C
crude
.W
******UNION PACIFIC RAISES CRUDE OIL POSTINGS 50 CTS.
A BBL, EFFECTIVE YESTERDAY, WTI TO 19 DLRS.

.I 6450
.C
crude
.W
IMPERIAL OIL <IMO.A> RAISES CRUDE 32 CANADIAN CTS.
    NEW YORK, June 18 - Canadian Imperial Oil, 70 pct Exxon
owned, said it raised its posting for light sweet crude oil at
Edmonton by 32 canadian cts a barrel, effective today.
    The company said its new posting for light sweet crude oil
at Edmonton is 25.60 canadian dlrs a barrel.


.I 6451
.C
earn
.W
TULTEX CORP <TTX> 2ND QTR MAY 30 NET.
    MARTINSVILLE, Va., June 18 -
    Shr 17 cts vs 20 cts
    Net 3,121,000 vs 3,624,000
    Revs 60.2 mln vs 59.0 mln
    Avg shrs 18.3 mln vs 18.2 mln
    Six mths
    Shr 40 cts vs 48 cts
    Net 7,429,000 vs 8,743,000
    Revs 124.7 mln vs 126.1 mln
    Avg shrs 18.3 mln vs 18.1 mln


.I 6452
.C
veg-oil
.W
DUTCH CONSUMERS/INDUSTRY SEE VEG OILS TAX THREAT.
    THE HAGUE, June 18 - Dutch consumers and food processors
would be hit hard by the proposed EC tax on oils and fats, Dick
de Bruyn, chairman of the commodity board for margarine, fats
and oils, MVO, said at the annual meeting.
    The Dutch are the second largest consumers of margarine and
fourth largest consumers of vegetable oils in the EC.
    The fiercely contested tax would be a levy on consumers and
steeply increase the costs of industries such as potato
processing and cake and biscuit manufacturing, de Bruyn said.
    "A move by these industries to countries outside the EC
cannot be ruled out," he added.
    De Bruyn said the tax on vegetable and marine oils and fats
would be wide open to fraud, difficult to police, and hugely
expensive administratively.
    He also said the proposed tax contravened not only article
three of the General Agreement on Tariffs and Trade (GATT), the
Lome Convention, and the United Nations Food and Agriculture
Organization (FAO) guidelines, but also the EC's own Treaty.
    The proposed tax would not only be inflationary but also
have consequences for employment and investment, he added.


.I 6453
.C
crude
.W
******DIAMOND SHAMROCK RAISES CRUDE OIL POSTED PRICES 50 CTS.
A BBL, EFFECTIVE YESTERDAY, WTI TO 19 DLRS.

.I 6455
.C
earn
.W
POCO PETROLEUMS LTD <POC.TO> 2ND QTR NET.
    CALGARY, Alberta, June 18 - Period ended April 30
    Shr not given
    Net 2,600,000 vs 1,600,000
    Revs 18.1 mln vs 15.1 mln
    SIX MTHS
    Shr 21 cts vs 42 cts
    Net 3,800,000 vs 5,500,000
    Revs 32.9 mln vs 35.8 mln


.I 6456
.C
crude
.W
******COASTAL RAISES CRUDE OIL POSTINGS 50 CTS/BBL YESTERDAY,.
WTI TO 19 DLRS

.I 6457
.C
crude
.W
******SOUTHLAND CORP RAISED CRUDE OIL POSTINGS 50 CTS/BBL, WTI.
NOW 19 DLRS/BBL

.I 6458
.C
crude
.W
******MURPHY RAISES CRUDE OIL POSTINGS 50 CTS A BBL YESTERDAY,.
WTI TO 19 DLRS

.I 6459
.C
crude
.W
******PERMIAN RAISES CRUDE OIL POSTINGS 50 CTS.
 A BBL, WTI TO 19 DLRS

.I 6460
.C
earn
.W
ROBERT BRUCE INDUSTRIES <BRUCA.O> 1ST QTR LOSS.
    NEW YORK, June 18 -Qtr ends march 28
    Shr loss 1.46 dlrs vs loss 49 cts
    Net loss 2,919,000 dlrs vs loss 892,000 dlrs
    Revs 10.3 mln vs 11.5 mln
    Avg shrs 2,000,000 vs 1,836,000
    NOTE: full name of company is robert bruce industries Inc.


.I 6465
.C
earn
.W
EVERGOOD PRODUCTS CORP <EVGD.O> 1986 YEAR LOSS.
    HICKSVILLE, N.Y., June 18 -
    Oper shr loss 19 cts vs loss 38 cts
    Oper net loss 239,000 dlrs vs loss 476,000 dlrs
    Revs 16.0 mln vs 14.6 mln


.I 6470
.C
earn
.W
CALSTAR INC <CSAR.O> YEAR APRIL 30 NET.
    EDINA, Minn., June 18 -
    Shr primary 66 cts vs 1.17 dlrs
    Shr diluted 66 cts vs 81 cts
    Net 1,220,691 vs 1,302,999
    Revs 13.7 mln vs 13.1 mln
    Avg shrs primary 1,859,421 vs 1,112,400
    Avg shrs diluted 1,859,421 vs 1,826,303
    NOTE: Latest net includes tax credits of 565,000 dlrs vs
620,000 dlrs.


.I 6471
.C
earn
.W
MICRODYNE CORP <MCDY.O> 2ND QTR MAY THREE NET.
    OSCALA, Fla., June 18 -
    Oper shr nil vs profit one ct
    Oper net profit 14,000 vs profit 51,000
    Revs 5,547,000 vs 6,021,000
    Six mths
    Oper shr loss nine cts vs profit seven cts
    Oper net loss 383,000 vs profit 314,000 dlrs
    Revs 9,31,000 dlrs vs 12.5 mln
    NOTE: 1986 qtr and six mths excludes loss 171,000 dlrs and
358,000 dlrs, respectively, for loss from discontinued
operations.


.I 6473
.C
earn
.W
MAJOR VIDEO CORP <MAJV.O> YEAR APRIL 30 NET.
    LAS VEGAS, June 18 -
    Shr 23 cts vs 14 cts
    Net 611,000 vs 511,000
    Revs 10.1 mln vs 4,380,000
    NOTE: Latest year includes three cent per share loss from
discontinued operations while prev year includes seven cent per
share tax credit.


.I 6476
.C
money-fx;interest;
.W
FED EXPECTED TO ADD RESERVES.
    NEW YORK, June 18 - The Federal Reserve will enter the
government securities market to supply reserves via either a
large round of customer repurchase agreements or by overnight
or possibly four-day system repurchases, economists said.
    They said the Fed has a fairly large add need and is likely
to face the most reserve dislocations early in the new
statement period started today as corporate tax payments swell
Treasury balances at the Fed.
    Fed funds hovered at 6-3/4 pct after averaging 6.80 pct
yesterday.


.I 6480
.C
crude
.W
SOUTHLAND <SLC> UNIT RAISES CRUDE 50 CTS/BBL.
    NEW YORK, June 18 - Southland Corp's subsidiary Citgo
Petroleum said it raised its posted prices for crude oil across
the board by 50 cts a barrel, effective June 17.
    Citgo said its new posting for West Texas Intermediate and
West Texas Sour is 19 dlrs a barrel. Light Louisiana Sweet is
now posted at 19.35, the company said.


.I 6482
.C
acq
.W
HOLLINGER <HLG.TO> COMPLETES UNIMEDIA TAKEOVER.
    TORONTO, June 18 - Hollinger Inc said it completed the
previously reported acquisition of privately held Unimedia Inc,
the owner of three French language daily newspapers and four
printing plants in Ontario and Quebec.
    The company, which owns 58 pct of (Daily Telegraph Plc)
said it named former Carling O'Keefe Ltd chief executive Pierre
Des Marais as chief executive of La Societe Media Quebec, the
unit acquiring Unimedia.
    It said his appointment is effective July 2.


.I 6484
.C
earn
.W
A.G. EDWARDS INC <AGE> 1ST QTR MAY 31 NET.
    ST. LOUIS, June 18 -
    Shr 52 cts vs 62 cts
    Net 10,884,000 vs 12,891,000
    Revs 133.3 mln vs 128.8 mln
    Avg shrs 21,017,000 vs 20,845,000


.I 6488
.C
crude
.W
MURPHY OIL <MUR> RAISES CRUDE POSTINGS.
    NEW YORK, June 18 - Murphy Oil said it increased its crude
oil posted prices by 50 cts a barrel, effective June 17.
The company said its new posting for West Texas Intermediate
and West Texas Sour is 19 dlrs a barrel.
    Light Louisiana Sweet crude is now 19.35 dollars a barrel,
the company said. Increases follow a general trend in the
industry started yesterday by Sun Co.


.I 6490
.C
crude
.W
PHILLIPS PETROLEUM <P> RAISES CRUDE POSTINGS.
    NEW YORK, June 18 - Phillips Petroleum Co said it raised
its crude oil posted prices for West Texas Intermediate and
West Texas Sour by 50 cts a barrel, effective June 17.
    The company said the new posted price for WTI and WTS is 19
dlrs a barrel. The increase is in reaction to Sun Co raising
postings similarly yesterday.


.I 6495
.C
crude
.W
******PETRO-CANADA RAISES CRUDE POSTINGS 32 CTS CANADIAN/BBL.
SWEET CRUDE AT 25.60 DLRS CANADIAN/BBL.

.I 6496
.C
veg-oil
.W
EC COMMISSION DEFENDS OILS AND FATS TAX.
    ****ANTWERP, June 18 - A spokesman for the European
Community Commission defended the controversial plan for a levy
on oils and fats, saying that consumers would have to help
alleviate the surplus problem by paying the proposed tax.
    Norbert Tanghe, head of division of the Commission's
Directorate General for Agriculture, told the 8th Antwerp Oils
and Fats Contact Days "the Commission firmly believes that the
sacrifices which would be undergone by Community producers in
the oils and fats sector ... Would justify asking consumers to
make an appropriate contribution to solving the serious problem
within that sector by paying a levy."
    The proposed tax is necessary because the level of
budgetary costs resulting from olive oil and oilseeds
production has become unacceptable, Tanghe said.
    Recent estimates put these costs at 4.0 billion European
Currency Units and by 1990 they would rise by another 2.0
billion Ecus, he said. In 1990 the Community's "standstill"
agreements with Spain and Portugal end and the EC would then
feel the full impact of its enlargement.
    The Commission has proposed several cost and production
cutting measures which include the introduction of a maximum
guaranteed quantity system, he added.
    Under the Commission's system for stabilising consumer
prices in the oils and fats sector, a reference price of 700
Ecus per tonne for refined soy oil would be introduced, Tanghe
said.
    Consumer prices could be raised or lowered by a regulatory
amount when market prices are below or above this level.
    He said the revenue generated by charging a regulatory
amount would be used to finance the Common Agricultural
Policy's oils and fats regime.
    "The Commission believes that hostile reactions (to the
proposed tax) have for the most part been based on incomplete
or an insufficiently thorough analysis of the proposal," he said.
    Tanghe said the proposed system conforms with General
Agreement on Tariffs and Trade, GATT, rules.
    It would not be discriminatory because it would be applied
to domestic and imported products, and past experience showed
it would not cause any decline in consumption of oils and fats.
    EC-produced oilseeds would not benefit more than they do
under present aid arrangements, he said.
    The competitiveness between different oils, whether EC
produced or imported, would remain unchanged and quantities
imported from third countries would not be affected by the tax,
Tanghe said.
    The proposed system would not alter the EC nations'
requirements as far as imports are concerned since the overall
effect would stabilise Community production levels without
affecting demand, he said.
    It is one of the proposal's objectives to maintain current
import levels, he said.
    Imports of soybeans would be unaffected because they are
imported primarily to satisfy the EC's cakes and meals
requirements, which are not covered by the stabilising system.
Furthermore, more than half the oil produced from imported
beans is re-exported to third countries, Tanghe added.


.I 6498
.C
crude
.W
UNION PACIFIC <UNP> RAISES CRUDE OIL PRICES.
    NEW YORK, June 18 - Union Pacific Resources, formerly
Champlin Petroleum, said it raised posted prices for crude oil
by 50 cts a barrel, effective yesterday.
    The price increase brings West Texas Intermediate, the U.S.
benchmark grade, to 19.00 dlrs a barrel.
    The posted price increase follows a similar move by several
other oil companies.
    Sun Co was the first to raise crude oil postings yesterday
afternoon and today many other companies are following.
    The last price increase made by oil companies was around
May 22.
   


.I 6499
.C
crude
.W
******MARATHON RAISES CRUDE OIL POSTINGS 50 CTS/BBL, WTI NOW.
19.00 DLRS.

.I 6500
.C
bop;trade;
.W
VaALIAN BALANCE OF PAYMENTS IN DEFICIT IN MAY.
    ROME, June 18 - Italy's overall balance of payments showed
a deficit of 3,211 billion lire in May compared with a surplus
of 2,040 billion in April, provisional Bank of Italy figures
show.
    The May deficit compares with a surplus of 1,555 billion
lire in the corresponding month of 1986.
    For the first five months of 1987, the overall balance of
payments showed a surplus of 299 billion lire against a deficit
of 2,854 billion in the corresponding 1986 period.


.I 6501
.C
reserves
.W
ITALIAN NET OFFICIAL RESERVES FALL IN MAY.
    ROME, June 18 - Italy's net official reserves fell to
67,110 billion lire in May from a previously reported 68,455
billion in April, the Bank of Italy said.
    Gold holdings totalled 35,243 billion lire at end May,
unchanged from end April.
    Convertible currencies totalled 18,277 billion lire in May,
down from 20,028 billion in April, while European Currency Unit
holdings were 10,610 billion against 10,528 billion.


.I 6502
.C
money-fx;interest;
.W
******FED SAYS IT SETS TWO BILLION DLRS OF CUSTOMER REPURCHASE.
AGREEMENTS

.I 6503
.C
acq
.W
BECOR WESTERN <BCW>AGAIN ADJOURNS HOLDER MEETING.
    SOUTH MILWAUKEE, Wis., June 18 - Becor Western Inc said its
reconvened shareholders meeting has been adjourned to 1000 CDT
June 30.
    The company had previously announced plans to again adjourn
the meeting following receipt of a renewed offer from Lynch
Corp <LGL> yesterday.
    The meeting was originally convened on June four when
shareholders approved the sale of Becor's Western Gear Corp
subsidiary before adjourning. The remaining matter to be
presented is the proposed acquisition of Becor by BCW
Acquisition Inc, now one of four offers for the company./


.I 6504
.C
iron-steel
.W
STEEL FIRMS STUDY USX <X> UNIT PRICE HIKE.
    NEW YORK, June 18 - Two major steel companies said they
were studying a price increase announced yesterday by USX
Corp's USS steelmaking division.
    Spokesman for Armco Inc <AS> and Bethlehem Steel Corp <BS>
said the proposed price hike was under study.
    Yesterday, USS said it plans to raise base prices on plate
products by 20 dlrs a ton, or about five pct, effective with
shipments October 4.
    A spokesman for LTV Steel Co, a unit of LTV Corp <QLTV>,
declined comment, adding that the company does not make heavy
plate and makes few other plate products.
    A spokesman for <National Steel Corp>, a joint venture of
National Intergroup Inc <NII> and Nippon Kokan K.K., said the
company is not in the product lines affected.
    Reached later, an Inland Steel Industries Inc <IAD>
spokesman said the company was studying the pricing move.
    USX said the increase will be on all plate products,
including carbon, high-strength low-alloy, strip mill and alloy
plates. It also said it planned 20-dlr-a-ton increases on some
special plate widths and thicknesses.
    Analysts have said firm prices for steel should contribute
to better results at the nation's major steelmakers.


.I 6505
.C
bop;trade;
.W
ITALIAN BALANCE OF PAYMENTS IN DEFICIT IN MAY.
    ROME, June 18 - Italy's overall balance of payments showed
a deficit of 3,211 billion lire in May compared with a surplus
of 2,040 billion in April, provisional Bank of Italy figures
show.
    The May deficit compares with a surplus of 1,555 billion
lire in the corresponding month of 1986.
    For the first five months of 1987, the overall balance of
payments showed a surplus of 299 billion lire against a deficit
of 2,854 billion in the corresponding 1986 period.


.I 6506
.C
crude
.W
COASTAL <CGP> CRUDE POSTING UP 50 CTS/BBL.
    NEW YORK, June 18 - Coastal Corp <CGP> said it raised the
postings of crude oil 50 cts a barrel across the board,
effective yesterday, June 17.
    The new price for West Texas Intermediate is 19.00 dlrs a
barrel. For West Texas Sour the new price is 18.10 dlrs a
barrel.


.I 6515
.C
money-fx;interest;
.W
FED ADDS RESERVES VIA CUSTOMER REPURCHASES.
    NEW YORK, June 18 - The Federal Reserve entered the
government securities market to supply temporary reserves
indirectly via two billion dlrs of customer repurchase
agreements, a spokesman for the New York Fed said.
    Fed funds were trading at 6-3/4 pct when the Fed began
its action.


.I 6517
.C
crude
.W
NATIONAL INTERGROUP <NII> UNIT RAISES CRUDE PRICES.
    NEW YORK, June 18 - Permian Corp, a subsidiary of National
Intergroup, said it raised its crude oil postings by 50 cts a
barrel, effective June 17.
    the company said its new posted price for West Texas
Intermediate and West Texas Sour is 19 dlrs a barrel, while
Light Louisiana Sweet is now 19.35. The price hike follows
other increases industrywide.


.I 6520
.C
iron-steel
.W
U.S. STEEL FIRMS STUDY USX UNIT PRICE HIKE.
    NEW YORK, June 18 - Two major steel companies said they
were studying a price increase announced yesterday by USX
Corp's USS steelmaking division.
    Spokesman for Armco Inc and Bethlehem Steel Corp said the
proposed price hike was under study.
    Yesterday, USS said it plans to raise base prices on plate
products by 20 dlrs a short ton, or about five pct, effective
with shipments October 4.
    A spokesman for LTV Steel Co, a unit of LTV Corp, declined
comment, adding that the company does not make heavy plate and
makes few other plate products.


.I 6521
.C
earn
.W
STANDARD COMMERCIAL <STOB.O> 4TH QTR NET.
    WILSON, N.C., June 18 - qtr ended March 31
    Shr 74 cts vs 79 cts
    Net 4,069,000 vs 3,458,000
    Revs 173.2 mln vs 120.8 mln
    Year
    Shr 2.65 dlrs vs 2.73 dlrs
    Net 13.3 mln vs 11.9 mln
    Revs 618.4 mln vs 520.7 mln
    NOTE: Full name is Standard Commercial Tobacco Co.
   
    Latest qtr and year includes tax loss carryforwards of
771,000 dlrs and 1,042,000 dlrs, respectively, and a loss of
613,000 dlrs for discontinued operation. Prev qtr and year
includes tax loss carryforwards of 469,000 dlrs and 1,902,000
dlrs, respectively.


.I 6525
.C
crude
.W
PETRO-CANADA CRUDE UP 32 CTS CANADIAN/BBL.
    NEW YORK, June 18 - Petro-Canada, a state-owned oil
company, raised the posting prices of sweet and sour crude oils
32 cts Canadian per barrel, effective today, the company said.
    The change brings the price of light sweet crude to 26.50
dlrs Canadian per barrel and the price of light sour crude to
23.77 dlrs Canadian a barrel. The crude oils are from
Edmonton/Swann Hills.


.I 6526
.C
crude
.W
U.K. COURT RULES AGAINST RTZ ON OIL FIELD COSTS.
    LONDON, June 18 - The U.K. High Court dismissed an appeal
by Rio Tinto-Zinc Corp Plc's <RTZL.L> RTZ Oil and Gas Ltd unit
and ruled that the financial provisions a company makes for the
future cost of abandoning an oil field are not tax deductible,
the Press Association reported.
    The company was appealing against a decision of the Tax
Commissioners that any such provision was a capital
expenditure, not a revenue expenditure, and was not deductible.
The court was told that since 1976 the company had made an
annual provision of around 750,000 stg for the eventual cost of
abandoning a rig.
    An RTZ spokesman said the ruling was not worrying as the
subsidiary had assumed that the provisions were not deductible
from corporation tax payable.
    It would have been a bonus if the company had won but all
budgeting had been on the assumption that it would not, he
said.
    Oil analysts said that RTZ's assumption of liability was
shared by the industry as a whole.
    The ruling appeared to mean that tax relief on the
expensive process of abandoning rigs would apply when the
expense occurred, not when provisions for future expenses were
built into the accounts, one analyst added.


.I 6530
.C
acq
.W
SOUTHMARK <SM> ACQUIRES BERG VENTURES.
    DALLAS, June 18 - Southmark Corp said it acquired Berg
Ventures Inc, which manages 84 apartment complexes with over
18,000 units and 12 shopping centers stretching from New Jersey
to Florida that are controlled or affiliated with Berg Harmon
Associates. Terms were not disclosed.
    Southmark said the acquisition makes it the nation's
largest apartment management firm with over 100,000 units under
its wing. Southmark also said it has become the managing
partner of Berg Harmon Associates. Over 3,000 Berg Harmon
Limited partners have made capital investments of over 300 mln
dlrs in the properties now managed by Southmark.
    


.I 6531
.C
earn
.W
KLM NET PROFIT DECLINES IN 1986/87 YEAR.
    AMSTERDAM, June 18
    Year ended March 31
    Net profit 301 mln guilders vs 312 mln
    Profit per 20 guilder nominal ordinary share 5.93 guilders
vs 6.14 on unchanged 50.85 mln shares.
    Operating revenues 5.38 billion guilders vs 5.85 billion.
    Profit on sale of fixed assets 23 mln guilders vs 62 mln.
    Dividend eight pct or 1.60 guilders per ordinary share vs
same, and five pct vs same for priority and preferential
shares.
    Costs including depreciation 5.08 billion guilders vs 5.59
billion.
    Financial charges 34 mln vs 33 mln.
    Profit from participations 11 mln vs 15 mln.
    Extraordinary gain one mln vs nil.
    Note: The company was not required to pay corporation tax
in the 1986/87 book year thanks to fiscal compensation
possibilities. The full company name is Koninklijke Luctvaart
Maatschappij NV <KLM.AS>.
    KLM released provisional figures on May 26.
    These were -
    Net profit 301 mln guilders vs 312 mln.
    Operating revenues 5.4 billion guilders vs 5.9 billion.


.I 6533
.C
palm-oil;veg-oil;soy-oil;coconut-oil;rape-oil;sun-oil;
.W
GROWTH OF PALM OIL USE SET TO SLOW, OUTPUT TO RISE.
    ANTWERP, June 18 - The rate of increase in world palm oil
use is likely to slow next season despite an expected 800,000
tonne production rise to 8.13 mln tonnes, Siegfried Mielke,
editor of the Hamburg-based newsletter Oil World said.
    He told the 8th Antwerp Oils and Fats Contact Days that in
the next Oct/Sept 1987/88 season, palm oil use will rise to
8.25 mln tonnes from 7.71 mln, below the five-year average
increase of 550,000 tonnes.
     Opening stocks at the start of next October are expected
to be about 1.4 mln tonnes, 300,000 tonnes below year-earlier
levels, bringing total supplies to 9.5 mln tonnes, he said.
    The anticipated total supplies will be about 500,000 tonnes
above this season's available amount, Mielke said.
    The increase in mature palm tree areas in Malaysia will
slow down from this year on, but that will be offset by area
expansion in Indonesia, he said.
    He estimated the combined rise in Malaysian and Indonesian
mature area at 8.7 pct next year, after 9.5 pct this year, and
at 6.7 pct in 1989 and 5.0 pct in 1990.
    Malaysia also is shifting plantings to Sabah and Sarawak,
where the rate of expansion is higher than in the Peninsula,
but where yields are lower, he said.
     The stocks/usage ratio of seven major oils is also
expected to decline, Mielke said. The oils are soybean,
cottonseed, sunflowerseed, coconut, rapeseed, palmkernel and
palm.
    At the start of October 1986 stocks of these oils were
unusually high and represented 6.8 weeks of the current
season's prospective demand, compared with six weeks a year ago
and with 5.4 weeks in 1984, he said.
    Mielke expects the ratio to fall to 5.9 weeks by the start
of next October and to the unusually low level of 5.4 weeks by
the end of next season.
    The stocks/usage ratio for palm oil was 11.4 weeks last
October and is likely to be 8.7 weeks next October and 7.7 at
the end of next season, Mielke said.
    World oilseed stocks also are expected to fall in the
course of the next season, with the biggest reduction seen in
soybean stocks, which Mielke expects to decline by 5.0 mln
tonnes or by one fifth.
    Almost all of the decline is expected to occur in the U.S.,
for which he estimated ending stocks next season at 10.7 mln
tonnes, or 393 mln bushels, against anticipated ending stocks
of 15 mln tonnes, or 551 mln bushels, at the end of this
season.


.I 6534
.C
nat-gas
.W
PAN-ALBERTA/UNITED GAS SETTLEMENT APPROVED.
    CALGARY, Alberta, June 18 - Pan-Alberta Gas Ltd said its
1986 proposed settlement with United Gas Pipe Line Co, of
Houston, received unconditional approval by the U.S. Federal
Energy Regulator Commission.
    Pan-Alberta said the approved deal authorized terms of a
two-year interim contract amendment, cash payments and
transportation credits for Pan-Alberta's customers, minimum
yearly natural gas takes by United and a two-year commodity
price. United will pay Pan-Alberta producers about 50 mln dlrs
over the interim period and take at least an average 40 mln
cubic feet a day of gas, Pan-Alberta said.


.I 6535
.C
acq
.W
MAY <MA> WON'T BUY ALLIED'S DEY BROTHERS STORES.
    ST. LOUIS, June 18 - May Department Stores Co said it
terminated an agreement with Allied Stores Corp to buy from
Allied the four Dey Brothers Stores in Syracuse, N.Y.
    May and Allied said conditions necessary for the closing
were not met.
    May had planned to make the acquisition an expansion of its
Sibley's Department Store Co, which operates in Syracuse,
Rochester and Buffalo, N.Y.


.I 6541
.C
crude
.W
******UNOCAL RAISED CRUDE OIL POSTINGS 50 CTS/BBL, WTI NOW 19.
DLRS/BBL

.I 6547
.C
crude
.W
UNOCAL <UCL> RAISED CRUDE OIL POSTINGS BY 50 CTS/BBL.
    NEW YORK, June 18 - Unocal said it raised its postings for
crude oil by 50 cts a barrel, effective June 17. The company
said it is now posting West Texas Intermediate and West Texas
Sour at 19 dlrs a barrel.
    Unocal said its new Light Louisiana Sweet posted price is
19.35 dlrs a barrel. the price move follows a wave of increases
initiated by Sun Co yesterday.


.I 6550
.C
trade;reserves;
.W
ECUADOR HAS TRADE SURPLUS IN FIRST FOUR MONTHS.
    QUITO, June 18 - Ecuador posted a trade surplus of 10.6 mln
dlrs in the first four months of 1987 compared with a surplus
of 271.7 mln in the same period in 1986, the central bank of
Ecuador said in its latest monthly report.
    Ecuador suspended sales of crude oil, its principal export
product, in March after an earthquake destroyed part of its
oil-producing infrastructure.
    Exports in the first four months of 1987 were around 639
mln dlrs and imports 628.3 mln, compared with 771 mln and 500
mln respectively in the same period last year.
    Exports of crude and products in the first four months were
around 256.1 mln dlrs, compared with 403.3 mln in the same
period in 1986. The central bank said that between January and
May Ecuador sold 16.1 mln barrels of crude and 2.3 mln barrels
of products, compared with 32 mln and 2.7 mln respectively in
the same period last year.
    Ecuador's international reserves at the end of May were
around 120.9 mln dlrs, compared with 118.6 mln at the end of
April and 141.3 mln at the end of May 1986, the central bank
said. gold reserves were 165.7 mln dlrs at the end of May
compared with 124.3 mln at the end of April.


.I 6559
.C
pet-chem
.W
REICHHOLD <RCI> RAISES WAFERBOARD RESIN PRICES.
    MISSISSAUGA, Ont., June 18 - Reichhold Chemicals Inc said
its Reichhold Ltd subsidiary has raised prices seven U.S. cent
per pound on powdered phenolic waferboard resins, effective
July 1, due to sharp increases in the cost of phenol.


.I 6562
.C
crude
.W
DIAMOND SHAMROCK <DRM> RAISES CRUDE POSTINGS.
    NEW YORK, June 18 - Diamond Shamrock R and M said it raised
its crude oil contract prices by 50 cts a barrel, effective
June 17.
    The company said its new posting for West Texas
Intermediate crude is 19 dlrs a barrel. The price increase
follows similar moves by several other companies.


.I 6563
.C
acq
.W
XEROX <XRX> AFFILIATE TO SELL S.AFRICAN UNIT.
    NEW YORK, June 18 - Xerox Corp's affiliate Rank Xerox Ltd
said it signed a definitive agreement to sell its Rank Xerox
South Africa Pty Ltd affiliate to Altron Group <ALRN.O>, for
undisclosed terms.
    Xerox said the preliminary agreement to sell the affiliate
to Fintech, an Altron unit, had been reached in March. Xerox
said completion of the sale awaits approval of Fintech
shareholders and a review by the Johannesburg Stock Exchange.
     Rank Xerox South Africa was founded in 1964 as a wholly
owned unit of Rank Xerox, the Xerox affiliate that manufactures
and markets Xerox products in the Eastern Hemisphere.
    Rank Xerox said that of the 800-man workforce of Rank Xerox
South Africa, 40 pct are black, colored or Asian. The company
will become a wholly owned unit of Altron.
    


.I 6568
.C
earn
.W
MONOLITHIC MEMORIES INC <MMIC.O> 3RD QTR NET.
    SANTA CLARA, Calif., June 18 - Qtr ended June 7
    Shr six cts vs 17 cts
    Net 1,332,000 vs 3,658,000
    Sales 58.3 mln vs 51.6 mln
    Nine mths
    Shr 40 cts vs 25 cts
    net 8,875,000 vs 5,034,000
    Sales 158.4 mln vs 133.6 mln


.I 6576
.C
crude
.W
******DUPONT UNIT RAISES CRUDE OIL POSTINGS 50 CTS/BBL,.
EFFECTIVE YESTERDAY

.I 6580
.C
earn
.W
APPLIED SOLAR ENERGY CORP <SOLR.O> 2ND QTR NET.
    CITY OF INDUSTRY, Calif., June 18 - Qtr ended May 2
    Oper shr profit three cts vs loss five cts
    Oper net profit 115,000 dlrs vs loss 152,000
    Revs 7,652,000 vs 4,279,000
    Six mths
    Oper shr profit ten cts vs loss 34 cts
    Oper net profit 342,000 vs loss 1,149,000
    Revs 14.0 mln vs 7,398,000
    Note: oper data does not include extraordinary gain of
28,000 dlrs, or one ct per shr, in 2nd qtr 1987 or or 118,000
dlrs, or four cts per shr, in six mths.
   


.I 6582
.C
earn
.W
CONVERGENT SOLUTIONS INC <CSOL.O> 2ND QTR NET.
    NEW YORK, June 18 - March 31 end
    Shr profit 14 cts vs loss two cts
    Net profit 345,544 vs loss 48,097
    Sales 1,032,224 vs 514,656
    Avg shrs 2,420,925 vs 2,289,925
    1st half
    Shr profit 21 cts vs profit nil
    Net profit 496,714 vs profit 5,602
    Sales 1,649,860 vs 1,099,379
    Avg shrs 2,407,334 vs 2,222,591
    NOTE: Prior half net includes 1,849 dlr tax credit.


.I 6584
.C
earn
.W
<BARRICINI FOODS INC> 1ST QTR LOSS.
    OYSTER BAY, N.Y., June 18 -
    Shr loss three cts vs loss three cts
    Net loss 78,456 vs loss 95,812
    Sales 513,607 vs 283,043
    Avg shrs 3,106,000 vs 2,933,333


.I 6587
.C
trade
.W
EUROPEAN COMMUNITY CRITICISES U.S TRADE MEASURES.
    GENEVA, June 18 - The European Community (EC) accused the
United States of violating a political commitment to free trade
through practices including a tax on imported gasoline and a
customs user fee.
    EC ambassador Tran Van-Thinh made the formal charge to the
surveillance body of the General Agreement on Tariffs and Trade
(GATT), GATT spokesman David Woods told reporters.
    Woods also said the EC was joined by the United States in
criticising Brazil for extending its list of products for which
import licenses have been temporarily suspended, so as to
improve its balance of payments.
    The United States charged Japan with violating GATT rules
by restricting imports of agricultural products through an
import licensing system. The United States asked for
consultations with Tokyo on the issue.
    Tran charged that the trade measures contravened a
political commitment to halt and reverse trade barriers,
pledged by ministers in Punta del Este last September.
    When ministers established the four year Uruguay round to
negotiate freer trade in 13 areas, they set up the GATT
surveillance body to monitor this commitment, known in GATT
jargon as "standstill and rollback."
    Tran criticised Washington for the "superfund" tax on oil
imports, a customs user fee, and the removal of a special
machine tool (known as category FSC34) from its government
procurement list for reasons of national security.
    Warren Lavorel, a U.S. Trade official, defended the
policies, saying they did not violate GATT trade rules.
    The surveillance body will send a record of today's talks
to the Trade Negotiating Committee, which oversees the round,
to decide any further action on the charges.
    The oil tax and customs user fee have already been the
subject of formal GATT dispute panels set up outside the
Uruguay Round to rule on the legality of the practices.
    The ruling GATT Council yesterday adopted a dispute panel's
report and ruled that the U.S. Superfund tax on oil imports
breached trade rules. It called on Washington to modify its
legislation.
    Mexico and Canada, along with the European Community,
brought the dispute to the GATT last year.


.I 6592
.C
crude
.W
DUPONT UNIT RAISES CRUDE OIL POSTINGS.
    NEW YORK, June 18 - Conoco Inc, a subsidiary of duPont
deNemours <DD>, said it raised the contract price it will pay
for all grades of crude oil 50 cts a barrel, effective
yesterday.
    The increase brings Conoco's posted price for West Texas
Intermediate to 19.00 dlrs a barrel. The West Texas Sour grade,
at 34 API, now stands at 18.10 dlrs a barrel. Light Louisiana
was also raised 50 cts to 19.35 dlrs barrel.
    Conoco last changed its crude postings on May 21.


.I 6594
.C
acq
.W
ALLEGHENY INTERNATIONAL <AG> SELLS THREE UNITS.
    PITTSBURGH, June 18 - Allegheny International Inc said it
has sold its Chemetron Railway Products Inc, True Temper
Railway Appliances Inc and Allegheny Axle Co units to
newly-formed Chemetron Railway Products Inc for undisclosed
terms.
    It said the new company was formed by senior management of
the three railway product units and Kleinwort Benson Group of
London.


.I 6601
.C
copper
.W
ZAMBIAN COPPER INDUSTRY HOPES FOR STEADY OUTPUT.
    By Buchizya Mseteka, Reuters
    LUSAKA, June 18 - Zambia's copper mining industry is hoping
to achieve and maintain production at over 500,000 tonnes a
year in the next few years despite low world prices,
deteriorating ores and shortages of mine inputs, industry
officials said.
    But Zambia's decision to abandon last May 1 a tough
International Monetary Fund (IMF) economic recovery program has
introduced an element of uncertainty into plans to restructure
the ailing industry and boost profitability, they said.
    Copper production by the government-controlled Zambia
Consolidated Copper Mines (ZCCM) for the 1987 financial year
ended March 31 improved slightly to about 471,000 tonnes from a
record 1986 low of 463,354 tonnes.
    "We are convinced that by the end of the 1988 financial
year, copper production could well be over 500,000 tonnes due
to greater availability of spares and equipment," a ZCCM
official said.
    ZCCM officials said the production of cobalt, another
strategic income earner, will also be tailored to meet demand.
    Finished production in 1986 was 4,565 tonnes, 911 tonnes
higher than the previous year and the best production achieved
to date.
    Protracted low world metal prices have badly hit the copper
industry in Zambia, the world's fifth biggest producer. Mining
is monopolised by ZCCM and accounts for about 90 pct of the
country's foreign exchange earnings.
    Production has also been seriously affected in recent years
by equipment breakdowns, deteriorating ore and shortages of
spare parts, fuel and lubricants. The 463,354 tonnes output
last year compared with a peak 1975 output of 700,000 tonnes.
    A five-year production and investment plan launched in 1984
by ZCCM is being funded by the European Community, the African
Development Bank and the World Bank.
    The plan foresees the shutdown of some seven mining and
metallurgical units on the grounds they are unprofitable.
    ZCCM, the second largest employer after the government, has
said it intends to lay off 20,000 of its 60,000 workforce as
part of the plan.
    More than 250 mln dlrs have so far been channelled into the
industry in a bid to improve efficiency and profitability under
the five-year restructuring plan.
    Company officials said although reserves were being
depleted, Zambia could continue to produce copper beyond the
end of the century, though at lower levels of production.
    Industry sources said ZCCM's projected pre-tax profit for
the financial year ended March 31 would be around 500 mln
kwacha. But with the current mineral export tax level being
levied, a net loss is likely to be registered.
    ZCCM recorded a net loss of 718 mln kwacha in 1986 compared
with a net profit of 19 mln kwacha the year before.
    Under the foreign exchange auction system introduced in
1985, ZCCM's profits from its foreign exchange earnings rose as
the value of the kwacha fell to 21 to the dollar from just over
two to the dollar.
    But on May 1, President Kenneth Kaunda abolished the
auctioning system, inspired by the International Monetary Fund,
and announced Zambia would pursue a go-it-alone economic
strategy based on national resources.
    ZCCM officials are still cautious over what effects the
break with the IMF will have on the industry's plans.
    "We are still consulting to see how the new measures will
affect us but it is too early to say just how we shall fare
under the new situation," Peter Hansen, director of operations
and third in the ZCCM hierarchy, told Reuters.
    Some analysts believe the new officially-fixed exchange
rate of eight kwacha to the dollar will hit ZCCM's export
profits.
    "Most specialists I have talked to tell me the break-even
point for ZCCM is a rate of 10 kwacha per dollar," Frederick
Chiluba, leader of the Zambian Congress of Trade Unions said.
    High production costs continue to bedevil the Zambian
industry.
    Zambia mines copper at a relatively expensive rate of 69
cents per pound, compared with 55 cents in the United States
and under 40 cents in Chile.
    The industry also faces transport problems due to Zambia
being landlocked. The government confirmed this year it had
stopped sBending copper south through South Africa.
    Over 80 pct of shipments, some 35,000 tonnes a month, are
sent by rail to the Tanzanian port of Dar-es-Salaam, while
5,000 tonnes go via Zimbabwe to the Mozambique port of Beira.
Transport has often been hit by shortages of wagons, spares and
fuel.


.I 6603
.C
ship
.W
RIO DE JANEIRO DOCKERS STRIKE OVER WAGES.
    RIO DE JANEIRO, JUNE 18 - Rio de Janeiro's 3,500
dockworkers went on strike for an indefinite period today to
demand wage increases, a spokesman for the dockers said.
    The Rio dockers did not get support from their colleagues
in Santos, Brazil's main port, but the spokesman said they
would not return to work unless their demands were met.
    Earlier this week, some 65,000 dockworkers cancelled a
scheduled national strike to pressure port officials to give
them a wage increase and other benefits.
    A Rio port spokesman said the halt would cause daily losses
of about 100,000 U.S. dlrs.


.I 6604
.C
pet-chem
.W
FLUOR <FLR> WINS GENERAL ELECTRIC <GE> CONTRACT.
    IRVINE, Calif., June 18 - Fluor Corp said it won a contract
with General Electric to design, construct and deliver modules
for a methyl chloride process addition.
    The value of the contract was not disclosed.
    Fluor said its Applied Engineering Co unit will construct
28 modular sections and deliver them to GE's Waterford, N.Y.
Silicone Products division plant.
    Methyl chloride is an integral part of silicone production.


.I 6608
.C
acq
.W
******GENCORP SAID AGREEMENT TO SELL RKO PICTURES TERMINATED.

.I 6609
.C
acq;crude;nat-gas;
.W
KELLEY OIL <KLY> BUYING OIL PROPERTIES.
    HOUSTON, June 18 - Kelley Oil and Gas Partners Ltd said it
has agreed to purchase all of CF Industries Inc's oil and
natural gas properties for about 5,500,000 dlrs, effective July
1.
    It said the Louisiana properties had proven reserves at
year-end of 11 billion cubic feet of natural gas and 85,000
barrels of oil, condensate and natural gas liquids.
    Kelley said it currently owns working interests in some of
the properties.


.I 6610
.C
fuel
.W
TANZANIA RAISES FUEL PRICES,TAXES IN 1987/8 BUDGET.
    DAR ES SALAAM, June 18 - The Tanzanian government, in its
second annual budget since embarking on an economic recovery
program inspired by the International Monetary Fund, announced
increases in fuel prices and sales tax and higher levies on
government services.
    Finance Minister Cleopa Msuya said the government expected
to spend 77.33 billion shillings in the financial year 1987/8,
39 pct more than this year's estimate. Revenue would provide
48.84 billion shillings, leaving a deficit of 28.49 billion to
be financed through domestic and foreign loans.
    This year's budget initially projected a deficit of only
3.35 billion shillings but in mid-year the government had to
impose new taxes to keep the deficit roughly on target. No
figure for the final deficit was avaialble.
    The budget gave civil servants a 20 pct pay rise with
effect from July 1, to compensate for inflation of more than 30
pct.
    Msuya said regular petrol would go up 52 pct, with similar
increases in the cost of premium and kerosene. Diesel would
rise by 75 pct.
    The higher levies affect official transactions such as road
tolls, vehicle transfers and various licence fees, he added.


.I 6611
.C
acq
.W
LEASEWAY TRANSPORTATION <LTC>COMPLETES UNIT SALE.
    CLEVELAND, June 18 - Leaseway Transportation Corp said it
has completed the previously-announced sale of its Leaseway of
Puerto Rico Inc subsidiary to Caguas Central Federal Savings
Bank for undisclosed terms.
    The company said the sale satisfied a condition for its
proposed acquisition by an investor group led by Citicorp <CCI>.


.I 6612
.C
coffee
.W
IBC DETAILS PLANS TO PAY CREDITORS.
    RIO DE JANEIRO, June 18 - The Brazilian Coffee Institute,
IBC, gave details of its plans to pay the 18 companies that
bought 630,000 bags of robusta coffee in the London market on
its behalf last September.
    An IBC spokesman told Reuters that a 15 mln dlr loan from
the Banco do Brasil would be used to pay five mln dlrs a month
in June, July and August to creditors.
    He said an auction of coffee would raise additional money
and added that a Reuter report on June 16 gave the wrong
impression that the auction was necessary to raise part of the
15 mln dlrs. No date has yet been set for the auction.


.I 6613
.C
acq
.W
MAGELLAN SETS MERGER WITH BALZAC INVESTMENTS.
    DALLAS, June 18 - <Magellan Corp> said its shareholders
approved the merger of Magellan with <Balzec Investments Inc>,
 a privately held company based in Dallas.
    Magellan, a company without operations that was formed to
acquire an operating entity, said it plans to engage in the
development and marketing of a battery charger product owned by
Balzac.
    Magellan did not disclose the terms of the agreement.
    Following the merger, Balzac shareholders will hold 80 pct
of the outstanding stock of Magellan, the company said.
   
    Magellan said it will be the surviving corporation
following the merger.
    The companies said they expect the merger will occur after
the declaration of effectiveness of an amendment to Magellan's
registration statement relating to its common stock purchase
warrants and the underlying shares.


.I 6615
.C
acq
.W
GENCORP <GY> SAYS RKO UNIT SALE TERMINATED.
    AKRON, Ohio, June 18 - GenCorp said its agreement to sell
its RKO Pictures subsidiary to a management group has been
terminated because the group could not raise the necessary
financing.
    The company said it will again seek buyers for the unit and
its library of over 750 films.


.I 6617
.C
ship
.W
RIO DE JANEIRO DOCKERS STRIKE.
    RIO DE JANEIRO, JUNE 18 - Rio de Janeiro's 3,500
dockworkers went on strike for an indefinite period today to
demand wage increases, a spokesman for the dockers said.
    The Rio dockers did not get support from their colleagues
in Santos, Brazil's main port, but the spokesman said they
would not return to work unless their demands were met.
    Earlier this week, some 65,000 dockworkers cancelled a
scheduled national strike to pressure port officials to give
them a wage increase and other benefits.
    A Rio port spokesman said the halt would cause daily losses
of about 100,000 U.S. Dlrs.


.I 6619
.C
trade
.W
U.S. SAID UNFAIRLY PROTECTING DEFENSE INDUSTRY.
    LONDON, June 18 - Britain's Defence Minister George Younger
said the U.S. Was unfairly protecting its defence industry, and
this could lead to British firms demanding counter-measures.
    Younger told a U.S. Chamber of Commerce meeting that U.S.
Legislators were failing to realise "the true nature of the
two-way street in terms of ideas, technology and equipment.
    A British parliamentary report said that up to March
British firms had been awarded just 34 mln dlrs worth of
contracts for the Strategic Defence Initiative, compared with
the 1.5 billion dlrs Britain had hoped to secure.
    The committee said U.S. Technology export restrictions and
"selectiveness" towards foreign contractors had denied British
competitors more lucrative orders and largely excluded them
from technological research for SDI.
    Younger said London had given U.S. Companies contracts
under conditions of fair and open competition. "All we ask is
for our companies to be given similar opportunities," he added.
    If new American legislation aimed at curbing unfair
subsidies was used to exclude foreign suppliers it would not be
surprising if British firms pressed for retaliatory measures,
Younger said.


.I 6622
.C
earn
.W
GODFREY CO <GDFY.O> 1ST QTR MAY 30 NET.
    WAUKESHA, WIS., June 18 -
    Shr 36 cts vs 28 cts
    Net 2,002,000 vs 1,518,000
    Sales 166.0 mln vs 159.5 mln


.I 6624
.C
strategic-metal
.W
PINNACLE WEST CAPITAL <PNW> BUYS MINERAL RIGHTS.
    PHOENIX, Ariz, June 18 - Pinnacle West Capital Corp said
its Malapai Resources Co units bought the mineral rights for
uranium mining on about 21,000 acres in northern Wyoming from
Westinghouns Electric Corp <WX>.
    The property is adjacent to a 34,000-acre site the company
already owns. Both facilities are at expected to be in full
operation in the early 1990s, with annual production of one to
two mln lbs of uranium concentrates, the company said.
    The new site is expected to produce about 250,000 lbs of
uranium in its first full year of production in 1988. The
adjacent property is expected to begin in 1989.


.I 6625
.C
cotton
.W
WEST TEXAS COTTON CROP UNSCATHED BY STORM.
    NEW YORK, June 18 - The West Texas cotton crop was largely
unscathed by an isolated thunderstorm in that region last night
that packed hurricane-force winds, crop and weather experts
said.
    "There might have been some isolated storms, but certainly
nothing damaging," said Charles Stichler, an extension
agronomist with the Agricultural Extension Service in far West
Texas.
    Rumors of a damaging storm in West Texas helped the New
York cotton futures market rally sharply this morning.
   Cotton for December delivery was 1.35 cents higher at 70.95
cents a lb at midsession after peaking this morning at 71.25
cents.
    "What happened is that the storm hit Lubbock airport, and
when that happens, everybody sees it," said Dale Mohler, a
senior meteorologist with Accu-Weather Inc.
    Lubbock is the heart of the West Texas cotton region, which
produces about 80 pct of that state's crop.
    The storm produced winds of about 75 mph. "That's hurricane
force. But they were isolated to just a small portion of the
West Texas area, probably less than five pct," Mohler said.
    "No doubt there was some damage. But if it had hit in July
or August (when fruiting would be underway) it would have been
worse," Mohler said.
    About 60 pct of the West Texas cotton crop has been
planted, and the remainder could be done by the weekend if
weather remains hot and dry, Stichler said.
    The temperature in West Texas since mid-week has been about
95 degrees. But a hot spell was sorely needed after far heavier
than normal rainfall for several weeks, he said.


.I 6627
.C
earn
.W
ROCHESTER COMMUNITY SAVINGS BANK <RCSB.O> 2ND.
    ROCHESTER, N.Y., June 18 - Second quarter ended May 31.
    Shr 27 cts vs NA
    Net 3,560 mln vs 2,389,000
    Six mths
    Shr 57 cts vs NA
    Net 7,881,000 vs 5,415,000
    NOTE: Year-ago per shr figures not available as bank
converted to stock ownership April 29, 1986.
   
    1987 2nd quarter and six mth net excludes 2,288,000 dlrs or
17 cts a share and 4,648,000 dlrs or 33 cts a share,
respectively, for tax carryforwards.
    1986 2nd qtr and six mth net excludes 667,000 dlrs and
3,043,000 dlrs, respectively, for tax carryforwards.


.I 6634
.C
acq
.W
PENNWALT <PSM> TO MAKE ACQUISITION.
    PHILADELPHIA, June 18 - Pennwalt corp said it has agreed in
principle to acquire a line of fungicides, insecticides and
herbicidesand related manufacturing facilities from Le
Raffineries de Soufre Reunies of Marseilles for undisclosed
terms, subject to approval by bothe boards and government
authorities.
    The company said the acquired products are sold mostly in
FRance for use on grapevines, wheat and sugar beets and sales
are about 40 mln dlrs annually.


.I 6640
.C
platinum
.W
S. AFRICAN UNION OBJECTS TO PLANNED MATTHEY MOVE.
    JOHANNESBURG, June 18 - A South African trade union is in
dispute with a subsidiary of Britain's Johnson Matthey Plc over
the company's proposal to move a platinum refinery near
Johannesburg to a black tribal homeland.
    The 30,000-member mainly black Chemical Workers Industrial
Union said it fears the planned move to the Bophuthatswana
homeland, where South African unions are not recognised, could
lead to job losses and affect wages.
    A mass dismissal last year at the Impala Platinum Holdings
Ltd <IPLA.J> mines in the tribal homeland sent world platinum
prices rocketing.

    The union said talks with management over the proposed move
had broken down. It said an earlier ballot of refinery workers
showed that most favoured striking over the move but added that
no final decision had been taken on strike action.
    The refinery processes all platinum metals of Rustenburg
Platinum Holdings Ltd, the world's largest platinum producer.
    It is owned by Matthey Rustenburg Ltd, a joint-subsidiary
of Johnson Matthey and Rustenburg which, in turn, is owned by
mining group Johannesburg Consolidated Investment Co Ltd.


.I 6647
.C
acq
.W
LEADER DEVELOPMENT <LDCO.O> MERGER APPROVED.
    COLUMBUS, Ohio, June 18 - Leader Development Corp said
shareholders at the annual meeting approved the acquisition of
privately-held Clinton American Corp and two related
partnerships for 3,450,000 common shares, with the transaction
to be accounted for as a pooling of interests.
    The company said Clinton president F. Daniel Ryan will
become president of Leader.


.I 6648
.C
crude;nat-gas;
.W
CHEYENNE <CHYN.O> BUYS INTERESTS IN PROPERTIES.
    CHEYENNE, Wyo, June 18 - Cheyenne Resources Inc said it
purchased interests in four producing oil and gas properties
for 2,240,000 shares of the company's restricted stock.
    The largest interest was 25 pct of an oil and gas well in
Weld County, Colo, the company said. Cheyenne said it had five
pct or less interest in the three other properties.
    Cheyenne said it should realized 10,000 dlrs net income
monthly at the properties' current production levels.


.I 6650
.C
acq
.W
CRANE <CR> ACQUIRES ASSETS OF MARLEY UNIT.
    NEW YORK, June 18 - Crane Co said it acquired certain
assets of Chicago Heater Co Inc, a wholly owned subsidiary of
the <Marley Co>.
    The terms of the transaction were not disclosed.
    Chicago Heater will be intergrated with Crane's Cochrane
Environment Systems division, the company said.


.I 6651
.C
wheat;grain;
.W
EC INCREASES SPECIAL FEED WHEAT TENDERS - TRADE.
    LONDON, June 18 - The European Community (EC) has increased
the size of two special export tenders for British and West
German feed wheat held in intervention stores and included
South Korea as an acceptable destination, traders said.
    The tender was originally for 120,000 tonnes of British and
120,000 tonnes of West German feed wheat for shipment only to
Poland.
    But now both tranches have been increased by 50,000 tonnes
to 170,000 tonnes with South Korea added as a possible
destination. Both tenders are open from June 24.


.I 6654
.C
fuel
.W
TANZANIA RAISES FUEL PRICES, TAXES IN BUDGET.
    DAR ES SALAAM, June 18 - The Tanzanian government, in its
second annual budget since embarking on an economic recovery
program inspired by the International Monetary Fund, announced
increases in fuel prices and sales tax and higher levies on
government services.
    Finance Minister Cleopa Msuya said regular petrol would go
up 52 pct, with similar increases in the cost of premium and
kerosene. Diesel would rise by 75 pct.
    Msuya said the government expected to spend 77.33 billion
shillings in the financial year 1987/8, 39 pct more than this
year's estimate. Revenue would provide 48.84 billion shillings,
leaving a deficit of 28.49 billion to be financed through
domestic and foreign loans.


.I 6657
.C
acq
.W
PENGO <PGO> TO SELL SOME WIRELINE OPERATIONS.
    FORT WORTH, Texas, June 18 - Pengo Industries Inc said it
has agreed to sell its Wireline Products Manufacturing Division
in Fort Worth, Texas, Wireline Services Division operations in
several locations and Pengo International Inc subsidiary to
John Wood Group PLC for undisclosed terms.
    The company said the Wireline Services operations being
sold are in Lafayette, Houma and Harvey, La., Alvin, Odessa and
Longview, Texas, and Moore, Okla.
    Pengo said its Kuykenball Slickline operation in Moore and
surplus wireline equipment operations in fort Worth and
Cleburne, Texas, will be sold separately.


.I 6659
.C
grain;barley;
.W
EC REJECTS LICENCES FOR SPANISH BARLEY.
    PARIS, June 18 - The EC Commission cereals management
committee rejected all bids for licences to export free market
Spanish barley to non-EC countries, trade sources said.
    The licence requests were for 35,000 tonnes at between 143
and 145 European Currency Units (ECUs), they said.
    This tender was part of a special tender for 500,000 tonnes
of Spanish barley.
    The sources said there had been no bids for licences for
free market soft wheat and non-Spanish barley exports to non-EC
countries.


.I 6661
.C
acq
.W
MAGIC YEARS <KIDS.O> TO ACQUIRE THREE CENTERS.
    WILKES-BARRES, Pa., June 18 - Magic Years Child Care and
Learning Centers Inc said it signed a letter of intent to
acquire three profitable day care centers in south central
Pennsylvania for a total price of 350,000 dlrs.
    The three privately owned centers had aggregate revenues of
474,000 dlrs in 1986, with profits of six thousand dlrs, the
company said.
    The transaction is scheduled to close in early July, the
company said.


.I 6662
.C
gnp;income;
.W
BANK OF AMERICA SEES SLOW U.S. CONSUMER SPENDING.
    SAN FRANCISCO, June 18 - A trade-led boom in the U.S. is
unlikely this year or next because growth in net exports will
merely offset a dramatic slowdown in consumer spending and
other sectors of the economy, Bank of America said in its
latest economic report.
    Although net exports will add 0.7 pct to GNP this year,
after reducing it by 1.2 pct in 1986, consumer spending will
contribute 1.4 pct less to GNP than it did last year.
    As a result, GNP this year is likely to expand a modest 2.5
pct, the same rate as last year, according to Daniel Van Dyke,
the Bank of America economist who wrote the report.
    "Growth in consumer spending in the United States will drop
dramatically this year because the jump in inflation will cause
a falloff in the growth of disposable income," Van Dyke said.
    Growth in U.S. consumer spending is likely to slow to 1.8
pct this year from 4.1 pct in 1986, he predicted.
    The report was released before the Commerce Department
reported today that personal income rose just 0.2 pct in May,
after increasing 0.4 pct in April, and that personal
consumption expenditures had risen just 0.1 pct, compared with
a 0.6 pct increase the month before.
    The rising cost of energy and imports is likely to boost
consumer prices by an average of 3.7 pct this year, up from 1.9
pct in 1986, Bank of America forecast.
    This rise in inflation will reduce real disposable income 
growth to only 1.3 pct in 1987 from 2.9 pct in 1986.
    As a result, Van Dyke calculated that the purchasing power
of an average family of four will increase by a modest 540 dlrs
this year compared to a surge of 1,210 dlrs during 1986.
    The slowdown in income growth is likely to cause housing
starts to drop by 4.2 pct this year and a further six pct in
1988 to an annual rate of 1.63 mln units.
    "For the first time in several years, a recession in 1988
or 1989 is more than a remote possibility," Van Dyke said.
    Currently, U.S. growth is fragile and depends heavily on an
improvement in trade. "However, with protectionist attitudes on
the rise in this country, this source of growth is at risk," he
added.


.I 6668
.C
nat-gas
.W
BROOKLYN UNION<BU> SEEN HURT BY PIPELINE CLOSURE.
    By NAILENE CHOU WIEST, Reuters
    NEW YORK, June 18 - Brooklyn Union Gas Co, a New York gas
utility, will see its gas costs up sharply as a result of
Transco Energy Co's <E> decision to close its pipelines to
transport spot gas sales, energy industry analysts said.
    Brooklyn Union, the fourth largest gas utility in the
United States, purchased 36 pct of its supplies on the spot, or
non-contract, market in 1986, and the proportion of spot
supplies was estimated much higher in the five months of 1987,
analysts said.
    Texas Eastern pipelines <TET>, the other competing
pipeline, to deliver spot gas from producing areas in the South
closed its gate station for summer, and Brooklyn Union has
relied entirely on Transco for spot supplies.
     In the month of May, Brooklyn Union paid about two dlrs
per mln British Thermal Unit for spot gas, while contract gas
costs four to five dlrs per mln BTU, industry sources said.
    Transco announced yesterday it would no longer provide open
access to transport spot natural gas to its customers for fear
of accumulating more take-or-pay liabilities.
    Take-or-pay contracts oblige pipelines to pay producers for
gas even if delivery is not taken by its customers.
    Brooklyn Union will continue receiving a small amount of
supplies from minor fields under a grandfather clause, a
Brooklyn Union official said.
    Foster Corwith, gas analyst with Dean Witter Reynolds, said
most of the rising cost to Booklyn Union will be passed through
to rate payers.
    While net effect on the company will not be known for
several months because of the time lag in deferred earnings,
end-users, especially residential and commercial customers,
will end up paying more for gas, he said.
    Because the closure takes place in summer months when gas
demand is at seasonal low, the impact on cash flow would be
small, Curt Launer, natural gas analyst with Donaldson Lufkin
Jenrette, said.
    If the situation persists into winter heating season, high
cost gas could cut in the company's profits, he said.
    Gas utilities along eastern seaboard relying on Transco for
spot gas, such as North Carolina Natural Gas Co <NCNG>,
Piedmont Natural Gas Co <PNY>, will face the same high cost
factor as Brooklyn Union, Steve Richards, a supply manager with
end users supply system, a Houston based natural gas brokering
firm, said.
    "But these companies are not unwitting victims of the
take-or-pay dispute between Transco and producers," he said.
    Distributors have turned a deaf ear to Transco's request
for an inventory charge, which reserves the pipeline facility
for spot gas to be delivered to these companies, he said.
    Without spot supplies, the high cost of system gas will
threaten to drive away large customers capable of shifting to
alternative fuels, he said.
    In absence of any guidelines on inventory charges from the
Federal Energy Regulatory Commission, the matter is being
negotiated between pipelines and customers, Richards said.
    Now that Transco has refused to transport cheap spot gas
for them, these distributors are likely to be more conciliatory
on the inventory charge, he said.
    "Cool heads will prevail," DLJ's Launer said, " but it may
take a while."
       


.I 6671
.C
alum
.W
REYNOLDS METALS <RLM> TO RESTART IDLE POTLINE.
    RICHMOND, Va., June 18 - Reynolds Metals co said it plans
to restart the last idle potuction line at its Troutdale, Ore.,
primary aluminum plant.
    With the restart of this 22,700-metric-tonne-per-year line,
Reynolds said, it will be operating at 100 pct of its
consolidated primary aluminum capacity of 695,000 tonnes per
year.
    Reynolds said work will commence on the potline restart in
the near future and it is expected that actual metal production
will begin on September one.
    The company said the start up was necessitated by
continuing strong demand for aluminum and dwindling worldwide
inventories, and that the metal is needed to supply Reynolds'
various fabricating businesses.


.I 6672
.C
acq
.W
CBC BANCORP TO BE ACQUIRED BY UNION PLANTERS.
    COOKEVILLE, Tenn., June 18 - <CBC Bancorp Inc> said it will
be acquired by the Memphis-based Union Planters Corp <UPCM.O>
in a merger agreement.
    Details were not disclosed.
    CBC, which is the holding company which owns Cookeville's
Citizens Bank, said it has signed an agreement which would
merge CBC with Union, which has 2.2 billion dlrs in assets.
    According to CBC, Union reported shareholders equity of
nearly 190 mln dlrs for the period ending March 31.
    CBC said the merger will not affect Citizens Banks' name,
management, board of directors or employees.


.I 6673
.C
acq
.W
TIE/COMMUNICATIONS <TIE> RENEWS AGREEMENTS.
    SHELTON, Conn., June 18 - TIE/Communications Inc said it
has renewed agreements to sell its GTE Corp <GTE>, Bell
Atlantic Corp <BEL>, NYNEX Corp <NYN> and US West Inc <USW> for
two years.
    The company is providing small to mid-siezed key telephone
systems to GTE and key systems, hybrids and DATA STAR PABX
systems to the others.


.I 6675
.C
tin
.W
ITC CONTESTS USE OF DOCUMENTS AS COURT EVIDENCE.
    LONDON, June 18 - The International Tin Council, ITC,
intervened in a High Court hearing in an attempt to prevent the
presentation of internal Council documents as evidence.
    The intervention in Shearson Lehman's action against the
London Metal Exchange over its "ring out" of tin contracts in
1986 is likely to have implications for other cases in which
the Council is involved following the collapse of its buffer
stock operations in October 1985, ITC delegates said.
    The ITC's case is being presented by Professor Rosalyn
Higgins and is expected to take a further one or two days next
week. Court does not sit tomorrow.
    In essence the Council is claiming that its status is
similar to that of a foreign embassy and that its archives can
therefore not be used in an English court of law.
    The Council ended its quarterly session today ahead of
schedule. The meeting had been expected to go on until tomorrow
when the European Community's legal advisers were due to
attend, but delegates reviewed the progress of the various
legal actions today.
    Otherwise, the meeting was occupied with internal
administrative matters, delegates said.
    The ITC will continue to operate with a reduced staff after
June 30 following the two year extension of the sixth
International Tin Agreement.
    As well as dealing with the ongoing litigation, the Council
will continue with its statistical work and carry out some
research studies, although staffing in the research department
is being cut to one from two previously.
    At this week's session the Council elected Philip Sparkes
of Australia as first vice-chairman for the producing members
and Heinz Hofer of Switzerland as second vice-chairman for the
consumers for the year from July 1. Future quarterly sessions
are scheduled for October 5/7 and December 14/16.


.I 6682
.C
nat-gas
.W
ALLEGHENY <ALGH.O> FORMING SUBSIDIARY.
    NEW YORK, June 18 - Allegheny and Western Energy Corp said
it was forming a subsidiary to market gas to smaller users in
West Virginia.
    The company also said it completed negotiations to sell
between 10 and 12 mln cubic feet of gas per day to a large,
unspecified East Coast utility.
    Interstate markets will become part of the subsidiary's
operations, the company said.


.I 6688
.C
acq
.W
GILLETTE <GS> SEEN OBJECT OF GLOBAL BIDDING WAR.
    By Cal Mankowski, Reuters
    NEW YORK, June 18 - Ronald Perelman, head of Revlon Group
Inc <REV>, may be trying to ignite a bidding war for Gillette
Co that could draw some big international players and in the
process make a lot of money for himself, Wall Street analysts
said.
    Several hours before a regularly scheduled board of
directors meeting, Gillette disclosed that Perelman requested
consent of its board for an offer of at least 40.50 dlrs per
share. Perelman needed the consent because he agreed in
November not to buy stock for 10 years without permission.
    "I think Ronald Perelman is less interested in Gillette and
more interested in putting Gillette into play because he stands
to make a ton of money," said Andrew Shore, analyst at Shearson
Lehman Brothers Inc. "In play" is a term used on Wall Street to
describe what happens when a company becomes an unwiling
takeover target.
    Shore noted that according to the 1986 agreement Revlon
gets paid if there is any acquisition of Gillette through
November of this year at a price higher than 29.75 dlrs per
share. Gillette rose three to 40 today, following a gain of
three yesterday.
    The agreement would be calculated on the basis of
Perelman's previous holding of 18.4 mln shares, adjusted for a
split. For example, a deal between Gillette and some other
company at 44 dlrs per share would make Revlon richer by 262
mln dlrs under the formula. Neither Perelman nor his spokesmen
returned telephone calls seeking comment.
    "Revlon stands to make a substantial amount of money if
someone else takes over Gillette," said Analyst Deepak Raj of
Merrill Lynch and Co. "I'm not saying that is going to happen
but Gillette is an undervalued stock with a breakup value of 45
dlrs per share."


.I 6692
.C
zinc
.W
******MINPECO LIFTS FORCE MAJEURE ON ZINC INGOT.
SHIPMENTS FROM CAJAMARQUILLA-SPOKESMAN

.I 6693
.C
strategic-metal
.W
TRW INC <TRW> SETS PACT WITH TEKTRONIX <TEK>.
    TORRANCE, Calif., June 18 - TRW Inc's TRW Componenets
International Inc unit said it set a pact with Tektronix Inc's
TriQuint Semiconductor unit to jointly supply gallium arsenide
devices for space applications.
    As part of the agreement, the two companyies are working
together to establish procedures to produce class "S" (a
stringent military specification for space use) gallium
arsenide components.
    TriQuint makes gallilum arsenide integrated circuits.


.I 6694
.C
zinc
.W
FORCE MAJEURE LIFTED AT CAJAMARQUILLA.
    LIMA, June 18 - Peru's state minerals marketing arm, Minero
Peru Comercial SA (Minpeco), lifted a force majeure on zinc
ingot shipments from the country's biggest zinc refinery at
Cajamarquilla, a spokesman said.
    The spokesman said the problems affecting sulphuric acid
and roaster plants that had halted production since May 4 had
been resolved.
    However, he said production of zinc ingots this year was
expected to fall to around 86,000 tonnes this year at
Cajamarquilla, from 94,000 tonnes in 1986 because of the
stoppage.
    The refinery has an optimum annual production capacity of
100,000 tonnes but its highest production was 96,000 tonnes of
refined zinc ingots in 1985, the spokesman said.


.I 6695
.C
money-supply
.W
******ASSETS OF U.S. MONEY FUNDS FELL 702.4 MLN DLRS IN LATEST.
WEEK TO 235.75 BILLION

.I 6700
.C
iron-steel
.W
USX <X> UNIT OFFERS STEEL PRICES DIRECTORY.
    PITTSBURGH, June 18 - USX Corp said its USS division has
available a comprehensive sheet steel selection and pricing
system detailing the company's full line of products.
    The company said it was the first complete update in 25
years.
    The new prices in the book are effective after Oct One,
1987, the company said.


.I 6701
.C
copper
.W
INSPIRATION CUTS COPPER PRICE 0.50 CT TO 74 CTS.
    NEW YORK, June 18 - Inspiration Consolidated Copper Co, a
subsidiary of Inspiration Resources Corp, said it is lowering
its base price for full-plate copper cathodes by 0.50 cent to
74.0 cents a lb, effective immediately.
  


.I 6702
.C
earn
.W
<AGF MANAGEMENT LTD> SIX MTHS MAY 31 NET.
    TORONTO, June 18 -
    Shr 58 cts vs 38 cts
    Net 4,628,650 vs 3,041,407
    Revs 45.0 mln vs 28.1 mln


.I 6703
.C
grain;corn;
.W
CHINA ADDS CORN TO COMMITMENTS - USDA.
    WASHINGTON, June 18 - China has added 30,000 tonnes of U.S.
corn to its previous commitments, according to the U.S.
Agriculture Department's latest Export Sales report.
    The report, covering transactions in the week June 11, the
additional corn resulted from changes in destinations.
    Total corn commitments for delivery in the 1986/87 season
amount to 1,083,400 tonnes.


.I 6704
.C
earn
.W
DATA MED CLINICAL SUPPORT<DMCS.O> 1ST QTR LOSS.
    MINNEAPOLIS, June 18 - Period ended May 31
    Shr loss five cts vs loss 11 cts
    Net loss 306,007 vs loss 102,420
    Sales 110,522 vs 10,105
    NOTE: Full name is Data Med Clinical Support Services Inc
    Per-share data adjusted for three-for-one stock split
payable June 30, 1987
    The only sales reflected in fiscal 1987 period are sales
recorded subsequent to the May 22, 1986 acquisition of the
assets of a predecessor company by Data Med


.I 6708
.C
acq
.W
******NOVA CORP SAYS IT IS CONSIDERING A TAKEOVER BID FOR DOME.
PETROLEUM

.I 6712
.C
acq
.W
ALLEGHENY <AI> SELLS THREE INDUSTRIAL UNITS.
    PITTSBURGH, June 18 - Allegheny International Inc said it
sold three of its industrial units which served the railroad
industry to <Chemetron Railway Products Inc>, a senior
management group of Allegheny.
    Terms of the transaction were not disclosed.
    Included in the sale were Chemetron Railway Products, True
Temper Railway Appliances Inc and Allegheny Axle Co, the
company said.
    The three units include 12 plants throughout the U.S., the
company said.


.I 6724
.C
acq
.W
NOVA <NVAA.TO> CONSIDERING BID FOR DOME <DMP>.
    Calgary, Alberta, June 18 - Nova Corp is considering a
takeover bid for Dome Petroleum Ltd, either alone or as part of
a consortium, Nova chairman Bob Blair said.
    "We are thinking about making an offer to Dome or Amoco
(Canada Petroleum Co Ltd) or the creditors," Blair told
reporters before the annual meeting. Amoco Canada is a unit of
Amoco Corp <AN>, which has made a 5.2 billion-dlr acquisition
offer for Dome.
    "There is ongoing, serious thought applied to Dome in Nova
and in Husky, but no decision of substance as to future action
has been taken in either company," Blair said. Nova owns 43 pct
of Husky Oil Ltd <HYO.TO>.
    Blair also said that Nova has made no decision as to
whether it would want to be lead partner in a joint purchase of
Dome.
    He added that some of the discussions with other parties
about Dome included TransCanada PipeLines Ltd <TRP>, but
refused to name the other participants.


.I 6735
.C
acq
.W
LEADER DEVELOPMENT <LDCO.O> MERGER APPROVED.
    COLUMBUS, Ohio, June 18 - Leader Development Corp said
shareholders at the annual meeting approved the acquisition of
privately-held Clinton American Corp and two related
partnerships for 3,450,000 common shares, with the transaction
to be accounted for as a pooling of interests.
    The company said Clinton president F. Daniel Ryan will
become president of Leader.


.I 6736
.C
crude;nat-gas;
.W
CHEYENNE <CHYN.O> BUYS INTERESTS IN PROPERTIES.
    CHEYENNE, Wyo, June 18 - Cheyenne Resources Inc said it
purchased interests in four producing oil and gas properties
for 2,240,000 shares of the company's restricted stock.
    The largest interest was 25 pct of an oil and gas well in
Weld County, Colo, the company said. Cheyenne said it had five
pct or less interest in the three other properties.
    Cheyenne said it should realized 10,000 dlrs net income
monthly at the properties' current production levels.


.I 6738
.C
acq
.W
CRANE <CR> ACQUIRES ASSETS OF MARLEY UNIT.
    NEW YORK, June 18 - Crane Co said it acquired certain
assets of Chicago Heater Co Inc, a wholly owned subsidiary of
the <Marley Co>.
    The terms of the transaction were not disclosed.
    Chicago Heater will be intergrated with Crane's Cochrane
Environment Systems division, the company said.


.I 6741
.C
fuel
.W
TANZANIA RAISES FUEL PRICES, TAXES IN BUDGET.
    DAR ES SALAAM, June 18 - The Tanzanian government, in its
second annual budget since embarking on an economic recovery
program inspired by the International Monetary Fund, announced
increases in fuel prices and sales tax and higher levies on
government services.
    Finance Minister Cleopa Msuya said regular petrol would go
up 52 pct, with similar increases in the cost of premium and
kerosene. Diesel would rise by 75 pct.
    Msuya said the government expected to spend 77.33 billion
shillings in the financial year 1987/8, 39 pct more than this
year's estimate. Revenue would provide 48.84 billion shillings,
leaving a deficit of 28.49 billion to be financed through
domestic and foreign loans.


.I 6743
.C
interest
.W
CANADA BANK RATE RISES TO 8.59 PCT.
    OTTAWA, June 18 - Canada's bank rate rose marginally to
8.59 pct from 8.58 pct last week, Bank of Canada said.
    The bank rate is set one-quarter percentage point above the
average yield on the weekly issue of 91-day treasury bills.
This week's yield was 8.34 pct, compared with the previous
week's 8.33 pct.
    Tenders were accepted for 2.20 billion dlrs of 91-day bills
at an average price of 97.963 dlrs against 97.965 dlrs last
week.
    The 1.20 billion dlrs of 182-day bills were priced at an
average 95.852 dlrs against 95.779 dlrs last week, to yield an
average 8.68 pct against 8.84 pct last week.
    The 500 mln dlrs of 364-day bills were priced at an average
91.712 dlrs against 91.529 dlrs last week, to yield an average
9.06 pct against 9.28 pct last week.
    Tenders will be received next week for 2.20 billion dlrs of
91-day bills, 1.20 billion dlrs of 182-day bills and 500 mln
dlrs of 364-day bills.


.I 6745
.C
acq
.W
PENGO <PGO> TO SELL SOME WIRELINE OPERATIONS.
    FORT WORTH, Texas, June 18 - Pengo Industries Inc said it
has agreed to sell its Wireline Products Manufacturing Division
in Fort Worth, Texas, Wireline Services Division operations in
several locations and Pengo International Inc subsidiary to
John Wood Group PLC for undisclosed terms.
    The company said the Wireline Services operations being
sold are in Lafayette, Houma and Harvey, La., Alvin, Odessa and
Longview, Texas, and Moore, Okla.
    Pengo said its Kuykenball Slickline operation in Moore and
surplus wireline equipment operations in fort Worth and
Cleburne, Texas, will be sold separately.


.I 6747
.C
wheat;grain;barley;
.W
EC REJECTS LICENCES FOR SPANISH BARLEY.
    PARIS, June 18 - The EC Commission cereals management
committee rejected all bids for licences to export free market
Spanish barley to non-EC countries, trade sources said.
    The licence requests were for 35,000 tonnes at between 143
and 145 European Currency Units (ECUs), they said.
    This tender was part of a special tender for 500,000 tonnes
of Spanish barley.
    The sources said there had been no bids for licences for
free market soft wheat and non-Spanish barley exports to non-EC
countries.


.I 6749
.C
acq
.W
MAGIC YEARS <KIDS.O> TO ACQUIRE THREE CENTERS.
    WILKES-BARRES, Pa., June 18 - Magic Years Child Care and
Learning Centers Inc said it signed a letter of intent to
acquire three profitable day care centers in south central
Pennsylvania for a total price of 350,000 dlrs.
    The three privately owned centers had aggregate revenues of
474,000 dlrs in 1986, with profits of six thousand dlrs, the
company said.
    The transaction is scheduled to close in early July, the
company said.


.I 6750
.C
gnp;income;housing;
.W
BANK OF AMERICA SEES SLOW U.S. CONSUMER SPENDING.
    SAN FRANCISCO, June 18 - A trade-led boom in the U.S. is
unlikely this year or next because growth in net exports will
merely offset a dramatic slowdown in consumer spending and
other sectors of the economy, Bank of America said in its
latest economic report.
    Although net exports will add 0.7 pct to GNP this year,
after reducing it by 1.2 pct in 1986, consumer spending will
contribute 1.4 pct less to GNP than it did last year.
    As a result, GNP this year is likely to expand a modest 2.5
pct, the same rate as last year, according to Daniel Van Dyke,
the Bank of America economist who wrote the report.
    "Growth in consumer spending in the United States will drop
dramatically this year because the jump in inflation will cause
a falloff in the growth of disposable income," Van Dyke said.
    Growth in U.S. consumer spending is likely to slow to 1.8
pct this year from 4.1 pct in 1986, he predicted.
    The report was released before the Commerce Department
reported today that personal income rose just 0.2 pct in May,
after increasing 0.4 pct in April, and that personal
consumption expenditures had risen just 0.1 pct, compared with
a 0.6 pct increase the month before.
    The rising cost of energy and imports is likely to boost
consumer prices by an average of 3.7 pct this year, up from 1.9
pct in 1986, Bank of America forecast.
    This rise in inflation will reduce real disposable income 
growth to only 1.3 pct in 1987 from 2.9 pct in 1986.
    As a result, Van Dyke calculated that the purchasing power
of an average family of four will increase by a modest 540 dlrs
this year compared to a surge of 1,210 dlrs during 1986.
    The slowdown in income growth is likely to cause housing
starts to drop by 4.2 pct this year and a further six pct in
1988 to an annual rate of 1.63 mln units.
    "For the first time in several years, a recession in 1988
or 1989 is more than a remote possibility," Van Dyke said.
    Currently, U.S. growth is fragile and depends heavily on an
improvement in trade. "However, with protectionist attitudes on
the rise in this country, this source of growth is at risk," he
added.


.I 6756
.C
nat-gas
.W
BROOKLYN UNION<BU> SEEN HURT BY PIPELINE CLOSURE.
    By NAILENE CHOU WIEST, Reuters
    NEW YORK, June 18 - Brooklyn Union Gas Co, a New York gas
utility, will see its gas costs up sharply as a result of
Transco Energy Co's <E> decision to close its pipelines to
transport spot gas sales, energy industry analysts said.
    Brooklyn Union, the fourth largest gas utility in the
United States, purchased 36 pct of its supplies on the spot, or
non-contract, market in 1986, and the proportion of spot
supplies was estimated much higher in the five months of 1987,
analysts said.
    Texas Eastern pipelines <TET>, the other competing
pipeline, to deliver spot gas from producing areas in the South
closed its gate station for summer, and Brooklyn Union has
relied entirely on Transco for spot supplies.
     In the month of May, Brooklyn Union paid about two dlrs
per mln British Thermal Unit for spot gas, while contract gas
costs four to five dlrs per mln BTU, industry sources said.
    Transco announced yesterday it would no longer provide open
access to transport spot natural gas to its customers for fear
of accumulating more take-or-pay liabilities.
    Take-or-pay contracts oblige pipelines to pay producers for
gas even if delivery is not taken by its customers.
    Brooklyn Union will continue receiving a small amount of
supplies from minor fields under a grandfather clause, a
Brooklyn Union official said.
    Foster Corwith, gas analyst with Dean Witter Reynolds, said
most of the rising cost to Booklyn Union will be passed through
to rate payers.
    While net effect on the company will not be known for
several months because of the time lag in deferred earnings,
end-users, especially residential and commercial customers,
will end up paying more for gas, he said.
    Because the closure takes place in summer months when gas
demand is at seasonal low, the impact on cash flow would be
small, Curt Launer, natural gas analyst with Donaldson Lufkin
Jenrette, said.
    If the situation persists into winter heating season, high
cost gas could cut in the company's profits, he said.
    Gas utilities along eastern seaboard relying on Transco for
spot gas, such as North Carolina Natural Gas Co <NCNG>,
Piedmont Natural Gas Co <PNY>, will face the same high cost
factor as Brooklyn Union, Steve Richards, a supply manager with
end users supply system, a Houston based natural gas brokering
firm, said.
    "But these companies are not unwitting victims of the
take-or-pay dispute between Transco and producers," he said.
    Distributors have turned a deaf ear to Transco's request
for an inventory charge, which reserves the pipeline facility
for spot gas to be delivered to these companies, he said.
    Without spot supplies, the high cost of system gas will
threaten to drive away large customers capable of shifting to
alternative fuels, he said.
    In absence of any guidelines on inventory charges from the
Federal Energy Regulatory Commission, the matter is being
negotiated between pipelines and customers, Richards said.
    Now that Transco has refused to transport cheap spot gas
for them, these distributors are likely to be more conciliatory
on the inventory charge, he said.
    "Cool heads will prevail," DLJ's Launer said, " but it may
take a while."
       


.I 6759
.C
alum
.W
REYNOLDS METALS <RLM> TO RESTART IDLE POTLINE.
    RICHMOND, Va., June 18 - Reynolds Metals co said it plans
to restart the last idle potuction line at its Troutdale, Ore.,
primary aluminum plant.
    With the restart of this 22,700-metric-tonne-per-year line,
Reynolds said, it will be operating at 100 pct of its
consolidated primary aluminum capacity of 695,000 tonnes per
year.
    Reynolds said work will commence on the potline restart in
the near future and it is expected that actual metal production
will begin on September one.
    The company said the start up was necessitated by
continuing strong demand for aluminum and dwindling worldwide
inventories, and that the metal is needed to supply Reynolds'
various fabricating businesses.


.I 6760
.C
acq
.W
CBC BANCORP TO BE ACQUIRED BY UNION PLANTERS.
    COOKEVILLE, Tenn., June 18 - <CBC Bancorp Inc> said it will
be acquired by the Memphis-based Union Planters Corp <UPCM.O>
in a merger agreement.
    Details were not disclosed.
    CBC, which is the holding company which owns Cookeville's
Citizens Bank, said it has signed an agreement which would
merge CBC with Union, which has 2.2 billion dlrs in assets.
    According to CBC, Union reported shareholders equity of
nearly 190 mln dlrs for the period ending March 31.
    CBC said the merger will not affect Citizens Banks' name,
management, board of directors or employees.


.I 6763
.C
tin
.W
ITC CONTESTS USE OF DOCUMENTS AS COURT EVIDENCE.
    LONDON, June 18 - The International Tin Council, ITC,
intervened in a High Court hearing in an attempt to prevent the
presentation of internal Council documents as evidence.
    The intervention in Shearson Lehman's action against the
London Metal Exchange over its "ring out" of tin contracts in
1986 is likely to have implications for other cases in which
the Council is involved following the collapse of its buffer
stock operations in October 1985, ITC delegates said.
    The ITC's case is being presented by Professor Rosalyn
Higgins and is expected to take a further one or two days next
week. Court does not sit tomorrow.
    In essence the Council is claiming that its status is
similar to that of a foreign embassy and that its archives can
therefore not be used in an English court of law.
    The Council ended its quarterly session today ahead of
schedule. The meeting had been expected to go on until tomorrow
when the European Community's legal advisers were due to
attend, but delegates reviewed the progress of the various
legal actions today.
    Otherwise, the meeting was occupied with internal
administrative matters, delegates said.
    The ITC will continue to operate with a reduced staff after
June 30 following the two year extension of the sixth
International Tin Agreement.
    As well as dealing with the ongoing litigation, the Council
will continue with its statistical work and carry out some
research studies, although staffing in the research department
is being cut to one from two previously.
    At this week's session the Council elected Philip Sparkes
of Australia as first vice-chairman for the producing members
and Heinz Hofer of Switzerland as second vice-chairman for the
consumers for the year from July 1. Future quarterly sessions
are scheduled for October 5/7 and December 14/16.


.I 6769
.C
alum
.W
REYNOLDS METALS TO RESTART IDLE POTLINE.
    RICHMOND, Va., June 18 - Reynolds Metals Co said it plans
to restart the last idle potline at its Troutdale, Ore.,
primary aluminum plant.
    With the restart of this 22,700 tonne a year production
line, Reynolds said it will be operating at 100 pct of its
consolidated primary aluminum capacity of 695,000 tonnes per
year.
    Reynolds said work on the restart will begin in the near
future and it is expected that actual metal production will
begin September 1.
    The company said the start-up was necessitated by
continuing strong demand for aluminum and dwindling worldwide
inventories, and that the metal is needed to supply Reynolds'
various fabricating businesses.


.I 6777
.C
acq
.W
GILLETTE <GS> SEEN OBJECT OF GLOBAL BIDDING WAR.
    By Cal Mankowski, Reuters
    NEW YORK, June 18 - Ronald Perelman, head of Revlon Group
Inc <REV>, may be trying to ignite a bidding war for Gillette
Co that could draw some big international players and in the
process make a lot of money for himself, Wall Street analysts
said.
    Several hours before a regularly scheduled board of
directors meeting, Gillette disclosed that Perelman requested
consent of its board for an offer of at least 40.50 dlrs per
share. Perelman needed the consent because he agreed in
November not to buy stock for 10 years without permission.
    "I think Ronald Perelman is less interested in Gillette and
more interested in putting Gillette into play because he stands
to make a ton of money," said Andrew Shore, analyst at Shearson
Lehman Brothers Inc. "In play" is a term used on Wall Street to
describe what happens when a company becomes an unwiling
takeover target.
    Shore noted that according to the 1986 agreement Revlon
gets paid if there is any acquisition of Gillette through
November of this year at a price higher than 29.75 dlrs per
share. Gillette rose three to 40 today, following a gain of
three yesterday.
    The agreement would be calculated on the basis of
Perelman's previous holding of 18.4 mln shares, adjusted for a
split. For example, a deal between Gillette and some other
company at 44 dlrs per share would make Revlon richer by 262
mln dlrs under the formula. Neither Perelman nor his spokesmen
returned telephone calls seeking comment.
    "Revlon stands to make a substantial amount of money if
someone else takes over Gillette," said Analyst Deepak Raj of
Merrill Lynch and Co. "I'm not saying that is going to happen
but Gillette is an undervalued stock with a breakup value of 45
dlrs per share."
    Shore of Shearson Lehman said there are a couple of reasons
why Perelman may not be really interested in acquiring
Gillette. He said Perelman, in the process of taking Revlon
private after acquiring control of the cosmetics company two
years ago, probably wants to concentrate on improving Revlon's
operations. "He's trying to overhaul and improve the image of
the dearptment store business." Another reason is that Revlon
has recently made two other acquisitions.
    Under those circumstances, Shore would not be surprised if
some company such as Unilever plc <UN.AS> or Procter and Gamble
Co <PG> decided to take a look at Gillette.
    Shore mentioned half a dozen other potential buyers for
Gillette including Sir James Goldsmith, Hanson Trust plc <HAN>,
RJR Nabisco Inc <RJR>, American Brands Inc <AMB> and Ralston
Purina Co <RAL>.
    "Perelman is trying to put the company in play," said a
Wall Street arbitrageur. "He gets to share in the upside if the
company is sold." Another arbitrageur said he expects Gillette
to resist Perelman's overture. "I can't see the board
consenting, what has changed between November and now," he
said.
   
    Another arbitrageur said he was not sure what was going on.
"Perelman never does anything without a fair amount of
calculation," he said. But he added, "The Gillette board has to
be careful. They just can't say no or they'll be sued by
shareholders." Gillette's board was still meeting at 1700 EDT,
three and one-half hours after the scheduled starting time.
    According to a copy of Perelman's letter released by
Gillette, he would be prepared to sign a defnitive merger
agreement without any financing condition. He said Citibank
N.A. is his lead lender and First Boston Inc is his financial
adviser.


.I 6782
.C
zinc
.W
******MINPECO LIFTS FORCE MAJEURE ON ZINC INGOT.
SHIPMENTS FROM CAJAMARQUILLA-SPOKESMAN

.I 6784
.C
zinc
.W
FORCE MAJEURE LIFTED AT CAJAMARQUILLA.
    LIMA, June 18 - Peru's state minerals marketing arm, Minero
Peru Comercial SA (Minpeco), lifted a force majeure on zinc
ingot shipments from the country's biggest zinc refinery at
Cajamarquilla, a spokesman said.
    The spokesman said the problems affecting sulphuric acid
and roaster plants that had halted production since May 4 had
been resolved.
    However, he said production of zinc ingots this year was
expected to fall to around 86,000 tonnes this year at
Cajamarquilla, from 94,000 tonnes in 1986 because of the
stoppage.
    The refinery has an optimum annual production capacity of
100,000 tonnes but its highest production was 96,000 tonnes of
refined zinc ingots in 1985, the spokesman said.


.I 6785
.C
money-supply
.W
******ASSETS OF U.S. MONEY FUNDS FELL 702.4 MLN DLRS IN LATEST.
WEEK TO 235.75 BILLION

.I 6790
.C
iron-steel
.W
USX <X> UNIT OFFERS STEEL PRICES DIRECTORY.
    PITTSBURGH, June 18 - USX Corp said its USS division has
available a comprehensive sheet steel selection and pricing
system detailing the company's full line of products.
    The company said it was the first complete update in 25
years.
    The new prices in the book are effective after Oct One,
1987, the company said.


.I 6792
.C
grain;corn;
.W
CHINA ADDS CORN TO COMMITMENTS - USDA.
    WASHINGTON, June 18 - China has added 30,000 tonnes of U.S.
corn to its previous commitments, according to the U.S.
Agriculture Department's latest Export Sales report.
    The report, covering transactions in the week June 11, the
additional corn resulted from changes in destinations.
    Total corn commitments for delivery in the 1986/87 season
amount to 1,083,400 tonnes.


.I 6793
.C
earn
.W
DATA MED CLINICAL SUPPORT<DMCS.O> 1ST QTR LOSS.
    MINNEAPOLIS, June 18 - Period ended May 31
    Shr loss five cts vs loss 11 cts
    Net loss 306,007 vs loss 102,420
    Sales 110,522 vs 10,105
    NOTE: Full name is Data Med Clinical Support Services Inc
    Per-share data adjusted for three-for-one stock split
payable June 30, 1987
    The only sales reflected in fiscal 1987 period are sales
recorded subsequent to the May 22, 1986 acquisition of the
assets of a predecessor company by Data Med


.I 6797
.C
acq
.W
******NOVA CORP SAYS IT IS CONSIDERING A TAKEOVER BID FOR DOME.
PETROLEUM

.I 6800
.C
acq
.W
CARTER HAWLEY <CHH> SETS RECORD DATE FOR VOTE.
    LOS ANGELES, June 18 - Carter Hawley Hale Stores Inc said
it has set June 29 as the record date for shareholders voting
on the company's proposed restructuring at its annual meeting.
    The company has yet to set a date for the meeting, but has
said it will be held before the end of August.
    Under the proposal, Carter Hawley would split into a
specialty store company and a department store company.
    Shareholders would get 17-dlrs in cash and a share in each
of the two new companies for each existing common share they
hold. The restructuring was announced in December, after Carter
Hawley rejected a buy-out offer by Retail Partners.


.I 6801
.C
acq
.W
ALLEGHENY <AI> SELLS THREE INDUSTRIAL UNITS.
    PITTSBURGH, June 18 - Allegheny International Inc said it
sold three of its industrial units which served the railroad
industry to <Chemetron Railway Products Inc>, a senior
management group of Allegheny.
    Terms of the transaction were not disclosed.
    Included in the sale were Chemetron Railway Products, True
Temper Railway Appliances Inc and Allegheny Axle Co, the
company said.
    The three units include 12 plants throughout the U.S., the
company said.


.I 6810
.C
grain;corn;
.W
SENATOR DEFENDS U.S. MANDATORY FARM CONTROL BILL.
    WASHINGTON, June 18 - Sen. Tom Harkin, D-Iowa, defended his
controversial mandatory supply control farm bill and said U.S.
farmers should be allowed to vote in a referendum whether they
approve of the proposal.
    The Harkin proposal would set loan rates of 5.17 dlrs per
bushel for wheat, 3.77 dlrs for corn and 9.32 dlrs for
soybeans, all to be put in effect under strict controls on
planted acreage reductions. Present loan rates are 2.28 dlrs
for wheat, 1.92 for corn, and effectively 4.56 for soybeans.
    Also under the plan, the U.S. would seek a world market
sharing cartel with the European Community and other exporting
nations, to share-out export markets, Harkin said during the
first of several Senate Agriculture subcommittee hearings
examining farm programs.
    Harkin made the following claims in testimony on his
"Family Farm Act."
    -- The mandatory control bill would increase farm income
and reduce government spending on agriculture.
    -- Harkin said his policy of high price supports would not
ruin U.S. agricultural exports as critics claim, but would
increase overall revenue from exports.
    This would be done by seeking agreement among major
exporting countries including the European Community on market
sharing at agreed high prices.
    Sen. Christopher Bond, R-Mo., countered during the hearing
that such a grain export cartel is not workable.
    -- Harkin acknowledged that higher commodity price supports
would be passed onto consumers, but he said high food prices
stem more from "gouging" by food processing companies than from
high farm product prices.
    Harkin cited what he termed "excessive" net returns on
equity over five years of 33.4 pct at Kellogg, 31.9 pct
Monfort, 22.8 pct Nabisco, 22.8 pct ConAgra, 21.2 pct H.J.
Heinz, 19.1 pct Ralston Purina, 17.2 pct Pillsbury and 16.7 pct
Quaker Oats.
    -- Harkin said a "legitimate" concern about his bill would
be the impact of higher prices on livestock producers.
    He said as a transition to the higher prices, he would
allow livestock producers to purchase Commodity Credit Corp.
grain stocks for three years.
    Thereafter, livestock farmers would benefit from a
"predictable and stable" grain price, he said.
    -- Harkin said that under his policy approach farm
participation would be no more "mandatory" than the current
farm program. He said farmers now must participate in farm
programs in order to receive credit for planting and to protect
farm income.


.I 6812
.C
acq
.W
NOVA <NVAA.TO> CONSIDERING BID FOR DOME <DMP>.
    Calgary, Alberta, June 18 - Nova Corp is considering a
takeover bid for Dome Petroleum Ltd, either alone or as part of
a consortium, Nova chairman Bob Blair said.
    "We are thinking about making an offer to Dome or Amoco
(Canada Petroleum Co Ltd) or the creditors," Blair told
reporters before the annual meeting. Amoco Canada is a unit of
Amoco Corp <AN>, which has made a 5.2 billion-dlr acquisition
offer for Dome.
    "There is ongoing, serious thought applied to Dome in Nova
and in Husky, but no decision of substance as to future action
has been taken in either company," Blair said. Nova owns 43 pct
of Husky Oil Ltd <HYO.TO>.
    Blair also said that Nova has made no decision as to
whether it would want to be lead partner in a joint purchase of
Dome.
    He added that some of the discussions with other parties
about Dome included TransCanada PipeLines Ltd <TRP>, but
refused to name the other participants.


.I 6821
.C
gnp;bop;
.W
OECD SEES GERMAN GROWTH HIT BY LOW DOMESTIC DEMAND.
    PARIS, June 19 - West German economic growth will slow to
1.5 pct this year from 2.4 pct in 1986 due to weak domestic
demand and tougher competition from abroad, the Organisation
for Economic Cooperation and Development (OECD) said in its
semi-annual review of the world economy.
    This view is less favourable than the West German
government's forecast of a growth rate of under two pct this
year, but is in line with forecasts by independent economic
institutes of growth ranging from 1.5 to two pct.
    The OECD said that the economy should pick up next year,
with the gross national product rising by two pct in real
terms.
    The OECD said it assumed the German economy was passing
through a period of temporary weakness and there would be some
recovery in business confidence in the near future.
    But it warned that the key to an improvement in the economy
was higher domestic demand, which is only forecast to rise by
2.5 pct this year and 2.75 pct in 1988, below 1986's 3.7 pct.
    While noting that the government is bringing forward a five
billion mark tax reform to January 1988, the OECD said that "the
medium to longer-term performance of the West German economy
could be improved by reduction of subsidies - which would allow
relatively lower tax rates."
    Since the OECD report was compiled, the West German Federal
Statistics Office has released figures showing that the GNP
actually fell 0.5 pct in real terms in the first quarter of
this year compared with the final three months of 1986.
    Diplomatic sources here said that West Germany appeared
likely to finish the year with the lowest growth rate of any of
the Group of Seven leading industrial nations.
    West Germany's current account surplus, the target of
considerable criticism by the Reagan administration, is
expected to rise slightly to 37 billion dlrs this year from
35.8 billion in 1986, before declining to 29 billion dlrs in
1988.


.I 6822
.C
acq
.W
INVESTMENT FIRM RAISES TVX <TVXG.O> STAKE.
    WASHINGTON, June 18 - WEDGE Group Inc, a Houston investment
firm, said it raised its stake in TVX Broadcast Group Inc to
682,419 shares, or 15.1 pct of the total outstanding common
stock, from 559,219 shares, or 12.4 pct.
    In a filing with the Securities and Exchange Commission,
WEDGE said it bought 123,200 TVX common shares at prices
ranging from 8.00 to 10.625 dlrs a share.


.I 6823
.C
gnp;cpi;jobs;
.W
HIGHER GROWTH, UNEMPLOYMENT IN FRANCE, OECD SAYS.
    PARIS, June 19 - France's growth rate is expected to
strengthen in the second half of this year after a poor first
half, but unemployment will worsen, the Organisation for
Economic Cooperation and Development (OECD) said.
    In its semi-annual review of the world economy, the OECD
forecast that growth in the French Gross Domestic Product (GDP)
would run at about two pct in the next six months. It said the
rate would be in line with the 1986 trends, but significantly
higher than in the first half of this year.
    The OECD said France's economic situation has deteriorated
somewhat during the early months of 1987. 
    Activity has slowed, primarily reflecting an inventory
adjustment, while unemployment has risen rapidly and inflation
has reaccelerated, the OECD said. Unemployment is likely to
reach 12 pct of the workforce by the end of 1988.
    The report said inflation should slow and domestic demand
pick up in the second half of this year. But both data are
likely to be worse than those recorded in 1986, it added.
    The OECD forecast a 2.75 pct rise in consumer prices for
the second half of this year, a one pct drop from the first six
months. The slowdown would bring the inflation rate to 3.25 pct
for the whole year, sharply up from last year's 2.2 pct.


.I 6824
.C
acq
.W
GROUP RAISES NASH FINCH <NAFC.O> STAKE.
    WASHINGTON, June 18 - A group including members of the
Sobey family of Nova Scotia and Empire Company Ltd, said it
raised its stake in Nash Finch Co to 442,498 shares, or 8.6 pct
of the total outstanding, from 374,498 shares, or 7.3 pct.
    In a filing with the Securities and Exchange Commission,
the group said it bought 68,000 Nash Finch common shares
between April 7 and June 17.


.I 6826
.C
gnp;jobs;
.W
ITALIAN ECONOMIC OUTLOOK LESS BRIGHT, OECD SAYS.
    PARIS, June 19 - Italy's economic outlook for 1987 and 1988
is likely to be less favourable than last year with slightly
lower growth, higher unemployment and an increased trade
deficit, the Organisation for Economic Cooperation and
Development (OECD) said.
    But the OECD, in its half-yearly report, forecast a
slightly lower inflation rate over the next two years. Last
year Italy ranked as one of the OECD's fastest growing
economies with Gross Domestic Product (GDP) growth at 2.7 pct.
    The OECD said Italy's GDP may grow by three pct in 1987,
but will then fall back to 2.5 pct in 1988.
    The inflation rate will probably stabilise at around five
pct during the projection period as a result of a turnaround in
import prices, particularly oil, an acceleration in labour
costs and the effects of domestic demand pressure, the report
said.
    This year, and to a lesser degree in 1988, domestic demand
should be stimulated by buoyant growth in household consumption
made possible by wage increases following pay negotiations.
    Domestic demand pressure, coupled with the deterioration in
Italian competitiveness, is likely to stimulate imports and
adversely affect exports in 1987 and 1988. This could result in
a sharp negative contribution to the currrent account.


.I 6827
.C
gnp;bop;trade;
.W
JAPAN TRADE SURPLUS WILL GROW AGAIN IN 1987, OECD.
    PARIS, June 18 - Japan's trade surplus is likely to
continue to grow in 1987, as sales of Japanese goods abroad
increase while domestic demand remains sluggish, the
Organization for Economic Cooperation and Development (OECD)
said.
    In its latest half-yearly review of the world economy, the
OECD said Japan managed to considerably reduce its surplus last
year, when domestic demand grew by four pct in 1986 while
export markets rose by only two pct.
    But it said this differential between the growth of
domestic and foreign demand would reverse in 1987 and 1988,
"thus weakening the international adjustment process."
    It forecast a slowing in domestic growth to little over two
pct but with a rise in exports of 3.3 pct in 1987 and 3.6 pct
in 1988. As a result, the current account surplus in 1987 will
rise to 95 billion dlrs from 86 billion in 1986, although in
1988 it should fall back to 87 billion dlrs.
    The OECD outlook did not take account of the 6,000 billion
yen package announced last month to stimulate domestic demand
and increase imports to Japan. However, OECD officials said the
measures will significantly strengthen domestic demand, quite
possibly exceeding one pct GNP when the full effects have
worked through, and thus will provide some stimulus to imports.
    The OECD outlook said, "Continued large current account
surpluses and the further build-up of an already-substantial
net external asset position could well lead to upward pressure
on the yen." It said that further appreciation could then lead
manufacturers to postpone their investment plans and thus
weaken domestic growth.
    The OECD said Japan's Gross National Product was likely to
gorw an annual two pct in 1987 and 1988, below 1986's 2.5 pct
growth. But it said Japan would continue its good performance
on inflation, with a zero figure expected in 1987 compared to a
0.6 pct rise in consumer prices last year.


.I 6828
.C
trade
.W
U.S.-CANADA TIES SEEN WORSE WITHOUT TRADE PACT.
    WASHINGTON, June 18 - U.S.-Canadian ties could worsen if
the two nations are unable to reach a free trade pact,
according to a study published by two nonpartisan public policy
research groups.
    The Cato Institute of Washington and the Fraser Institute
of Vancouver said removing the remaining tariffs on cross
border trade would benefit both countries.
    But Cato chairman William Niskanen added "the two nations'
generally harmonious trade relations are probably not
sustainable without a new agreement."
    The United States and Canada, whose cross-border trade
totaled about 125 billion dlrs last year, have been holding
talks since last June on a pact to end the few trade barriers
remaining between their two countries.
    The U.S. put a deadline on the talks of October 1, but both
sides have said an agreement is likely despite tough bargaining
remained.
    Niskanen said if no pact is reached, bilateral trade ties
could deteriorate because of Congressional pressure on
President Reagan to implement trade laws more aggressively, and
this could hit some Canadian trade practices.
    He noted Canada is seeking foreign investment in its auto
industry, which could put strains on the considerable bilateral
free trade in U.S. and Canadian autos and parts.
    Niskanen also said the Canadian government is vulnerable to
a resurgence of economic nationalism which could restrict U.S.
exports to Canada.
    A free trade pact, backed by President Reagan and Prime
Minister Brian Mulroney, would open new markets for Canada and
enable its industries to achieve economies of scale, which
would also help it widen exports worldwide, he said.
    It would also increase the gross national products of both
countries.
    Niskanen said the goal of a pact should be to end all
tariffs within 10 years, lower subsidies on exports, set rules
for trade in services and investments, end curbs on government
procurement and agree ways to resolve trade disputes.


.I 6829
.C
gnp;cpi;jobs;
.W
ECONOMIC GROWTH SEEN SLUGGISH IN BENELUX COUNTRIES.
    PARIS, June 19 - Economic growth will remain sluggish in
the Netherlands and Belgium next year and unemployment may
rise, the Organisation for Economic Cooperation and Development
forecast.
    Belgium's GDP growth may slow down to 1.5 pct this year and
next year, bringing a rise in the number of jobless, the OECD
said in its semi-annual survey. Belgian inflation could
stabilise at 1.5 to 2.0 pct, while the current account surplus
will probably remain large at about three pct of GDP.
    While the Belgian government has made progress in trimming
its borrowing requirement, "it will probably be insufficient to
check the self-sustaining nature of the deficit," the OECD said.
    In the Netherlands real GDP growth will also slip to 1.5
pct this year and one pct in 1988, with Dutch exports becoming
less competitive and imports rising. "Employment is forecast to
decelerate as well, reflecting more sluggish growth in the
private sector and budgetary cuts," the report said.
    Dutch consumer prices are set to fall by 0.5 pct in 1987
and stay stable in 1988, partly as a result of declining
domestic gas prices.
    Luxembourg's economy, by contrast, will see slightly faster
growth in GDP this year as a result of an upward movement in
wages. But real growth in consumption will ease next year.
REUTER

.I 6830
.C
gnp
.W
SOUTHERN EUROPE HAS STRONG DOMESTIC DEMAND GROWTH.
    PARIS, June 19 - Strong growth in domestic demand was a key
feature of the economies of southern European countries in
1986, though the growth is seen slowing this year and next, the
Organisation for Economic Cooperation and Development said.
    In its semi-annual report, the OECD said Portugal's total
domestic demand growth would decline from 7.6 pct last year to
five pct in 1987 and 3.75 pct in 1988 as slower wage growth
restrained private consumption.
    Turkey's economy grew much faster than expected in 1986 and
domestic demand surged 10.5 pct, but this growth was expected
to be halved to five pct next year.
    In Spain, buoyant domestic demand, led by fixed investment,
had been the driving force behind rapid growth in Gross
Domestic Product. Both fixed investment and private consumption
were expected to ease during 1988 but would still remain
strong.
    The OECD forecast that Spanish imports would rise sharply
next year, reflecting strong demand, entry to the European
Community and declining competitiveness.
    In Greece, inflation was forecast to turn downwards
following an increase early this year linked with the
introduction of Value Added Tax and a surge in food prices due
to cold weather.


.I 6831
.C
gnp
.W
OECD SAYS HIGH WAGE DEALS HARMING NORDIC STATES.
    PARIS, June 19 - High wage settlements in Nordic countries
threaten to cut exports and reduce the international
competitiveness of their industries, the Organisation for
Economic Cooperation and Development (OECD) said.
    In Denmark, the OECD said wage settlements concluded in
early 1987 were likely to contribute to a marked deterioration
in competitiveness. Sweden's competitive position was also seen
at risk from accelerating wages.
    The OECD predicted that domestic demand would come under
pressure from tight fiscal policy in Denmark, as well as
Norway, Sweden and Finland.
    Overall economic growth will vary in the different
countries between 1986 and 1988, the OECD semi-annual report
said.
    After a strong rise of 7.8 pct in 1986, total domestic
demand in Norway was seen falling by 1.5 pct in 1987 and one
pct the following year. Denmark was also expected to see a
slump in domestic demand. The report said growth in Gross
Domestic Product (GDP) was likely to speed up slightly in
Sweden and Finland in 1987 and 1988, while declining in Denmark
and Norway.
    Iceland needs to try harder to implement its new economic
strategy if any more progress is to be made towards sustained
and balanced non-inflationary growth, the OECD said.


.I 6832
.C
gnp;bop;jobs;
.W
OECD URGES ACTION TO CUT U.S. BUDGET DEFICIT.
    PARIS, June 18 - The United States should take urgent
action to cut its crippling budget deficit, including possible
reductions in non-defense spending, higher taxes and curbs on
growth of the defense budget, the Organization for Economic
Cooperation and Development said.
    The OECD, in its semi-annual review of the world economy,
said a failure of the Reagan Administration and Congress
quickly to agree on measures to cut the deficit "could seriously
affect confidence, both in the United States and elsewhere."
    It predicted that the federal deficit in fiscal 1987,
running until September 30 this year, would substantially
overshoot both the Balanced Budget Act's target of 144 billion
dlrs and official U.S. Estimates in February of 175 billion.
    "The OECD projection, which is based on assumptions of
slower growth, higher interest rates and actual data for the
first half of the financial year, is for a deficit of about 190
billion dollars," it said.
    While this would be 30 billion lower than last year's
deficit, much of the improvement would be due to corporate tax
increases being introduced before income tax cuts take effect.
    The U.S. Economic growth rate is expected to edge up to
2.75 pct next year from 2.5 pct this year and last.
    In contrast to the last two years, more competitive exports
boosted by the fall in the dollar should help GNP growth.
    Unemployment should continue to fall slowly as the service
sector continues to create jobs. But inflation appears to be
heading higher, partly due to the lower dollar, with consumer
prices forecast to rise four pct this year and 4.5 pct next
year after just 2.1 pct in 1986.
    "Monetary and fiscal policy appear to be the key factors
behind the avoidance of recession," the report said.
    The current account balance of payments deficit is expected
to be still around a high 125 billion dlrs next year, after
hitting a projected record 147.25 billion this year, it said.
    In Canada economic growth is expected to pick up slightly
to around 2.75 pct in 1988 from 2.5 pct this year, but will
still be below levels seen in recent years. Inflation is
expected to slow to 3.5 pct next year from 3.75 pct this year,
unemployment should edge down to nine pct in 1988 from 9.25 pct
this year.
    Canada's current account deficit is projected to shrink to
around four billion U.S. Dlrs this year and to remain at about
that level in 1988.


.I 6833
.C
earn
.W
MARK'S WORK WEARHOUSE <(MWW.TO> 1ST QTR LOSS.
    CALGARY, Alberta, June 18 - Period ended May 2
    Shr loss four cts vs loss three cts
    Net loss 397,000 vs loss 330,000
    Revs 32.1 mln vs 30.4 mln
    Note: Full name Mark's Work Wearhouse Ltd.


.I 6836
.C
gnp;cpi;jobs;
.W
JOINT ACTION SAID VITAL TO BOOST WORLD GROWTH.
    PARIS, June 18 - Prospects for world economic growth remain
very sluggish, and coordinated action by western governments is
urgently needed to restore business confidence, stabilize
currencies and encourage investment, the Organization for
Economic Cooperation and Development (OECD) said here.
    "The economic situation has deteriorated in recent months,
and ... Slow growth, high unemployment and large payments
imbalances are likely to persist," it said in one of its
gloomiest reviews of the world economy in recent years.
    The gross national product (GNP) of the 24-nation bloc of
western industrialised countries is forecast to grow by only
2.25 pct both this year and next, even slower than last year's
2.5 pct growth rate.
    "We would like to see the aggregate for the OECD area
comfortably exceeding three pct," David Henderson, head of the
OECD's economics and statistics department, said.
    The OECD said that the dollar fall had led to rising
inflation expectations and higher interest rates in the U.S.,
Combining with world trade imbalances and the huge third world
debt problem to increase the risks of a world economic
downturn.
    "At the same time, many of the conditions for faster growth
remain favorable," it said, citing low inflation in most major
countries, healthy corporate finances, generally lower interest
rates, improvements in state budget positions and more flexible
labor markets.
    But private sector confidence had been undermined by
uncertainties over exchange rates, it said, and warned that "for
confidence to be restored, it is important for governments
swiftly to implement internationally-agreed commitments."
    This was a clear reference to last February's Louvre accord
of the Group of Five nations plus Canada, analysts said.
    The OECD said that apparent disagreements among major
countries on implementation of the Louvre accord had helped to
undermine business confidence, and called on more active fiscal
policies from the U.S., West Germany and Japan to slow demand
in the U.S. And raise it in the other two countries.
    Henderson said the 6,000 billion yen package announced
recently by the Japanese government to encourage public works
and cut taxes would make a significant contribution to this
process, though it was too early to estimate its precise
impact.
    He said the measures will help strengthen Japan's domestic
demand significantly, quite possibly exceeding one pct of GNP.
    The inflation outlook, while broadly satisfactory, has
worsened in recent months, with OECD consumer prices forecast
to rise 3.5 pct this year and 3.75 pct in 1988 after a 2.8 pct
increase in 1986.
    There is no prospect for any significant improvement in the
unemployment situation over the next 18 months, with the
average rate expected to stabilize at 8.25 pct, similar to last
year.
    The OECD called for efforts to liberalize world
agricultural markets through switching farm subsidies away from
price guarantees and other measures linked to production
towards direct income support for farmers.


.I 6840
.C
gnp
.W
****** OECD SEES 1.5 PCT WEST GERMAN REAL GNP GROWTH IN 1987.

.I 6841
.C
gnp;bop;cpi;
.W
AUSTRALIA SET TO GROW, BUT UNEMPLOYMENT MAY RISE.
    PARIS, June 19 - Australia's economy should manage modest
growth over the next two years after a sharp slowdown but
unemployment could still edge upwards, the Organisation for
Economic Cooperation and Development (OECD) said.
    The organisation's latest half-yearly report says Gross
Domestic Product will grow by 2.5 pct this year and by 2.75 pct
in 1988 compared with only 1.4 pct in 1986. The growth will be
helped by higher stockbuilding and stronger domestic demand
following tax cuts and higher real wages, it added.
    The report forecasts a decline in inflation, with consumer
prices increasing by 8.5 pct this year and 6.25 pct in 1988.
    The current account deficit shows signs of easing slightly
and could narrow to 12 billion dlrs by the end of 1988.
    While predicting slightly stronger growth than last year,
however, the report revises downwards the OECD's earlier growth
forecast for 1987 of 3.75 pct.
    The OECD predicts a similar combination of modest economic
growth and rising unemployment for New Zealand, which is
struggling to recover from a major economic crisis.
    The country's GDP, which contracted by 0.6 pct last year,
should again show growth over the next two years, rising by
0.25 pct this year and a more substantial 2.75 pct in 1988.


.I 6842
.C
acq
.W
SQUIBB <SQB> SAID NOT INTERESTED IN BUYING CETUS.
    BY MARJORIE SHAFFER, REUTERS
    NEW YORK, June 18 - Robert Fildes, president and chief
executive of Cetus Corp <CTUS.O>, told Reuters that Squibb Corp
is not interested in buying Cetus.
    Earlier the companies said Squibb would buy from Cetus a
five pct equity postion in Cetus for about 40 mln dlrs.
    "This is not an attempt by Squibb to become a major
majority holder in Cetus," Fildes told Reuters in an interview.
"Squibb has not approached us with any indication that they
want to acquire us and we wouldn't be interested in that kind
of arrangement," said Fildes.
    Squibb could not be reached to comment on the late comments
by Fildes.
    Squibb is Cetus' first pharmaceutical partner and the only
one to own an equity position in Cetus. Eastman Kodak Co <EK>
and W.R. Grace <WR> both have joint ventures with Cetus, but
neither owns an equity position in the company, said Fildes.
    Cetus has a venture with Kodak to develp diagnostic
products and with Grace to develop agricultural products.
    Earlier, Squibb and Cetus announced in a joint statement 
an agreement in principle to form a joint venture to develop
new biotechnology products in several fields.
   
    As part of the deal Squibb will license several of Cetus'
anticancer agents, including interleukin-2, in development.
Squibb will sell the drugs only in Japan and other markets but
not in North American and Western Europe.
    "We wouldn't have done this deal had it not been understood
that Cetus wants to build its own fully integrated business in
North America and Europe," said Fildes.
    He said Squibb was the good partner because Squibb has a
major joint venture in Japan and has sales capabilities of its
own in that market.
   
    Fildes said Cetus has shunned licensing arrangements with
pharmaceutical companies because it wanted to build its own
business. Many large corporations have invested in small
biotech firms.
    But Squibb's investment in Cetus is the first it has made
in biotechnology. Fildes said that was attractive to Cetus
because it wanted a partner that didn't have a relationship
with a large number of other biotechnology companies."
   
    Fildes said his strategy was to have partners in non drug
areas like diagnostics and agriculture, but to "keep the
biggest developments in anticancer drugs to ourselves."
    Fildes said the partnership with Squibb would be used to
broaden the company's reach in such big money making areas
as the cardiovascular, anti-infective and the anti-inflammatory
markets.
    Squibb is also investming 75 mln dlrs in Cetus' research
over the next five years.
   
    "Squibb is putting up over 75 mln dlrs in research and
development to make it happen, while the equity position part
of the package is simply to demonstrate the seriousness of this
partnership," said Fildes.


.I 6845
.C
earn
.W
TRI-STAR PICTURES INC <TRSP.O> 1ST QTR MAY 31.
    NEW YORK, June 18 -
    Shr four cts vs four cts
    Net 1,180,000 vs 902,000
    Revs 146.9 mln vs 37.0 mln
    Avg shrs 33 mln vs 23.9 mln
    NOTE: Company changed its fiscal year from December 31 to
the last day of February, thus results of operations for the
year-ago period have been restated to reflect this change.
    Current first quarter includes results of operations of
Loews Theatre Management Corp which Tri-Star acquired December
31.


.I 6853
.C
gnp
.W
FALL IN CANADIAN BUDGET DEFICIT TO SLOW.
    OTTAWA, June 18 - Finance Minister Michael Wilson said tax
reform will not affect his determination to reign in
expenditures, but his forecasts show a slowing of the decline
in the budget deficit in the late 1980s.
    "Responsible tax reform must be fiscally responsible,"
Wilson said in a speech prepared for the House of Commons.
    Wilson estimated the deficit will fall to 29.3 billion dlrs
in the year ending March 31, 1988, the same level as he
forecast in the February budget.
    And in the year ended this past March, the deficit was
expected to have been one billion dlrs lower than the 32
billion dlr shortfall originally forecast, Wilson said.
    Wilson said in the current 1988 fiscal year
higher-than-anticipated spending, particularly in farm income
support programs, will be offset by higher-than-anticipated
revenues.
    But finance department documents show the pace of deficit
reduction was expected to slow temporarily in fiscal 1989 and
1990 as a result of lower oil and grain prices and the
transition to the reformed taxation system.
    The deficit is expected to total 28.9 billion dlrs in
fiscal 1989 and 28.6 billion dlrs in 1989 and then fall to 26.1
billion dlrs in 1991.
    Wilson was optimistic about the outlook for the Canadian
economy, forcasting gross domestic product would expand 2.8 pct
this year and 3.0 pct in 1988. In 1986 the economy grew by an
actual 3.1 pct.
    Inflation, meanwhile, is expected to stabilize at around
the current four pct level over the next two years.


.I 6856
.C
interest
.W
******ANZ BANKING GROUP SAYS IT WILL CUT PRIME RATE TO 16.00.
PCT FROM 16.50 ON JUNE 22

.I 6857
.C
dlr;money-fx;
.W
******Japan still asking institutions to limit speculative dlr.
deals - Miyazawa

.I 6858
.C
interest
.W
ANZ BANKING GROUP CUTS PRIME RATE TO 16.00 PCT.
    MELBOURNE, June 19 - The Australia and New Zealand Banking
Group Ltd <ANZA.S> said it will cut its prime rate to 16.00 pct
from 16.50, effective June 22.
    The cut takes the ANZ's prime to the lower end of the range
of prime rates being offered by Australian trading banks. The
highest rate is 17.50 pct.
    The cut follows announcements of cuts yesterday by
<Citibank Ltd> to 16.00 pct from 16.5, effective today, and
<Commonwealth Bank of Australia> to 15.75 pct from 16.25,
effective June 24.


.I 6859
.C
dlr;money-fx;
.W
JAPAN STILL WANTS SPECULATIVE DLR DEALS LIMITED.
    TOKYO, June 19 - The Finance Ministry is still asking
financial institutions to limit speculative dollar dealings,
Finance Minister Kiichi Miyazawa told reporters.
    He was responding to rumours in the New York currency
market overnight that the Ministry was reducing its pressure on
institutions to refrain from excessively speculative dollar
dealings.


.I 6864
.C
dlr;money-fx;money-supply;
.W
FED DATA SUGGEST NO CHANGE IN MONETARY POLICY.
    By Kathleen Hays, Reuters
    NEW YORK, June 18 - New U.S. Banking data suggest the
Federal Reserve is guiding monetary policy along a steady path
and is not signalling any imminent change of course, economists
said.
    But they also said that if money supply growth remains
weak, as this week's unexpected eight billion dlr M-1 decline
suggests it may, this could influence the Fed to loosen its
credit reins and move toward a more accommodative monetary
policy.
    A Reuter survey of 17 money market economists produced a
forecast of a 600 mln dlr M-1 decline for the week ended June
8, with estimates ranging from a gain of one billion dlrs to a
decline of four billion. Instead, M-1 fell eight billion dlrs
to 745.7 billion dlrs at a seasonally adjusted annual rate.
    Coming on the heels of a 4.3 billion decrease in M-1 for
the week ended June 1, this means the nation's money supply has
fallen more than 12 billion dlrs in the past two weeks,
economists said.
    "M-1 has hit an air pocket of weakness," said Bill Sullivan
of Dean Witter Reynolds Inc.
    While M-1 may have lost its significance as an indicator of
economic growth, Sullivan said Fed officials might be concerned
the latest drop in M-1 means another month of sluggish growth
in the broader monetary aggregates, M-2 and M-3, which are seen
as better gauges of economic growth.
    Latest monthly M-2 and M-3 data showed that as of May, both
measures were growing at rates below the bottom of the Fed's
5-1/2 to 8-1/2 pct target ranges.
    If money growth does not accelerate, Fed officials,
concerned that this indicates economic growth is flagging,
could turn toward easier monetary policy, economists said.
    "Does this mean that the Fed abandons its current open
market position? No," Sullivan said. "But does this mean the end
of tightening for the time being? Definitely yes."
    Economists said average adjusted discount window borrowings
of 385 mln dlrs for the latest two-week bank statement period
were lower than they had expected. Most believed the Fed had
targetted a two-week borrowings average of around 500 mln dlrs.
    But they said that if it had not been for a large one-day
net miss in the Fed's reserve projections, the higher
borrowings target would probably have been reached.
    A drop in May U.S. Housing starts and continued weakness in
auto sales show key sectors of the U.S. Economy are lagging,
while a recent modest 0.3 pct gain in May producer prices has
helped dispel inflation fears, Slifer said.
    "If this continues, we can entertain the notion of Fed
easing at some point," he said.
    Other economists said the Fed would probably pay little
attention to weak money supply growth. "It has been a number of
years since M-1 has given good signs of what's going on in the
economy," one said. "I don't think M-1 shows that the economy is
falling apart and the Fed should ease."
    Economists agreed a stable dollar will continue to be a
prerequisite for any move by the Fed toward easier monetary
policy.
    They said the Fed is reluctant to lower short-term rates
for fear this would spur expectations of a weaker dollar and
higher inflation which would push up long-term yields and choke
off econmomic growth.
    But Sullivan said the dollar has been steady since late
April. "The Fed has to determine if this represents a
fundamental change for the dollar. If it does, then this gives
them more room to ease," he said.


.I 6865
.C
earn
.W
NATIONAL SEMICONDUCTOR CORP <NSM> FOURTH QUARTER.
    SANTA CLARA, Calif., June 18 -
    Shr profit six cents vs loss 10
    Net profit 8.1 mln dlrs vs loss 7.1 mln
    Sales 511.9 mln vs 397.8 mln
    Avg shrs 97.0 mln vs 90.5 mln
    YEAR
    Shr loss 38 cents vs loss 1.10 dlrs
    Net loss 24.6 mln dlrs vs loss 91.5 mln
    Sales 1.87 billion vs 1.48 billion
    Avg shrs 91.7 mln vs 89.8 mln
    NOTE - Current year figure includes previously announced 15
mln dlr restructuring charge.
    Figures include extraordinary credit from tax benefit of
4.2 mln dlrs in quarter vs 2.3 mln a year earlier and 4.2 mln
for year vs 5.6 mln year earlier.
    The 1986 year net reflects 51.2 mln dlr gain from
cumulative effect of accounting change.


.I 6869
.C
trade
.W
SHULTZ WARNS ASEAN OF LOOMING TRADE PROBLEM.
    SINGAPORE, June 19 - U.S. Secretary of State George Shultz
warned members of the Association of Southeast Asian Nations
(ASEAN) they could no longer rely on increased exports to the
U.S. For growth.
    "Given the importance of exports, particularly export
manufactures, to all of your countries, you are going to have
to work hard to diversify your markets," he said.
    "While you may be able to maintain your current market share
in the U.S., You clearly will not be able to look to the U.S.
To take major increases in your exports," he added.
    Shultz told the foreign ministers of Brunei, Indonesia,
Malaysia, the Philippines, Singapore and Thailand the U.S.
Would cut its huge foreign trade deficit more rapidly than many
now believed.
    He said ASEAN's looming trade problems would not
necessarily stem from protectionist legislation now being
contemplated by Congress, "but simply because of the adjustments
the U.S. Economy will have to make in order to service our
large and growing external debt."
    Shultz said the U.S. Deficit had resulted not from falling
exports but from higher imports that had fuelled world growth.


.I 6873
.C
alum
.W
INDONESIA RAISES STAKE IN ALUMINIUM PLANT.
    JAKARTA, June 19 - Indonesia has increased its share in a
434-billion-yen aluminium smelter joint venture with Japan from
25 to 37 pct, Asahan Project Authority director A.R. Suhud
said.
    The Japanese Export-Import Bank said Indonesia had raised
its share of (P.T. Indonesia Asahan Aluminium) company,
capitalised in 1975 at 91 billion, by swapping 32 billion yen
in government loans to the company for an equity stake.
    The Japanese shareholders, the Overseas Economic
Cooperation Fund and 12 companies, are to invest another 24
billion yen raising capitalisation to 147 billion yen.
    Asahan reported total losses of 97.6 billion rupiah between
1982 and 1985. Suhud said much of the company's 320 billion yen
debt had been caused by falling tin prices and the appreciation
of the yen against the U.S. Dollar. Aluminium is sold in
dollars.
    Prices improved from 1,150 dlrs a tonne six months ago to
about 1,450 dlrs today. The plant is supposed to break even if
prices stay at 1,500 dlrs a tonne.
    Sahud said the plant, with a capacity of 220,000 tonnes a
year, would probably lose money again in 1987. The plant,
situated in North Sumatra, produces mostly for Japan.


.I 6876
.C
money-fx;reserves;
.W
TAIWAN DOLLAR AND RESERVES SEEN RISING MORE SLOWLY.
    By Chen Chien-Kuo, Reuters
    TAIPEI, June 19 - Recent government moves to curb capital
inflow have temporarily helped to slow the rise of Taiwan's
foreign exchange reserves and to stabilise the local dollar
against the U.S. Currency, officials and bankers said.
    Central bank governor Chang Chi-Cheng told reporters the
reserves rose only about 500 mln U.S. Dlrs in the past two
weeks and the local dollar appreciated more slowly against the
U.S. Dollar.
    Chang said, "The pace of increase in our reserves is much
slower now than before and our currency is getting more stable."
He said the reserves, mainly the result of the trade surplus
with the U.S., Rose at the rate of two to three billion U.S.
Dlrs a month between January and May.
    The reserves, the world's third largest after Japan and
West Germany, now total well over 60 billion U.S. Dlrs.
    On June 2 the central bank froze overseas borrowings of
local and foreign banks and cut the limit on central bank
purchases of forward U.S. Dollars from banks to 40 pct from 90
pct of the value of a contract.
    Local and foreign bankers said the June 2 measures had
drastically limited their ability to lend foreign exchange to
importers and exporters.
    They said their overseas borrowings and forward dollar
transactions showed a drastic decline with some banks
registering a fall of up to 30 pct.
    Bank dealers said the Taiwan dollar has stabilised against
the U.S. Currency this week after rising two to five Taiwanese
cents a day between June 2 and 13 compared with a rise of five
to eight cents in May.
    The bank dealers said the central bank, which had
previously bought U.S. Dollars heavily, sold at least 1.1
billion U.S. Dlrs in the past two weeks to meet commercial
demand.
    They said they expected the government to keep the local
dollar stable in the near term to give breathing space to
businesses experiencing slower exports because of the rise of
more than 23 pct in the value of the Taiwan dollar since
September 1985.
    The Taiwan dollar opened at 31.09 to the U.S. Dollar today,
unchanged from yesterday.
    Keh Fei-Lo, vice president of First Commercial Bank, said,
"It appears the central bank's move to curb the capital inflow
is quite successful."
    Vice economic minister Wang Chien-Shien said the slower
rise in foreign exchange reserves would help ease pressure from
Washington over the large U.S. Trade deficit with Taiwan.
    Over the past year Taiwanese businessmen have delayed
imports of machinery and production equipment because of
exchange rate uncertainty, he said. The stable exchange rate
would help boost imports, particularly from the United States.


.I 6877
.C
alum
.W
JAPAN APPROVES AID FOR INDONESIA, BRAZIL ALUMINIUM.
    TOKYO, June 19 - Japan's cabinet approved a plan to help
financially-troubled aluminium ventures in Indonesia and
Brazil, an official at the Ministry of International and Trade
Industry (MITI) said.
    Japan will invest 24 billion yen in <PT Indonesia Asahan
Aluminium> in addition to the 68.3 billion yen already invested
in the company. The government and private interests will
equally share the additional investment, he said.
    They will also provide equal shares in 6.3 billion yen in
new investment in the Albras Amazon aluminium project in
Brazil, in addition to the 45.7 billion yen already invested.
    The Japan Export-Import Bank will cut its rates on loans to
Asahan and Albras to about five pct from about seven pct, the
official said.
    Interest rates on loans by Japan's private banks to the two
projects are expected to be reduced to around five pct from the
current seven to eight pct, but an agreement has yet to be
reached, industry sources said.
    Under the rescue scheme for Asahan, in which 91.1 billion
yen has been invested, Indonesia will also extend another 32
billion yen to the company.  This will raise Indonesia's
investment ratio to about 40 pct from the current 25 pct.
    The Brazilian government has already agreed to invest an
additional 6.5 billion yen in Albras, in which investment now
totals 93.2 billion yen, but its stake will not change from 51
pct, the official said.
    The sources said the rescue programs for the two projects
were larger than earlier expected, reflecting Japan's desire to
help develop the economies of Indonesia and Brazil and to
stabilise sources of aluminium.
    Japan depends on imports for more than 90 pct of its
aluminium demand, which totals some 1.8 mln tonnes a year, they
said.


.I 6878
.C
acq
.W
MITSUI BUYS FIVE PCT STAKE IN U.S. CHIP MAKER.
    TOKYO, June 19 - Mitsui and Co Ltd <MITS.T> paid 1.5 mln
dlrs in early May for a five pct stake in <Zoran Corp>, a
California-based maker of large scale integrated circuits (LSI)
with computer graphic, communications and medical applications,
a Mitsui spokesman told Reuters.
    He said the two firms will form a marketing company in
Japan as early as next year, although details of the joint
venture are not yet fixed. Mitsui expects last year's 10
billion yen Japanese LSI market to grow quickly.
    Zoran was founded in 1981 and now has about 100 employees,
he said.


.I 6880
.C
trade
.W
JAPAN'S JUNE INTERIM TRADE SURPLUS NARROWS.
    TOKYO, June 19 - Japan's custom-cleared trade surplus
narrowed to 1.61 billion dlrs in the first 10 days of June from
1.97 billion a year earlier, the Finance Ministry said.
    The June interim surplus compares with a 1.76 billion dlr
surplus in the same May period.
    FOB exports in the first 10 days of June rose 17.6 pct from
a year earlier to 6.05 billion dlrs while CIF imports rose 39.6
pct to 4.44 billion.
    The average yen/dollar rate used for the figures was 141.04
yen against 169.03 a year earlier.


.I 6881
.C
earn
.W
C. ITOH AND CO LTD <CITT.T>.
    TOKYO, June 19 - Year ended March 31
    Group shr 18.83 yen vs 18.73
    Net 20.07 billion vs 18.47 billion
    Pretax 22.14 billion vs 25.36 billion
    Operating 37.57 billion vs 51.57 billion
    Sales 14,762 billion vs 15,900 billion


.I 6884
.C
acq
.W
******Sainsbury's says it taking control of Shaw's Supermarkets.
for 30 dlrs a share

.I 6886
.C
acq
.W
SAINSBURY'S TAKING CONTROL OF SHAW'S SUPERMARKETS.
    LONDON, June 19 - J Sainsbury Plc<SNB.L> said it agreed to
take control of the U.S. Shaw's Supermarkets Inc through a
combination of share purchases and a tender offer at 30 dlrs a
share.
    Sainsbury bought about 21 pct of the stock in 1983. It said
its U.S. Subsidiary, Chene Investments Inc, bought 2.55 mln
common shares from the controlling Davis family yesterday at 30
dlrs a share for 76.5 mln dlrs, lifting its stake to 49.4 pct.
    A tender offer for the outstanding shares will be launched,
also at 30 dlrs a share for a maximum further cost of 184.4
mln.
    The Shaw's Board and the Davis family has agreed to accept
the offer, thus assuring Sainsbury's a total holding of 74.0
pct.
    The company had allotted 20.18 mln new ordinary shares to
<Warburg Securities Ltd> which it said would be sufficient to
finance about 188 mln dlrs of the maximum 261 mln dlrs payable.
    Shaw's operates a chain of 49 supermarkets in
Massachusetts, Maine and New Hampshire which in 1986 produced
sales of 1.1 billiob dlrs and pretax profit of 31.1 mln. At the
end of 1986 it had net assets of 88 mln dlrs.
    Last September, Sainsbury's increased its stake in Shaw's
to 28.5 pct. In the year to March 21, it reported a rise in
pretax profit to 246.9 mln stg from 192.7 mln on sales that
increased to 4.04 billion from 3.58 billion.
    Sainsbury shares had fallen five pence before the
announcement to 590p from last night's close but were unmoved
by news of the deal.


.I 6889
.C
earn
.W
ISUZU MOTORS LTD <ISUM.T> SIX MONTHS TO APRIL 30.
    TOKYO, June 19 -
    Parent shr loss 15.85 yen vs profit 2.02
    Interim div nil vs nil
    Net loss 12.92 billion vs profit 1.65 billion
    Current loss 12.52 billion vs profit 4.44 billion
    Operating loss 8.76 billion vs profit 6.52 billion
    Sales 443.90 billion vs 528.03 billion
    Outstanding shrs 815.10 mln vs 814.97 mln


.I 6891
.C
ship;grain;
.W
BANGLADESH NAVY UNLOADS GRAINS DURING PORT STRIKE.
    CHITTAGONG, Bangladesh, June 19 - The navy is unloading
foodgrains at Chittagong port following a strike by nearly
1,000 dockworkers, Bangladesh Shipping Corp officials said.
    The navy was unloading 74,000 tonnes of foodgrains from two
ships today, and four vessels laden with some 90,000 tonnes of
grains were waiting at the outer anchorage, port officials
said.
    A spokesman for the workers said they would continue their
strike until authorities agree to their demands for higher pay
and other benefits. The strike began on June 11.
    "Unloading of grains and other essential commodities started
normally after we called in navy personnel to help," a port
official told Reuters.
    "The strike has caused no serious dislocation," he said.
    The government meanwhile declared the port jobs an
"essential service" and said the strikers could be dismissed
unless they end the strike soon.


.I 6893
.C
oilseed;soybean;
.W
TAIWAN BUYS 32,000 TONNES OF U.S. SOYBEANS.
    TAIPEI, June 19 - The joint committee of Taiwan's soybean
importers awarded a contract to Cargill Inc of Minneapolis,
Minnesota, for supply of one 32,000 tonne cargo of U.S.
Soybeans, a committee spokesman told Reuters.
    The cargo, priced at 249.10 U.S. Dlrs per tonne c and f
Taiwan, is set for delivery before July 7, he said.
    The committee cancelled a tender for another cargo because
the prices offered by U.S. Suppliers were too high, he added.


.I 6895
.C
grain;rice;
.W
AGENCY HEAD SAYS JAPAN SHOULD CUT RICE PRICE.
    TOKYO, June 19 - The government should cut its consumer
rice price if the official producer price is reduced next
month, Tetsuo Kondo, director general of the government's
Economic Planning Agency (EPA), told reporters.
    Kondo said after a cabinet meeting that consumers should
receive the benefits of the falling costs of rice farming due
to the strong yen and lower oil prices.
    Agriculture Ministry sources said the producer rice price
paid to rice farmers would be cut after discussions by the Rice
Price Council, an advisory body to the ministry, on July 1 and
2. The consumer rice price is usually set in December.


.I 6897
.C
dlr;money-fx;gnp;bop;yen;
.W
JAPAN PANEL URGES WORLD ECONOMIC ADJUSTMENTS.
    TOKYO, June 19 - Japan could avoid a sharp rise in the
value of the yen against the dollar if Japan, the U.S. And
other nations succeeded in restructuring their economies, an
advisory panel to the government's Economic Planning Agency
(EPA) said.
    The advisory body said in its report that the yen would
soar against the dollar if structural adjustments on a global
basis were delayed.
    An EPA official told Reuters the dollar could fall to
slightly below 100 yen by 1993 if Japan and the U.S. Failed to
restructure their economies.
    The dollar's fall without structural adjustments would cut
Japan's current account surplus to two pct of gross national
product (GNP) in 1993, the report said. It said such a change
would slow real GNP growth to an average of two pct annually
during the seven-year period to 1993.
    If the two nations restructured their economies, the dollar
would remain stable in real terms, while reducing Japan's
current-account surplus to 2.1 pct of GNP in 1993. This
scenario put Japan's GNP growth at 3.5 pct a year.
    It forecast real growth of three pct for the world economy
and four pct for Japan by 2,000 if the adjustments were made.


.I 6898
.C
trade
.W
JAPAN MUST TRY HARDER TO CUT SURPLUS - MINISTER.
    TOKYO, June 19 - Japan must try harder to reduce its trade
surplus or the yen will come under renewed upward pressure,
Economic Planning Minister Tetsuo Kondo.
    He told a press luncheon he hoped Japan could cut its
current account surplus by some 10 billion dlrs a year until it
is reduced to some 50 to 60 billion dlrs. In the fiscal year
ended March 31 the surplus totalled 93.76 billion dlrs, or
about 4.5 pct of GNP.
    The 6,000 billion yen economic stimulation package the
government unveiled late last month would help slash Japan's
current account surplus by five to six billion dlrs, he said.


.I 6901
.C
tin
.W
THAI SMELTER FACES TIN CONCENTRATE SUPPLY SHORTAGE.
    BANGKOK, June 19 - Thailand's major tin exporter and
producer <Thailand Smelting and Refining Co> (Thaisarco) said
it may be unable to meet all its overseas orders because of
insufficient supplies of tin concentrates from Thai mines.
    Local mines cut combined daily tin concentrate sales to
Thaisarco, a Royal Dutch/Shell Group <RD.AS> unit, to less than
20 tonnes earlier this month from a previous 40 to 45 tonne
average, commercial manager Yoot Eamsa-ard told Reuters.
    He said the cuts resulted from a government decision to let
the temporary business and municipal tax reductions on exported
tin lapse on June 3.
    The taxes, levied on the tin mines, rose to 4.4 pct this
month from 1.1 pct ad valorem over the past year. The lower
levels had been introduced last year as a temporary move to aid
the tin industry after prices collapsed in late 1985.
    Yoot said Thaisarco had to dig into its stocks to meet a
large portion of new overseas orders which were averaging 100
tonnes per day.
    As a result, he said, Thailand could fail to fill some
3,000 tonnes of its 19,000 tonne tin export quota allocated by
the Association of Tin Producing Countries (ATPC) for the year
ending February 1988.
    Reduced tin exports this year could cause the ATPC to
allocate a lower quota next year, Yoot said.
    The supplies shortage should prove temporary, however,
because the Thai cabinet is expected to review a Mineral
Resources Department proposal to reinstate the low taxes late
this month, Yoot said.
    The department said Thailand exported 7,715 tonnes of tin
during January/May compared with 8,462 tonnes a year ago.


.I 6905
.C
crude
.W
SRI LANKA PLANS TO RENEW ABU DHABI OIL CONTRACT.
    COLOMBO, June 19 - Ceylon Petroleum Corp (CPC) has decided
to renew its one-year contract with Abu Dhabi for 480,000
tonnes of Upper Zakum crude oil, CPC officials told Reuters.
    They said CPC made the recommendation to the cabinet and is
now awaiting its approval.
    CPC's one-year contract with Abu Dhabi expired on May 31
this year and it wants the renewed contract to begin on June 1
at the government selling price. Delivery will be determined in
the course of the year. Last year, shipments were in three
parcels of 120,000 tonnes each and four of 30,000 tonnes each.
    CPC officials also said the company agreed with the
Egyptian government for the supply of 240,000 tonnes of Gulf of
Suez crude for delivery in two shipments this year at the
government selling price.
    Last year, CPC bought 120,000 tonnes Gulf of Suez through
C.Itoh.
    Officials said plans to buy 240,000 tonnes of Basra Light
from Iraq have not been finalised yet because of several
constraints. CPC said it could not accept 120,000 tonne parcels
and proposed to lift 30,000 tonnes in eight shipments.
    Iraq National Oil Co (INOC) told CPC a Red Sea port where
lifting was to take place could not accept small ships. INOC
then proposed to deliver eight shipments of 30,000 tonnes each.
    CPC said INOC planned to ship the oil to an Indian port for
delivery of Indian requirements, later going to Colombo to
offload CPC's needs, but CPC considered this unsuitable.
    CPC said it had not received a reply from INOC since
December. Sri Lanka imports all its annual needs of 1.7 mln
tonnes. This year it plans to buy 400,000 tonnes on the spot
market compared with about 1.3 mln tonnes last year.


.I 6909
.C
ship
.W
TAIWAN'S EVERGREEN LINE TO GO PUBLIC.
    TAIPEI, June 19 - Liner shipping specialist <Evergreen
Marine Corp>, Taiwan's largest private company, has applied to
the Security and Exchange Commission to go public next month, a
company spokeswoman told Reuters.
    She said Evergreen had doubled its capital to eight billion
Taiwan dlrs since last August.
    "The capital increase will boost our operations," she said.
    She said Evergreen will use the funds raised from the stock
market to buy new ships and step up its global services.
    The spokeswoman said the company posted an after-tax profit
of more than one billion dlrs last year on total revenues of
20.46 billion, compared to an after-tax profit of 1.18 billion
on revenues of 17.99 billion in 1985.
    Evergreen has placed newbuilding orders for three 3,428-teu
(twenty-foot equivalent unit) fully cellular container ships
with the state-owned <China Shipbuilding Corp> for delivery in
late 1988.
    Evergreen has a fleet of 66 container vessels, totalling
more than two mln dwt, the spokeswoman said.


.I 6911
.C
gnp;bop;
.W
S. AFRICAN RESERVE BANK SAYS GROWTH RATE ON TARGET.
    JOHANNESBURG, June 19 - South Africa recorded annualised
real growth in GDP of 3.25 pct in the first quarter of this
year and the economy should achieve the government's target of
three pct growth for 1987, the Reserve Bank said.
    The South African central bank said in its quarterly
bulletin that confidence in the economy improved from January
to May 31 because of the higher gold price, a rise in the
nation's gold and foreign currency reserves and an improvement
in the rand's exchange rate to just under 50 U.S. Cents.
    It noted the growth rate had slowed from 4.5 pct in the
third and fourth quarters of last year.
    It also cited a three year debt recheduling agreement
reached with international creditors in March as evidence of
improved foreign perceptions of the South African economy.
    The accord effectively extends a moratorium on most
repayments of 13 billion dlrs of South Africa's short term
foreign debt. Total foreign debt is 23 billion dlrs.
    South Africa recorded a seasonally adjusted annualised
surplus on the current account of the balance of payments of
7.43 billion rand in the first quarter, compared with a surplus
of 7.24 billion rand in 1986. The bank said it was the ninth
consecutive current account surplus since the start of 1985.


.I 6913
.C
ipi
.W
DUTCH INDUSTRIAL PRODUCTION FALLS 6.4 PCT IN APRIL.
    THE HAGUE, June 19 - Dutch seasonally adjusted industrial
production fell by 6.4 pct in April compared with the previous
month, and was 5.5 pct down on the same period last year,
figures from the official Statistics Bureau CBS show.
    The April index, base 1980, stood at 103. In March,
industrial production rose by 2.8 pct from February.
    The unadjusted April index figure fell 14 pct from March to
104, compared with a 10 pct rise in March over February.


.I 6915
.C
cpi
.W
******CANADA MAY CONSUMER PRICE INDEX RISES 0.6 PCT, STATISTICS.
CANADA SAID

.I 6917
.C
cpi
.W
CANADA CONSUMER PRICE INDEX UP 0.6 PCT IN MAY.
    OTTAWA, June 19 - Canada's consumer price index rose 0.6
pct in May to 137.8, base 1981, following a 0.4 pct rise in
April and a 0.5 pct rise in May 1986, Statistics Canada said.
    The May year-on-year rise was 4.6 pct, compared with a 4.5
pct rise in April.


.I 6918
.C
wpi
.W
GERMAN PRODUCER PRICES RISE 0.1 PCT IN MAY.
    WIESBADEN, June 19 - West German producer prices rose 0.1
pct in May compared with April to stand 2.9 pct lower than in
May last year, the Federal Statistics Office said.
    In April, producer prices fell 0.3 pct from March and
dropped 3.6 pct from their levels a year earlier.
    The Statistics Office said producer prices for liquefied
gas fell 10 pct in May from April and heavy heating oil prices
declined 5.3 pct, while lead prices rose 23 pct and silver
prices increased 13 pct.


.I 6919
.C
gas
.W
JAPAN FIRMS TO LAUNCH SALES OF 100 OCTANE GASOLINE.
    TOKYO, June 19 -  Japanese oil companies are starting
campaigns to market 100 octane gasoline to meet growing
domestic demand for higher quality motor fuel, oil sources
said.
    Ten companies plan to offer the unleaded gasoline this
summer, starting with <Idemitsu Kosan Co Ltd> on June 20.
    Showa Shell Sekiyu KK <SHOL.T> introduced its Formula Shell
98 octane gasoline to the Japanese market in January this year.
    Formula Shell has achieved strong sales in Japan despite a
higher price than regular octane gasoline, which has prompted
other oil firms to offer a rival product, the sources said.
    "We have received a good response from consumers of Formula
Shell in terms of a smoother ride and effective fuel
consumption," Showa Shell said.
    Shell's product sells for 145 yen per litre, 15 yen higher
than regular gasoline, and has already achieved a 38 pct share
of Japan's high octane gasoline market, it said.
    High octane gasoline accounts for 25 pct of Shell's total
gasoline sales in Japan, it added.
    Idemitsu said it hopes to raise high octane sales to 20 pct
of its total gasoline sales from about seven pct, immediately
after the launch of its Idemitsu 100.
    Nippon Oil Co Ltd <NPOL.T> said it will launch its 100
octane gasoline on July 1, aiming for an increase in high
octane sales to 20 pct from six pct of its total gasoline
sales.
    The rush to compete for high octane gasoline market share
has been spurred by expectations that the government will lift
gasoline production quotas and restrictions on gasoline station
construction in the next two to three years.
    "Major oil companies are trying to boost their gasoline
sales network ahead of the proposed lifting of gasoline
production quotas," an official at a major oil company said.
    An advisory panel to the Ministry of International Trade
and Industry (MITI) recommended this week that the government
press ahead with deregulation of the oil industry, including
the lifting of gasoline production quotas, to help oil
companies increase their international competitiveness.
    Japan's three biggest gasoline marketers, Nippon Oil,
Idemitsu and Showa Shell, suffered supply shortages under the
production quota guideline in fiscal 1986, ended last March.
    Domestic gasoline demand during the year was up 2.5 pct
from the previous year, according to a MITI report.


.I 6923
.C
acq
.W
BPCC PLANNING SALE OF PACKAGING OPERATIONS.
    LONDON, June 19 - The British Printing and Communication
Corp Plc<BPL.L> is considering selling its specialist packaging
and labelling operations, a spokeswoman said.
    She gave no dates or prices for the transaction but said
the units would be sold by negotiation.
    She declined to give any turnover or profit figures for the
packaging and labelling operations, beyond saying that they
were very profitable. They formed a self-contained part of the
overall group, she said.
    Analysts said the packaging and labelling division could be
sold for up to 150 mln stg.
    Earlier this week group chairman Robert Maxwell also said
it expected to float its Mirror group newspaper subsidiary,
bought from  Reed International Plc <REED.L> for 100 mln stg in
1984.
    The spokeswoman said that BPCC intended to keep a majority
share in the newspaper group if it was floated.
    BPCC is currently locked in legal battles resulting from
its attempt to take over U.S. Publisher Harcourt Brace
Jovanovich Inc <HBJ>. Earlier this week, BPCC launched a
two-for-three rights issue to raise 640 mln stg and said the
money raised would enable it to renew its assault on Harcourt.
It has also expressed interest in Dutch publisher Kluwer NV
<KLUW.AS>.


.I 6924
.C
palm-oil;veg-oil;
.W
INDIA BUYS PALM OLEIN AT TENDER - TRADERS.
    LONDON, June 19 - The Indian State Trading Corp (STC) are
reported to have taken three parcels, around 5,000 tonnes each,
of palm olein at yesterday's weekly vegetable oil tender,
traders said.
    All are for August shipment at 364 dlrs a tonne cif. India
passed on all other materials, they added.


.I 6928
.C
ship
.W
BELGIAN ONE-DAY STRIKE HITS TRANSPORT, SHIPPING.
    BRUSSELS, June 19 - A 24-hour strike by Belgian public
employees protesting against a government pay offer disrupted
transport and hit ferry services and shipping, port and union
officials said.
    Some cross-Channel ferry services from Ostend were
cancelled, the local news agency Belga said.
    An Antwerp port authority spokesman said electricians came
out in support, reducing ship movements to a trickle. Unions
said Ghent and other major Belgian ports were also hit.
    Few trains were running and some early morning flights by
Sabena, Belgian's national airline, were cancelled.


.I 6933
.C
ship
.W
CHINA RESUMES USSR SHIP REPAIRS AFTER 23 YEAR GAP.
    PEKING, June 19 - China has resumed repairs of Soviet ships
after a 23 year break caused by the ideological split between
the two countries.
    The New China News Agency said an agreement to resume the
business was signed by the two sides on Wednesday in Shanghai,
where three Soviet commercial vessels were being repaired.
    The China Daily said the first two Soviet ships to be
repaired in China since 1964 left the ports of Dalian and
Xingang last month.
    Bi Yueran, managing director of China State Shipbuilding
Corp's ship repair department, told the newspaper the Soviet
Union lacked adequate repair facilities for the more than 600
ships deployed in the far east. Bi said China's yards offered
competitive prices, guaranteed quality and prompt delivery.


.I 6937
.C
groundnut
.W
TRACOMIN SEES LOWER U.S. EDIBLE GROUNDNUT EXPORTS.
    LAUSANNE, Switzerland, June 19 - U.S. Exports of edible
groundnuts could fall to 185,000 tonnes in the year to
September 1987 from 248,000 in the same 1986 period, trading
company Tracomin SA said.
    It revised its December 1986 forecast that exports would
total 205,000 tonnes, citing low demand, the loss of U.S.
Market share in the two main importing countries, Britain and
the Netherlands, and the sale of nuts intended for export at a
premium in the U.S. Domestic market.
    Tracomin estimated export availability from the 1986 crop
at 215,000 tonnes compared with 264,000 the previous year.
    Tracomin said it expects a good 1987 U.S. Groundnut crop
and forecast a resurgence in U.S. Exports next year.
    "Barring any market manipulations, a good U.S. Harvest in
1987 could lead to attractive prices, active trading and the
reappearance of the U.S.A as the world's leading producer of
peanuts," it said.
    Overall exports from China, the leading exporter last year,
will remain at exceptionally high levels this year despite
quality complaints and difficulties in implementing some
earlier high-priced contracts. It is too early to say if China
can retain its current market share in 1988, Tracomin said.


.I 6946
.C
crude;nat-gas;
.W
SAUDI OIL RESERVES RISE DESPITE HIGHER OUTPUT.
    JEDDAH, June 19 - Proven oil and gas deposits in Saudi
Arabia increased in 1986 despite higher oil output, according
to the kingdom's main producing company, Aramco.
    Recoverable oil reserves in Aramco fields rose to 167
billion barrels by the end the year from 166.5 billion in 1985,
while gas reserves jumped by 7.7 pct to 135.8 trillion cu ft
from 126.1 trillion, the company's annual report said.
    Aramco, responsible for all Saudi production except about
200,000 barrels per day (bpd) in the Neutral Zone between Saudi
Arabia and Kuwait, increased production to 4.69 mln barrels per
day in 1986 from 3.04 mln barrels a year earlier.

    Most of 1986 was a virtual free-for-all in production, as
OPEC members abandoned restraint in an effort to recapture
their share of the market. In the process, prices collapsed
from about 28 dlrs a barrel to below nine dlrs, until the
organisation decided to cut production again from last
September onwards.
    Saudi output in 1985 had been the lowest since the 1960s.
    Production of natural gas liquids in 1986 declined slightly
to 304,178 bpd from 316,310, said the report, carried on the
official Saudi Press Agency.
    The increase in reserves came despite a sharp cut in the
number of wells Aramco drilled to 33 in 1986 from 103 in 1985.

    Aramco's only refinery, at Ras Tannurah, processed 142.44
mln barrels (390,246 bpd) of crude last year. The plant was
upgraded to a capacity of 530,000 bpd during the year, enabling
it to supply 50 pct of local demand for oil products, the
report said.
    The country's other five, smaller refineries -- owned by
another state-owned oil organisation, Petromin -- produced
around 750,000 bpd last year.

    Sulphur production rose to 1.23 mln tonnes in 1986 from
998,707 tonnes in 1985. During the year the company began
operating a sulphur granule plant with capacity of 4,000 tonnes
per day, the report said.
    Aramco said it awarded 1,303 contracts last year worth 1.4
billion riyals -- about 370 mln dlrs.



.I 6949
.C
acq
.W
FIDELCOR <FICR.O> BUYS NEW ENGLAND <BKNE.O>STAKE.
    PHILADELPHIA, June 19 - Fidelcor Inc said it has acquired a
substantial portion of the assets of Bank of New England Corp's
Lazere Financial Corp subsidiary for undisclosed terms.
    The company said the transaction includes most of Lazere's
loan portfolio and other assets, including Lazere's Miami
office.                                


.I 6954
.C
acq
.W
******CHRYSLER AGREES TO ACQUIRE ELECTROSPACE SYSTEMS FOR 367.
MLN DLRS

.I 6957
.C
interest
.W
****** Top discount rate at U.K. Bill tender rises to 8.7239 pct.

.I 6958
.C
ship
.W
SPAIN CARGO FIRMS HIRE DOCKERS TO OFFSET STRIKE.
    BARCELONA, June 19 - Cargo handling companies said they
were hiring twice the usual number of dockers to offset an
intermittent strike in Spanish ports.
    Spanish dockers began a nine-day strike on Wednesday in
which they only work alternate hours in protest at government
plans to partially privatize port services.


.I 6963
.C
acq
.W
CHRYSLER <C> TO TENDER FOR ELECTROSPACE <ELE>.
    DETROIT, June 19 - Chrysler Corp said Electrospace Systems
Inc agreed to be acquired under a merger agreement in which
Chrysler will tender 27 dlrs a share for 100 pct of the
Richardson, Texas-based defense electronics contractor.
    It said total cost to Chrysler to buy all of the
outstanding stock would be about 367 mln dlrs.
    Electrospace Systems designs, develops and installs
communications and electronic  systems and equipment for the
specialized needs of military and commercial customers
worldwide.
    Chrysler said Electrospace will help its Gulfstream
operations grow in military and commercial aircraft sales.
    But it said there are no plans to merge Gulfstream and
Electrospace. Rather, they will operate as "sister companies,"
it said.
    Chrysler said its tender offer is expected to begin by June
25 and will be managed by First Boston Corp.
    For the fiscal year ended April 3, 1987, Electrospace
Systems had earnings of 10 mln dlrs on sales of 191 mln dlrs.
The company employs 2,500 people. About 92 pct of its sales
were to the military.


.I 6964
.C
crude
.W
OPEC PRESIDENT LUKMAN EXPECTS SHORT, CALM MEETING.
    LAGOS, June 19 - OPEC conference president Rilwanu Lukman
said he expects next week's ministerial meeting in Vienna to be
brief and calm and that OPEC's current price and production
agreement may only need a slight review.
    "I expect the meeting in Vienna to be short and calm,"
Lukman, who is also Nigerian oil minister, told reporters here
ahead of his departure on Sunday for the conference, which
starts June 25.
    "We already have an agreement which may need only a slight
review," Lukman said.
    The agreement reached at a long session of OPEC ministers
in December last year pegged the group's crude oil output at
15.8 mln bpd for first half 1987 at fixed prices of around 18
dlrs a barrel.
    Since then prices have risen from 15 dlrs in December to
just above the official OPEC levels, with oil industry analysts
firmly convinced the organisation will maintain the agreement
to keep the market stable.
    "I myself believe that OPEC will tend to take a position to
strengthen the gains we have made so far," Lukman said.
    He declined to say if the current ceiling should be
maintained or raised to 16.6 mln bpd for the third quarter and
18.3 mln for the fourth as provisionally agreed last December.
    "Whatever decision we arrive at will be guided by our
collective will to keep the market strong," he said.
    He said non-OPEC member Norway, which he visited two weeks
ago, had pledged further cooperation with the group and this
was significant for its members.
    Lukman said heavy destocking by consumers early this year
when OPEC's fixed price regime came into effect and a
restocking now for the winter was responsible for current
market strength.


.I 6972
.C
acq
.W
DAVIS MINING REVISES OFFER FOR BECOR <BCW>.
    SOUTH MILWAUKEE, Wis., June 19 - Becor Western Inc said
<Davis Mining and Manufacturing Inc> has amended its offer for
the company.
    Becor said the cash portion of the offer remains unchanged
at 10.45 dlrs a share but the principal amount of debentures
would increase to 3.50 dlrs from 3.00 dlrs a Becor share.
    The amended offer also includes 1.50 dlrs face value of the
surviving corporation's 12.5 pct nonvoting cumulative preferred
not included in the previous offer, and reduces the amount of
the surviving corporation's common to be held by present
shareholders to 55 pct from 60 pct.
    Becor Western the amended Davis Mining offer is suject to
confirmation of certain due diligence information.
    Becor also said discussions continue with one other
possible bidder which it still has not been identified.
    Again, the company said it expects discussions with the
other possible investor to conclude shortly. At that time, the
board will evaluate all the then existing offers for Becor, it
added.


.I 6973
.C
acq
.W
MTECH <MTCH> HAS 33,467 COMMERCIAL SHARES.
    IRVING, Texas, June 19 - MTech Corp said it has received
33,467 shares of Commercial Resources Corp in response to its
10.25 dlr per share tender offer for all 150,000 shares.
    The company said it has extended the offer until July 2. It
was to have expired yesterday.


.I 6978
.C
earn
.W
MICRON TECHNOLOGY INC <DRAM.O> 3RD QTR JUNE FOUR.
    BOISE, Idaho, June 19 -
    Shr loss 14 cts vs loss 35 cts
    Net loss 3,718,908 vs loss 6,714,372
    Revs 22.8 mln vs 14.4 mln
    Avg shrs 25.7 mln vs 19.2 mln
    Nine mths
    Shr loss 1.02 dlrs vs loss 1.46 dlrs
    Net loss 24.4 mln vs loss 28.1 mln
    Revs 61.7 mln vs 28.9 mln
    Avg shrs 23.8 mln vs 19.2 mln


.I 6988
.C
acq;gold;
.W
TOTAL ERICKSON <TLE.T> BUYS MINING PROPERTY.
    VANCOUVER, B.C., June 19 - Total Erickson Resources Ltd and
Consolidated Silver Standard Mines Ltd <CDS.V> said that Total
Erickson has purchased all Consolidated's interests in its Dome
Mountain property for 60,000 Total Erickson shares and 70,000
dlrs in cash.
    The companies said the property has several gold-bearing
veins and has considerable exploration potential.


.I 6991
.C
acq
.W
NAT'L COMPUTER <NLCS.O> TO BUY DATA CARD STAKE.
    MINNEAPOLIS, MINN., June 19 - National Computer Systems Inc
said it agreed to acquire Deluxe Check Printers Inc's <DLX> 38
pct stake in Data Card Corp.
    National Computer said it plans to issue 45 mln dlrs in
five year subordinated convertible debentures to purchase the
3,749,401 shares of Data Card from Deluxe.
    Completion of the proposed transaction, subject to
regulatory approval, is expected in mid-July, it said.
   
    The debenture will bear an increasing rate of interest over
its term, with a 7.3 pct weighted average rate and will be
convertible into National Computer common stock at 20 dlrs a
share, it said.
    Separately, Deluxe said its Data Card investment no longer
fits its business strategy. Deluxe has held an interest in Data
Card since 1975 when it provided funds for Data Card to buy
Troy Computer Products Corp. In November 1986, Data Card said
it planned to sell its Troy division.


.I 6995
.C
acq
.W
MICROSEMI <MSCC.O> ACQUIRES HYBRID COMPONENTS.
    SANTA ANA, Calif., June 19 - Microsemi Corp, a supplier of
semiconductor products and assemblies, said it has acquired the
operating assets of <Hybrid Components Inc> for 2.2 mln dlrs in
cash.
    Microsemi said the purchase includes the fixed assets,
software, inventories, technology, intellectual properties and
other business operations of HCI.
    The company said HCI will continue to operate its Beverly
plant as a subsidiary of Microsemi.


.I 6999
.C
trade
.W
REAGAN SAYS TRADE BILL FACES VETO IN PRESENT FORM.
    WASHINGTON, June 19 - President Reagan said he would veto a
House-passed trade bill requiring mandatory retaliation for
"unfair trade" if it reached its desk in its present form.
    In a statement at a White House meeting with Senate
Republicans on the legislation, he said: "I would have no choice
but to veto that bill in its present form."
    He said the measure "would move us exactly in the wrong
direction" towards high tariffs, trade barriers, trade
distorting subsidies, slow growth and crimped world markets,
and would destroy jobs.


.I 7001
.C
grain;corn;rice;
.W
GHANA LIFTS RICE/MAIZE IMPORT BAN DUE TO DROUGHT.
    ACCRA, June 19 - Ghana has lifted a ban on rice and maize
imports due to crop problems caused by unusually dry weather,
the official Ghana News Agency (GNA) reported today.
    Secretary for Finance and Economic Planning Kwesi Botchwey
made the announcement last night while accepting 7,891 tonnes
of rice worth about four mln dlrs under a Japanese food aid
programme.
    The lifting of the ban, imposed earlier this year, follows
government concern over "lower than average rainfall in southern
Ghana and its implications for the major harvest."
    Botchwey said rain has been lacking in major cereal growing
areas throughout the south this year. The Ministry of
Agriculture has predicted a fall of at least 25 pct in all
major staple crops including maize, rice and cassava.
    GNA quoted Botchwey as saying that while the consequences
of current reduced rainfall will be nowhere near the drought
experiences of 1982/83 the government has taken steps to
alleviate anticipated food production shortfalls.
    The failure of seasonal rains has already seriously
affected drinking water supplies, farming and fishing in parts
of the Central and Volta regions of Ghana where rivers have
dried up.


.I 7003
.C
interest
.W
U.K. CENTRAL BANK WARNS OF EXCESSIVE RATE CUTS.
    LONDON, June 19 - Bank of England governor Robin
Leigh-Pemberton said lowering interest rates too fast could
jeopardise recent economic achievements in the U.K.
    In remarks prepared for delivery to businessmen in
Birmingham, he said prospective returns on real investment are
more favourable, relative to those on financial assets, than
for a good number of years.
    "It would surely be foolish to put that favourable
conjuncture at risk by lowering interest rates prematurely or
excessively," he said.
    "We might enjoy a short-term boost to activity, but at the
risk of a damaging return to the uncertainty and acrimony of
high inflation," he added.
    Leigh-Pemberton said he recognised there are some who would
argue that interest rates are still too high and deter
investment in industry.
    "But we should not forget that less than a year ago we were
intervening to support sterling and had some temporary
difficulty in persuading the markets that a one pct increase in
base rates, to 11 pct, was a sufficient tightening of policy at
the time," he added. Base rate is currently nine pct.


.I 7005
.C
wheat;grain;
.W
FAILURE OF EC FARM PRICE TALKS DISRUPTS TENDERS.
    LONDON, June 19 - There will be no serious bids at European
Community open market tenders for wheat and barley until EC
farm ministers agree to the 1987/88 farm price package, trade
sources said.
    The failure of farm ministers this week to come to an
agreement resulted in no bids at this week's tender for export
subsidies and traders said bids are unlikely as long as the
uncertainty remains.
    One trader said permanent damage to export prospects can be
avoided if an agreemend can be reached soon, but the situation
will become more serious as time passes.
    However, traders said there seem to be few buyers around,
lessening the disruptive impact of the delay.
    Poland and South Korea, who are in the market for feed
wheat, will be offered intervention grain through special
tenders, traders said.


.I 7006
.C
earn
.W
AMERICAN GREETINGS CORP <AGREA.O> 1ST QTR NET.
    CLEVELAND, June 19 - Period ended May 31
    Shr 42 cts vs 53 cts
    Net 13,600,000 vs 17,100,000
    Revs 263.3 mln vs 243.8 mln


.I 7007
.C
earn
.W
AMERICAN GREETINGS CORP <AGREA.O> 1ST QTR NET.
    CLEVELAND, June 19 - Period ended May 31
    Shr 42 cts vs 53 cts
    Net 13,600,000 vs 17,100,000
    Revs 263.3 mln vs 243.8 mln


.I 7010
.C
earn
.W
TEXAS UTILITIES CO <TXU> 12 MOS MAY 31 NET.
    DALLAS, June 19 -
    Shr 4.61 dlrs vs 4.28 dlrs
    Net 663.3 mln vs 590.8 mln
    Rev 4.03 billion vs 4.06 billion
    Avg shares 143.9 mln vs 138.2 mln


.I 7014
.C
earn
.W
BOSTON DIGITAL CORP <BOST.O> 4TH QTR NET.
    MILFORD, MASS., June 19 - Period ended April 30
    Shr profit nil vs loss eight cts
    Net profit 4,000 vs loss 213,000
    Sales 3,668,000 vs 2,602,000
    Year
    Shr loss 18 cts vs loss 23 cts
    Net loss 482,000 vs loss 614,000
    Sales 12.5 mln vs 13.6 mln
    NOTE: 1987 earnings in each period include a provision for
unrealized loss on marketable securities of 176,000 dlrs


.I 7016
.C
acq
.W
COLONIAL BANCGROUP <CLBGA> BUYS DESTIN BANK.
    MONTGOMERY, Ala., June 19 - Colonial Bancgroup said it
agreed to buy <First National Bank of Destin> for an
undisclosed sum.
    The company said if it is approved, the sale will mark its
second move to acquire a Florida bank.
    It said it signed a letter of intent to buy Liberty Bank of
Pensacola in April.


.I 7017
.C
acq
.W
CHRYSLER <C> HAS NO PLANS TO RAISE BID.
    DETROIT, June 19 - Chrysler Corp said it has no intention
of increasing its offer for Electrospace Systems Inc <ELE>.
    Chrysler agreed to purchase the Texas-based defense
electronics contractor in a tender offer of 27 dlrs a share for
a total value of about 367 mln dlrs.
    Eletrospace shares closed yesterday on the NYSE at 30-1/8.
    "We have no intention of increasing the offer," a company
spokeswoman said. "We believe it is adequate and will be
accepted."
    She said the proposed transaction was unanimously
recommended by the board of directors and principal
shareholders of Electrospace.
    Further, she noted that the 27 dlrs tender offer price is
50 pct above the price of Electrospace's shares before April 30
when it put itself up for sale.


.I 7018
.C
crude
.W
******TEXACO CANADA RAISES CRUDE OIL POSTINGS 24 CANADIAN.
CTS/BBL, LIGHT SWEET NOW 25.60 DLRS/BBL

.I 7027
.C
interest
.W
U.K. LENDERS OFFER MORE FIXED RATE MORTGAGES.
    By Norma Cohen, Reuters
    LONDON, June 19 - More U.K. Lenders are offering homebuyers
fixed interest rate mortgages under which the borrower makes
the same monthly payment no matter what happens to other
interest rates.
    And with mortgage rates now at their lowest levels in
years, the loans have been snapped up by eager home buyers
trying to lock into cheap money.
    The decision to offer fixed rate loans, industry officials
said, reflects the increasingly competitive nature of the home
mortgage business.
    While fixed rate mortgages are uncommon in the U.K., They
were the mainstay of the business in the U.S. Up until only a
few years ago.
    But in the early 1980s interest rates soared. U.S. Lenders,
mostly savings and loan associations, were earning rates as low
as three pct on 30 year fixed rate mortgages they held in their
portfolios but had to pay depositors rates as high as 15 pct to
induce them to retain their accounts.
    As a result hundreds of institutions collapsed or were
forced to merge. The survivors decided to offer mortgages whose
rates would move in line with the cost of funds.
    "We very much have the example of the U.S. Thrifts in mind,"
said a spokesman for Abbey National Building Society,
explaining why his institution, for the time being, is only
offering variable rate mortgages.
    The rash of advertising to solicit new business has helped
homebuyers to become even choosier about loans and lenders
concede they are being forced to undercut each other still
more.
    Sharp cuts on variable rate mortgages announced earlier
this week by the nation's two largest building societies and by
National Westminster Bank Plc reflect growing competition for
new business, officials at all three institutions said.
    The fixed rate mortgages on offer carry interest rates even
below those on the variable rate loans.
    "Of course they are less profitable than other (variable
rate) mortgages," said a spokesman for Midland Bank Plc, which
earlier this year said it earmarked 500 mln dlrs for fixed rate
new mortgage loans.
    But he said the bank is willing to offer less profitable
loans because, "It was just another way to attract people to our
mortgage product."
    Trustee Savings Bank Plc (TSB) was offering five year fixed
rate mortgages at 9.9 pct earlier this year.
    The 100 mln stg that TSB set aside for the loans was
exhausted within just a few days, according to a spokeswoman.
    "Everybody loves an under 10 pct mortgage," she said, noting
that within five days the bank loaned the equivalent of 25 pct
of its 1986 volume.
    In short, the appeal of fixed rate mortgages is that they
offer an opportunity to gamble on the direction of interest
rates. If interest rates fall after the mortgage is made the
lender is earning an above average return on assets.
    But if interest rates rise it is the homebuyer who has won
the benefit of cheap money.
    Household Mortgage Co had planned to offer a 25 year fixed
rate mortgage after the June 11 elections on the assumption
that a Conservative Party victory would help money market rates
fall further, according to Duncan Young, managing director.
    Young explained that the company had planned to protect
itself against the chance of rising interest rates by buying a
complicated hedging instrument.
    But money market rates have risen contrary to expectations
and the company has shelved its plans for the time being. He
said money market rates were too high to arrange both the
mortgages and hedge profitably.
    However, he said that when the Household Mortgage Co does
make fixed rate mortgages it is likely to securitise them. This
means bundling different mortgages together to resemble a bond
and selling them to an investor.
    For technical reasons securitisation is simpler and more
efficient with fixed rate rather than with floating rate
mortgages. In the U.S., Where fixed rate mortgages are popular
again, securitisation has provided the bulk of mortgage money
over the past few years.


.I 7029
.C
crude
.W
TEXACO <TXC> CANADA TO RAISE CRUDE OIL POSTINGS.
    NEW YORK, June 19 -- Texaco Inc's Texaco Canada said it
will raise  postings for its Edmonton/Swann Hills crude by 24
canadian cts a barrel, effective June 20.
    The company said the new posting for Edmonton/Swann Hills
will be 25.60 dlrs a barrel. The price hike follows a round of
crude oil price increases started late June 17 by Sun Co. The
other major canadian crude suppliers raised prices June 18.


.I 7034
.C
reserves
.W
NORWEGIAN CENTRAL BANK RESERVES FALL IN MAY.
    OSLO, June 19 - Norway's central bank reserves totalled
73.71 billion crowns in May against 76.06 billion in April and
95.02 billion in May 1986, the Central Bank said in its monthly
report.
    Foreign exchange reserves totalled 70.3 billion crowns,
compared with 68.4 billion in April and 88.0 billion a year
ago. Gold reserves were unchanged from April's 284.8 mln
crowns, and also unchanged from the year-ago figure.
    Central Bank special drawing right holdings were 3.16
billion crowns, compared with 3.06 billion in April and 2.51
billion in May 1986.


.I 7035
.C
ship
.W
HIGH WATER EXTENDS RHINE RIVER BLOCKAGE.
    BONN, June 19 - Rising water levels on the Rhine caused by
heavy rain are delaying an operation near Karlsruhe to raise
two sunken boats which have blocked the river's main navigation
channel since early last week, a Karlsruhe water authority
spokesman said.
    He said two floating cranes were unable to begin lifting
the sunken tug Orinoko and its lighter because the water level
had reached 815 centimetres and was forecast to rise to 820-830
cm by tomorrow. He was unable to say when the operation might
begin.
    Meanwhile, high water at Cologne has forced vessels to
travel at reduced speed, a water authority spokesman in Cologne
said. But a water authority spokesman in Duisburg, 60 kms north
of Cologne, said vessels there were moving normally.


.I 7037
.C
money-fx;interest;
.W
FED EXPECTED TO ARRANGE SYSTEM REPURCHASES.
    NEW YORK, June 19 - The Federal Reserve is likely to add
temporary reserves to the banking system this morning by
executing system repurchase agreements, economists said.
    The Fed faces a need to add a large volume of reserves this
statement period to offset a drain caused by rising Treasury
balances at the Fed after the June 15 tax date.
    Most economists are predicting over-the-weekend system
repurchases. But some, who see a smaller adding requirement,
are forecasting a less aggressive combination of three- and
six-day repos. Fed funds were trading at 6-3/4 pct, close to
yesterday's 6.81 pct average.


.I 7038
.C
acq
.W
******GREYHOUND LINES AGREES TO ACQUIRE REMAINING ROUTES OF.
TRAILWAYS CORP

.I 7044
.C
acq
.W
GREYHOUND AGREES TO ACQUIRE TRAILWAYS ROUTES.
    DALLAS, June 19 - <Greyhound Lines> said it agreed to
acquire the routes of <Trailways Corp>.
    Greyhound said it had petitioned the Interstate Commerce
Commission for authority to acquire and operate Trailways'
routes, 450 of its 1200 buses and some of its terminals and
garages.
    Trailways has abandoned all service in seven states in the
past year and more than half of its sevice in three other
states, the company said.
    "Without intervention, the collaspe of Trailways is
imminent," said Fred Currey, chairman and president of
Greyhound.


.I 7049
.C
wheat;grain;
.W
TUNISIA BUYS 150,000 TONNES FRENCH WHEAT.
    ****PARIS, June 19 - Tunisia has bought 150,000 tonnes of
French soft wheat for August to December shipment at 76.70 dlrs
per tonne fob with COFACE export credit, trade sources said.
    This is the second French soft wheat export sale for the
1987/88 season which starts on July 1 and follows a Brazilian
purchase of 150,000 tonnes.
    France sold around 300,000 tonnes of soft wheat to Tunisia
during the 1986/87 season.


.I 7059
.C
heat
.W
U.S. COURT UPHOLDS APEX DECISION FAVORING NYMEX.
    NEW YORK, June 19 - The U.S. Court of Appeals for the
Second Circuit upheld a lower court decision dismissing a suit
by Apex Oil Co against the New York Mercantile Exchange and
several oil companies.
    The Court, however, ruled that Apex Oil could pursue
anititrust and commodities market manipulation allegations
against Belcher Oil Co, a unit of Coastal Corp <CGP>.
    Apex Oil, primarily a trading company, charged that several
companies, including Belcher, and NYMEX conspired to force it
to deliver heating oil it had sold on the mercantile exchange,
knowing Apex could not make full delivery.
   
    The NYMEX ordered Apex to deliver four mln barrels of
heating oil sold via a February 1982 heating oil contract. Apex
eventually fulfilled this obligation but claimed damages.
    Richard Wiener, attorney for Apex at Cadwalader Wickersham
and Taft, said the company has not yet decided whether to
pursue its case against Belcher Oil.
    The NYMEX, meanwhile, has a counterclaim pending against
Apex Oil, seeking an unspecified amount of attorney's fees and
15 mln dlrs in punitive damages, according to a NYMEX
spokeswoman.


.I 7065
.C
money-fx;interest;
.W
******FED SETS SIX-DAY SYSTEM REPURCHASES, FED SAYS.

.I 7073
.C
money-fx;interest;
.W
FED SETS SIX-DAY SYSTEM REPURCHASES.
    NEW YORK, June 19 - The Federal Reserve entered the
government securities market to arrange six-day repurchase
agreements for system account, a spokeswoman for the New York
Fed said.
    Fed funds were trading at 6-3/4 pct at the time of the
direct injection of temporary reserves, dealers said.
    Economists had expected three- or six-day repurchases
because the Fed needs to add a large volume of reserves this
statement period.


.I 7074
.C
ship
.W
RHINE BLOCKED FOR THREE MORE WEEKS - SALVAGER.
    ROTTERDAM, June 19 - Dutch salvage firm Smit-Tak said it
may take some three weeks to lift the Swiss tug Orinoko and its
lighter Pavo which sank 10 days ago at Karlsruhe in West
Germany, blocking the Rhine river.
    Smit-Tak, which with its West German subsidiary Harms
Bergung GmbH was commissioned by the local water authorities to
raise the vessels, said its lifting fleet was in position and
divers had made the first inspection.
    Smit is still preparing its final salvage plan and said the
work would begin on Sunday.


.I 7076
.C
acq
.W
******STIFEL FINANCIAL SAID IT RECEIVED UNSOLICITED MERGER.
PROPOSAL


.I 7077
.C
acq
.W
HARCOURT <HBJ> MUM ON REED <REED.L> RUMORS.
    NEW YORK, June 19 - Harcourt Brace Jovanovich Inc officials
were not available for comment on market rumors that it is
interested in acquiring Reed International plc <REED.L>.
    Officials of First Boston Inc, Harcourt's financial
adviser, declined comment.
    A Wall Street arbitrageur, who owns Harcourt shares, said
the rumors did not make much sense because Harcourt has
announced a recapitalization plan to ward off a takeover
attempt by British publisher Robert Maxwell."It's completely
inconsistent with the recapitalization, the only way is if they
drop the recapitalization," he said.
    Calls to Harcourt seeking comment were not returned.
    Harcourt's recapitalization will come under scrutiny of a
U.S. Court in Orlando, Fla. Monday. The company has sought a
declaratory judgment on convertibility of debentures due 2011
in light of the recapitalization.
    Harcourt said in a statement this week that Salomon
Brothers Inc <SB> and Mutual Shares Corp have intervened in the
case, claiming ownership of more than 30 mln dlrs face amount
of the debenture. In addition, British Printing and
Communications Corp, headed by Maxwell, owns 9.5 mln dlrs face
amount, Harcourt said.
    Salomon said in a filing with the Securities and Exchange
Commission today that it has 21,978 of the debentures. If the
court decides they should be converted at par value of one dlr,
they could be converted into 22.0 mln shares.
    Harcourt is asking the court to rule the company is not
required to issue common to debenture holders who did not
convert prior to June eight.
    An increase in Reed shares in London today was attributed
by brokers to rumors of Harcourt's interest and also to rumors
that Maxwell might be a buyer. But an adviser to Maxwell in New
York said "there's no basis to think that it's us."


.I 7090
.C
earn
.W
NEW ENGLAND ELECTRIC SYSTEM <NES> FIVE MTHS NET.
    WESTBOROUGH, Mass., June 19 -Five mths end may 31
    Shr 1.37 dlrs vs 1.38 dlrs
    Net 75.2 mln vs 73.6 mln
    Revs 632.3 mln vs 629.6 mln
    Avg shrs 54.9 mln vs 53.4 mln
    12 mths
    Shr 3.19 dlrs vs 3.13 dlrs
    Net 173.6 mln vs 165.1 mln
    Revs 1.43 billion vs 1.47 billion
    Avg shrs 54.4 mln vs 52.8 mln


.I 7091
.C
acq
.W
MINNESOTA MAY CONSIDER ANTI-TAKEOVER AMENDMENT.
    NEW YORK, June 19 - Minnesota Governor Rudy Perpich is
considering calling a special legislative session to consider
amendments to the state's anti-takeover statute, according to
the governor's office.
    A spokesman for the governor said nothing will be decided
today, but said the governor will evaluate later whether to
call a special session in the next few days.
   The governor's office said the possible action was triggered
by a proposal by Dayton-Hudson Corp <DH>, which has been the
subject of takeover rumors. A spokesman for the governor said
the company proposed several amendments to Perpich designed to
make any takeover attempt in the state
more difficult.
       
    Dayton-Hudson suggested amendments be passed and instituted
by next Friday, the spokesperson said.
    Press reports in Minneapolis newspapers this morning quoted
several legislators as saying they were inclined to support
legislation that would help Dayton-Hudson, according to a
governor's spokesperson.
   Senate Majority Leader Roger Moe was quoted as saying he
would be inclined to support any action that would help the
company, the spokesperson said.
   Robert Vanasek, the House speaker designate, was quoted in
the Minneapolis Star and Tribune as saying, "We are taking
their (Dayton-Hudson) concerns very seriously and we are going
to do what we can to help."


.I 7092
.C
acq
.W
BOEING <BA> MERGER WAITING PERIOD EXPIRES.
    SEATTLE, June 19 - Boeing Co said the Hart-Scott-Rodino
waiting period required in connection with its pending tender
offer for ArgoSystems Inc <ARGI.O> expired at midnight June 18.
    Boeing began its 37 dlr per share cash tender offer for the
defense electronics firm on June two.


.I 7094
.C
acq
.W
MEGAVEST TO ACQUIRE COMPUTER TRADE DEVELOPMENT.
    NEW YORK, June 19 - <MegaVest Industries Inc> said it has
agreed in principle to acquire unlisted Computer Trade
Development Corp in exchange for 119 mln shares of its common
stock.
    The company said it has about 21.5 mln shares outstanding.
    It said Computer Trade had revenues of about 6.1 mln dlrs
last year.


.I 7098
.C
sugar
.W
COLD, WET WEATHER SLOWS BEET GROWTH IN W. EUROPE.
    RATZEBURG, June 19 - Cold and wet weather in northern,
western and central parts of Europe continued to slow beet
growth but plant density is reported to be good in most
countries, sugar statistician F.O. Licht said.
    Temperatures were too low for the season and the rain has
hampered field work and occasionally led to water-logged
fields.
    But in eastern and southeastern Europe, warmer weather has
boosted sugar beet growth.
    Weather in the Soviet Union also allowed good beet
development, Licht said.
    In Sweden beet growth has been delayed, although plant
population is reported to be regular and good. Cool and rainy
weather slowed beet growth in Denmark and crop prospects are
rated as slightly below normal.
    In the United Kingdom and Ireland, it was rather cool with
heavy rainfall in places which has delayed beet growth.
    In France, Belgium, the Netherlands, and West Germany, it
was mostly cool with frequent and often heavy rainfall which
continued to slow down beet growth and often made field work
impossible.
    In Austria, it was warm with some rainfall, which was
favourable for beet growth, Licht said.
    In Czechoslovakia and Poland, it was mostly warm, favouring
beet development. but some heavy rain may have caused damage.
    In the European beet growing regions of the Soviet Union,
it was warm with showers over most areas and weather was
generally good for the emergence and growth of beets.
    In south eastern Europe, warm weather with some rainfall
boosted beet development.
    Labour trouble threatens the beet crop in Spain. Disputes
between the factories and the trade unions are threatening to
delay the start of processing in the southern areas, where
beets are maturing very early this year.


.I 7099
.C
acq
.W
FIRST <FBT> REITERATES SPECULATION PREMATURE.
    HOUSTON, June 19 - First City Bancorp of Texas Inc, which
is soliciting bidders, reiterated that it is premature to
speculate on what course of action it will pursue following a
story in today's Wall Street Journal that it has attracted at
least three potential acquirers.
    First City said the article was not confirmed by the
company, and it cautioned that there is "absotluely nothing to
say or report beyond" its statement.
    The Journal reported that among the bidders for First city
was Robert Carney and Robert Abboud, a former Chicago banker.


.I 7103
.C
earn
.W
CHANCELLOR CORP <CHCR.O> 4TH QTR MARCH 31 LOSS.
    BOSTON, June 19 -
    Shr loss 20 cts vs loss three cts
    Net loss 346,000 dlrs vs loss 26,000 dlrs
    Revs 7,671,000 dlrs vs 4,775,000 dlrs
    12 mths
    Shr profit one dlr vs profit 2.19 dlrs
    Net profit 2,927,000 dlrs vs profit 5,613,000 dlrs
    Revs 40.9 mln vs 35.8 mln


.I 7105
.C
livestock;carcass;
.W
U.S. REFUSES PARTS OF TWO AUSTRALIA BEEF CARGOES.
    WASHINGTON, June 19 - U.S. Agriculture Department
inspectors have refused entry to parts of two lots of
Australian beef because of pesticide residues, a spokeswoman
for the department said.
    She said USDA has notified Australia, which assured it that
stricter controls would be implemented.
    The Australian government had already imposed residue
controls and it is believed the meat with the presticide
residues was already in the pipeline before the controls were
put in place, the spokeswoman said.
    There have been five other cases of Australian meat which
had residue levels above U.S. allowable limits this year, she
said.


.I 7106
.C
acq
.W
CHEVRON <CHV> CUTS UNC <UNC> STAKE TO 8.4 PCT.
    WASHINGTON, June 19 - Chevron Corp said it sold 4.6 mln
shares of UNC Inc common stock on June 15, leaving it with 1.4
mln UNC common shares, or 8.4 pct of the total.
    In a filing with the Securities and Exchange Commission,
Chevron said it sold the shares for 11.88 dlrs each, or a total
of 54.6 mln dlrs, under an agreement it had with UNC.
    The stock was sold to an underwriting syndicate managed by
Dillon, Read and Co Inc and Donaldson, Lufkin and Jenrette
Securities Corp, with the underwriters paying 38.3 mln dlrs and
UNC paying 16.4 mln, it said.


.I 7107
.C
acq;nat-gas;
.W
N-D RESOURCES <NUDY.O> AGREES TO ACQUIRE ATOKA.
    CASTLE ROCK, COLO., June 19 - N-D Resources Inc said it
agreed in principle to issue an undetermined number of shares
to Recovery Resources Corp, Bahrain, in order to acquire
Recovery's Atoka Gas Gathering Systems Inc.
    Atoka currently operates a 20-mile natural gas pipeline of
46 miles in length in southeastern Oklahoma.


.I 7108
.C
acq
.W
SAFEWAY AGREES TO SEVERANCE FOR DALLAS WORKERS.
    WASHINGTON, June 19 - The United Food and Commercial
Workers Union said unlisted Safeway Inc has agreed to provide
severance pay to about 5,000 workers in the Dallas area
resulting from the closure of a division last April.
    The union said the total severance payment will be about
five mln dlrs. It said the division was closed as a result of
4.6 billion dlrs in debt incurred from a leveraged buyout last
year.
    The union said it filed suit following the leveraged buyout
to protect the claims of union members.
    The leveraged buyout was implemented to ward off a bid by
Dart Group Corp <DARTA.O>.


.I 7109
.C
trade
.W
AFRICAN STATES AGREE TO REGIONAL TARIFF CUTS.
    ADDIS ABABA, June 19 - Fifteen countries in Eastern and
Southern Africa have agreed to cut tariffs on regional trade by
10 pct every two years up to 1996.
    A statement by the Preferential Trade Area (PTA), which
seeks to create a common market stretching from Ethiopia in the
north to Lesotho in the south, said the governments would make
the first tariff cut next year.
    In 1996 they would assess the impact of the tariff
reductions and work out a new timetable for the complete
elimination of all barriers to trade by the year 2000.
    The PTA, set up in 1982, groups Burnudi, the Comoros,
Djibouti, Ethiopia, Kenya, Lesotho, Malawi, Mauritius, Rwanda,
Somalia, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe.
    PTA sources said the agreement averted a split between
members wanting more progress towards free trade and weaker
states concerned about the effects on customs revenue.
    The reductions cover only a common list of 300 or so widely
traded commodities and goods but PTA sources said the
organisation planned to expand the list to include 425 items.


.I 7111
.C
wheat;grain;barley;oat;
.W
SASKATCHEWAN CROPS DETERIORATE IN HOT WEATHER.
    REGINA, June 19 - Hot, dry weather has caused some
deterioration in Saskatchewan crops, according to the
Saskatchewan Wheat Pool's weekly crop report.
    Rain was needed in the southwest, west-central and
northeast regions, and other regions were expected to need rain
soon.
    Summerfallow crops were in fair to good condition, while
stubble crops were rated fair to poor. Wheat, durum, oats and
barley crops were all one-pct headed, rye was 40 pct in the
milk stage and winter wheat was 21 pct milk stage.
    Flax was 51 pct tillering, and canola was 58 pct tillering.
    Areas of the southern grain belt were hit by high winds and
hail Tuesday, with some damage reported.


.I 7113
.C
oilseed;rapeseed;
.W
JAPAN BUYS 8,000 TONNES OF CANADIAN RAPESEED.
    WINNIPEG, June 19 - Japanese crushers bought 8,000 tonnes
of Canadian rapeseed for shipment from the last-half of July to
September, trade sources said.
    Price details were not available.


.I 7116
.C
acq
.W
GALAXY <GTV> TO SELL WEST TEXAS ASSETS.
    SIKESTON, Mo., June 19 - Galaxy Cablevision L.P. said it
signed a letter of intent to sell the assets of its cable
television systems in West Texas which serve about 4,600 basic
subscribers through nine cable television systems.
    Terms were not disclosed and the Galaxy did not identify
the buyer. The company also said it will make its first cash
dividend of 37 cents per unit on or about August 15 to holders
of record June 30.
    In March, Galaxy completed a public offering of 2.2 mln
units for 43 mln dlrs and acquired the assets of 132 cable
television systems for about 34 mln dlrs.


.I 7117
.C
acq
.W
******NORTH AMERICAN COMMUNICATIONS WEIGHS POSSIBLE SALE OR.
MERGER

.I 7119
.C
acq
.W
STIFEL FINANCIAL <SF> RECEIVES MERGER PROPOSAL.
    ST LOUIS, Mo., June 19 - Stifel Financial Corp said it
received an unsolicited merger proposal from privately held
Laidlaw Adams and Peck Inc for 15 dlrs a share in cash for all
its outstanding shares.
    The proposal, which expires July 1, values Stifel at about
54 mln dlrs.
    Stifel has about 3.6 mln shares outstanding.
    The company said its management and board of directors will
consider the proposal but have not set a date to meet.
    It said the proposal is currently being studied by Goldman
Sachs and Co and legal counsel.
    It said conditions of the proposal include obtaining
necessary financing, satisfactory completion of a due diligence
investigation by Laidlaw, and execution of employment contracts
with key employees to be designated by Laidlaw.


.I 7120
.C
money-supply
.W
******CANADIAN MONEY SUPPLY M-1 FELL 430 MLN DLRS IN WEEK, BANK.
OF CANADA SAID

.I 7121
.C
crude
.W
U.S. OIL PRICES STRONG AHEAD OF OPEC MEETING.
    By SUSAN SHERER, Reuters
    NEW YORK, June 19 - U.S. crude oil prices are at their
highest level in more than a year ahead of next week's OPEC
meeting, even though most industry analysts do not expect any
policy changes from the session.
    They said prices, which have steadily climbed since the
organization's accord in December, have risen on technical
factors within the market and concerns about supplies because
of the Iran-Iraq war, which could disrupt deliveries from the
Gulf.
    The U.S. benchmark crude West Texas Intermediate is trading
around 20.55 dlrs in the July contract on New York Mercantile
Exchange's energy futures and in the spot market. That is its
highest level since January 1986.
    OPEC conference president Rilwanu Lukman, who is Nigeria's
oil minister, said Friday he expects the meeting in Vienna to
be brief and calm and that OPEC's current price and production
agreement may only need a slight review.
    Although most industry experts expect just a reaffirmation
of the December agreement, oil prices continue to climb due to
a desire to hedge positions in case of any surprises.
    Analysts expect the higher prices to continue until soon
after the OPEC meeting. At that point, barring any increased
tension in the Gulf or changes in OPEC's policies, prices
should begin easing.
    "OPEC will probably not do anything it hasn't already agreed
to in December because oil prices are firm," said John Hill, a
vice president at Merrill Lynch Futures.
    OPEC agreed in December to maintain official oil prices at
18 dlrs a barrel and raise the group's production ceiling to
16.6 mln barrels per day in the third quarter and to 18.3 mln
barrels in the fourth quarter.
    This agreement helped send prices sharply higher, rising
from 15 dlrs a barrel in early December.
    Several OPEC members who are price hawks, including Iran,
Algeria and Libya, will seek a higher official price and a
reduction in output.
    "And if U.S. West Texas Intermediate crude continues to
trade above 20 dlrs a barrel, there is a greater chance that
OPEC will raise its official 18 dlrs price," said Nauman
Barakat, analyst at Smith Barney, Harris Upham and Co.
    But most analysts expect the more moderate producers, such
as Saudi Arabia, to block any changes in policy.
    "The meeting will be a non-event with no change in the
official prices because OPEC, and in particular the Saudis, are
committed to stabilizing the market," said Rosario Ilacqua,
analyst with L.F. Rothschild.
    However, some analysts said OPEC may need to hold a meeting
in September to re-evaluate market conditions.
    Overproduction by OPEC will become a real problem in the
fourth quarter when the quota is raised to 18.3 mln barrels a
day and Iraq's pipeline through Turkey brings another 500,000
barrels to the market each day, said John Lichtblau, president
of Petroleum Industry Ressearch Foundation.
    Most expect Saudi Arabia to oppose a price increase at this
meeting but many look for an increase by year-end to 20 dlrs to
offset the decline in the dollar. Oil prices are denominated
throughout the world in dollars, so as the currency declines,
producers receive less money for their oil.
    "The only real production restraint in OPEC is Saudi Arabia,"
said Sanford Margoshes, analyst at Shearson Lehman Brothers.
    "In the second half of the year we expect the Saudis not to
produce at their 4.1 mln barrel a day quota and therefore act
as a vehicle to stablize the market and pave the way for a two
dlrs a barrel price increase at the December 1987 meeting," he
said.
    One uncertain factor is the course of the Iran-Iraq war.
    "The wild card is the increased tensions in the Persian
Gulf," said Frank Knuettel, analyst with Prudential-Bache
Securites.
    Oil tankers taking oil from Iraq and Kuwait have been
regular targets for Iranian planes. The Reagan administration
is planning to put Kuwait tankers under the protection of the
U.S. flag, with naval escorts.
    "Extra (oil) inventories are needed during a time of crisis
like this, and just general nervousness over an incident that
could disrupt oil supplies drives prices up," Knuettel said.


.I 7122
.C
acq
.W
N.Y. TIMES <NYT> TO BUY GWINNETT DAILY NEWS.
    NEW YORK, June 19 - The New York Times Co said it had an
agreement to buy the Gwinnett Daily News, an evening newspaper
published in Lawrenceville, Ga., Terms were not disclosed.
    The company said Gwinnett has a weekday circulation of
about 27,500 and a Sunday circulation of about 30,900. The New
York Times also said Gwinnett County, a northeast suburb of
Atlanta, is the fastest-growing county in the country.
    The purchase agreement includes the Forsyth County News,
published on Wednesday and Sunday and the Winder News, a
weekly, among other publications.


.I 7126
.C
acq
.W
REED SAYS IT HAS NO COMMENT ON HARCOURT RUMOURS.
    LONDON, June 19 - Reed International Plc <REED.L> said it
had no comment to make on U.K. stock market rumors that
Harcourt Brace Jovanovich Inc <HBJ> may make a bid for the
company in order to escape unwelcome offers from Robert
Maxwell's British Printing and Communication Corp <BPCL.L>.
    A spokeswoman for Reed said earlier analysts forecasts that
a bid for Reed will have to be about 700 mln stg were totally
unrealistic, adding that its current market is about 2.7
billion stg.


.I 7127
.C
crude
.W
UNOCAL<UCL> SCRAPS FLUIDIZED BED BOILER PROJECT.
    LOS ANGELES, June 19 - Unocal Corp said it told the U.S.
Treasury Department that it will not include fluidized bed
combustion technology, a method for the more efficient burning
of solids, at its Parachute Creek oil shale project in Colorado
due to high costs.
    Under a 1985 agreement with the now-defunct U.S. Synthetic
Fuels Corp, Unocal said it would study using the technology at
the oil shale plant. In return the company would have been
eligible for 500 mln dlrs in loan gaurantees and price supports
from the U.S. Treasury Department, which took over the contract
from the Synthetic Fuels Corp, Unocal said.
    Unocal said its studies showed the cost for the fluidized
bed combustion facility would have exceeded 352 mln dlrs,
compared with an original estimate of 260 mln dlrs.
    The fluidized bed facility would have provided heat and
electricity for the oil shale project, Unocal said.
    Last year's fall in oil prices and the loss of investment
tax credit under the Tax Reform Act made the project
uneconomical even with government price supports and loan
guarantees, Unocal said.
    The Parachute Creek oil shale plant produces about 4,000 to
5,000 barrels per day of crude shale oil, Unocal said.


.I 7129
.C
trade
.W
CIVIL SERVICE STRIKE DELAYS U.K. TRADE FIGURES.
    LONDON, June 19 - Civil service industrial action started
early this month will delay the publication of May's U.K.
Overseas trade figures, which had been due out next Thursday, a
Trade and Industry Department statement said.
    A department spokesman said the figures will probably be
put back by about a month. The June trade figures, due in late
July, will also be delayed, he added.


.I 7130
.C
money-supply
.W
CANADIAN MONEY SUPPLY FALLS IN WEEK.
    OTTAWA, June 19 - Canadian narrowly-defined money supply
M-1 fell 430 mln dlrs to 35.65 billion dlrs in week ended June
10, Bank of Canada said.
    M-1-A, which is M-1 plus daily interest chequable and
non-personal deposits, fell 874 mln dlrs to 79.97 billion dlrs
and M-2, which is M-1-A plus other notice and personal
fixed-term deposits, fell 952 mln dlrs to 184.45 billion dlrs.
    M-3, which is non-personal fixed term deposits and foreign
currency deposits of residents booked at chartered banks in
Canada, fell 549 mln dlrs to 225.30 billion dlrs.
    Chartered bank general loans outstanding fell 584 mln dlrs
to 127.58 billion dlrs.
    Canadian liquid plus short term assets rose 20 mln dlrs to
37.96 billion dlrs and total Canadian dollar major assets of
the chartered banks fell 753 mln dlrs to 229.05 billion dlrs.
    Chartered bank net foreign currency assets fell 92 mln dlrs
to minus 1.92 billion dlrs.
    Notes in circulation totalled 17.11 billion dlrs, up 59 mln
dlrs from the week before.
    Government cash balances rose 26 mln dlrs to 2.65 billion
dlrs in week ended June 17.
    Government securities outstanding fell 424 mln dlrs to
227.38 billion dlrs in week ended June 17, treasury bills rose
700 mln dlrs to 78.00 billion dlrs and Canada Savings Bonds
fell 121 mln dlrs to 42.45 billion dlrs.


.I 7131
.C
platinum
.W
PLATINUM DEMAND ESTIMATED 17 PCT HIGHER BY 1991.
    LONDON, June 19 - Demand for platinum could reach 3.4 mln
ounces by 1991, compared with an estimated offtake of 2.88 mln
in 1986, Chris Clark, platinum marketing director for Johnson
Matthey Plc said.
    Clark told a meeting of the Minerals Research Organisation
in Milton Keynes he foresaw a 250,000 ounce increase in
consumption for use in autocatalysts, currently the largest
single application for platinum.
    Jewellery consumption is set to rise by 70,000 ounces,
Clark predicted in his speech, the text of which was released
in London today.
    Clark said his forecast allowed for only a modest further
increase in investment buying and may well be cautious.
    He said South Africa was the most likely source of
additional supplies and will need to increase output by about
500,000 ounces to meet increased demand.
    The capital investment required to produce the additional
output would be around one billion U.S. Dlrs and the political
climate may make it difficult to raise the money, he said.
    The Soviet Union, whose exports have declined since the
1970s, might increase sales to the West by about 50,000 ounces,
Clark said.
    "The very probability of a growth in demand set against the
massive investment required for expansion - and that expansion
only being viable in South Africa or Russia - leads me to
conclude that the price of platinum will be substantially
underpinned in the medium to long-term," Clark said.


.I 7133
.C
acq
.W
METRO AIRLINES <MAIR.O> TO MAKE ACQUISITION.
    DALLAS, June 19 - Metro Airlines Inc said it has agreed in
principle to acquire privately held Chaparral Airlines inc for
5,700,000 dlrs in cash.
    Chaparral provides regularly scheduled service out of
Dallas/Fort Worth Regional Airport as an affiliated carrier of
AMR Corp <AMR> and had revenues in 1986 of 14.1 mln dlrs.


.I 7140
.C
earn
.W
TELCO SYSTEMS INC <TELC.O> 3RD QTR MAY 31 LOSS.
    NORWOOD, MASS., June 19 -
    Shr loss 46 cts vs loss five cts
    Net loss 3,922,000 vs loss 420,000
    Sales 16.0 mln vs 23.9 mln
    Avg shrs 8,567,000 vs 8,458,000
    Nine mths
    Shr loss 1.02 dlrs vs profit 35 cts
    Net loss 8,685,000 vs profit 2,978,000
    Avg shrs 8,547,000 vs 8,437,000


.I 7143
.C
acq
.W
ALTUS BANK <ALTS.O> FAILS TO REACH AGREEMENT.
    MOBILE, ALA., June 19 - Altus Bank said it has not been
able to reach a definitive agreement to buy Horizon Financial
Corp, Horizon Funding and 2.8 billion dlrs in loan servicing
from Victor Savings and Loan Association.
    Altus, formerly known as First Southern Federal Savings and
Loan Association, earlier announced the signing of a letter of
intent to make the acquisitions.
    Horizon Financial and Horizon Funding both are units of
Victor Savings and Loan Association.



.I 7144
.C
earn
.W
MARS GRAPHIC SERVICES INC <WMD> 1ST QTR MAY 31.
    WESTVILLE, N.J., June 19 -
    Shr 12 cts vs 10 cts
    Net 189,578 vs 100,254
    Sales 3,403,914 vs 3,122,983
    Avg shrs 1,617,600 vs 954,400


.I 7148
.C
acq
.W
MARCADE GROUP INC <MAR> BUYS EUROPE CRAFT.
    NEW YORK, June 19 - Marcade Group said it had agreed to buy
Europe Craft Imports Inc for a combination of cash and common
stock.
    The company said Europe Craft designs, imports and
distributes menswear and sportswear under the Member's Only
brand name.
    The company said Europe Craft had sales of 70 mln dlrs last
year.
    Marcade said this latest deal is part of an ongoing
acquisition phase.


.I 7154
.C
coffee
.W
EUROPEAN COFFEE TRADE PROPOSES NEW QUOTA FORMULA.
    By Jeremy Lovell, Reuters
    AMSTERDAM, June 19 - European coffee roasters and traders
have agreed to propose a new formula for calculating
International Coffee Organization, ICO, quotas, Dutch Coffee
Trade Association chairman chairman Frits van Horick said.
    Van Horick, who is a council member of the European Coffee
Federation, was speaking at the end of the ECF annual meeting.
    The new formula is based on six-year moving averages and
would give Brazil, the world's biggest coffee producer, an
unchanged quota for the remaining two years of the current
coffee agreement, van Horick said.
    If accepted by the consumer and producer members of the
ICO, the formula could also be a basis for negotiating a new
agreement, van Horick said.
    Coffee quotas were suspended in February last year when
prices shot up on fears of a drought-induced crop disaster in
Brazil.
    Although prices are now considerably lower, consumers and
producers have been unable to agree on re-introduction.
    "Brazil has been the most strongly against any change in the
formula because it feared a lower quota. But our proposal
leaves it very little to object to," van Horick said.
    "The existing quota system is far too rigid and does not
reflect supply and demand reality," he said. "Our formula
builds flexibility into the system and will benefit almost
everyone."
    Although full implications of the new formula have still to
be worked out, initial estimates suggest countries such as
Colombia, Kenya, Indonesia and Costa Rica would get slightly
higher quotas, while others such as the Ivory Coast, El
Salvador and Nicaragua would lose quota share, van Horick said.
    Because the proposal provides that future quota
distribution must reflect current demand and actual supply, it
should also prevent under-shipment of quota as countries doing
so would automatically prejudice their following year's quota.
    "If the ICO consumers accept our proposal it stands at least
a fair chance of being accepted by the producers at the
September meeting, most of whom are generally in favour of a
new quota formula, " van Horick said.
    At the same time much will depend on Brazil's attitude.
    "Brazil is increasingly isolated on the producer side. If
there is no frost damage to its coffee crop over the next two
months and most other producers favour our proposal, we might
just get an agreement," van Horick added.


.I 7158
.C
grain
.W
BRAZIL BUYS FRENCH WHEAT AT TENDER.
    RIO DE JANEIRO, June 19 - Brazil has bought 75,000 tonnes
of French wheat at tender, a Brazilian Wheat Board spokesman
said.
    He said the Board accepted offers for 25,000 tonnes of
wheat from grain firm J. Souffle at 80.49 dlrs per tonne Fob
for August shipment.
    For September shipment, the Board bought 25,000 tonnes from
Graniere at 79.32 dlrs per tonne Fob, and for October shipment
it accepted 25,000 tonnes from Andre and Companie at 79.47 dlrs
per tonne Fob.
    The next tender, for Aug/Sept/Oct shipment, was set for
June 24, the spokesman said.


.I 7161
.C
acq
.W
N. AMERICAN COMMUNICATIONS <NACS.O> WEIGHS SALE.
    HECTOR, Minn., June 19 - North American Communications Corp
said it is considering several options to maximize shareholder
value, including a possible sale, merger, corporate
restructuring, or leveraged buyout.
    Trading in the company's stock was halted pending an
announcement.
    The company, which owns and operates 47 cable television
systems in Minnesota and Wisconsin, said it retained
Communications Equity Associates as its financial adviser to
explore alternatives.
   


.I 7163
.C
acq
.W
******MURPHY OIL SAID IT PROPOSING TO ACQUIRE REMAINING 23 PCT.
OF CANADIAN SUBSIDIARY

.I 7165
.C
alum
.W
ALCAN RAISES ALUMINUM PRICES TWO CENTS A LB.
    NEW YORK, June 19  - Alcan Aluminum Corp, a subsidiary of
Alcan Aluminium Ltd, said it increased its U.S. primary
aluminum prices by two cents a lb, effective yesterday.
    The new prices are 72 cents a lb for ingot and 80 cents for
extrusion billet, the company said.
   


.I 7167
.C
acq
.W
PRIMERICA <PA> COMPLETES SMITH BARNEY TAKEOVER.
    GREENWICH, CONN., June 19 - Primerica Corp said it
completed the previously announced acquisition of Smith Barney
Inc for 750 mln dlrs in cash.
    Primerica, wh ich changed its name in April from American
Can Co, said Smith Barney, Harris Upham and Co Inc, wholly
owned by Smith Barney Inc, will add more than 100 domestic and
overseas branch offices.


.I 7170
.C
acq
.W
KING WORLD <KWP> HAS FINANCING FOR OFFER.
    NEW YORK, June 19 - King World Productions Inc said it will
finance the repurchase of up to 7,600,000 of its shares
announced earlier today through cash on hand and about 200 mln
dlrs of bank borrowings, for which it has received commitments
from First Chicago Corp <FNB> and Bank of New York <BK>.
    The company today started a tender offer for up to
4,100,000 shares at 28 dlrs each and agreed to buy up to
3,485,085 more shares from members of the King family and
management, who together own a total of 13.9 mln shares.  All
the shares being repurchased amount to about 25 pct of King
World's stock.


.I 7177
.C
acq
.W
MURPHY OIL <MUR> TO ACQUIRE CANADIAN SUBSIDIARY.
    EL DORADO, ARK., June 19 - Murphy Oil Corp said its board
proposed a reorganization in which it would acquire the 23 pct
of common shares of its Canadian subsidiary not owned by the
parent.
    Under the proposal, which would be undertaken as a
court-approved plan of arrangement, shareholders of Murphy Oil
Co Ltd of Calgary, Alberta, Canada, would be offered the option
to receive 31 dlrs (Canadian) a share cash or the equivalent
market value of common shares of the parent company.


.I 7179
.C
acq
.W
INVESTOR SELLS 10 PCT RB <RBI> STAKE.
    WASHINGTON, June 19 - Jeffrey Neuman, of Santa Monica,
Calif., told the Securities and Exchange Commission he sold his
entire RB Industries Inc stake of 341,210 shares, or 10.0 pct,
of the total outstanding.
    Neuman, who transferred the stock nearly two years ago to
the Tudor Trust, of which he is trustee, said the trust sold
the entire stake in a private deal on June 9 at 11.00 dlrs a
share.


.I 7180
.C
acq
.W
FORTUNE FIN'L <FORF.O> UNIT MAKES ACQUISITION.
    SUNRISE, FLA, June 19 - Fortune Financial Group Inc said
its Fortune Savings Bank acquired a Financial Security Savings
and Loan Association branch in Sunrise, Fla.
    Terms were not disclosed.
    The new Fortune Savings Bank office had about 40 mln dlrs
in deposits as of June 5.
    Meanwhile, acquisition of Marine Savings and Loan
Association of Florida, with four offices in Naples, Fla, is
awaiting regulatory approval.


.I 7187
.C
acq
.W
GROUP HAS 5.1 PCT OF AMERICAN PHYSICIANS<AMPH.O>.
    WASHINGTON, June 19 - A group led by Far Hills, N.J.,
investors Natalie and Paul Koether told the Securities and
Exchange Commission it has acquired 299,523 shares of American
Physicians Service Group Inc, or 5.1 pct of the total.
    The Koether group said it bought the stock for 1.0 mln dlrs
for "capital appreciation" and may buy more.
    The group also said Paul Koether met on June 8 with
management representatives for talks that included the
company's business, potential acquisitions for the company,
possible opportunities to expand the company and the
possibility of Koether being named to its board.
    The group did not say whether the talks resulted in any
agreements.
    As they have done in several SEC filings concerning other
companies in which they have had a stake, the Koethers said
they reserve the right "to take any actions which they deem
appropriate to maximize the value of the shares," but said they
have no current plans about taking any action.
    While they may buy more American Physicians shares, the
Koethers also said they may decide to sell some or all of the
their stake in the company.


.I 7188
.C
acq
.W
******BARCO DIRECTORS APPROVE BUYOUT OFFER FROM SENIOR.
MANAGEMENT
 

.I 7192
.C
acq
.W
******IRWIN JACOBS SAYS HE HOLDS LESS THAN FIVE PCT OF GILLETTE.

.I 7193
.C
earn
.W
COSTCO WHOLESALE <COST.O> 3RD QTR MAY 11 NET.
    SEATTLE, June 19 -
    Oper shr two cts vs three cts
    Oper net 529,000 vs 579,000
    Sales 322.0 mln vs 173.8 mln
    Nine mths
    Oper shr six cts vs eight cts
    Oper net 1,619,000 vs 1,700,000
    Sales 875.1 mln vs 482.3 mln
   
    Note: oper data does not include extraordinary gains from
tax loss carryforwards of 291,000 dlrs, or one ct per shr, vs
316,000 dlrs, or one ct per shr in qtr and 890,000 dlrs, or
four cts per shr vs 992,000 dlrs, or four cts per shr in nine
mths.


.I 7194
.C
cocoa
.W
******ICCO buffer stock manager to buy 5,000.
tonnes cocoa Monday, June 22 - official


.I 7195
.C
acq
.W
SITHE TO RAISE ENERGY FACTORS <EFAC> STAKE.
    SAN DIEGO, June 19 - Sithe-Energies LP said it has signed
an agreement under which it will increase its interest in
Energy Factors Inc to 70.0 pct from 53.4 pct now by investing
100 mln dlrs in Energy Factors stock.


.I 7196
.C
acq
.W
BARCO <BRC> BOARD APPROVES LEVERAGED BUYOUT.
    GARDENA, Calif., June 19 - Bacro of California said its
board approved an offer from its chairman Kenneth Donner and
President Michael Donner to purchase all the outstanding Barco
common shares at 5.05 dlrs per share in a leveraged
transaction.
    The Donners currently own about 44 pct of the company's
outstanding shares, Barco said.
    It also said vice chairman David Grutman and family
members, who own about 28 pct of Barco's shares, have agreed to
sell their stock for the offering price.


.I 7200
.C
acq
.W
IRWIN JACOBS HAS GILLETTE <GS> STAKE.
    New York, June 19 - Investor Irwin Jacobs said he has an
investment in Gillette Co amounting to less than five pct of
the consumer products company's stock.
    Jacobs, who made his comment in response to an enquiry, did
not comment further.
    Yesterday, Gillette rebuffed a takeover proposal from
Revlon Inc. Under an agreement between the two companies,
Revlon must have the permission of Gillette's board before
making an offer to shareholders. The board declined to grant
that permission.
   
    Gillette has been the topic of takeover speculation for
several weeks. Its stock has traded heavily, and arbitragers
said they believe Jacobs may not be the only investor who has a
sizeable position in the company.


.I 7201
.C
earn
.W
RAPITECH SYSTEMS INC <RPSY.O> 3RD QTR LOSS.
    SUFFERN, N.Y., June 19 - April 30 end
    Shr losses not given
    Net loss 449,000 vs loss 155,000
    Revs 84,000 vs 52,000
    Nine mths
    Shr losses not given
    Net loss 810,000 vs loss 394,000
    Revs 173,000 vs 144,000


.I 7203
.C
palm-oil;veg-oil;tin;alum;
.W
MALAYSIA TO RESEARCH TIN, WARY ON VEG OILS TAX.
    By Gerrard Raven, Reuters
    BRUSSELS, June 19 - Malaysia is to urge fellow tin
producing countries to contribute more money towards research
into new uses for the metal, Malaysian primary industries
minister Lim Keng Yaik told Reuters in an interview.
    Lim, in Brussels on a tour of Europe and America, said he
had instructed Malaysia's representatives on the executive
committee of the Association of Tin Producing Countries, ATPC,
to draw up a paper on the matter.
    Lim earlier met European Community farm commissioner Frans
Andriessen and industry commissioner Karl-Heinz Narjes.
    He said though it now appeared likely Commission proposals
for a tax on vegetable and marine oils and fats would be
defeated, he feared the Commission would revive the idea.
    Lim noted Andriessen this week promised that if the tax was
adopted and third countries suffered export losses as a result,
they would be compensated through access to the EC for
alternative exports.
    "Since most of our products are commodity based, I cannot
see how this would work out in our case," Lim said.
    Malaysian palm oil exports to the EC are worth about 250
mln dlrs a year.
    The tin research proposal would be presented at an ATPC
meeting to be held in Kuala Lumpur in September.
    "Not enough research and development effort has been put in
by tin producers and we have been pushed out by substitutes
such as aluminium, paper and plastics," Lim said.
    He mentioned the use of inorganic tin in pesticides as an
exciting possible new application.
    Lim said he could not estimate the amount of extra money
which needed to be spent on research into new uses before the
new paper was produced.
    He said Narjes told him there appeared no fundamental
barriers to EC states quickly ratifying the new International
Rubber Agreement, INRA, although translations of the accord
into some EC languages are still being awaited.
    Lim, who will sign and ratify the agreement on Malaysia's
behalf when he visits New York during his current tour, said it
was important there should not be a long "interregnum" between
the old agreement lapsing in October and the new one coming
into force.
    He described the present accord as a model for commodity
agreements due to its being signed by nearly all producing and
consuming countries and by virtue of its review systems and
control over buffer stock management.


.I 7204
.C
acq
.W
VR <VRBB.O> CLOSES STOCK SALE TO VR ACQUISITION.
    BOSTON, Mass., June 19 - VR Business Brokers Inc said it
closed the sale of a controlling interest in its comon and
preferred stock to VR Acquisition Corp, a Delaware corporation
controlled by an investment group led by C. Robin Relph of
London.
    Under the agreement dated April 28, VR Business agreed to
sell 5,008,120 shares of common stock and 11,846 shares of 10
pct cumulative stock.
    VR Business said it issued 3,964,000 shares of common stock
and 11,846 shares of preferred stock, with the remaining shares
of common to be listed within the next week to 10 days.


.I 7205
.C
acq
.W
MICROWAVE LABORATORIES INC <MWAV.O> 4TH QTR NET.
    RALEIGH, N.C., June 19 - April 30 end
    Shr 12 cts vs eight cts
    Net 316,655 vs 148,567
    Sales 2,011,195 vs 1,422,719
    Avg shrs 2,738,864 vs 1,881,296
    Year
    Shr 43 cts vs 49 cts
    Net 1,006,356 vs 918,290
    Sales 7,059,446 vs 5,441,408
    Avg shrs 2,329,329 vs 1,881,296


.I 7207
.C
lumber
.W
WORLD BANK LOANS UGANDA 13 MLN DLRS.
    WASHINGTON, June 19 - The World Bank said it has loaned
Uganda 13 mln dlrs through the International Development
Association (IDA), the bank's concessionary lending affiliate.
    The IDA loan will support a project that hopes to preserve
the country's natural forests and meet its demand for wood
products by rehabilitating Uganda's forestry management agency,
the bank said.
    It also said the project plans to increase the area and
management of protected forests, establish pilot wood farms and
nurseries, and rehabilitate soft wood plantations.


.I 7209
.C
sugar
.W
FAIRLY HECTIC WEEK IN RAW SUGAR, WOODHOUSE SAYS.
    LONDON, June 19 - It has been a fairly hectic trading week
in raw sugar with China paying market levels for nearby
shipments, London trader, Woodhouse, Drake and Carey, said in
its weekly report.
    July shipment Thai raws traded to China early in the week
at fob levels equivalent to 20/25 points discount to July New
York futures, it said. Mid-week saw these same sales covered by
the trade at 10/15 points discount.
    Enquiries for July/Sep 15 raw sugars then filtered in and
here again, traded values rose quickly from 13 points premium
to New York July up to 18, Woodhouse said.
    In the Western Hemisphere, both Dominican Republic and
Mexican nearby raws were bid 15 points discount to July New
York and offered five points under, but in limited trading, it
said.
    All the action of the past week has been in the Far East
raws market whereas the whites market saw little fresh prospect
of nearby offtake, Whitehouse added.


.I 7210
.C
earn
.W
PASSPORT TRAVEL INC <PPTI.O> 2ND QTR MAY 31 NET.
    OVERLAND PARK, Kan., June 19 -
    Shr profit six cts vs loss one ct
    Net profit 80,939 vs loss 12,808
    Rev 7.0 mln vs 6.3 mln
    Six months
    Shr profit eight cts vs loss one ct
    Net profit 101,345 vs loss 10,460
    Rev 13.2 mln vs 12.5 mln


.I 7211
.C
earn
.W
SAVOY INDUSTRIES INC <SAVO.O> 1ST QTR LOSS.
    NEW YORK, Juen 19 -
    Oper shr loss 32 cts vs loss 17 cts
    Oper net loss 2,999,000 vs loss 1,692,000
    Sales 10.3 mln vs 11.5 mln
    Avg shrs 9,517,000 vs 9,905,000
    NOTE: 1986 Operating loss excludes profit of 3,688,000
dlrs, or 37 cts a share, from discontinued operations


.I 7213
.C
trade
.W
LATIN, CARIBBEAN NATIONS OPPOSE TRADE BILLS.
    WASHINGTON, June 19 - A group of Latin American and
Caribbean nations formally opposed trade legislation pending in
Congress, saying it would curb their exports, slow development
and hinder its ability to repay foreign debt.
    Mario Rodriguez Montero, president of an Organization of
American States special committee on trade, said he was aware
of the large U.S. trade deficit, but added "the region should
not be the one affected by the trade bills."
    He said the causes of the deficit were the strong dollar
and the budget deficit, and "it is regrettable to solve it by a
trade bill that would only serve private U.S. interests."
    Rodriguez made the comment at a news conference after two
days of meetings with U.S. officials on trade bills now in
Congress that are designed to reduce the U.S. trade deficit,
which last year hit a record 166.3 billion dlrs.
    Congressional observers say the bills are aimed mainly at
Japan, Taiwan, South Korea and a few other nations with large,
annual trade surpluses with the United States.
    Mexico, Brazil and Venezuela are the only Latin nations
with large trade surpluses last year with the United States,
but even Mexico, with the largest, had a surplus of only 5.2
billion dlrs, against Japan's of 58.6 billion dlrs.
    The European Community has also opposed the bills.
    Rodriguez said the Latin and Caribbean nations backed the
Reagan Administration's opposition to many of the sections in
the legislation, including those to curb imports and to require
retaliation for foreign unfair trade practices.
    He told reporters the committee would likely mount a
campaign to fight the legislation when it comes up for debate
on the Senate floor, expected next week.
    Rodriguez said "the region needs trade to continue
development.  We hope this need will not be affected negatively
by trade legislation."
    Rodriguez said: "we need to keep the market opens -
especially the U.S. market - to obtain the necessary foreign
exchange not only to service the debt but also to continue
national development progress."
    President Reagan has said he would veto any legislation he
termed "protectionist," and his aides now are mounting a effort
to water down some of the objectionable provisions in the
legislation.
    Asked whether Reagan was ready to cast a veto, Rodriguez
said as yet "the administration is not in a veto frame of mind."


.I 7214
.C
acq
.W
REED INTL DENIES BID APPROACH.
    LONDON, June 19 - Reed International Plc <REED.L> denied
rumours on the U.K. Stock market that it was the target of a
takeover bid and said it had received no approach.
    "In view of the increase in our share price today, I want to
make clear that we have not received any bid approaches," Reed's
chairman Leslie Carpenter said in a statement.
    Rumours that U.S. Publisher Harcourt Brace Jovanovich Inc
<HBJ> might bid for Reed, a paper and printing company, pushed
Reed shares up 54p at 600p at one stage today before they eased
back to 564p at the close against a background of a widespread
decline in U.K. Equity prices.
    Share market analysts said speculators were buying the
stock on belief that Harcourt would bid for Reed in an effort
to escape the unwelcome two billion dlr bid from Robert
Maxwell's British Printing and Communication Corp <BPCL.L>.
    Such a move would have made Harcourt too big for BPCC to
take it over, analysts added.
    They also said there was some speculation that if BPCC's
bid for Harcourt was unsuccessful, it could turn its attention
to Reed.


.I 7215
.C
acq
.W
APPLIED DATA <ADCC.O> TO BUY DATELINE.
    TUSTIN, Calif., June 19 - Applied Data Communications said
it agreed to acquire privately-held Dateline Technology Inc of
Redmond, Wash., for an undisclosed amount of cash and stock.
    Dateline Technology designs and sells high-capacity,
high-speed computer peripheral subsystems, primarily for data
storage, Applied Data said.


.I 7216
.C
acq
.W
GULF AND WESTERN <GW> UPS INTEREST IN NETWORK.
    NEW YORK, June 19 - USA Network, today said it has acquired
Time Inc's <TL> one-third interest in the network.
    The network, formerly a joint venture between Time, Gulf
and Western Inc and MCA Inc <MCA>, said that Gulf and Western
and MCA, who each previously held a one-third interest, now
will jointly own USA Network on a 50/50 basis.
    Terms were not disclosed, USA Network said.
    USA Network is an advertiser-supported, entertainment basic
cable network, reaching 39 mln homes on 8,500 cable systems.


.I 7217
.C
acq
.W
TEKTRONIX <TEK> BEGINS DUTCH AUCTION TENDER.
    BEAVERTON, Ore., June 19 - Tektronix Inc said it began its
previously announced Dutch Auction cash tender offer for up to
10 mln of its own common shares.
    Under the terms of the offer the company will select a
single cash purchase price for the stock, based on the number
of shares tendered, not to exceed 40 dlrs per share or be lower
than 35 dlrs per share, Tektronix said.
    The company also said it does not intend to spend more than
380 mln dlrs for the shares tendered.
    It further stated that the tender offer expires on July
eight, unless extended.


.I 7219
.C
acq
.W
KAY <KAY> TO ACQUIRE SPECIALTY FASTENER FIRM.
    NEW YORK, June 19 - Kay Corp said its Balfour, Maclaine
International Ltd subsidiary signed a letter of intent to
acquire certain assets of a privately-owned distributor of
specialty fasteners for about 13 mln dlrs plus management
incentives, which it did not disclose.
    Kay said the firm has annual sales of about 15 mln dlrs.
    Kay also said it is pursuing private placement of debt
securities for a number of corporate purposes.


.I 7222
.C
acq
.W
NEW ENGLAND CRITICAL CARE <NECC.O> BUYS NPO.
    MARLBOROUGH, Mass, June 19 - New England Critical Care Inc
said it completed its purchase of NPO Therapies Inc of Salt
Lake City.
    The company said that NPO Therapies' president and founder,
Kelly Mutchie, has joined New England Critical Care as regional
vice president covering the western United States.
    NPO Therapies provides home infusion therapy services.


.I 7223
.C
coffee
.W
COLOMBIA HELPFUL BUT COFFEE QUOTAS UNCERTAIN--U.S.
    WASHINGTON, June 19 - A U.S. government trade official
responsible for coffee policy said prospects for an accord on
coffee quotas are still uncertain despite recent Colombian
efforts to bridge differences between producers and consumers.
    Jon Rosenbaum, an assistant U.S. trade representative just
back from trade talks in Colombia, said most producing
countries now accept some sort of standardized criteria must be
agreed to reintroduce coffee quotas.
    "There is one country which evidently still does not,"
Rosenbaum said in an obvious reference to Brazil, which has
been negative recently on a reintroduction of quotas.
    Rosenbaum said because of the stance of Brazil the outlook
for an agreement to reintroduce coffee quotas at the September
International Coffee Organization meeting is hard to predict.
    He said that during the visit to Bogota he held technical
discussions with Colombian officials.
    While he did not meet with Jorge Cardenas, head of the
Colombian coffee producers federation, who was in Europe,
Cardenas left a "positive letter," Rosenbaum said.
    The Cardenas letter responded to a U.S. letter last month
which praised Colombia for trying to find a compromise formula
for the reintroduction of quotas, but outlined several concerns
with the technical details of the Colombian plan.
    Rosenbaum could not be reached later in the day for comment
on a new formula for calculating ICO quotas agreed to by
European coffee roasters and traders.
    Dutch coffee trade association chairman Frits van Horick
said in Amsterdam the new formula is based on six year moving
averages and would give Brazil an unchanged export quota for
the remaining to years of the current coffee agreement.
    The U.S. has said it will not agree to any coffee quotas
unless "objective criteria" which reflect recent changes in the
coffee market are used to set export limits.


.I 7224
.C
meal-feed
.W
CCC CREDIT GUARANTEES TO EL SALVADOR REALLOCATED.
    WASHINGTON, June 19 - The Commodity Credit Corporation
(CCC) has reallocated 1.3 mln dlrs in credit guarantees
originally granted to cover the sale of protein meals to El
Salvador so it may buy rice, the U.S. Agriculture Department
said.
    The action reduces the guarantee line authorized for sales
of protein meals to 12.7 mln dlrs and creates a rice credit
guarantee line of 1.3 mln dlrs, the department said.
    All sales under the credit guarantee lines must be
registered and exports completed by September 30, the
department said.


.I 7233
.C
crude;pet-chem;propane;
.W
INTERNATIONAL LPG PRICES STEADY IN QUIET MARKET.
    NEW YORK, June 19 - International LPG prices were little
changed in the past week, barely affected by the excitement on
the advent of OPEC's mid-year meeting, traders and industry
sources said.
    "If the OPEC decides to increase crude oil production," a
traders said, "LPG supplies will be up without corresponding
rise in demand."
    Petrochemical buyers were sidelined, after their foray in
the market early in june, they said.
    An industry meeting in Dublin this week also drew many
market participants away from the trading desk, they added.
    Algeria has moved at least two cargoes of propane to the
U.S. Gulf, keeping Mediterranean prices steady, traders said.
    In the Mideast Gulf, propane appeared easing slightly,
after a major U.S. oil company bought propane on formula which
netted back about 123 dlrs, cif Mideast Gulf, which was two
dlrs below Saudi Arabia's government selling price (gsp),
industry sources said.
    Delivered propane to Japan was quoted at gsp plus 19 dlrs
and butane at gsp plus 25 dlrs, the traders said.


.I 7239
.C
ship;crude;
.W
KUWAIT SEEN WANTING TO LEASE SOME U.S. TANKERS.
    WASHINGTON, June 19 - The United States said Kuwait was
discussing plans to lease privately-owned U.S. tankers to
transport oil through the Gulf in addition to putting some of
its own vessels under American flags.
    State Department spokeswoman Phyllis Oakley, who made the
disclosure about the tankers, also told reporters the United
States expects to conclude very soon a favorable arrangement
with Saudi Arabia concerning expanded security cooperation in
the Gulf. The two developments occur as the Reagan
administration continued to come under fire in Congress for its
plans to bring 11 Kuwaiti tankers under American flags.
    The move is designed to protect the tankers from Iranian
attacks and ensure freedom of navigation in the strategic
waterway but has raised fears on Capitol Hill that it will draw
the United States into the seven-year-old Iran-Iraq War.
    "The Kuwaitis have discussed the possibility of chartering
U.S. flag vessels with the Maritime Administration," Oakley
said. She emphasized, however, that "if some charter arrangement
could be worked out, it would not supplant the reflagging
arrangement that we worked out with the Kuwaitis."
    In both cases, the ships would be eligible for U.S. Navy
escort in the Gulf, she said.

   The Washington Post today quoted John Gaughan, administrator
of the Martime Administration, as saying Kuwait has approached
an American shipping company about the possibility of a
charter.
    Gaughan said that earlier this week he told representatives
of the company, whose identify he did not know, that chartered
vessels flying the U.S. flag "would be protected," the newspaper
reported.
    Concerning Saudi Arabia, Oakley said "we are moving forward
in our talks ... on how we can tailor our efforts and security
cooperation to facilitate our Gulf operations."


.I 7242
.C
acq
.W
******DAYTON HUDSON SAID IT TOLD BUYER OF STOCK IT's not.
INTERESTED IN BEING ACQUIRED

.I 7245
.C
acq
.W
PACIFIC BASIN TO ACQUIRE 51 PCT OF T.E.A.M.
    NEW YORK, June 19 - <Pacific Basin Development Corp>, based
in Vancouver, British Columbia, said it reached an agreement to
buy 51 pct of T.E.A.M. Pacific Corp and its marketing arm for
4.2 mln U.S. dlrs.
    Pacific also said it expects ot earn three mln Canadian
dlrs for the year ended June 30, 1988 and 10 mln Canadian dlrs
for the year ended June 1989.
    T.E.A.M., a former Signetics Corp unit, assembles
integrated circuits in Southeast Asia and is itself buying an
assembler. Pacific said T.E.A.M. expects to earn over 80 mln
Canadian dlrs per year when the acquisition is completed.


.I 7246
.C
earn
.W
ANDERSEN GROUP INC <ANDR.O> 1ST QTR MAY 31.
    BLOOMFIELD, Conn., June 19 - May 31
    Shr loss 13 cts vs loss 4 cts
    Net loss 225,000 vs loss 80,000
    Revs 11.8 mln vs 10.4 mln
    Avg shrs 1,789,165 vs 1,789,455
   


.I 7247
.C
acq
.W
DAYTON HUDSON <DH> NOT INTERESTED IN ACQUISITION.
    MINNEAPOLIS, Minn., June 19 - Dayton Hudson Corp, in a
letter to employees, said it told an "aggressive buyer" of the
company's stock that it does not want to be acquired.
    A Dayton Hudson spokeswoman would not identify the buyer,
but Wall Street sources said Dart Group Corp <DARTA.O> was the
company interested in buying Dayton Hudson stock.
    The Wall Street sources said the Dart Group is expected
soon to file a statement with the Securities and Exchange
Commission on its accumulation of Dayton Hudson stock.
    According to the letter to company employess, Dayton Hudson
management has moved in two directions to fend off a takeover.
According to the letter, chairman Kenneth Macke expressed to
the group buying its stock the company's desire to remain
independent.
    Dayton Hudson Thursday night met with Minnesota governor
Rudy Perpich, appealing for legislative help.
    A spokesman for Governor Perpich earlier said the governor
is expected later today to recommend stiffening the state's
anti-takeover law to help the Minneopolis retailer defend
itself.
    Minnesota House speaker designate said the legislators
would probably look at language similar to that contained in
Indiana and New York law. He said any amendment proposed would
probably be designed to thwart a company from dismantling a
company for its own profit.
   "Obviously Dayton-Hudson people feel whatever statutes we
have would not protect them enough," Vanasek said.


.I 7248
.C
acq
.W
BARNETT BANKS <BBF> FILES AGAINST FEDERAL BOARD.
    JACKSONVILLE, Fla., June 19 - Barnett Banks Inc and Home
Federal Bank of Florida said they filed a suit against the
Federal Home Loan Bank Board and the Federal Savings and Loan
Insurance Corp.
    The companies said the suit asks a Jacksonville, Fla.,
federal district court to enjoin the enforcement of an
interpretive rule adopted by the FHLBB last year which seeks to
give it jurisdiction over Barnett's proposed acquisition of
Home.
    The suit says this rule is arbitrary and capricious.


.I 7252
.C
money-supply
.W
******U.S. BUSINESS LOANS FALL 896 MLN DLRS IN JUNE 10 WEEK,.
FED SAYS


.I 7254
.C
money-fx
.W
U.S. BUSINESS LOANS FELL 896 MLN DLRS.
    WASHINGTON, June 19 - Business loans on the books of major
U.S. banks, excluding acceptances, fell 896 mln dlrs to 275.61
billion in the week ended June 10, the Federal Reserve Board
said.
    The Fed said that business loans including acceptances fell
546 mln dlrs to 278.12 billion dlrs.



.I 7255
.C
acq
.W
JUDGE TO RULE MONDAY ON BURLINGTON <BUR> CASE.
    New York, June 19 - Manhattan Federal Court Judge Shirley
Wohl Kram said she would rule Monday on whether to grant a
request to block a 78 dlr per share merger agreement between
Burlington Industries Inc and Morgan Stanely Group Inc <MS>.
    The request to bar the merger was made by Samjens
Acquisition Corp, a partnership formed by financier Asher B.
Edelman and Dominion Textiles Inc. Samjens has made a hostile
77 dlr per share takeover bid for Burlington.


.I 7256
.C
acq
.W
<K.G. SAUR> SELLS ASSETS TO REED INTERNATIONAL.
    NEW YORK, June 19 - K.G. Saur, the German-based publisher
of databases and legal and bilbiographic reference material,
said it has sold all of its assets to The Butterworth Group, a
division of Reed International PLC <REED.L>, for under 15 mln
dlrs.
    Saur said Klaus Saur, president and owner of the company,
will remain president of Saur operations in Munich, London and
New York.


.I 7258
.C
earn
.W
AEL INDUSTRIES INC <AELNA.O> FIRST QTR NET.
    LANSDALE, Pa., June 19 - 
    Shr 10 cts vs four cts
    Net 419,000 dlrs vs 196,000 dlrs
    Revs 27.3 mln dlrs vs 25.9 mln dlrs
    Note:the first quarter ended May 29


.I 7260
.C
earn
.W
NATIONAL VIDEO INC <NVIS.O> YEAR NET.
    PORTLAND, Ore, June 19 - 
    Shr four cts vs nine cts
    Net 125,465 dlrs vs 245,718 dlrs
    Revs 8.4 mln dlrs vs 7.8 mln dlrs
    Note:the fiscal year ended March 31


.I 7262
.C
acq
.W
ARCHER-DANIELS <ADM> DENIES RUMOR.
    CHICAGO, June 19 - Archer-Daniels-Midland Co denied a
report that it is interested in acquiring International
Minerals and Chemical Corp (IGL).
    "We have no interest in International Minerals or any of
its divisions," a spokesman told Reuters. "We've had no
conversations with them."
    USA Today reported that Archer-Daniels-Midland might be
seeking a hostile takeover of International Minerals.


.I 7263
.C
earn
.W
KAUFEL GROUP LTD (KGL.M) 3RD QTR NET.
    MONTREAL, June 19 -
    Shr 15 cts vs 10 cts
    Net 1,790,824 vs 1,031,602
    Revs 14.0 mln vs 6.7 mln
    Nine mths
    Shr 41 cts vs 23 cts
    Net 4,830,513 vs 2,296,192
    Revs 40.5 mln vs 15.4 mln
    Avg shrs 12.0 mln vs 10.5 mln


.I 7264
.C
acq
.W
GROUP CUTS ZONDERVAN<ZOND.O> STAKE TO 3.8 PCT.
    WASHINGTON, June 19 - One of several investor groups
formerly associated with London investor Christopher Moran in
his unsuccessful bid to take over Zondervan Corp last year,
said it cut its stake in the company to less than five pct.
    In a filing with the Securities and Exchange Commission,
the group, led by investors Lawrence Altschul and James
Apostolakis, said it cut its Zondervan stake to 157,500 shares,
or 3.8 pct of the total, from 246,500 shares, or 5.9 pct.
    The group, which earlier this month said in an SEC filing
it wanted join with other groups to maximize share values, said
it sold 89,000 shares between June 9 and 15 for 1.5 mln dlrs.
    The group had joined with the Moran group, which last year
assembled a combined 44 pct stake in Zondervan during its
unsuccessful takeover try.
    Last month, the Moran group broke up and splintered into
various factions. Moran himself withdrew from the takeover
effort and last reported his personal stake at 4.8 pct.
    A group led by Miwok Capital Corp, a California broker with
a 10.6 pct stake, and another one led by Minneapolis
stockbroker Jeffrey Wendel with 2.6 pct, have both made recent
SEC filings saying they are seeking agreements with other
parties who may want to seek control of the company.


.I 7267
.C
lead;zinc;
.W
NORANDA BRUNSWICK MINERS VOTE MONDAY ON CONTRACT.
    TORONTO, June 19 - Noranda Inc said 1,100 unionized workers
at its 63 pct-owned Brunswick Mining and Smelter Corp lead-zinc
mine in New Brunswick would start voting Monday on a tentative
contract pact.
    Company official Andre Fortier said "We are hopeful that we
can settle without any kind of work interruption."
    Fortier added that Brunswick's estimated 500 unionized
smelter workers were currently meeting about a Noranda contract
proposal and would probably vote next week. The mine's contract
expires July 1 and the smelter's on July 21.
    The Brunswick mine produced 413,800 tonnes of zinc and
206,000 tonnes of lead last year at a recovery rate of 70.5 pct
zinc and 55.6 pct lead. Concentrates produced were 238,000
tonnes of zinc and 81,000 tonnes of lead.


.I 7268
.C
acq
.W
NEW LEADER COMING TO U.S. SEC IN CHALLENGING ERA.
    By Irwin Arieff, Reuters
    WASHINGTON, June 19 - President Reagan's nominee as top
policeman for the nation's securities markets will inherit an
agency challenged by an insider trading scandal, wild stock
price gyrations and a host of uncertainties stemming from the
globalization of financial markets.
    David Ruder, a 58-year-old Republican law professor at
Northwestern University in Evanston, Ill., was named Thursday
to be the 23rd chairman of the five-member U.S. Securities and
Exchange Commission.
    If confirmed by the Senate, as expected, he will succeed
John Shad, who left the agency earlier this week after a record
six years as chairman to become ambassador to the Netherlands.
    The SEC has been in the limelight for the past year as its
investigators have probed into the most colossal insider
trading scandal ever uncovered on Wall Street.
    The investigation, which is still active, mushroomed in
recent months as a growing number of well known traders and
prominent investment banking firms have been charged with
wrongdoing.
    The pace of the probe picked up markedly in November after
Ivan Boesky, one of Wall Street's most successful stock
speculators, agreed to cooperate with government investigators
and to pay a record 100 mln dlrs in penalties and illegal
profits after being charged with insider trading.
    But the agency is also wrestling with a vexing new
phenomenon of huge and rapid swings in stock prices, spurred by
computer-driven trading strategies that span markets in 
securities, options and futures. The price gyrations have
combined with rising trading volumes to bring unprecedented
volatility to some U.S. securities markets.
    At the same time, the SEC is being pressed by some
lawmakers to put a stop to abusive tactics in corporate
takeover contests as an unrelenting wave of such takeovers
steadily reshapes the U.S. corporate landscape.
    And the agency is being pushed by U.S. and foreign
exchanges intent on expansion to lay the regulatory groundwork
for an international securities marketplace in which trading
occurs across borders throughout the world, around the clock.
    Such worldwide trading networks offer vast new investment
opportunities but could strain the SEC's ability to enforce
U.S. securities laws and guard investors from fraud.
    Under the leadership of Shad, the SEC eased financial
disclosure requirements for publicly traded companies,
eliminated many minor investor protection rules, attempted to
spur competition among exchanges and streamlined the agency's
review of hostile corporate takeovers.
    Shad, who had been vice chairman of the E. F. Hutton
investment banking firm, brought a Wall Street perspective to
the agency upon being named chairman in 1981.
    In line with the views of other top administration
officials, he favored marketplace determination of takeover
battles over new federal regulations.
    The SEC under Shad also stressed prosecution of insider
trading violations over the corporate wrongdoing cases that
topped the agency's enforcement agenda during the
administration of President Jimmy Carter, a Democrat.
    Securities lawyers and industry officials acquainted with
Ruder say the new chairman-designate is unlikely to
significantly alter the commission's current priorities.
    The SEC currently has about 2,000 employees, most of them
lawyers, and an annual budget of about 115 mln dlrs though that
figure likely will be significantly higher next year as the
agency moves to beef up its enforcement staff.
    The agency is one of the few in the government that
actually has taken in more money than it has spent in the past
few years because of fees it charges public companies,
investment banks and other securities firms it regulates.
    The SEC is structured as an independent regulatory agency,
meaning that its five commissioners are appointed by the
president to fixed five-year terms and protected from firing
for policy differences alone.
    By law, no more than three commissioners may be of the same
political party, and the agency prepares its own budget request
each year instead of leaving this to the White House.
    Established by Congress in 1934, the SEC traces its origins
to the great stock market crash of 1929, which was attributed
in large part to widespread trading on credit and attempted
market manipulations by large investment firms.
    The agency requires public companies and investment
vehicles such as mutual funds to issue periodic reports on
their financial condition and to disclose changes in their
condition any time they issue new securities.
    It requires brokers, dealers and investment banks to
register with it and comply with investor protection rules, and
it polices exchanges and regulates trading practices.
    Its first chairman was Joseph Kennedy, an industrial
magnate who was also the father of John Kennedy, later to
become the nation's 35th president.
    Other former chairmen include William Douglas, who served
from 1937 until his appointment to the U.S. Supreme Court in
1939, and William Casey, who served during President Nixon's
first term and was Reagan's director of the Central
Intelligence Agency until his death earlier this year.


.I 7269
.C
trade
.W
U.S. ASKS CONGRESS TO REVISE TARIFF CATEGORIES.
    WASHINGTON, June 19 - The Administration asked Congress to
replace the U.S. tariff schedule with a new system to bring it
into line with international tariff categories, U.S. Trade
Representative Clayton Yeutter said.
    The new system will add such items as fiber optics and more
accurately define new composites, items not widely traded when
the current schedule was devised some 30 years ago.
    Yeutter said the Harmonized System, as the new schedule is
called, will change tariff categories and definitions to meet
the present-day needs of exporters and importers, but they
should pay about the same rates of duties.
    Yeutter said, "American exporters will find it far easier to
deal with one standardized worldwide system than the variety of
differing systems which they now face."
    He said the new system ended 12 years of multinational
negotiations to create the unified tariff schedule.
    Yeutter said government and business moves are based on
data from tariff schedules and the new system will improve
knowledge of trade flows and the quality of decision-making.
    He said 56 nations pledged to bring their standards under
the new system, with about half expected to join the system by
January 1988.


.I 7271
.C
acq
.W
SERVICE RESOURCES<SRC> UNIT CUTS SORG<SRG> STAKE.
    WASHINGTON, June 19 - A group led by Chas. P. Young Co, a
subsidiary of Service Resources Corp, said it cut its stake in
Sorg Inc to 366,700 shares, or 16.7 pct of the total
outstanding common stock, from 385,000 shares, or 17.5 pct.
    In a filing with the Securities and Exchange Commission,
Young, which yesterday withdrew its 23 dlr a share takeover
proposal, said its other group member, SDI Partners Ltd
Partnership, sold 18,300 Sorg common shares between June 16 and
18 at 17-1/2 to 19 dlrs each.


.I 7276
.C
earn
.W
DWI CORP <DWIC.O> 3RD QTR MARCH 31 NET.
    MISSION VIEJO, Calif., June 19 -
    Shr profit nil vs loss two cts
    Net profit 39,617 vs loss 200,740
    Revs 619,076 vs 491,085
    Nine Mths
    Shr loss nil vs loss five cts
    Net loss 68,293 vs loss 434,087
    Revs 1,614,960 vs 1,791,148


.I 7277
.C
acq
.W
FIRM HAS SUPREME EQUIPMENT <SEQP.O> STAKE.
    WASHINGTON, June 19 - Towle and Co, a St. Louis, Mo.,
investment advisory firm, told the Securities and Exchange
Commission it has acquired 55,900 shares of Supreme Equipment
and Systems Corp, or 5.1 pct of the total outstanding.
    Towle said it bought the stock for investment purposes on
behalf of its advisory clients.


.I 7280
.C
bop;trade;
.W
ITALY DEFICIT NOT DUE TO LIBERALIZATION-MINISTER.
    ROME, June 19 - Italy's Foreign Trade Minister Mario
Sarcinelli, commenting on speculation in the Italian press,
said a sharp balance of payments deficit in May could not be
attributed to recent moves liberalizing the purchase of foreign
securities.
    Sarcinelli was reacting to suggestions that last month's
overall 3,211 billion lire deficit, which compares with April's
2,040 billion surplus, could be linked to a May 13 decree
abolishing obligatory non-interest-bearing deposits on foreign
securities purchases.
   "The deficit can be better attributed to premature and
delayed foreign trade payments and receipts (leads and lags)
rather than capital outflow to portfolio investment," Sarcinelli
said in a statement.
    Earlier today the newspaper La Repubblica cited remarks by
the Bank of Italy, which announced the deficit for May and said
it had been partly caused by "non-banking capital outflows."
    "In practice, it seems that there has been a constant flow
of capital to foreign securities or investments outside our
borders," said the newspaper.
    But the newspaper added that it was still not possible to
say how far the move to abolish foreign securities purchase
deposits had affected Italy's balance of payments.


.I 7283
.C
acq
.W
SICO <SIC.TO> TO BUY REICHOLD <RCI> UNIT ASSETS.
     MONTREAL, June 19 - Sico Inc said it agreed in principle
to buy the U.S. assets of Reichold Chemicals Inc's Sterling
Group, which manufactures electrical insulation compounds and
industrial resins and develops coatings for the electronics
industry. Terms were undisclosed.
    Sico said it acquired Sterling Group's Canadian assets in
February.
    It said the U.S. acquisition adds about 15 mln dlrs to its
annual sales volume.


.I 7284
.C
acq
.W
INVESTOR GROUP DUMPS SILICON <SLCN.O> STAKE.
    WASHINGTON, June 19 - A group of Boston investors and
investment partnerships told the Securities and Exchange
Commission it sold its entire stake in Silicon Systems Inc of
410,000 shares, or 6.0 pct of the total outstanding.
    The group, which includes HLM Associates, HLM Associates II
and their three general partners, said it sold the stock
between April 22 and June 9 at 9.00 to 9.125 dlrs a share as
the result of an investment decision.


.I 7286
.C
earn
.W
SHIRMAX FASHIONS LTD <SHX.M> 1ST QTR NET.
    MONTREAL, June 19 - qtr ended May 2
    Oper shr three cts vs 11 cts
    Oper net 333,000 vs 885,000
    Revs 14.9 mln vs 12.2 mln
    Note: Latest qtr exludes writeoff of 735,000 dlrs from
store renovation.


.I 7287
.C
acq
.W
GROUP UPS STAKE IN TANDY BRANDS <TAB> TO 6.9 PCT.
    WASHINGTON, June 19 - A group of companies including
Chicago-based Coronet Insurance Co and Sunstates Corp, a
Jacksonville., Fla., real estate firm, said it raised its stake
in Tandy Brands Inc to 175,900 shares, or 6.9 pct of the total.
    In a filing with the Securities and Exchange Commission,
the group said it bought 43,600 Tandy common shares between May
21 and June 9 for 633,333 dlrs in addition to the 132,300
shares, or 5.2 pct, it had held previously.


.I 7289
.C
acq
.W
GATEWAY <GMSI.O> RECINDS OFFER FOR WESTWORLD.
    ATLANTA, June 19 - Gateway Medical Systems Inc said it has
withdrawn its May 27 offer to acquire <Westworld Community
Healthcare Inc>.
    The company said it remains interested in acquiring the
Westworld's hospitals and will attempt to continue negotiations
with Westworld.


.I 7294
.C
coffee
.W
******RIO DE JANEIRO - IBC ESTIMATES 1987-88.
COFFEE CROP AT 35.2 MLN BAGS

.I 7295
.C
earn
.W
<BOWER INDUSTRIES INC> 1ST QTR NET.
    COSTA MESA, Calif., June 19 -
    Shr profit six cts vs loss 18 cts
    Net profit 156,000 vs loss 212,000
    Revs 5,094,000 vs 5,669,000


.I 7297
.C
acq
.W
******WPP GROUP EXTENDING EXPIRATION OF ITS MERGER PROPOSAL TO.
JWT GROUP UNTIL JUNE 22

.I 7298
.C
acq
.W
JOE FRANKLIN AND ASSETS DEVELOPMENT TO MERGE.
    NEW YORK, June 19 - Privately-held Joe Franklin Productions
Inc said it entered into a preliminary agreement to merge with
Assets Development Corp, a public company.
    Terms were not disclosed.
    The companies said they expected the merged group to
qualify for listing on NASDAQ.


.I 7299
.C
nat-gas
.W
******TENNECO TO BECOME OPEN ACCESS TRANSPORTER OF NATURAL GAS.

.I 7300
.C
acq
.W
DART GROUP DECLINES COMMENT ON DAYTON HUDSON<DH>.
    New York, June 19 - Dart Group Corp <DARTA.O> said it has
no comment on reports the company has been accumulating shares
of Dayton Hudson Corp.
    Dayton Hudson said in a letter to shareholders it told an
"aggressive buyer" of its stock that it does not want to be
acquired.
    Wall Street sources have identified the buyer as Dart,
which earlier this year was thwarted in a takeover attempt for
the now privately held Supermarkets General Corp.


.I 7302
.C
earn
.W
RISE TECHNOLOGY INC <RTEK.O> 1ST QTR LOSS.
    CAMBRIDGE, Mass., June 19 -
    Shr loss 33 cts vs loss one ct
    Net loss 320,000 vs loss 8,000
    revs 822,000 vs 405,000


.I 7306
.C
acq
.W
WPP GROUP PLC EXTENDS ITS OFFER FOR JWT <JWT>.
    NEW YORK, June 19 - <WPP Group Plc> said it is extending
its 50.50 dlrs a share offer for JWT Group Inc until midday
June 22.
    The company temporarily extended the offer on June 17 but
did not give an expiration date.
    Its 45 dlrs a share offer for JWT, which has been rejected
by JWT, expires on July 10.


.I 7307
.C
nat-gas
.W
TENNECO <TGT> TO TRANSPORT GAS ON OPEN ACCESS.
    HOUSTON, June 19 - Tenneco Inc said Tennessee Gas Pipeline
Co, its largest interstate natural gas pipeline, will transport
natural gas under the open access rules of the Federal Energy
Regulatory Commission, FERC.
    In open access, gas pipelines serve purely as a transport
company, moving gas from suppliers to customers. Pipelines also
transport its own gas to customers.
    Earlier this week, Transco Energy Co <T> rejected the FERC
guidelines, saying it would not offer open access until the
regulatory body offers a solution to the exposure it faces for
gas it has bought but could not sell.
    The exposure faced by the industry stems from take or pay
contracts, under which pipelines bought gas on long-term
contracts they could not sell. The problem grew severe as
customers won cheaper sources of gas because of open access.
    Some industry analysts speculated earlier this week that
Tenneco might follow Transco's lead and close its pipelines to
open-access because of the take-or-pay issue.
    But Tenneco today said open access "is one of the steps
FERC is taking to restructure the gas industry in the U.S. FERC
is moving the industry through this restructuring now, even
before all transitional problems are solved."
    A spokesman said Tenneco faces 1.7 billion dlrs in exposure
under the take-or-pay contracts, but he had no specific figure
for Tennessee Gas, which runs 2,000 miles of pipelines from
Louisiana and Texas up to New England.
    "We remain convinced that the most critical transitional
issue facing the industry--take-or-pay--must be resolved by
FERC in the near future.
    "A failure to do so could have grave consequences for the
industry's continued ability to provide its customers with
reliable natural gas," said Tennessee Gas Transmission Co
president R.C. Thomas.


.I 7309
.C
acq
.W
MAXICARE <MAXI.O> ENDS PLANS TO SELL UNIT.
    BIRMINGHAM, Ala., June 19 - Maxicare Health Plans Inc  said
it ended negotiations to sell Maxicare Alabama L.P. to
(Complete Health Inc).
    The companies said last week they had reached agreement in
principle for Complete Health to purchase the health
maintenance organization, the largest in Alabama.
    Maxicare said the terms would not be in the best interests
of the heatlh care providers who have built the Alabama HMO.   
 It said it now intends to work with its health care providers
in Alabama to further develop the HMO.


.I 7310
.C
earn
.W
CHIRON CORP <CHIR.O> 4TH QTR APRIL 30 LOSS.
    EMERYVILLE, Calif., June 19 -
    Shr loss 22 cts vs loss 18 cts
    Net loss 2,494,000 vs loss 1,608,000
    Revs 3,590,000 vs 1,710,000
    Year
    Shr loss 68 cts vs loss 53 cts
    Net loss 7,318,000 vs loss 4,160,000
    Revs 10,503,000 vs 7,134,000


.I 7311
.C
earn
.W
METHODE ELECTRONICS INC <METH.O> 4TH QTR NET.
    CHICAGO, June 19 - qtr ended April 30
    Shr nine cts vs 17 cts
    Net 1,026,000 vs 1,840,000
    Revs 25.9 mln vs 26.1 mln
    Year
    Shr 27 cts vs 56 cts
    Net 2,942,000 vs 5,865,000
    Revs 95.7 mln vs 96 mln


.I 7314
.C
gnp
.W
U.S. ECONOMY SLOWDOWN RAISES RECESSION FEARS.
    By Kenneth Barry, Reuters
    WASHINGTON, June 19 - The economy faces lackluster growth
and the risk of recession this year if the recent improvement
in U.S. exports should falter, economists say.
    Growth will slow sharply in the next months due to weakness
in the key housing and auto sectors and could be further
hampered unless consumer spending picks up, they say.
    "These factors raise the question: Is there enough strength
to keep the economy from tipping into a recession?" said Lyle
Gramley, chief economist of the Mortgage Bankers
Association and a former Federal Reserve Board official.
    The Commerce Department said this week that the economy
grew by a robust 4.8 pct annual rate in the first quarter, but
a U.S. monetary official called it a weak report.
    Housing starts fell 2.7 pct in May, and consumer spending
rose a weak 0.1 per cent.
    "Our two largest visible industries -- autos and housing --
are faltering, but exports are picking up some of the slack, "
Martin Mauro, senior economist for Merrill Lynch Economics,
told Reuters.
    Gramley said he is worried that consumer spending may slow
because inflation is rising faster than real wages.
    To offset this, U.S. exports must continue to rise,
returning enough jobs to the manufacturing sector to boost
personal income and consumption, he says.
    "I expect to see enough improvement in real net exports to
keep a recession from happening, but it is a close call,"
Gramley said.
    Federal Reserve Board Governor Martha Seger told reporters
that the apparent strength in the 4.8 pct growth figure was the
result of a temporary buildup in inventories that will not last
and said the recovery was showing anemia.
    Seger said that with the recovery stumbling along, "The pace
of the economy and the lack of robustness must be factored into
monetary policy" - possibly a signal that the Fed will be
accommodative.
    Most economists predict growth slower than the 3 pct
forecast by the Reagan administration for 1987 and warn that if
the dollar drops suddenly, higher inflation will result and add
to the risk of a recession.
    Mauro said a 0.5 pct rise in industrial production in May
came despite cutbacks in output in the auto industry, where an
inventory overhang still exists.
    He says the boost in production came from smaller
industries like paper, chemicals, and lumber which have
improved sales overseas due to the drop in the dollar.
    "They are not going to be enough for any kind of surge in
economic activity, but I think they will keep us out of a
recession," Mauro said.
    In a speech to financial planners this week, Beryl
Sprinkel, the chief White House economic adviser, predicted the
trade deficit will continue to improve.
    "Prospects for continued economic growth through 1987 and
into 1988 are still quite favorable," he said.
    But private economists raise concerns about a resurgence in
inflation.
    Allen Sinai, chief economist at Shearson Lehman Brothers
Inc., told Congress this week that inflation would rise to 4.5
to five pct this year and stay at that level through 1989 after
a 1.1 pct increase in 1986.
    The rise is coming from a sharply lower dollar, higher oil
and energy prices and rising prices for services, he said.
    "The lesson of history is that once the inflation genie gets
out of the bottle, it continues to persist," he said, adding he
would like the Fed to tighten credit.
    A major factor affecting inflation is the value of the
dollar, which should continue to fall and feed inflation, says
a prominent international banker.
    Rainer Gut, chairman of Credit Suisse, told the National
Press Club that the dollar's downward trend against the yen and
the mark will continue for years because the United States is
the world's largest debtor nation.
    The Swiss banker said the economic indicators point to a
further slackening of activity and called naive the belief that
the five-year boom on world equity markets will go on forever.
"It is very difficult to be optimistic," Gut said.


.I 7316
.C
coffee
.W
BRAZIL COULD EXPORT 19 MLN BAGS OF COFFEE -IBC.
    BRASILIA, June 19 - Brazil's coffee exports could amount to
19 mln bags this year, because of the excellent crop estimate
of 35.2 mln bags, an IBC spokesman said.
    He said exports could surpass the average annual 18 mln
bags mark, especially if the final harvest to be conducted in
October and November confirms the crop at over 35 mln bags.
    He said the average limit of errors for the official crop
harvest could be set at five pct above or below the first
estimates officially published today.
    He said the IBC agreed with a request by producers for the
Institute to ask the government for a monthly indexation of the
guarantee minimum price.


.I 7318
.C
acq
.W
INVESTMENT PARTNERSHIP UPS FACET <FCT> STAKE.
    WASHINGTON, June 19 - Charter Oak Partners, a Connecticut
investment partnership, said it raised its stake in Facet
Enterprises Inc to 480,000 shares, or 9.6 pct of the total
outstanding common stock, from 300,000 shares, or 6.0 pct.
    In a filing with the Securities and Exchange Commission,
Charter Oak said it bought 180,000 Facet common shares on June
12 at 18.25 dlrs each.


.I 7319
.C
interest
.W
UPTREND REMAINS INTACT FOR DEBT FUTURES.
    by Patricia Campbell, Reuters
    CHICAGO, June 19 - The six basis point rise of the past
month in U.S. debt futures may be extended next week by a
series of U.S. economic reports, analysts said, as long as the
dollar holds firm.
    "Interest rates have declined by approximately 50 basis
points over the last month, largely over indications that
inflation is not as high as people had feared and the narrowing
U.S. trade balance, in nominal terms," Samuel Kahan, chief
financial economist with Kleinwort Benson Government
Securities, said.
    Kahan said recent government reports have shown strength in
the economy during the first quarter, but his concern is
whether the U.S. economy will sustain that strength in the
longer term.
    Weak U.S. economic growth could hurt the dollar, which has
become more important to the direction of debt futures than the
beneficial impact on interest rates of a sluggish economy.
    The median trade expectations for Tuesday's U.S. Consumer
Price Index and Durable Goods reports are up 0.4 pct and down
1.5 pct, respectively.
    Meanwhile, the eight billion dlr drop in the M-1 money
supply announced this week was "surprising, much larger than
expected," according to Kahan. "Unless quickly reversed," such
a trend "will ensure that June M-1 growth will be negative,"
Kahan said.
    Taken in conjunction with M-2 and M-3 aggregates which
Kahan said have "slowed to a crawl, below Federal Reserve Board
annual targets," the consequences could be a hint of economic
weakness down the road, he said.
    Based on chart formations, T-bond futures may be poised for
further gains, although the advance has been slowed recently,
analysts said.
    September T-bonds "are up almost six points since about May
18," Merrill Lynch debt analyst Jim Duggan noted. September
bond futures climbed from the low of 87 a month ago to over 93
in mid-June, Duggan said.
    While follow-through buying has aided the advance so far,
and bouts of short covering have prohibited a slide through
chart support, the rally in September T-bonds has been thwarted
above the 93 level.
    "The 93 level is formidable resistance and must be taken
out before this activity is anything other than a trading range
market," Carroll McEntee and McGinley Futures debt analyst
Brian Singer said.
    The dollar remains the key fundamental factor, and the U.S.
currency has made little headway of late, analysts said.
    "The critical variable remaining in the market is the value
of the dollar," Kahan said.
    Additional influences next week will be possible
developments ahead of an OPEC members meeting, and the impact
and size of the U.S. budget deficit, "although these will not
be in the forefront of the market early next week," Kahan said.
    In looking ahead to the U.S. Treasury mini-refunding
auctions of 24.25 billion in T-notes on Tuesday, Wednesday and
Thursday, Singer said the market will likely greet the results
with little excitement. However, a successful auction could
prove to be a turning point, depending on prevailing market
psychology.


.I 7323
.C
interest
.W
****** HK SHANGHAI BANK, STANDARD CHARTERED BANK RAISE PRIME.
1/2 POINT TO 7.5 PCT.

.I 7325
.C
naphtha
.W
SOUTH KOREA RAISES NAPHTHA PRICE.
    SEOUL, June 2 - South Korea raised its pre-tax ex-factory
naphtha price to 104.21 won per litre from 103.97 won,
effective today, energy ministry officials said.


.I 7326
.C
interest
.W
******Tokyo - Bundesbank's Schlesinger sees no reason to lower interest rates.
Blah blah blah.

.I 7328
.C
interest;gnp;
.W
NO REASON TO CUT RATES - BUNDESBANK'S SCHLESINGER.
    By Rich Miller, Reuters
    TOKYO, June 2 - Bundesbank vice president Helmut
Schlesinger said he saw no reason to lower interest rates now.
    With money supply growth showing no sign of slowing down in
May and the dollar stable or even rising against the mark,
Schlesinger told Reuters that he was not convinced that a
further cut in interest rates was needed.
    The economy is picking up, after contracting by a
seasonally adjusted 1/2 to one pct in the first quarter from
the fourth, he added. "We may have an increase in gnp starting
in the second quarter," he said in an interview.
    Concerned by the first quarter downturn, the U.S. Has been
pressing West Germany to pump up its economy and boost its
imports, either through fiscal or monetary policy.
    Schlesinger said the contraction in the first quarter was
mainly due to adverse weather conditions, just as occured in
1986. Year-on-year growth was thus about two pct.
    He estimated that economic growth for the year as a whole
would probably be between one and two pct.
   "It is not a question of monetary conditions if domestic
demand does not grow strongly," he said, noting that interest
rates are at historically low levels and funds are ample.
    Schlesinger said he saw no signs that central bank money
stock growth was slowing down from its recent year-on-year pace
of 7-1/2 to eight pct, well above the Bundesbank's three to six
pct target.
    He said the target could still be achieved but much will
depend on the direction of long-term capital flows. Heavy
inflows, particularly in January around the time of the EMS
revaluation, boosted domestic money supply.
    "There is still a certain hope that the net inflow of
foreign money can be diminished or can even be a little bit
reversed," Schlesinger said.
    A major reason for the inflows was the market's conviction
that the mark was headed higher. "As we can see from the market,
expectations for a further revaluation of the deutschemark have
diminished," Schlesinger said.
    The recent widening of interest rate differentials, the
fact that the dollar has fallen sharply in a very short period
and an improvement in real trade balances have all combined
towards stabilizing the dollar, he said.
    Asked if central banks might act to prevent a sharp dollar
rise, as the U.S. Did in March when the dollar rose above 1.87
marks, he said this would depend on the circumstances.
    At midday here, the dollar stood at 1.8340/45 marks.
    "Central banks are always in contact about these
fluctuations but I cannot give any answer how they would react,"
Schelsinger said.
    "One has to look at how it (the market) is moving," he said,
adding, "It is not only our own case, it is also the American
case."
    He said that the West German export industry has been hit
hard by the dollar's sharp fall and would probably like to see
some correction now. "But it wouldn't be good to have short-term
fluctuations," he said. "Let us wait and see."
    "It is mainly the strength of the (dollar) fall in a very
short period which was a little bit of a shock, than the level
(of rates) as such," Schlesinger said.
    The sharp rise of the mark, coupled with weak prices of
such key commodities as oil, had a favourable impact on West
German inflation down year.
    Although there have recently been signs of inflation
picking up, he said that this was due to changes in key
commodity prices. The underlying inflation rate this year would
be unchanged, at about one to 1-1/2 pct, he said.
    Schlesinger said the problem of rapid money supply growth
was longer term, in that the economy was building up the
potential for a possible eventual resurgence of inflation.
    The above-target growth of money supply over the past 16
months had prompted some discussion of the usefulness of
targets themselves, a matter which might be taken up at the
mid-year meeting of the Bundesbank's council, Schlesigner said.
    But he added: "I don't see any great pressure to go away
from it."


.I 7331
.C
acq;crude;
.W
JAPAN OIL INDUSTRY DECONTROL MAY LEAD TO MERGERS.
    By Masaru Sato, Reuters
    TOKYO, June 2 - Deregulation of Japan's oil industry could
mean hardship for smaller firms and lead to their merging into
bigger refining and marketing groups, industry sources said.
    They said the relaxation of controls was now under review
by the Petroleum Council, an advisory panel to the Ministry of
International Trade and Industry (MITI).
    A spokesman for a major firm said, "Deregulation would bring
about a reorganization. If it's a by-product of freer
competition, we have no choice but to accept it."
    The Council is due to close its discussions on June 12.
    The sources said the Council was likely to tell MITI it
should end its 50 year-old protection of the industry. It
should cut capacity to 3.8 mln barrels per day, about 75 pct of
current capacity. Quotas should end for crude throughput and
gasoline output, and oil tariffs should be abolished.
    They said deregulation was vital to promote more
competition and efficiency, and most saw it as inevitable.
    "Deregulation is taking place everywhere. Now it's our turn
to see if we can survive cut-throat competition," said a source
at one major Japanese oil company.
    A spokesman for a smaller refiner said, "We'll have a hard
time surviving, but that's something we must go through."
    "In addition to our streamlining and efficiency programs for
the oil division, we will exert efforts towards branching out
further into other lines such as real estate and travel
agencies," he said.
    Larger companies are also streamlining. Nippon Oil Co Ltd
which had the largest share of refined products sales in the
Japanese market in fiscal 1985, cut nine pct of its refining
capacity in fiscal 1986.
    Cosmo Oil Co Ltd, the third largest seller of oil products
in 1985, cut its workforce by some 20 pct last year, a
spokesman for the company said.
    Between 1984 and 1986, on the recommendation of the
Council, 13 oil companies were integrated into 11 companies
within seven refining and marketing groups to improve the
efficiency of the industry.
    Oil industry sources said this structure was now likely to
be streamlined further into five refining groups.
    "MITI means business. It will urge the major seven groups to
merge into five to build up their muscles," a source said.
    A MITI official told Reuters he did not rule out the
possibility of further mergers within the Japanese oil industry
in the event of the relaxation of oil controls.
    He declined to officially confirm or deny that the
Petroleum Council had recommended deregulatory measures but
said that in principal MITI would encourage a move towards
deregulation.


.I 7332
.C
earn
.W
FUJITSU LTD <ITSU.T> GROUP YEAR ENDED MARCH 31.
    TOKYO, June 2 -
    Group shr - 13.56 yen vs 27.06
    Net - 21.61 billion vs 38.93 billion
    Current - 37.66 billion vs 46.70 billion
    Operating - 57.37 billion vs 79.91 billion
    Sales - 1,789 billion vs 1,692 billion


.I 7333
.C
ship;crude;
.W
JAPAN READY TO USE DIPLOMACY FOR GULF SECURITY.
    TOKYO, June 2 - Japan was ready to use diplomacy to help
maintain the security of the Gulf, Prime Minister Yasuhiro
Nakasone said.
    But he told reporters Japan should not cut its lines of
communication with Iran and Iraq because its policy was to take
a broad political stance. Officials of the foreign ministry
said Japan had maintained good relations with both Iran and
Iraq, which have been at war since September 1980.
    Last week Nakasone ruled out Japanese military or financial
help to patrol the waters of the Gulf. About 60 pct of Japan's
crude oil passes through the waterway.
    President Reagan said yesterday the threat to oil routes in
the Gulf from attacks by Iran and Iraq was high on the agenda
for next week's G-7 summit in Venice.
    Reagan has approved plans for the United States to step up
its naval presence in the Gulf despite congressional
expressions of concern and he has called on U.S. Allies to help
maintain freedom of navigation.
    Japan's constitution prevents its armed forces from being
deployed overseas. Nakasone has said that Washington
understands this problem.


.I 7337
.C
crude
.W
MEES NEWSLETTER SAYS OMAN OFFERS OIL DISCOUNTS.
     NICOSIA, June 2 - Oman has granted term crude oil
customers retroactive discounts from official prices of 30 to
38 cents per barrel on liftings made during February, March and
April, the weekly newsletter Middle East Economic Survey (MEES)
said.
     MEES said the price adjustments, arrived at through
negotiations between the Omani oil ministry and companies
concerned, are designed to compensate for the difference
between market-related prices and the official price of 17.63
dlrs per barrel adopted by non-OPEC Oman since February.


.I 7339
.C
rubber
.W
MALAYSIAN RUBBER OUTPUT RECOVERS FROM WINTERING.
    KUALA LUMPUR, June 2 - Malaysian rubber production should
return to normal levels this month after a hard wintering
season, the Malaysian Rubber Exchange and Licensing Board said
in its latest review. "As packers and remillers expect
production to recover to normal levels in June, sellers will
remain reserved in the near future," the review, dated May 14,
said. Many consumers are holding off, waiting for the best time
to buy.
    The market is mindful of approaching summer holidays in
industrial countries and there is an air of uncertainty beyond
July, it said. It gave no figures for the output drop.


.I 7341
.C
gnp
.W
CENTRAL BANK HEAD SAYS PHILIPPINE GROWTH ON TARGET.
    By Chaitanya Kalbag, Reuters
    MANILA, June 2 - The Philippines' first quarter growth
figures released yesterday indicated the government was likely
to achieve its 1987 targets, Central Bank governor Jose
Fernandez said in an interview.
    The National Economic Development Authority (NEDA)
announced yesterday gross domestic product (GDP) grew 5.78 pct
and gross national product (GNP) 5.53 pct in the first quarter
from a year earlier.
    "I don't see anything on the horizon that should cut it
(growth) short," Fernandez said.
     NEDA said GNP had grown 3.56 pct and GDP 3.25 pct in the
fourth quarter of 1986 from a year earlier. Last year's GNP
growth, put earlier at 0.13 pct, was revised to 1.51 pct.
    "Certainly I do not see any shortage in external resources
and if GNP growth continues at this level I would assume that
domestic resources on the fiscal side would be generated and
would not be a stumbling block," Fernandez said.
    "I think even before the figures came out, simply looking at
key indicators, such as consumption of fuel oil and power,
showed that the economy was on a different track from last
year," he said.
    Fernandez said consumption tended to be heavier in the
first and second quarters because of the dry weather, and it
could drop off in the third quarter.
    He said the most significant sign of recovery lay in the
manufacturing sector, which grew by 9.64 pct, after declines in
1985 and a slow turnaround in the second half of 1986.
    "That is not a seasonal thing, it is secular," he said.
    He said the government had met all monetary targets set for
the first quarter in consultation with the International
Monetary Fund (IMF). It expected to draw down the fourth
tranche from its 198 mln SDR stand-by arrangement soon.
    The Philippines has so far drawn three tranches totalling
58 mln SDRs from the arrangement expiring on April 23, 1988.
Fernandez said an IMF mission would visit here in July or
August to review performance in the January-June period.
    He said IMF repayments were projected to total 1.56 billion
dlrs over the 1987-92 period and drawings only 236 mln dlrs.
Repayments were inevitable and many countries would find their
net repayments to the IMF rising in the next few years.
    "It means that since there will be a net drain on ODA
(official development assistance) accounts the commercial
banking system will be requested to hold the line," he said.
    It is an internal constraint that exists because the IMF
debt cannot be rescheduled, Fernandez said.
    The Philippines rescheduled 10.3 billion dlrs of its 28
billion dlr foreign commercial debt in March.
    Fernandez said Central Bank bills, introduced in March 1984
to mop up excess liquidity, had peaked at 43.1 billion pesos in
April 1986. But their unwinding on maturity dates, started in
October last year, had almost been completed.
    He said auctions of treasury bills, whose outstanding level
touched 95.44 billion pesos on May 20, were going well.
"Treasury bills will remain a basic monetary tool," he said.
    Commenting on the country's foreign debt Fernandez said, "I
think the Philippine debt stock looms large because our own
receipts from exports have not taken the same kind of leap
forward as might have been suitable."
    The foreign debt is projected by the Central Bank to reach
29.04 billion dlrs by the end of 1987.
    NEDA said exports totalled 1.2 billion dlrs in the first
quarter, while imports were 1.4 billion dlrs.
    Fernandez said the government had targeted GNP growth of
between six and 6.5 pct this year. He cautioned that while
growth so far was high the targets had not yet been achieved.
    Fernandez said he saw no merit in arguments by some
economists that the peso, currently pegged at 20.50 to the
dollar, ought to be devalued to make the country's exports more
competitive.
    "By being pegged to the dollar on a basket basis the peso
has already substantially devalued against all of the country's
trading partners," he said.
    On the proposed Omnibus Investment Code, he said he was
opposed to a clause which would allow the unrestricted
repatriation abroad of investments made during the first two
years after the imposition of the Code.
    The imposition of the Code, scheduled for last January, has
been delayed by objections from some business groups.
    "I think any central bank, certainly this one after the
events of the past two or two and a half years, has to be
prudent. This is not the time to throw all caution to the winds
and I'm not about to do that," Fernandez said.
    "It would be ideal if we reach a point where movement of
capital and earnings can be free," he said.
    "We have had one year of reasonably good results. Certainly
we continue to have a fairly heavy drain on our external
availabilities simply by servicing our debts."


.I 7342
.C
ipi
.W
BELGIAN FEBRUARY INDUSTRY OUTPUT DOWN ON YEAR AGO.
    BRUSSELS, June 2 - Belgian industrial production, excluding
construction and adjusted for seasonal and calendar influences,
was provisionally 0.6 pct lower in February than a year
earlier, the National Statistics Office said.
    Output in February was, however, 5.9 pct higher than in
January.
    A spokeswoman for the office said the production index,
base 1980, rose to a provisional 108.8 in February from a
provisional 102.7 in January, slightly revised from the 102.8
originally estimated. In February last year the index stood at
109.5.


.I 7344
.C
interest
.W
BUNDESBANK SETS NEW REPURCHASE TENDER.
    FRANKFURT, June 2 - The Bundesbank set a new tender for a
28-day securities repurchase agreement, offering banks
liquidity aid at a minimum bid rate of 3.50 pct, a central bank
spokesman said.
    Banks must make their bids by 1400 GMT today and funds
allocated will be credited to accounts tomorrow. Banks must
repurchase securities pledged on July 1.


.I 7345
.C
earn
.W
STOREHOUSE REPORTS HIGHER PROFITS IN 1986/87.
    LONDON, June 2 - 53 weeks to April 4, 1987
    Share - basic 22.2p vs 21.6p
          - fully-diluted 21.6p vs 19.9p
    Final dividend 6.3p vs 5.7p, making 8.6p vs 7.7p
    Pretax profits 129.2 mln stg vs 116.0 mln
    Turnover 1,088.1 mln stg vs 968.4 mln
    Profit from retail operations 133.3 mln stg vs 115.6 mln
    Tax 40.1 mln stg vs 36.5 mln
    Profit after tax 89.1 mln stg vs 79.5 mln
    Extraordinary items debit 0.7 mln stg vs debit 24 mln
    NOTE - full name is Storehouse Plc <STHL.L>


.I 7346
.C
earn
.W
NORCROS PROFITS ADVANCE IN 1986/87.
    LONDON, June 2 - Year to March 31
    Shr 28.0p vs 21.4p
    Final dividend 9p vs 6.5p making 12p vs 9.3p
    Pretax profit 53.16 mln stg vs 45.12 mln
    Turnover 641.1 mln stg vs 639.7 mln
    Group operating profit 57.63 mln stg vs 49.06 mln
    Share of associates' profits 1.33 mln stg vs 3.87 mln
    Investment income 1.59 mln stg vs 2.19 mln
    Interest payable 7.38 mln stg vs 10.01 mln
    Tax 16.48 mln stg vs 17.60 mln
    Leaving 36.68 mln vs 27.51
    Minorities debit 1.58 mln stg vs debit 1.39 mln
    Extraordinary items credit 2.95 mln stg vs debit 8.12 mln
    Operating profits breakdown, by class of business,
    - building materials manufacture 23.7 mln stg vs 20.9 mln
    - distribution 10.1 mln stg vs 7.5 mln
    - specialist print and pack 12.6 mln stg vs 9.6 mln
    - international 6.0 mln stg vs 5.6 mln
    - head office and property 4.6 mln stg vs 3.6 mln
    - discontinued, sold businesses 589,000 stg vs 2.4 mln
    Operating profits, geographic breakdown:
    - Britain 51.4 mln stg vs 43.3 mln
    - Africa 3.3 mln stg vs 3.4 mln
    - Australasia 1.4 mln stg vs 854,000 stg
    - North America 1.5 mln stg vs 1.6 mln
    NOTE - full name is Norcros Plc <NCRO.L>.


.I 7351
.C
gnp
.W
GERMAN GNP FIGURES PUBLICATION DELAYED.
    WIESBADEN, June 2 - Figures for first quarter 1987 West
German GNP will be published on June 11 after they were
provisionally scheduled for June 4, an official at the Federal
Statistics Office said.
    The official said there had been a delay in gathering
information for the data, which are expected to show that the
West German economy contracted in the period.
    A spokesman for the Economics Ministry in Bonn said there
was no political motivation behind publishing the figures on
June 11, the day after the Venice economic summit ends.
    "There is no political motivation. It is a purely technical
matter," he added.
    The West German government is expected to come under
pressure in Venice from both the U.S. And its European partners
to stimulate domestic demand as a way of reducing international
trade imbalances and contributing to world economic growth.
    However, government officials have ruled out any further
tax reduction packages to supplement a major program of
stimulatory fiscal measures already underway.
    Helmut Schlesinger, vice-president of the West German
central bank, the Bundesbank, said in Tokyo today that GNP, the
widest measure of a country's economic activity, fell in real
terms by a seasonally adjusted 1/2 to one pct in the first
quarter compared with the fourth 1986 period.
     The government has confirmed that growth was negative in
the first 1987 quarter. But year-on-year growth is expected to
be about two pct.
    Schlesinger today repeated the Bundesbank's reluctance to
cut its official interest rates further. Its key discount rate,
at three pct, is just above historical lows.
    West German officials are likely to emphasise at the Venice
summit that domestic demand, which draws in goods from abroad,
is already outstripping export performance, which has suffered
from an 80 pct rise of the mark against the dollar in just over
two years.
    The government has pointed out that depressed exports are
the main reason for the current weakness in the economy, but
says that later in the year stronger domestic demand will
compensate for this setback.
    It expects GNP growth for the whole of 1987 of just under
two pct, after a 2.4 pct rise in 1986.


.I 7352
.C
acq
.W
STAD ROTTERDAM TAKES STAKE IN SWISS-OWNED INSURER.
    ROTTERDAM, June 2 - Dutch insurer Stad Rotterdam Anno 1720
N.V. <ASRN.AS> said from July 1 it will own 20 pct of the
shares of <Europeesche Verzekering Maatschappij N.V.>, a
fully-owned unit of Swiss insurer <Union
Rueckversicherungs-Gesellschaft>.
    Stad Rotterdam chairman Lucas van Leeuwen told Reuters it
may raise its stake to a majority interest if the two companies
are found to be sufficiently compatible.
    Van Leeuwen said that due partly to the fact Europeesche
made losses in 1985 and 1986, the 20 pct stake was obtained at
below the shares' intrinsic value. He gave no precise sum.
    The Europeesche, which specialises in travel and recreation
insurance, had a premium income of 150 mln guilders in 1986.
    Stad Rotterdam's premium income in 1986 was 1.17 billion
guilders, making it the fifth largest Dutch insurer.
    Europeesche made a loss of nine mln guilders in 1985, which
narrowed to 4.5 mln guilders in 1986, van Leeuwen said.
    He said the company was on course for independent recovery
and was expected to reduce its losses further in 1987.


.I 7356
.C
acq
.W
DUFFOUR IGON GIVES BACKING TO AGA TAKEOVER BID.
    PARIS, June 2 - French industrial gas group <Duffour et
Igon> has decided to back the takeover bid by Swedish
industrial gases group Aga AB <AGA.ST>, ending a lengthy battle
between rival bidders from France, Spain and West Germany,
Duffour et Igon Chairman Jean Igon said.
    The board agreed late last night to back the Aga bid and
advise its shareholders to accept the Swedish group's latest
offer of 4,410 francs per share, he told Reuters.
    The other main bidders were Union Carbide Corp's <UK.>
French subsidiary <Union Carbide France> and West Germany's
Linde AG <LING.F>.
    Aga topped rival bids for the gases distribution group in
May by raising its offer to 4,410 francs from 4,000 francs.
    This was accepted by Spain's <Carburos Metalicos SA> which
sold Aga six pct of Duffour et Igon's stock and the right of
first refusal on the remaining nine pct of stock it holds. It
also won over the French Midi-Pyrenees development authority
which agreed to sell Aga its 20 pct stake in Duffour et Igon.
    Under Aga's offer, shareholders can either accept a cash
bid or exchange one share in Duffour et Igon for one bond of a
nominal value of 4,410 francs with a 10 pct coupon issue by Aga
France SA. The bond issue is guaranteed by the parent Aga AB.
    The takeover battle for the Toulouse-based company, which
controls eight pct of the French industrial gas distribution
market, began on April 2 with an offer of 2,100 francs per
share from Union Carbide France <UK>.
    Aga's offer, which puts a price of 587 mln francs on the
company, closes on June 24 and the results will be announced on
July 21.
    Duffour et Igon shares were quoted yesterday at 4,410
francs, with no buyers, after a series of suspensions during
the takeover tussle. They traded at 856 francs on January 9
before the first suspension.


.I 7358
.C
acq;crude;nat-gas;
.W
SANTOS TO ACQUIRE TOTAL EXPLORATION AUSTRALIA.
    ADELAIDE, June 2 - Santos Ltd <STOS.S> said it would buy
<Total Exploration Australia Pty Ltd> from <Total Holdings
(Australia) Pty Ltd, a wholly-owned subsidiary of Total-Cie
Francaise des Petroles <TPN.PA>.
    Total Exploration had interests ranging from 18.75 to 25
pct in four blocks in permit ATP259P in south-west Queensland,
Santos said in a statement.
    The Santos group stakes will rise to between 52.5 and 70
pct of the four ATP259P blocks as a result of the purchase. The
price was not disclosed.
    Santos said a number of oil and gas fields have been
discovered in the Total Exploration areas and that it regards
them as having very good prospects for further discoveries.
    Total's reserves amount to 75 billion cubic feet of gas and
5.5 mln barrels of oil and condensate, it said.
    It said it will promote a vigorous exploration program in
the areas for the rest of 1987 and in the future.
    The acquisition is the latest in a series by Santos as part
of a program to expand from its origins in the South Australian
Cooper Basin.


.I 7360
.C
money-fx
.W
POEHL LOOKS SET FOR EIGHT MORE YEARS AT BUNDESBANK.
    By Jonathan Lynn, Reuters
    FRANKFURT, June 2 - For currency dealers Karl Otto Poehl is
the scourge of speculators, for bankers he is the man who has
played a key role in shaping the world's financial destiny for
the last seven years, and for Germans he is the guardian of the
mark.
    President of the powerful and independent West German
central bank, the Bundesbank, Poehl is likely to have his
contract renewed for another eight years when it expires at the
end of this year, government officials say.
    (Index of economic spotlights, see page ECRA)
    But no official announcement has yet been made, raising
eyebrows in West Germany's business community.
    The ebullient Poehl spent seven years in Bonn in top
ministerial posts under the Social Democrats, now in
opposition, before he moved to the Bundesbank.
    There has been speculation that Chancellor Helmut Kohl
would try to replace Poehl with a man closer to his own
Christian Democrats. But officials noted that Poehl has worked
closely and successfully with Finance Minister Gerhard
Stoltenberg since Kohl's government took office in 1982.
    Poehl, the most senior central banker apart from Paul
Volcker of the United States, enjoys a strong international
reputation which it would take a newcomer years to build up.
    Given these circumstances, Kohl will probably overlook
Poehl's past as an adviser to former Social Democrat Chancellor
Willy Brandt, and top aide to Helmut Schmidt when he was
Finance Minister, bankers said. It was Schmidt who, as
Chancellor, appointed Poehl to his present job in 1980.
    In recent months, with the mark's strong rise against the
dollar, Poehl has made exchange rates the central concern of
the Bundesbank's council, a highly conservative institution
which has doggedly pursued monetary policies to prevent
inflation catching hold. Older Germans can remember two bouts
of galloping inflation this century.
    But with consumer prices falling for much of 1986, and
inflation negligible so far this year, Poehl thinks it is safe
to relax the monetary reins a little and concentrate on the
dangers to the German economy of a bloated exchange rate.
    "I am of the opinion that efforts to stabilise the
dollar/mark rate have reached a high priority, also for the
Bundesbank, because a further massive revaluation of the mark
would endanger the economy in West Germany," he told business
journalists in Frankfurt recently.
    Ute Geipel, head of research at Citibank AG, says that
Poehl's reappointment would guarantee flexible monetary policy.
    "Poehl's policy has always been a policy which does not
focus so rigidly on domestic factors, but also on the external
economy," she said.
    An economist at a German bank, who declined to be
identified, said "If Poehl is confirmed in his post, it will
certainly be a plus for the pragmatic course which is not so
rigidly oriented towards money supply."
    One of Poehl's great struggles recently has been to
persuade the United States to stop "talking down" the dollar. For
Poehl, the significance of the February Louvre Accord was that
the United States agreed to join efforts to stabilise
currencies.
    The Louvre Accord was greeted with scepticism by currency
dealers who said they would soon put it to the test. But in
fact the dollar has been relatively stable since the pact.
    "This is because the markets know - or perhaps because they
don't know - what the central banks can do," Poehl says of
intervention in currency markets which can quickly turn rates
round, making a speculator's position worthless.
    Poehl was born in 1929 and worked as a financial journalist
in the 1960s before starting his ministerial career.
    A relaxed sun-tanned figure who enjoys cracking jokes over
a glass of beer, he is hardly a stereotype central banker.
    He is also a keen sportsman who likes to watch football and
play golf.
    Poehl says currency market intervention cannot substitute
for correct economic policies if exchange rates are imbalanced.
    "But you can achieve an enormous effect with a small amount
if you strike at the right moment," he said. Bundesbank dealers
are very professional and skilled. "They've burnt the fingers of
many people," he said. And unlike the speculators, Poehl notes,
the Bundesbank dealers usually make a profit.


.I 7361
.C
bop
.W
FINLAND'S CURRENT ACCOUNT IN DEFICIT IN 1ST QTR.
    HELSINKI, June 2 - Finland's current account balance of
payments showed a deficit of 2.5 billion markka in first
quarter 1987 against a deficit of 3.2 billion in the same
period last year, the Bank of Finland said in a statement.


.I 7367
.C
earn
.W
DE LA RUE RAISES ANNUAL PROFITS BY 12.7 PCT.
    LONDON, June 2 - Year ended March 31, 1987
    Fin div 9.25p making 12p vs 10.74p
    Shr 28.3p vs 27.5p
    Pretax profit 55.63 mln stg vs 49.36 mln
    Net 38.80 mln vs 33.64 mln
    Turnover 444.10 mln vs 309.85 mln
    Net interest payable 3.50 mln vs 3.79 mln
    Profit share of related companies 7.62 mln vs 9.64 mln
    Note - The De La Rue Co. Plc <DLAR.L> proposes to offer
ordinary shareholders the opportunity to receive their
dividends in the form of new shares as an alternative to cash.


.I 7368
.C
sugar
.W
CHINA SEEN UNLIKELY TO RAISE SUGAR IMPORTS.
    By Mark O'Neill, Reuters
    PEKING, June 2 - China will not increase sugar imports
substantially this year because of foreign exchange constraints
and large stocks, despite falling production and rising
domestic demand, traders and the official press said.
    "Despite rapid increases in domestic production over the
last 30 years, imbalances between supply and demand continue to
be extremely serious," the Farmers Daily said. It said 1986
plantings fell due to removal of crop incentives, because
farmers could earn more from other crops and because technical
and seed improvements had not been widely disseminated.
    The official press had estimated the 1986/87 sugar crop
(November/March) at 4.82 mln tonnes, down from 5.2 mln a year
earlier, and domestic consumption at six mln tonnes a year.
    The Yunnan 1986/87 sugar harvest was a record 521,500
tonnes, the provincial daily said. It gave no year-earlier
figure. Output in Guangxi was 1.04 mln tonnes, the New China
News Agency said without giving a year-earlier figure.
    The Nanfang Daily said production in Guangdong province
fell to estimated 1.92 mln tonnes from 1.96 mln and that the
area under sugar was dropping.
    "Supply of cane (in Guangdong) is inadequate," the newspaper
said. Processing costs are rising and the economic situation of
nearly all the mills is not good. To guarantee supply of cane
is a major problem."
    A Western diplomat said sugar output also fell n Fujian,
south China's fourth major producer, where there was a drop in
area planted.
    He said the rural sectors in Guangdong and Fujian were wel
developed, enabling farmers to choose crops according to the
maximum return, meaning that many had avoided sugar.
    The Farmers Daily said a peasant in the ortheast province
of Heilongjiang could gross 108 yuan from one mu (0.0667
hectares) of soybeans and 112 yuan from one mu of corn but only
70 from one mu of sugarbeet.
    The paper said the profit margin of mills in China fell to
4.7 pct last year from 11.87 pct in 1980.
    Mills lacked the capital to modernise and they competed
with each other for raw materialsX, it added. This resulted in
falling utilisation rates at big, mode{nised mills.
    The price of sugar had not changed in 20 years, the
official press has said.
    Customs figures showed China imported 1.18 mln tonnes of
sugar in calendar 1986, down from 1.9 mln in 1985.
    The diplomat said stocks at end-August 1986 were 2.37 mln
tonnes, up from 1.92 a year earlier.
    A foreign trader here said China accumulated large stocks
in 1982-85 when provincial authorities were allowed to import
sugar on their own authority. This practice was stopped in 1986
when the central government resumed control of imports.
    "As China lacked storage, much of these imports was stored
in Qinghai, Inner Mongolia and other inland areas," the diplomat
said.
    The trader said transporting stocks from these areas to
consumers in east and south China was a problem, particularly
as coal had priority. "How quickly they can move the sugar is
one factor determining import levels," he said.
    Another factor was the quality of the harvest in Cuba,
China's major supplier through barter trade, he said.
    "China bought two distress cargoes last week, for about
152/153 dlrs a tonne," he added. "China is not a desperate buyer
now. But if the Cuban harvest is bad, it will have to go into
the open market."
    A Japanese trader said Peking's major concern regarding
imports was price.
    "While the foreign trade situation has improved this year,
foreign exchange restraints persist," he said.
    The diplomat said domestic demand was rising by about five
pct a year but "a communist government is in a much better
position to regulate demand than a capitalist one, if the
foreign exchange situation demands it."


.I 7369
.C
bop;trade;
.W
UAE TRADE, CURRENT ACCOUNT SURPLUSES NARROW.
    ABU DHABI, June 2 - The United Arab Emirates recorded a
1986 trade surplus of 12.2 billion dirhams, narrowing from 30.2
billion in 1985, the central bank's latest bulletin shows.
    The central bank said the lower surplus was mainly due to
the decline in the value of exports and re-exports to 37.2
billion dirhams from 54.2 billion in 1985. This reflected the
decline in oil prices last year and difficulties in marketing
UAE oil, the central bank added.
    The surplus on the current account narrowed to 6.8 billion
dirhams from 25.5 billion in 1985. The overall balance showed a
surplus of 4.8 billion after 2.6 billion in 1985.


.I 7370
.C
ship
.W
KUWAIT REJECTS IRANIAN SPY BOAT CHARGES.
    KUWAIT, June 2 - Kuwait, a target of Iranian anger over the
emirate's backing for Iraq in the Gulf war, today rejected
charges that fishing vessels seized recently by Iran were spy
boats.
    "There are no bases of truth to the contents of the Iranian
accusation on the nature of the operations of the vessels
recently taken into custody by Iran. These vessels were out
fishing," the Foreign Ministry said in a statement.
    It said Iranian Charge d'Affaires Mohammad Baqeri was
summoned by the Ministry yesterday to confer with Foreign
Undersecretary Suleiman Majed al-Shaheen.
    The Iranian News Agency IRNA said on Sunday Iran had seized
seven Kuwaiti speed boats and detained their crew, who
confessed to spying for Iraq under the cover of fishing.
    It said the boats were intercepted in the Khur Abdullah
waterway which separates Kuwait and Iraq's Faw peninsula at the
head of the Gulf, captured by Iran last year.
    The Kuwaiti response came as Iranian envoys toured Gulf
Arab states saying responsibility for security and stability in
the waterway was a regional matter. A U.S. Senate team was
scheduled today to meet Kuwait's Crown Prince and Prime
Minister Sheikh Saad al-Abdulla al-Sabah and the defence and
oil ministers.
    Today's Foreign Ministry statement, carried by the Kuwait
News Agency KUNA, said the recent detention of Kuwaiti fishing
vessels by Iran was not the first.
    Tehran in the past had held back a number of vessels Kuwait
had sought to release through diplomatic contacts, it said.
    "However, Kuwait is perplexed that this time the Iranian
charges are accompanied by accusations that the vessels were
undertaking espionage activities," it said.
    Shaheen condemned the detentions and accusations, and asked
Tehran to free all fishing boats and sailors held by Iran, the
statement said.


.I 7371
.C
bop;trade;
.W
UAE TRADE, CURRENT ACCOUNT SURPLUSES NARROW.
    ABU DHABI, June 2 - The United Arab Emirates (UAE) recorded
a 1986 trade surplus of 12.2 billion dirhams, narrowing from
30.2 billion in 1985, the central bank's latest bulletin shows.
    The central bank said the lower surplus was mainly due to
the decline in the value of exports and reexports to 37.2
billion dirhams from 54.2 billion in 1985. This reflected the
decline in oil prices last year and difficulties in marketing
UAE oil, the central bank added.
    The surplus on the current account narrowed to 6.8 billion
dirhams from 25.5 billion in 1985. The overall balance showed a
surplus of 4.8 billion after 2.6 billion in 1985.


.I 7372
.C
propane
.W
BP CUTS NORTH SEA PROPANE PRICE, BUTANE UNCHANGED.
    LONDON, June 2 - British Petroleum LP Gas International
said it cut its North Sea LPG (Liquified Petroleum Gas) posted
price for propane to 95 dlrs from 110 dlrs a tonne, effective
June 1.
    The move follows a similar cut to 92 from 108 dlrs a tonne
announced by Shell U.K. Ltd Friday, also fob North Sea
terminals and effective June 1 until further notice. Both
companies left their butane prices unchanged at 123 dlrs a
tonne.
    A BP statement said its cut came "as a result of a price
review occasioned by substantial changes in the LPG market." BP
last lowered its posted propane price from 175 dlrs a tonne on
March 1, and Shell U.K.'s last change was from 113 dlrs May 1.


.I 7374
.C
crude
.W
SAUDI ARABIA WILL NOT AGREE "MAD" OIL PRICE RISE.
    RIYADH, June 2 - Saudi Arabia's Oil Minister Hisham Nazer
said Riyadh would not agree to a cut in oil prices and would
not accept a "mad" increase that would drive consumers away.
    He told al-Riyadh newspaper, "Saudi Arabia follows a
balanced petroleum policy. It does not approve of a decrease in
prices from current levels and it also does not accept a mad
increase that would drive consumers away and make them try and
find alternative sources (for energy)."
    OPEC agreed last December to cut production after world
prices hit new lows in 1986. They agreed on a pricing system
aimed to stabilise the market around 18 dlrs a barrel.
    OPEC is scheduled to meet in Vienna on June 25, where it
will review its current oil price and production policy.
    Saudi Arabia's King Fahd said last month that he wanted oil
prices to remain stable for the next two years.
    Saudi Arabia is the architect of the current pricing and
production pact, which is backed by Kuwait and the UAE. The
current pact set a production ceiling for first half 1987 of
15.8 mln bpd, and implemented fixed prices based on an 18 dlrs
a barrel average.


.I 7375
.C
money-fx
.W
TAIWAN CURBS INFLOWS OF FOREIGN EXCHANGE.
    TAIPEI, June 2 - Taiwan's central bank announced that as
from today the overseas foreign exchange borrowings of local
and foreign banks would be frozen at the level they reached at
the end of May.
    The central bank's statement added that the measure would
be effective until the end of July.
    Bankers said the measure is designed to curb the inflow of
foreign exchange and slow the growth of money supply. They
added that the move, which sparked a record single day plunge
of the local stock market, would limit their ability to lend
foreign exchange to importers and exporters.
    Foreign exchange borrowings by local and foreign banks
reached almost 12 billion U.S. Dlrs by the end of April,
according to official statistics.
    Last week the central bank said that from today it would
reduce its purchase of forward U.S. Dollars from banks to 40
pct from 90 pct of the value of the contract. It said the move
was needed because of "distortions" in the foreign exchange
market.
    Exporters, nervous about the appreciating Taiwan dollar,
have been heavily selling forward U.S. Dollars on the interbank
market to avoid exchange rate losses.
    Official figures show that forward U.S. Dollar sales in May
reached a record of almost six billion U.S. Dlrs against 5.9
billion in April.
    All Taiwan's foreign exchange earnings must be converted
into local dollars, boosting money supply at a time of booming
exports. Money supply rose a seasonally adjusted 51.86 pct in
the year to end-April, raising fears of higher inflation.
    In March the central bank clamped tight restrictions on
remittances of foreign exchange by companies and individuals to
Taiwan in a move to curb inflows of speculative money.
    Economists and bankers estimate that the rising value of
the local dollar has attracted about ten billion U.S. Dlrs of
speculative money into Taiwan since early last year. It has
flowed in mainly from Hong Kong, Japan and the U.S..
    Since September 1985 the Taiwan dollar has risen by about
22 pct against the U.S. Dollar.
    Bankers said the government's efforts to stabilise the
foreign exchange market were a prelude to lifting all curbs on
capital outflows. The central bank has said the controls will
be dropped by the end of July or early August.
    Foreign exchange dealers said today's announcement caused
jitters in the market with foreign and local banks making heavy
purchases of U.S. Dollars. They said the central bank sold
about 30 mln U.S. Dlrs.
    Taiwan's stock market plunged a record 75.53 points to
close at 1,803.08.


.I 7377
.C
reserves
.W
******U.K. RESERVES RISE UNDERLYING 4.8 BILLION DLRS IN MAY, (2.9 BILLION APRIL) - OFFICIAL.
Blah blah blah.

.I 7378
.C
reserves
.W
U.K. RESERVES SHOW RECORD UNDERLYING RISE IN MAY.
    LONDON, June 2 - Britain's gold and currency reserves rose
a record underlying 4.76 billion dlrs in May, following April's
2.9 billion dlrs increase, the Treasury said.
    The underlying trend indicates the level of recent Bank of
England intervention on currency markets to curb sterling's
strength. It was above market expectations which had been for a
rise of between one billion and three billion dlrs.
    The Treasury declined comment on the figures.
    Actual reserves rose 4.87 billion dlrs in May, compared
with April's 2.8 billion increase, to a total value of 34.68
billion dlrs, compared with 29.81 billion at the end of April.
    Borrowings under the exchange cover scheme were 238 mln
dlrs, against April's 66 mln. Repayments under the scheme were
85 mln dlrs, after 90 mln previously, with capital repayments
of eight mln, after three mln last month.
    Repayments of government debt amounted to 33 mln dlrs.
    The underlying reserves increase is net of borrowings and
repayments.
    It was larger than the previous record 3.04 billion dlrs
rise seen in October 1977. The May increase represents the
seventh monthly rise, with reserves up 9.947 billion dlrs in
that period, and up 9.816 billion since the start of 1987.


.I 7384
.C
interest
.W
******Nakasone, Sumita agree discount rate cut not appropriate now - central bank sources.
Blah blah blah.

.I 7388
.C
interest
.W
NAKASONE, SUMITA AGREE RATE CUT NOT APPROPRIATE.
    TOKYO, June 2 - Prime Minister Yasuhiro Nakasone today
agreed with Bank of Japan governor Satoshi Sumita that a
further cut in the discount rate was not appropriate at
present, central bank sources said.
    They told Reuters the two discussed the subject at a
routine meeting.
    Sumita told Nakasone he did not feel a rate cut was
appropriate and Nakasone expressed his understanding, the
sources said.
    Currency dealers have speculated that Japan and West
Germany might come under pressure at next week's Venice summit
to cut interest rates to boost their economies.
    Nakasone, but not Sumita, is due to attend the summit.


.I 7393
.C
trade
.W
JAPAN CONCERNED AT EC TRADE THREATS - MINISTER.
    TOKYO, June 2 - Japan is disappointed at the recent threats
of trade retaliation from the European Community (EC) just as
the trade situation between the two is improving, Japanese
Trade and Industry Minister Hajime Tamura said.
    "I am deeply concerned that the EC has moved to take a
harsher line toward Japan despite this tangible improvement," he
said in a speech prepared for delivery at the opening of a new
centre designed to improve understanding between the two sides.
    Last week, foreign ministers of the 12 EC nations agreed to
impose tariffs on a range of unspecified Japanese electrical
goods unless Tokyo opened its markets more to EC exports.
    Tamura referred to a 55 pct rise in Japanese imports of EC
manufactured goods in the year ended March 31.
    "I feel this is a strong step on the road to balance through
expansion."
    "While I do not deny the existence of the trade deficit
between Japan and the EC, I believe it should be rectified not
by reducing trade through import restrictions or export
restraints, but by expanding the (overall) trade," Tamura said.


.I 7395
.C
acq
.W
GLYNWED BUYS GALLAHER UNITS FOR AROUND 14 MLN STG.
    LONDON, June 2 - Glynwed International Plc <GLYN.L> said it
had bought all the issued shares of two companies belonging to
Gallaher Ltd, a subsidiary of American Brands Inc <AMB>, in a
deal worth around 14 mln stg.
    The full names of the companies purchased from Gallaher are
<Formatura Iniezione Polimeri Spa>, Genoa and <FIP U.K. Ltd>,
Weybridge.
    Consideration for the purchases, which will be based on the
net asset values per share of the companies, has yet to be
finalised but some nine mln stg of the total represents debt
assumed by Glynwed.
    FIP is a manufacturer of valves and other pressure pipe
fittings in thermoplastics. Its products are complementary to
those of Glynwed subsidiaries, Durapipe U.K. And Philmac.
    The acquisitions appreciably develop and strengthen
Glynwed's strategic position in the thermoplastic pipework
systems market.
    The sale by Gallaher reflects a decision to dispose of more
peripheral businesses. Proceeds of the sale will be used in the
continuing expansion of the Gallaher group. Glynwed shares were
up 5p to 494 after the announcement. Gallaher is not quoted on
the London Stock Exchange.


.I 7397
.C
money-fx
.W
KUWAITI DINAR RATES FIRM, AID WINDOW OPEN.
    KUWAIT, June 2 - Interest rates on Kuwaiti dinar deposits
held firm in scattered trading despite a Central Bank decision
to revive limited funding lines, dealers said.
    The Central Bank, which last Tuesday shut a daily aid
window through which it lent funds of up to one year, reopened
the facility for three month money, which was available at
seven pct, they said.
    It offered one month funds at seven pct through swap
facilities, dealers said.
    Today's Central Bank action, combined with sales of dollars
by some banks, helped ease a recent credit squeeze engineered
by the monetary authority to stem a rush for the U.S. Currency
arising from attractive U.S. Interest rates and Gulf tension,
dealers said.
    However, as one dealer noted: "The market is still
unsettled."
    Overnight funds, bid at 20 pct at the outset of business,
traded up to 30 pct before easing as liquidity dragged offers
down to 10 pct by the close. Tomorrow-next, for which buy/sell
quotes started at 30, 20 pct, ended at 14, eight.
    Spot-next was indicated at 8-1/2, seven after opening bids
of 10. Dealers quoted one-week at eight, seven against an early
9-1/2, 7-1/2.
    One month rates were at the same level after trade at eight
then 8-1/2. Dealers quoted three months at seven, 6-3/4 pct and
six-month to one year funds at seven, six pct. They reported
offshore offers of overnight at 10, tomorrow-next at eight and
one year at 6-1/2 pct towards the close.
     The Central Bank fixed its dinar exchange rate steady at
0.27933/67 to the dollar, against yesterday's 0.27939/73. The
spot dinar was 0.27930/40.


.I 7400
.C
ship;wheat;grain;
.W
SHIP PREPARES TO LOAD WHEAT FOR FIJI AT GEELONG.
    SYDNEY, June 2 - The French ship Capitaine Wallis, 13,847
dwt, berthed at the port of Geelong in Victoria today to load
8,000 tonnes of urgently needed wheat for Fiji after Australian
port unions partly lifted a trade embargo, shipping sources
said.
    The wheat is expected to be loaded tomorrow, an Australian
Wheat Board spokesman said.


.I 7401
.C
acq
.W
BOEING <BA> STARTS ARGOSYSTEMS <ARGI.O> BID.
    NEW YORK, June 2 - Boeing co said it has started the 37 dlr
per share tender offer for all shares of ARGOSystems Inc that
it announced yesterday morning.
    In a newspaper advertisement, the company said the offer,
withdrawal rights and proration deadline all expire June 30
unless extended.
    The offer is not conditioned on receipt of any minimum
number of shares, Boeing said.  If at least 90 pct of
ARGOSystems' shares are tendered, it said it will buy all
shares, but if less than 90 pct are tendered, it said it plans
to buy only 49 pct in the offer.
    Boeing said if less than 90 pct of ARGOSystems' shares are
tendered, but the purchase of all shares tendered along with
the exercise of options it holds would give it over 90 pct of
ARGOSystems, Boeing may buy all shares tendered.
    ARGOSystems has granted Boeing an option to buy up to
1,238,311 new shares or a 15.6 pct interest at 37 dlrs each,
and shareholders have granted Boeing an option to purchase up
to 597,885 shares at the same price, or about 8.9 pct of those
now outstanding, without taking the company option into
consideration.  A merger at the tender price that has been
approved by the ARGOSystems board is to follow the offer.


.I 7402
.C
acq
.W
DUMEZ HAS 478,125 UNITED WESTBURNE<UWI.TO>SHARES.
    MONTREAL, June 2 - Dumez Investments Inc said it is
accepting and paying for 478,125 shares of United Westburne
Industries Ltd in response to its 25 dlr per share tender offer
and it has extended the offer until June 26.
    Dumez, 70 pct owned by Dumez SA <DUMP.PA> and 30 pct by
Unicorp Canada Corp <UNIA.TO>, said the 478,125 shares
represent 81.6 pct of those not controlled by Westburne
International Ltd, which Dumez previously acquired in a tender.


.I 7403
.C
acq
.W
ITALY'S AGIP PETROLI BUYS STAKE IN U.S. COMPANY.
    ROME, June 2 - State oil firm Agip Petroli Spa said it has
acquired a 50 pct stake in Steuart Petroleum Co, an independent
U.S. Oil products company. Financial terms were not disclosed.
    Agip Petroli, a subsidiary of state energy concern Ente
Nazionali Idrocarburi, said in a statement that the remaining
50 pct of the U.S. Firm is owned by Steuart Investment Co, a
holding company that also operates in the sectors of
transportation, hotels and insurance.
    The Italian firm said Steuart Petroleum operates primarily
on the East Coast.


.I 7405
.C
acq
.W
CAROLCO <CRC> MAY BID FOR LIEBERMAN <LMAN.O>.
    MINNEAPOLIS, June 2 - Lieberman Enterprises Inc said
Carolco Pictures Inc is negotiating for the acquisition of the
50 pct of Lieberman shares held by the families of chairman
David Lieberman and president Harold Okinow at 20.50 dlrs each,
and if the deal were concluded, public shareholders would be
offered the same price for their shares.
    Lieberman said the Carolco bid to its public shareholders
would be in cash or shareholders could be offered securities as
an alternative. The offer would occur within about 90 days
after the closing of the sale of the initial 50 pct stake, the
company said.
    The company said a final agreement has not yet been reached
on the first transaction, but negotiations are expected to be
concluded in early June. Present management is expected to
continue to operate Lieberman, the company said. Lieberman
distributes prerecorded music, video movies and other products.


.I 7407
.C
wheat;grain;rice;
.W
BOMB THREATS, STRIKES AS FIJI SEES END TRADE BAN.
    SUVA, June 2 - Fiji today welcomed the ending of a trade
ban imposed by Australian labor unions as supporters of the
country's ousted prime minister Timoci Bavadra renewed pressure
for his reinstatement with strikes and shop closures.
    The government welcomed a decision by the Australian
Waterside Workers' Federation to lift its ban on shipments to
Fiji, imposed in support of Bavadra, whose newly-elected
government was overthrown in a military coup on May 14.
    The ban had threatened food shortages of imported wheat,
fresh vegetables and medicines. A direct result of the union
decision would be the immediate shipment of 9,000 tons of rice
and wheat from an Australian port, the government said.
    Shops in Nadi and Lautoka, center of the country's sugar
industry, closed again today in support of Bavadra.
    In Nadi two bomb threats forced evacuation of the
Australian Westpac bank, but police said they turned out to be
a hoax. Bavadra has launched a campaign of civil disobedience
to press for his reinstatement.


.I 7408
.C
crude
.W
SAUDI ARABIA OPPOSES DRASTIC CHANGE IN OIL PRICE.
    RIYADH, June 2 - Saudi Arabia's Oil Minister Hisham Nazer
said Riyadh would not agree to a cut in oil prices and would
not accept a "mad" increase that would drive consumers away.
    He told al-Riyadh newspaper, "Saudi Arabia follows a
balanced petroleum policy. It does not approve of a decrease in
prices from current levels and it also does not accept a mad
increase that would drive consumers away and make them try and
find alternative sources (for energy)."
    OPEC agreed last December to cut production after world
prices hit new lows in 1986. They agreed on a pricing system
aimed to stabilize the market around 18 dlrs a barrel.

    OPEC is scheduled to meet in Vienna on June 25, where it
will review its current oil price and production policy.
    Saudi Arabia's King Fahd said last month that he wanted oil
prices to remain stable for the next two years.
    Saudi Arabia is the architect of the current pricing and
production pact, which is backed by Kuwait and the UAE. The
current pact set a production ceiling for first half 1987 of
15.8 mln bpd, and implemented fixed prices based on an 18 dlrs
a barrel average.



.I 7409
.C
earn
.W
HANSON TRUST SHOWS SHARPLY HIGHER HALF-YEAR PROFIT.
    LONDON, June 2 - Six months ended March 31, 1987
    Share 6.0p vs 4.1p, diluted
    Interim dividend 1.4p vs 1.05p
    Pre-tax profit 312 mln stg vs 158 mln
    Net profit 234 mln vs 114 mln
    Sales 3.47 billion vs 1.55 billion
    Operating profit 296 mln vs 164 mln
    Interest and other income less central expenses credit 16
mln vs debit six mln
    Company's full name is Hanson Trust Plc <HNSN.L>.
    U.K. Operating profit by sector -
    Consumer goods 123 mln stg vs 32 mln
    Building products 31 mln vs 26 mln
    Industrial 14 mln vs same
    Food 20 mln vs nil.
    U.S. Sectors -
    Consumer goods 25 mln stg vs 20 mln
    Building products 29 mln vs 25 mln
    Food seven mln vs two mln
    Businesses owned in 1986 and sold during 1987 nil vs nine
mln.


.I 7410
.C
earn
.W
HARNISCHFEGER INDUSTRIES INC <HPH> 2ND QTR NET.
    MILWAUKEE, June 2 - April 30 end
    Oper shr 20 cts vs 19 cts
    Oper net 4,625,000 vs 6,781,000
    Sales 250.2 mln vs 150.9 mln
    Orders 351.5 mln vs 122.5 mln
    1st half
    Oper shr 29 cts vs 26 cts
    Oper net 7,453,000 vs 12.0 mln
    Sales 441.1 mln vs 255.6 mln
    Orders 576.6 mln vs 221.1 mln
    Backlog 848.3 mln vs 459.2 mln
    NOTE: Prior year net excludes losses from discontinued
operations of 32.9 mln dlrs in quarter and 35.7 mln dlrs in
half.
    Net excludes tax credit 2,540,000 dlrs vs credit reversal
2,300,000 dlrs in quarter, credit 5,500,000 dlrs vs nil half.
    Results include Syscom Corp from December 30, 1986 purchase
and Beloit Corp from March 31, 1986 purchase.  Orders exclude
253.6 mln dlrs acquired with Syscon acquisition.
    Backlog at January 31 747 mln dlrs.
    Average shares 21.5 mln vs 13.3 mln in quarter and 18.9 mln
vs 13.3 mln in half.
    Income tax provisions 2,200,000 dlrs vs 3,450,000 dlrs in
quarter and 6,200,000 dlrs vs 7,225,000 dlrs in half.  Current
quarter tax rate of 27.5 pct benefited from Wisconsin
Department of Revenue Decision, the company said.


.I 7411
.C
interest;reserves;
.W
U.K. RESERVES LIFT HOPES OF FURTHER BASE RATE CUT.
    By Rowena Whelan, Reuters
    LONDON, June 2 - The record 4.9 billion dlrs rise in U.K.
Reserves in May to a total 34.7 billion has lifted hopes for a
further cut in bank base lending rates after the June 11
general election, market analysts said.
    Sterling would have risen on the much better than expected
number but for market nerves about the poll outcome, they said.
    But the weight of foreign currency and gold reserves now
available to the authorities to support the pound should curb
any market tendency to panic if U.K. Opinion polls show the
ruling Conservative Party's lead slipping, they added.
    "We have been intervening to a very much greater extent than
we have done hitherto," Chancellor of the Exchequer Nigel Lawson
said at a news conference today, commenting on the news of the
record reserves rise.
    He put the U.K. Intervention in the context of the Louvre
accord between leading industrial nations to stabilise the
dollar, partly through direct intervention on foreign
exchanges. "We have been playing a very full part ourselves," he
said.
    But market analysts see the recent upward pressure on
sterling, and consequent need for official sales to damp down
its rise, more in the light of local factors.
    Steven Bell, chief economist at Morgan Grenfell Securities,
said that corporate money has been flowing back into Britain
amid hopes of another Conservative government, after fears last
autumn of a Labour election victory sent it flooding out.
    U.K. Portfolio investment is also returning, while foreign
buyers see U.K. Growth propects and high bond yields as
attractive. They will be strong buyers of U.K. Assets, notably
equities, once the election is out of the way, Bell said.
    Analysts see this pressure as the main hope for lower
interest rates, as the government is expected to try to reverse
the loss of export competitiveness caused by a strong pound.
    Today, however, the pound hardly moved on the reserves
news, dipping on its trade-weighted index against a basket of
currencies from 73.1 pct of its 1975 value at 1000 GMT to 73.0
pct at 1100 GMT, half an hour after the figures were released.
    "The market doesn't want to do anything because of the
election," commented an economist at a big U.S. Investment bank.
    Several dealers and analysts added that market forecasts of
a rise in reserves of between one and three billion dlrs had
overestimated the amount of pound sales that were likely to
have been disguised by swap arrangements or transactions on the
forward market.
    The market also seemed to have overestimated the amount of
sterling the Bank of England bought at the end of May to smooth
the pound's sudden downturn, while some of the intervention
reported in May probably occurred in April, they said.
    The key three months interbank money market rates eased
about 1/8 point, reflecting cautious hopes that the downtrend
in U.K. Interest rates will be revived following the reserves
news, analysts said.
    Government bond prices initially firmed, but the market was
muted as traders worried about the funding implications of
another huge rise in reserves, they added.
    Morgan Grenfell's Bell forecast a half point base rate cut
from the current nine pct level soon after the election, so
long as poll projections of another Conservative victory prove
accurate, with another half point later.
    Justin Silverton, equity economist at Credit Suisse
Buckmaster and Moore, said a full point reduction might be
possible. "Sterling will be held down by interest rate cuts in
future, rather than this active intervention," he predicted.
    Kevin Boakes of Greenwell Montagu Gilt-Edged cautioned
against over-optimistic forecasts, but agreed a half point cut
looked likely.
    A cut before the election has been virtually ruled out.
    "The Bank (of England) is both worried about the political
problem of cutting rates during an election campaign ... And
has signalled some worry about broad money (growth)," said Robin
Marshall, chief U.K. Economist at Chase Manhattan Securities.
    He said the 10 billion dlrs increase in total reserves in
the past seven months may foreshadow full U.K. Entry into the
European Monetary System.
    But Bell said the authorities would like to see another 10
or 15 billion dlrs in the reserves before joining, if they did
so. But, unlike many analysts, he doubted the U.K. Will go in.


.I 7412
.C
earn
.W
SEAL INC <SINC.O> 2ND QTR APRIL 30 NET.
    NAUGATUCK, Conn., June 2 -
    Shr profit 29 cts vs loss six cts
    Net profit 645,000 vs loss 118,000
    Sales 7,802,000 vs 4,330,000
    1st half
    Shr profit 58 cts vs profit 10 cts
    Net profit 1,255,000 vs profit 212,000
    Sales 14.5 mln vs 8,912,000
    Avg shrs 2,183,150 vs 2,072,779


.I 7413
.C
acq
.W
ENI UNIT AGIP PETROLI BUYS STAKE IN U.S. COMPANY.
    Rome, June 2 - A subsidiary of state energy concern Ente
Nazionali Idrocarburi <ENTN.MI> (ENI) said it has acquired a 50
pct stake in <Steuart Petroleum Co>, an independent U.S. Oil
products company. Financial terms were not disclosed.
    Agip Petroli Spa said in a statement that the remaining 50
pct of the U.S. Firm is owned by <Steuart Investment Co>, a
holding company which also has interests transportation, hotels
and insurance.
    The Italian firm said Steuart Petroleum operates primarily
on the East Coast of the U.S.


.I 7415
.C
gnp;cpi;
.W
S.AFRICA EXPECTED TO UNVEIL EXPANSIONARY BUDGET.
    By Christopher Wilson, Reuters
    CAPE TOWN, June 2 - South Africa is expected to unveil
tomorrow an expansionary budget for the second consecutive year
in a bid to boost the nation's flagging economic growth rate,
economic analysts said.
    Faced with competing demands for increased military and
police spending and the pressing need for more funds for black
housing and education, Finance Minister Barend Du Plessis is
expected to raise significantly the government's overall
expenditure targets when he presents the budget to parliament,
the analysts said.
    Analysts expect Du Plessis to provide for a rise in state
spending at least equal to the 16 pct inflation rate for the
financial year that started on April 1, while ignoring pleas
from the private sector to stimulate growth by cutting taxes.
    "Fiscal policy has become gradually more expansionary, but
simply raising government spending and increasing the budget
deficit is an inflationary form of stimulation," said Rob Lee,
chief economist at South African Mutual Life Assurance Co.
    South Africa this year is targeting inflation-adjusted
growth in GDP of three pct against an increase last year of
less than one pct.
    Growth in GDP over the past decade has averaged about 1.5
pct, while the unemployment rate among blacks has spiralled to
over 30 pct.
    Economists estimate that the government's spending target
will rise to about 47 billion rand, with revenue budgeted at
around 40 billion rand. This would leave a budget deficit
before borrowing of about seven billion rand, or four pct of
GDP.
    The government, having consistently overshot its own
spending targets for more than a decade, also faces a
credibility crisis over expenditure figures outlined in the
budget, analysts said.
    "The budget is invariably too optimistic on expenditure,"
said Standard Bank Ltd in a budget preview.
    Many analysts in the private sector are now paying less
attention to the figures presented in the budget and are using
their own estimates of expenditure to draw conclusions for the
money and capital markets.
    South African Mutual's Lee believes government spending
will again exceed the budget target and increase to around 49
billion rand this year, leaving a deficit of between 5 and 5.5
pct of GDP, compared with a three pct limit suggested by the
IMF.
    "The IMF limit is obviously going to be abandoned," predicted
one analyst, noting that South Africa has moved steadily away
from austerity measures recommended by the IMF over the past
two years.
    The policy shift followed a dramatic deterioration in the
political situation and the onset of an economic crisis
triggered by the refusal of major foreign banks to roll over
loans to the country in September 1985.
    Against a background of Western economic sanctions, falling
per capita incomes, rising joblessness and high inflation,
government officials say economic growth is the prime
objective.
    But private-sector economists caution that the government's
ability to promote growth by boosting state spending is
constrained by the need to maintain a large surplus on the
current account of the country's balance of payments.
    Most of that surplus, this year estimated at around 2.5
billion dlrs, will be swallowed up by repayments on the
nation's estimated 23 billion dlr foreign debt in terms of an
arrangement reached earlier this year with major international
creditor banks.
    Within these constraints, economists believe Du Plessis has
little room to manoeuvre.
    Analysts argue recent rises in civil service salaries and
budgeted spending increases for the state-owned Post Office and
South African Transport Services suggest that major tax
concessions to individuals or corporations are unlikely.
    Du Plessis earlier this year announced small concessions
for taxpayers in a mini-budget before the May 6 whites-only
election. The poll delayed presentation of the national budget.
    "This will not be a very exciting budget," commented Harry
Schwarz, spokesman on finance for the liberal Progressive
Federal Party. "I do not expect any major tax cuts as all the
sweets were given out before the election."


.I 7417
.C
earn
.W
DEL E. WEBB INVESTMENT PROPERTIES INC <DWPA.O>.
    PHOENIX, June 2 - 1st qtr
    Shr seven cts vs nine cts
    Net 166,000 vs 201,000
    Revs 801,000 vs 687,000


.I 7418
.C
acq
.W
BASIX CORP <BAS> TO SELL UNIT TO CUBIC <CUB>.
    NEW YORK, June 2 - BASIX Corp said it has agreed in
principle to sell the stock of its Automatic Toll Systems Inc
subsidiary to Cubic Corp for about 26 mln dlrs.
    The company said it would retain Automatic Toll assets
worth about nine mln dlrs to dispose of over time.
    The company said completion of the transaction is subject
to approval by both boards and BASIX's banks and the expiration
of the Hart-Scott-Rodino waiting period.


.I 7420
.C
earn
.W
ONCOR INC <ONCR.O> 1ST QTR LOSS.
    GAITHERSBURG, Md., June 2 -
    Shr loss 12 cts vs loss five cts
    Net loss 347,849 vs loss 103,489
    Sales 222,697 vs 150,534


.I 7423
.C
acq
.W
RESDEL <RSDL.O>, SAN/BAR <SBAR.O> IN MERGER DEAL.
    NEWPORT BEACH, Calif., June 2 - Resdel Industries Inc said
it has agreed to acquire San/Bar Corp in a share-for-share
exchange, after San/Bar distributes all shgares of its
Break-Free Corp subsidiary to San/Bar shareholders on a
share-for-share basis.
    The company said also before the merger, San/Bar would
Barry K. Hallamore and Lloyd G. Hallamore, San/Bar's director
of corporate development, 1,312,500 dlrs and 1,087,500 dlrs
respectviely under agreements entered into in October 1983.


.I 7424
.C
ship
.W
COLOMBO TO DEFEND WATERS, INDIA READIES FLOTILLA.
    COLOMBO, June 2 - Sri Lanka today ordered its armed forces
to defend the island's territorial waters as India prepared to
send a flotilla with relief supplies that Colombo says it does
not want for the Tamils in the Jaffna peninsula.
    The sudden crisis between Sri Lanka and its giant neighbour
deepened as Prime Minister Ranasinghe Premadasa told
parliament: "We have our territorial limits and nobody can be
allowed to trespass there ...
    "President (Junius) Jayewardene has ordered the army, navy
and air force to protect the island and its territorial waters,"
Premadasa said to a round of applause from the house.
    In New Delhi an Indian spokesman said the plan to send a
flotilla of 20 small unarmed boats with Red Cross supplies to
Jaffna tomorrow would go ahead despite Colombo's objections.
    The confrontation was the latest result of the long and
bitter conflict between Sri Lanka's Buddhist Sinhalese majority
and the Hindu Tamil minority, which has strong ethnic and
cultural links with India's 50 mln Tamils.


.I 7425
.C
money-fx
.W
LAWSON SAYS LOUVRE CURRENCY ACCORD SATISFACTORY.
    LONDON, June 2 - The Louvre agreement by the Group of Seven
finance ministers and central bankers to stabilise currencies
has worked well and needs no fundamental strengthening at the
economic summit in Venice on June 8-10, U.K. Chancellor of the
Exchequer Nigel Lawson said.
    Previewing the summit, which he expected would not produce
any major new economic initiatives, Lawson told reporters work
remained to be done on improving the conditions for lasting
world economic growth.üside measures to boost growth, he said.
    "I think it is possible that there may be scope for a
further reduction in interest rates in Germany," he added, but
stressed that he had had no indication that such a move was
likely. He made no mention of Japanese interest rates.
    Lawson said the U.S. Should embark on "a gradual reduction
of its fiscal deficits over the next two or three years."
    He said the February 22 Louvre accord had produced
"satisfactory exchange rate stability," in part thanks to heavy
coordinated intervention of Group of Seven central banks, and
he was "content" with sterling's exchange rate.
    Pointing to the record 4.8 billion stg rise in U.K. May
currency reserves announced today he said, "we have been playing
a very full part ourselves ... We have been intervening to a
very much greater extent than we had done hitherto."
    Lawson said there was a risk that the Louvre agreement may
falter if member states did not implement the macro-economic
commitments underlying the accord.
    "Certainly it would be more difficult to maintain exchange
rate stability if countries are seen not to implement their
commitments in Paris ... In this respect." He said the U.S.
Budget deficit was "very important."
    Noting the 6,000 billion yen economic package announced by
Japanese Prime Minister Yasuhiro Nakasone last week Lawson
said, "what is really needed in Japan is an increase in
merchandise imports. Supply side measures are critical."
    "There is a specific range of consumer and agricultural
goods where they have an extremely restrictive regime which is
wholly unjustified," he said.
    Lawson doubted that Tokyo's partners would indulge in "Japan
bashing" at the summit especially after the economic stimulation
package and the announcement of Nakasone's plans to increase
Japanese development aid over the next three years.
    Japan's more flexible stance on Tokyo stock exchange
membership would also help deflect criticism, he said.
    He said he thought West Germany would instead come under
pressure at the summit to adopt similar stimulation measures to
jack up faltering economic growth.
    In this respect Lawson said he hoped Bonn would bring
forward to January 1988 part of its agreed package of tax cuts
scheduled for 1990. He also called on Bonn to push ahead with
the privatisation of German national industries.
    On debt, Lawson said he expected a three point British plan
to alleviate the burden of the poorest sub-saharan countries to
make progress in Venice.
    The plan, involving concessional rescheduling of sovereign
debt in the Paris Club, was first proposed at the IMF and World
Bank meetings in Washington earlier this year.
    Lawson said he would seek "to consolidate political backing
for the plan at the Venice summit" and hoped the programme would
be finalised at the Autumn meetings of the IMF and World Bank.
    He welcomed the recent moves by Citicorp and Chase
Manhattan to increase sharply their Third World debt
provisions.
    "First, it is a blow for realism. Second, because the market
response has shown that banks have much less to fear from this
sort of move than they felt before Citicorp," he said.
    U.K. Banks should follow Bank of England recommendations,
strengthening their balance sheets and making more provisions.
"They have done it to some extent, they need to do it more,"
Lawson said, adding it was up to the banks themselves to
determine the appropriate size of provisions.
    He also said the dismantling of farm subsidies would be
discussed at the summit. "There is a consensus, which we have to
push further."


.I 7426
.C
acq
.W
CENTEL <CNT> COMPLETES SALE.
    CHICAGO, June 2 - Centel Corp said it completed the sale of
its water properties serving 8,000 customers in four
southwestern Kansas communities to Central Kansas Utility Co of
Columbia, Mo.
    Terms were not disclosed.


.I 7429
.C
acq;cocoa;
.W
W.R. GRACE <GRA>, BERISFORD PLAN COCOA VENTURE.
    NEW YORK, June 2 - W.R. Grace and Co said it has agreed to
combine its cocoa processing businesses with those of S. and W.
Berisford PLC.
    It said the joint venture, to be 68.4 pct owned by Grace
and 31.6 pct by Berisford, would have annual sales in 1987 of
over 700 mln dlrs.
    Grace said the transaction involves the combination of its
cocoa products division and two Berisford cocoa processing
units, which would be operated under Grace management.
    The company said Berisford would contribute its Dutch and
West German cocoa subsidiaries and issue new ordinary shares to
Grace in connection with the transaction.  It said closing is
expected by early fall, subject to regulatory approvals.


.I 7431
.C
acq
.W
CSR SAYS IT IS PROCEEDING WITH OFFER FOR MONIER.
    By David Skinner, Reuters
    SYDNEY, June 2 - CSR Ltd <CSRA.S> intends to proceed with
its planned bid for building materials group Monier Ltd
<MNRA.S> despite the counter-bid from <Equiticorp Tasman Ltd>
(ETL), CSR executive director Gene Herbert told Reuters.
    ETL said today it would offer 4.15 dlrs each for Monier's
issued capital of 156.28 mln shares, plus a share alternative.
This compares with a 3.80 dlr cash element in CSR's proposed
bid.
    The proposed offer by ETL, controlled by New Zealand
entrepreneur Allan Hawkins, came after it built up a 14.99 pct
stake in Monier in a 95 mln dlr share raid in recent days.

    Herbert said Britain's Redland Plc <RDLD.L>, which holds
just under 50 pct of Monier, still supported the CSR bid and
had told CSR it is not a seller.
    He said Redland wanted to maintain and build on its
operations in Australia and the U.S., Where Monier has built up
a strong presence, notably in roofing tile manufacture.
    The CSR offer contains a put and call option agreement with
Redland. This enables Redland to accept the CSR bid within six
months of its close or to lift its stake to 50.1 pct in the
same period and to run Monier as a joint venture with CSR.
    CSR has said that Redland will take up the second option.

    ETL has declined to say why it intervened in Monier, beyond
describing it as a long term investment.
    ETL would bring no synergies to Monier, unlike CSR which is
a leader in building materials, Herbert said.
    "We fit better with Monier," he said.
    CSR has said that it will concentrate development on its
core businesses of sugar and building materials after its moves
into energy several years ago.
    Asked what he thought ETL's bid sought to achieve, Herbert
said: "I'm puzzled as to what Hawkins' strategy is. One has to
wonder if Monier is the main target."

    Herbert said CSR had no plans to raise its bid, and said a
higher price would be difficult to justify on fundamentals.
    Monier was trading at 2.80 dlrs when CSR launched its
original bid of 3.50, or 16.8 times earnings, in late April.
    The shares closed at 3.90 dlrs today, down 25 cents on
yesterday, after ETL withdrew on reaching the top foreign
shareholding level permitted without Foreign Investment Review
Board (FIRB) approval. Its bid is subject to FIRB approval.
    Herbert also said that institutions, which are more likely
to accept a share alternative than cash, would have to judge
the respective values of ETL and CSR shares.

    ETL is the third group to become involved in a possible
acquisition of Monier this year. Redland held discussions on a
possible takeover before the CSR bid emerged but the
negotiations foundered on the price.
    Share analysts said that for this reason, they did not
think ETL's intervention would flush out a full Redland bid
although Monier's ultimate fate rests in its hands.
    "Redland is still in the driving seat," said Tim Cohen of
<Ord Minnett Ltd>, adding that Redland would be happier having
CSR as a partner in running Monier than ETL.
    Monier's independent directors have recommended ETL's bid.



.I 7433
.C
earn
.W
COMP-U-CARD INTERNATIONAL INC <CUCD.O> 1ST QTR.
    STAMFORD, Conn., June 2 - Periods ended April 30
    Shr 18 cts vs 15 cts
    Net 3,309,000 vs 2,539,000
    Revs 45.2 mln vs 26.8 mln
    Avg shrs 18.7 mln vs 16.8 mln
    NOTE: 1986 net includes gain of 1,197,000 dlrs, or seven
cts a share, from tax loss carryforwards


.I 7438
.C
acq
.W
MONTROSE HOLDING TO ACQUIRE VIRGINIA FEDERAL.
    RICHMOND, Va., June 2 - <Virginia Federal Savings and Loan
Association> said it has signed a definitive agreement to be
acquired by <Montrose Holding Co>, an affiliate of <Montrose
Capital Corp> for 20 mln dlrs.
    Virginia Federal and Montrose Capital said the agreement
provides for the conversion of Virginia Federal from a mutual
to a stock association and the purchase of 100 pct of its stock
for 20 mln dlrs by Montrose.
    According to the companies, Virginia Federal has over 700
mln dlrs in assets and operates 16 branches in Virginia.
    Virginia Federal said the proceeds would enable it to
provide increased mortgage and lending services and enable the
company to compete more effectively in the Virginia market.
    The companies said the agreement is subject to Federal Home
Loan Bank Board approval, expected later this year.
    Additionally, the companies said the converted association
would be managed by a board of directors consisting of the six
current Virginia Federal directors and two representatives of
Montrose Holding.
    The senior management of Virginia Federal was expected to
continue in office after the conversion, the companies said.


.I 7446
.C
cpi
.W
BRAZIL'S SARNEY RENEWS CALL FOR WAR ON INFLATION.
    BRASILIA, June 2 - President Jose Sarney today declared "a
war without quarter" on inflation and said the government would
watch every cent of public expenditure.
    Sarney, addressing his cabinet live on television, also
reiterated that he intended to remain in power for five years,
until 1990. There has been a long-running political debate
about how long his mandate should be.
    Brazil is currently suffering from the worst inflation of
its history. In April monthly inflation reached 21 pct.


.I 7454
.C
gnp
.W
PAKISTAN SAYS GOOD ECONOMIC GROWTH CONTINUES.
    ISLAMABAD, June 2 - Pakistan says its economy has continued
its recent outstanding performance during the financial year
1986/87 ending on June 30 but areas like balance of payments,
investments and energy were causing concern.
    GDP grew in line with the average growth rate since 1980
and the inflation rate was the lowest since 1969/70, according
to a government economic survey.
     The reform of economic regulation had gathered momentum
and there was an impressive performance in a five point
government program for rural uplift, education and poverty
alleviation, said the survey.
    Ministry Economic Adviser Qazi Alimullah told a news
conference that before recent unseasonal rains and hailstorms
damaged the wheat crop, GDP growth was calculated at 7.04 pct
compared to 7.25 pct in 1985/86.He said the figure might now
slide down a little to around 6.8 or 6.9 pct.
    The survey said monetary expansion was estimated to be nine
pct to date but might rise to around 12 pct by the year-end.
    Alimullah said exports rose 18 pct to 3.5 billion dlrs from
2.9 billion dlrs in 1985/86. But the at the same time, home
remittances by Pakistanis abroad dropped to 2.3 billion dlrs
from the 1985/86 level of 2.595 billion.
    More exports and an improvement in the balance of payments
situation will be required to overcome this declining trend in
home remittances, he said.
    The survey said the trade deficit was expected to fall to
2.4 billion dlrs from three billion dlrs in 1985/86 because of
the boost in exports.
    He said national investment continued to be small because
of a poor rate of savings, about 14 pct of GDP. He said more
savings were required to maintain or possibly step up the
present growth rate and to finance the country's seventh
five-year development plan to be launched in July 1988.


.I 7455
.C
dlr;money-fx;
.W
******GREENSPAN SAYS THERE IS EVIDENCE DOLLAR HAS BOTTOMED OUT.
Blah blah blah.

.I 7456
.C
interest
.W
******BANK OF FRANCE LEAVES INTERVENTION RATE UNCHANGED AT 7-3/4 PCT - OFFICIAL.
Blah blah blah.

.I 7457
.C
dlr;money-fx;
.W
GREENSPAN SEES EVIDENCE DOLLAR FALL OVER.
    WASHINGTON, June 2 - Newly-nominated Federal Reserve Board
chairman Alan Greenspan said there was evidence the dollar
finally had bottomed out.
    In a White House briefing Greenspan was asked by reporters
if he thought the dollar had bottomed out.
    "There certainly is evidence in that direction," he replied.


.I 7458
.C
gold;silver;platinum;
.W
******U.S. GOLD, SILVER, PLATINUM SOAR ON VOLCKER REJECTION OF 3RD TERM.
Blah blah blah.

.I 7459
.C
cocoa
.W
ICCO BUYS 5,000 TONNES COCOA FOR BUFFER STOCK.
    LONDON, June 2 - The International Cocoa Organization
(ICCO) buffer stock manager bought 5,000 tonnes of cocoa today
for the buffer stock, traders said.
    The cocoa is believed to have been entirely made up of
second hand material, they added.
    Such a purchase would bring cumulative buffer stock
purchases to 26,000 tonnes.


.I 7462
.C
acq
.W
ACME PRECISION <ACL> BUYOUT BID DROPPED.
    DETROIT, June 2 - Acme Precision Products Inc said a
management group has withdrawn a six dlr per share leveraged
buyout offer.
    Acme said the management group dropped its bid due to
continued weakness in the machine tool industry and in Acme
Precision's operating results and to the inability of the
management group to obtain modifications to terms of its
financing commitment.
    It said, "The effect of these factors led the management
group to conclude that the six dlr per share price was
excessive under current conditions."


.I 7469
.C
grain;barley;
.W
ITALIAN BARLEY CROP REPORTED IN GOOD CONDITION.
    ROME, June 2 - Italy's barley crop is generally in good
condition and harvesting is expected to begin shortly, the
agricultural marketing information and research board Irvam
said.
    First consignments were expected to be available around
mid-June.
    Excellent weather, characterised by alternating periods of
sunshine and rain, has encouraged growth except in Sardinia,
which was expected to lose a large part of its barley crop
because of extreme dryness.
    Irvam said yields are expected higher than last year's low
levels if favourable weather continues in the next few weeks.
    Given an average yield of 3.5 tonnes per hectare, national
production would be around two pct higher than in the previous
season at just above 1.6 mln tonnes, it said.
    If yields reach the record 3.78 tonnes per hectare achieved
in 1984, production would be around 1.75 mln tonnes, an
increase of 11 pct compared to 1986.


.I 7473
.C
earn
.W
PEP BOYS - MANNY, MOE AND JACK INC <PBY> 1ST QTR.
    PHILADELPHIA, June 2 - May Two net
    Shr 11 cts vs eight cts
    Net 5,895,000 vs 3,896,000
    Sales 127.3 mln vs 110.5 mln
    NOTE: Share adjusted for three-for-one stock split payable
July 27 to holders of record July One.


.I 7474
.C
acq
.W
ELDERS HAPPY TO LEAVE CARLING SHARES OUTSTANDING.
    TORONTO, June 2 - Elders IXL Ltd <ELXA.S> says it is happy
to leave preferences shares of brewer Carling O'Keefe Ltd
outstanding after an undisclosed bidder made an offer to
acquire all of Carling's outstanding preferred stock.
    Elders, which owns 100 pct of Carling's outstanding common
shares, previously proposed to redeem the 433,745 Carling
series A preferred shares at 33.50 Canadian dlrs each and
redeem the 386,662 series B preferreds at 40 dlrs a share.
    The series A and B preferred shares carry no vote while
dividends are paid.
   
    Elders says neither it nor Carling knows the identity of
the bidder for Carling's preferred shares.
    On May 29, the bidder offered to acquire the Carling
preferred for 36 dlrs for each series A and 40.50 dlrs for each
series B share.
    Elders said leaving the Carling preferred shares
outstanding will not affect ongoing plans of the company.
    Series B preferred shareholders had previously rejected
Carling's proposal to redeem the shares and a series A
preferred shareholders meeting was adjourned to June 12.


.I 7479
.C
carcass
.W
CHICKEN NOT MAIN SALMONELLA CAUSE, OFFICIAL SAYS.
    WASHINGTON, June 2 - A representative of the poultry
industry said statistics showed that chicken is less frequently
the cause of salmonella poisoning than beef, dairy products or
salads and other mixed foods.
    Kenneth May, President of Holly Farms Poultry Industries
and a director of the National Broiler Council, told a House
Agriculture subcommittee the incidence of salmonella in chicken
has not increased in recent years and that chicken is neither
the major source of the bacterial poisoning nor the cause of an
increase in outbreaks of the disease.
    May said the Center for Disease Control figures showed that
between 1978 and 1982, chicken was involved in four pct of all
U.S. salmonellosis outbreaks, while beef accounted for ten pct
of outbreaks and dairy products six pct.
    May said the remaining outbreaks were caused by salads and
mixed food, turkey, seafood, pork, eggs and other foods.
    May said the chicken industry favored moving away from
bird-by-bird inspection procedures to a risk assessment system
better able to identify microbial and bacterial contamination
of poultry.
    However, Ellen Haas, executive director of Public Voice for
Food and Health Policy, said bird-by-bird inspection should be
retained and labels should be attached to each ready-to-cook
chicken to remind consumers about preparation procedures
necessary to avoid illness.
    Haas also called for a review of present chicken industry
inspection methods that she said can worsen poultry hazards.


.I 7480
.C
grain;corn;
.W
U.S. HOUSE PANEL VOTES TO SPEED UP CORN PAYMENTS.
    WASHINGTON, June 2 - The House Agriculture Committee voted
to make approximately 2.8 billion dlrs of feedgrains deficiency
payments immediately instead of in the late fall.
    A similar measure was decisively defeated on the Senate
floor last week.
    The bill, which passed by a voice vote, would allow
so-called Findley payments to be made immediately rather than
late this year. Payments for 1987-90 feedgrains crops would not
be changed.
    Because the bill would move 2.8 billion dlrs of spending
into fiscal 1987 from fiscal 1988, the measure is expected to
meet stiff resistance in the full House.



.I 7481
.C
acq
.W
JONES AND VINING <JNSV.O> STARTS BID FOR SHARES.
    BRAINTREE, Mass., June 2 - Jones and Vining Inc said it has
started a tender offer for all of its own shares at five dlrs
per share. 
    The company said it will hold a special meeting on July 10
for a vote on approval of a merger at the tender price.
    It said the price to be paid in the tender and merger could
be reduced by any fees and expenses the court may award to
counsel for the plaintiffs in the class action suit brought
against it in Delaware Chancery Court by Ronda Inc. The
plaintfiffs' counsel are seeking fees of up to 10 cts per
share, Jones and Vining said.
    The company said the court has scheduled a hearing on the
proposed settlement of the suit for July Eight.
    The company said the start of the tender offer and the
calling of the special meeting are conditions of the
settlement, and completion of the tender and merger are
conditioned on final approval of the settlement.


.I 7482
.C
acq
.W
HEALTHSOUTH <HSRC.O> MAKES ACQUISITION.
    BIRMINGHAM, Ala., June 2 - HEALTHSOUTH Rehabilitation Corp
said it has acquired Pine Island Sports Medicine Center in Fort
Lauderdale, Fla., and will incorporate the facility into its
HEALTHSOUTH Rehabilitation Center of Fort Lauderdale, which is
now under construction and should be in operation by
mid-summer.
    Terms were not disclosed.


.I 7483
.C
acq
.W
BANC ONE <ONE> MAKES INDIANA ACQUISITION.
    COLUMBUS, Ohio, June 2 - Banc One Corp said it has
completed the acquisition of First National Bank of
Bloomington, Ind, which has assets of 271 mln dlrs.


.I 7485
.C
acq
.W
ORION BROADCAST <OBGI.O> BUYS FORD <F> UNIT.
    DENVER, June 2 - Orion Broadcast Group Inc said its
majority-owned Orion Financial Services Corp subsidiary has
agreed to purchase FN Realty Services Inc from Ford Motor Co
for 1,200,000 to 1,500,000 dlrs in cash and notes.
    It said closing is expected within 45 days after receipt of
regulatory approvals.
    FN provides loan collection, accounting, data processing
and administrative services to the real estate industry.


.I 7493
.C
earn
.W
PHH GROUP INC <PHH> 4TH QTR APRIL 30 NET.
    HUNT VALLEY, Md., June 2 -
    Shr 71 cts vs 47 cts
    Net 12.1 mln vs 7.8 mln
    Revs 369.8 mln vs 307.9 mln
    12 mths
    Shr 2.35 dlrs vs 2.33 dlrs
    Net 39.5 mln vs 39 mln
    Revs 1.36 billion vs 1.24 billion
    NOTE: Prior year restated to reflect results from current
year acquisitions.



.I 7495
.C
money-fx
.W
LAWSON CALLS INTERVENTION PROOF OF STABILITY GOAL.
    LONDON, June 2 - The scale of foreign exchange intervention
the Bank of England has carried out recently is clear proof of
Britain's determination to stabilise exchange rates as agreed
between the Group of Seven industrialised countries in Paris in
February, Chancellor of the Exchequer Nigel Lawson said.
    Saying he was "content" with sterling's current value, Lawson
told reporters he wanted "to maintain the exchange rate
stability we have all signed up for." He declined to say if he
favoured a rise or a fall from present sterling levels.
 May currency reserves, out today, showed a record 4.8 billion
stg rise, pointing to massive currency intervention.
    In April, reserves rose a hefty 2.9 billion stg.
    Pointing to the reserves data, Lawson said, "We have been
playing a very full part ourselves" in meeting our commitments
toward exchange rate stability as agreed in Paris.
    "We wish to see it (stability) continuing," he added.
    Asked which techniques were available to preserve
stability, Lawson said both central bank intervention and
interest rate changes could be used to tackle "the market
pressures there are from time to time."
    "Interest rate stability is not an objective in that
sense...Rates have to be moved up and down at times," he added.
    Lawson said he expected intervention to be "sterilised" by
draining excess sterling liquidity from the market through new
issues of government securities and foreign currency sales,
when the market allowed.
    This would limit the inflationary impact of intervention,
he said.
    "Sterilisation will be dictated by market tactics...Not
necessarily in the month in which intervention occurs," Lawson
said. "I am confident that we can sterilise on this scale."


.I 7496
.C
money-fx;interest;
.W
FED NOT EXPECTED TO TAKE MONEY MARKET ACTION.
    NEW YORK, June 2 - The Federal Reserve is not expected to
intervene in the government securities market to add or drain
reserves at its usual intervention time this morning,
economists said.
    With the Federal funds rate trading comfortably at  6-9/16
pct, down from yesterday's 6.74 pct average, economists said
the Fed did not need to take reserve management action today.


.I 7497
.C
earn
.W
GULF AND WESTERN INC <GW> 2ND QTR APRIL 30 NET.
    NEW YORK, June 2 -
    Shr 86 cts vs 73 cts
    Net 52.7 mln vs 45.7 mln
    Revs 989.9 mln vs 863.9 mln
    Six mths
    Shr 1.97 dlrs vs 1.28 dlrs
    Net 122 mln vs 79.9 mln
    Revs 2.078 billion vs 1.726 billion


.I 7506
.C
trade
.W
TURKISH TRADE DEFICIT WIDENS IN APRIL.
    ANKARA, June 2 - Turkey's trade deficit widened to 382 mln
dlrs in April from 275 mln in March and 273 mln in April 1986,
the State Statistics Institute said.
    The deficit for the first quarter of 1987 widened to 1.23
billion dlrs from 1.20 billion a year earlier.
    April exports totalled 702 mln dlrs compared with imports
of 1.08 billion.
    Exports in the first four months were worth 2.69 billion
dlrs compared with imports of 3.92 billion.


.I 7507
.C
earn
.W
UNITED FINANCIAL BANKING <UFBC.O> 1ST QTR NET.
    VIENNA, Va., June 2 -
    Shr four cts vs 21 cts
    Net 29,862 vs 152,826
    NOTE: Full name is United Financial Banking Cos Inc. Net
includes loan loss provision nil vs 40,000 dlrs.


.I 7510
.C
earn
.W
BROWN GROUP INC <BG> 1ST QTR MAY 2 NET.
    ST. LOUIS, Junee 2 -
    Shr 56 cts vs 42 cts
    Net 10,030,000 vs 7,833,000
    Sales 392.1 mln vs 339.6 mln
    Avg shrs 17,966,000 vs 18,709,000


.I 7511
.C
crude
.W
U.S. ENERGY SECRETARY SEES HIGHER OIL PRICES.
    WASHINGTON, June 2 - Energy Secretary Donald Hodel said he
expects oil prices to rise significantly by the year 2000,
probably to around 33 dlrs a barrel in current dollars.
    "I do anticipate a significant increase (by 2000).
Thirty-three dlrs a barrel is not unreasonable," Hodel told the
Senate Energy Committee.
    Hodel said the loss of some domestic oil production through
the shutdown of stripper (10 barrels a day or less) wells
because of low prices was probably permanent. He said he was
also concerned by the decline in domestic oil exploration.
    Hodel urged Congress to approve oil exploration in section
1002 of the Arctic National Wildlife Refuge in Alaska. He said
geologic condtions in the area were favorable for the discovery
of oil fields equal to those in nearby Prudhoe Bay.


.I 7513
.C
earn
.W
NORTHWEST TELEPRODUCTIONS <NWTL.O> 4TH QTR NET.
    MINNEAPOLIS, MINN., June 2 - 
    Shr 15 cts vs 16 cts
    Net 239,034 vs 264,485
    Sales 2,932,782 vs 2,664,853
    Year
    Shr 57 cts vs 45 cts
    Net 929,524 vs 741,121
    Sales 10.9 mln vs 9,708,792
   


.I 7516
.C
acq
.W
JUDGE TO DECIDE BURLINGTON <BUR> IN SEVERAL DAYS.
    Greensboro, N.C., June 2 - U.S. District Court Judge Eugene
A. Gordon said he will decide "in the next few days" whether to
grant Burlington Industries Inc's request to stop a takeover by
Samjens Acquisition Corp.
    "I do not know how I come down on this preliminary
injunction," Gordon said after listening to arguments by
attorneys for 1-1/2 days.
    "It's been a long time since I was deluged with as much
information as I have been. I have to consider what's been
presented and issue an opinion on this. Both sides cannot be
winners," he said.
    Burlington requested the injunction to stop a takeover
effort by Samjens, claiming the partnership used illegally
obtained confidential information about the company to make its
offer. It also alleges there would be anti-trust violations if
Samjens, formed by Asher Edelman and Dominion Textiles Inc of
Canada, were to succeed.
    Samjens last week topped a 76 dlr per share offer for
Burlington from Morgan Stanley Group <MS> by one dlr per share.
Morgan Stanley made its 2.44 billion dlr bid after Samjens bid
72 dlrs per share for Burlington.
    Burlington lawyers told the court if the injunction is not
granted Samjens would win control of Burlington. A Samjens
lawyer argued that if the judge granted the injunction it would
"kill the offer"
    Jay Greenfield, an attorney for Samjens, said the
partnership would suffer irreparable harm if the injunction
were granted. "There's only one Burlington," he said. "If we
cannot get that then no amount of money can compensate us."
    Greenfield also said Samjens could sell its holdings in
Burlington for 95 mln dlrs. "We don't want that. We're not in
this for the money," he said.
    Irving Nathan, a Burlington lawyer, reiterated that
information provided by James Ammeen, a former Burlington
executive, was crucial to Dominion's decision to attempt o
takeover of Burlington.
    "Dominion relied on the information provided by the insider
Jim Ammeen," Nathan said.
    An attorney for Ammeen, who is named as a defendant, asked
the court to dismiss the lawsuit against his client. The judge
said he would not rule on the request today.



.I 7520
.C
acq
.W
ALLEGIS <AEG> TO SELL CANADIAN HOTELS.
    CHICAGO, June 2 - Allegis Corp said it has created a
limited partnership to sell selected hotels in Canada to the
public.
    It said the offering is expected to raise in excess of 350
mln Canadian dlrs and will be completed by the end of
September.
    The limited partnership will be similar to the Westin
Hotels limited partnership completed last year when Allegis
sold Westin hotels in San Francisco and Chicago. Allegis
reported a pretax gain of 80.6 mln dlrs as a result of that
partnership.
   
    An Allegis spokesman said the offerings have been in
planning stages for a long time and are unrelated to recent
corporate developments such as the firm's recapitalization plan
and a threatened takeover by an investor group lead by Coniston
Partners and the pilots of its United Airlines unit.
    The spokesman said the company has not yet identified which
of its Canadian hotels will be offered for sale.
    Allegis has 100 pct ownership in Westin hotels in
Vancouver, Calgary, Ottawa and Toronto, and 100 pct interest in
Hilton International hotels in Toronto and Montreal. It owns 60
pct of the Westin in Edmonton.
    Richard Ferris, chairman of Allegis, said in a statement
the hotel limited partnerships allow the company to convert
unrecognized asset appreciation into cash.
    As with the proceeds from the earlier limited partnership,
the money will be used for general corporate needs, the
spokesman said.
    Merrill Lynch Capital Markets and Wood Gundy will be lead
underwriters for to the public offering. The limited
partnership will be offered outside the U.S, Allegis said.


.I 7524
.C
acq
.W
RAYCOMM TRANSWORLD <RACM.O> TO MAKE ACQUISITION.
    FREEHOLD, N.J., June 2 - Raycomm Transworld Industries Inc
said it has agreed in principle subject to board approvals to
acquire Spiridellis Consulting Group Inc, a privately-held
computer services consulting firm, for a number of common
shares to be determined based on pretax earnings of Spiridellis
over a five-year period.
    The company said it will gaurantee that almost all of the
issued shares will attain price levels ranging from five to
nine dlrs each for two years after their issuance.
    It said Spiridellis had revenues of 3,500,000 dlrs in
calendar 1986.


.I 7525
.C
acq
.W
3M <MMM> ACQUIRES CONTROL DATA <CDA> UNIT.
    ST PAUL, Minn., June 2 - Minnesota Mining and Manufacturing
said it acquired a computerized hospital information systems
business from Control Data Corp.
    Terms were not disclosed.
    The business, which has 145 employees and supplies
computers and software for hospital information systems, will
be integrated into 3M's hospital software business.
    Control Data said the divestiture was part of its strategy
to focus on narrower markets.


.I 7530
.C
crude
.W
LUKMAN SEES STABLE OIL PRICE FOR NEXT COUPLE YEARS.
    STOCKHOLM, June 2 - The current crude oil price of between
18 and 20 dlrs a barrel will remain stable over the next couple
of years, rising only one to two dlrs a barrel per annum to
keep up with inflation, OPEC President Rilwanu Lukman said.
    Lukman, who was speaking during talks with Swedish trade
officials, said the stable price depended upon output restraint
by both OPEC and non-OPEC oil producers, Swedish government
officials said.
    They said Lukman, who is also Nigerian oil minister, made
the remarks whilst talking about the connection between Third
World debt and industrialised nations.
    Crude oil output controls did not necessarily mean higher
energy bills for the world's industrial nations, Lukman said.
    Although very low oil prices, such as those seen around the
beginning of the year, may appear beneficial for the industrial
countries that depend on imported energy, they would only lead
to wastage and overdependence on the fuel in the long term, he
said.
    This in turn would bring a swing back to extremely high
prices, he added.
    Sweden, heavily dependent on imported oil, suffered a major
crisis in the mid-1970s, when oil prices spiralled.


.I 7531
.C
money-fx;interest;
.W
BUNDESBANK CREDIT POLICY CHANGES UNLIKELY.
    By Jonathan Lynn, Reuters
    FRANKFURT, June 2 - The Bundesbank is unlikely to change
credit policies when its central bank council meets on Thursday
for its last session before the Venice summit, banking
economists and money market dealers said.
    The Bundesbank steered money market rates lower last month
by cutting the rate on its security repurchase pacts, and is
unlikely to cap this move with a cut in leading interest rates
in the near future, they said.
    The council will meet in Saarbruecken, and the meeting will
be followed by a news conference at around 1030 GMT.
    But Bundesbank officials noted that a news conference was
usually called when the council meets outside Frankfurt, and
did not necessarily herald any policy moves.
    Bundesbank Vice-President Helmut Schlesinger said today
there was no reason to cut interest rates because money supply
growth had shown no signs of slowing in May and the dollar was
stable against the mark.
    Schlesinger told Reuters in Tokyo, where the Bundesbank has
opened a representative office, that the West German economy
was now picking up after contracting by a seasonally adjusted
1/2 to one pct in the first quarter.
    Money market dealers said call money was likely to hold in
a 3.50/70 pct range for most of this month, after the
Bundesbank switched last month to tenders by interest rate at a
minimum bid rate of 3.50 pct, allocating funds at 3.55 pct.
    "They have set this signal and indicated they could maybe
lower market rates even further, but not with the discount or
Lombard," Winfried Hutmann, chief economist of Schroeder,
Munchmeyer, Hengst Investment GmbH said.
    Werner Chrobok, managing partner at Bethmann Bank, said
German rates were among the lowest in industrial countries and
around historical lows for West Germany.
    A further cut in rates would have little impact on the
economy as banks are in any case reporting slack credit demand,
with companies swimming in liquidity, Chrobok said.
    The Bundesbank would therefore be reluctant to make a move
on interest rates, when this would be better held in reserve.
"The Bundesbank is frightened of using up its powder," he said.
    A cut in the discount or Lombard rates, to bring them in
line with the new structure of money market rates since last
month, would have little practical significance, dealers said.
    The Bundesbank could therefore act on these if it wanted a
diplomatic gesture before next week's Venice summit.
    But Bundesbank President Karl Otto Poehl has often made it
clear in the past he opposes such gestures as mere "eyewash."
    Economists said it was really up to the Bonn government to
cut taxes, rather than for the Bundesbank to ease monetary
policy, to meet pressure on West Germany at the Venice summit.
    But with Bonn struggling to finance already announced tax
cuts and falling tax revenue widening the federal budget
deficit, it is hard to see how Bonn could cut taxes further.
    "The Bonn government will be in a very weak position in
Venice because they can't risk increasing the deficit further,"
said Schroeder, Muenchmeyer, Hengst's Hutmann.
    Bethmann's Chrobok said if anything is to happen before
Venice, it must be in fiscal rather than monetary policy. "But I
don't expect any convincing measures," he said.
    Money market dealers noted that call money continued to
normalize today, falling to 3.60/70 pct from 3.75/85 yesterday
and as much as five pct on Friday when it was pushed up by
month-end distortions.
    Call money could come under upwards pressure later this
month because of a major round of tax payments by banks on
behalf of customers, starting in the week beginning June 15.
Two public holidays that week could also distort the market.
    Dealers said they expected the Bundesbank to allocate funds
tomorrow in the latest repurchase pact at an unchanged 3.55
pct, after setting an unchanged minimum bid rate of 3.50 pct,
and to fully replace the 5.5 billion marks in an outgoing pact.
    But dealers said it was possible the Bundesbank would
allocate funds at 3.6 pct rather than 3.55. That would not
represent a tightening of policy, however.
    Because the Bundesbank scales down bids which it allocates
at the minimum accepted rate, some banks may try to get a full
allocation by bidding heavily at 3.6 pct, dealers said.
    On another issue, Poehl has said the Bundesbank is likely
to lift restrictions on private use of the European Currency
Unit (ECU) at one of its meetings soon.
    Saarbruecken would be a suitable place for an announcement
on this gesture to European unity, as it is the capital of the
Saarland bordering France, and was twice under French
occupation this century.
    But dealers said an ECU announcement was unlikely to come
this week, as a number of technical and legal matters had still
to be resolved, for instance how German ECU accounts would be
treated for minimum reserve purposes.


.I 7538
.C
alum
.W
ALCAN REDUCES COST OF PLANNED SMELTER.
    MONTREAL, June 2 - Alcan Aluminium Ltd said it has cut the
expected cost of its planned Laterriere, Quebec, smelter by
using enhanced Grande Baie reduction technology.
    The company said the decision to use prebaked anode
technolgy used at its Grande Baie, Quebec, and Sebree, Ky.,
smelters was taken primarily for cost reasons.
    As a result, it said, the estimated total cost of the
planned smelter will be held to 450 mln U.S. dlrs, the low end
of the range estimated in mid-May, while the cost of the first
phase was cut to 150 mln dlrs from the projected 175-225 mln
dlrs.


.I 7540
.C
gnp
.W
GERMAN EXPERTS SAY NO FURTHER ECONOMIC STIMULUS.
    BONN, June 2 - The West German government's independent
council of economic experts believes a further stimulation of
the economy is inappropriate, government spokesman Friedhelm
Ost said.
    A statement released by Ost after a meeting of Chancellor
Helmut Kohl and senior government officials with the council
said the experts believed 1987 ecomomic growth of 1-1/2 to two
pct was achievable.
    It added the council believed "an intensification of the
already expansionary stimulation of monetary and financial
policy is not called for."
    Ost's statement said experts believed further pressure on
West Germany to adapt to external economic factors would not
increase.
    The government regularly uses the term "changed external
economic factors" when referring to the fall of the dollar,
which has severely damaged West German exports. Bonn officials
have said they expect exports to pick up during the year, but
could still fall below the 1986 level.
    Along with other leading industrial countries, West Germany
agreed to a package of measures at a meeting in Paris in
February aimed at stemming the fall of the dollar.
    The stance taken by the experts backs up the official
position of the West German government ahead of next week's
seven nation summit in Venice, where Bonn is expected to be
pressed by the U.S. And other partners to boost its economy.
    West German government officials have stressed Bonn is not
in a position to stimulate growth further since tax cuts due
next year and 1990 are already stretching the budget.
    The Bundesbank has also ruled out a quick cut in official
interest rates although it sees market rates continuing low.
    The experts' prediction for economic growth this year of
between 1-1/2 and two pct is a slight downward revision from a
forecast made last November when two pct growth was forecast.
    Many independent forecasters have revised down 1987
predictions in light of the downturn in exports. The government
itself has said it expects growth of just under two pct,
compared with a 2.4 pct expansion in 1986.


.I 7541
.C
earn
.W
 ROYAL BANK OF CANADA (RY.TO) 2ND QTR APRIL 30 NET.
    MONTREAL, June 2 -
    Shr basic 83 cts vs 1.05 dlrs
    Shr diluted 80 cts vs 96 cts
    Net 116,157,000 vs 125,146,000
    Six mths
    Shr basic 1.71 dlrs vs 2.27 dlrs
    Shr diluted 1.63 dlrs vs 2.06 dlrs
    Net 230,265,000 vs 265,535,000
    Loans 67.93 billion vs 65.50 billion
    Deposits 83.71 billion vs 84.25 billion
    Assets 100.00 billion vs 97.50 billion
    Avg shrs 116.4 mln vs 102.1 mln


.I 7544
.C
carcass
.W
EX-USDA OFFICIAL URGES CHICKEN HANDLING LABELS.
    WASHINGTON, June 2 - A former U.S. Agriculture Department
official urged the department to require that packages of
chicken be labeled with handling and cooking instructions to
protect the public from disease.
    Carol Tucker Foreman, President of Foreman and Heidepriem
and a former assistant secretary of agriculture for food and
consumer services, told a House Agriculture subcommittee, "every
hour of every day, 22 Americans become victims of chicken
contaminated with salmonella."
    She said every two and a half weeks, an American dies of
salmonellosis or complications arising from it and the
incidence of poisoning from poultry has increased steadily over
the past several years.
    Foreman said USDA should follow a National Academy of
Sciences recommendation to label chicken packages to remind
consumers of preparation procedures necessary to avoid illness.
    She urged USDA to require that birds be washed thoroughly
before they are defeathered and that defeathering machines be
cleaned several times a day, that birds be condemned if their
intestines are punctured or there is visible fecal
contamination and that chiller water be changed more often.
    Kenneth Blaylock, President of the American Federation of
Government Employees, said a poultry industry recommendation to
move away from the current bird-by-bird inspection could prove
"disastrous." He said a strengthened bird-by-bird inspection with
slower line speeds was the foundation upon which new inspection
techniques should be overlaid.


.I 7546
.C
acq
.W
CENTURY <CCC.O> TO BUY TO PUERTO RICAN CO.
    NEW CANAAN, Conn., June 2 - Century Communications Corp
said it had entered into an agreement to acquire all the assets
of <Community Cable Vision of Puerto Rico Associates>  and its
associated companies for about 12 mln dlrs.
    Century said it anticipates that <ML Media Partners LP>,
which jointly owns with Century a company called <Cable
Television Co> of greater San Juan, will join in acquisition
and management of Community Cable.
    Century said Community Cable is located in San Juan, Puerto
Rico.


.I 7549
.C
trade
.W
U.S. WEIGHS LIFTING JAPANESE TRADE CURBS.
    WASHINGTON, June 2 - The White House has completed a new
review of Japanese semiconductor trading practices but has not
yet decided whether trade sanctions levied against Japan last
April should be lifted, U.S. officials said.
    They said the president's Economic Policy Council looked at
Japan's adherence to the 1986 U.S.-Japanese semiconductor pact
yesterday and that an announcement may be made shortly.
    But there was no hint what the announcement might be.
    Officials have said the 100 pct tariffs on 300 mln dlrs of
Japanese exports could be modified if Japan was found to be
honoring a portion of its semiconductor pact.
    But they also noted that the White House has said it was
unlikely the tariffs would be lifted before the meeting of the
world's seven major economic powers in Venice on June 8-10.
    The officials added that while the curbs complicated
U.S.-Japanese economic cooperation, they did serve to blunt 
Congressional criticism that the Reagan Administrtation was not
taking tough actions to reduce he U.S. trade deficit.
    Reagan imposed the sanctions on April 17 in retaliation for
Japan's failure to honor commitments to end dumping
semiconductors in world markets at less than production costs
and to open its own market to U.S. goods.
    The sanctions were levied on certain Japanese television
sets, personal computers and hand-held power tools.
    Reagan, in imposing the curbs, said they would be lifted as
soon as there was evidence of a pattern that Japan was adhering
to the pact.


.I 7551
.C
interest
.W
******U.S. HOUSE SPEAKER WRIGHT CONCERNED of INTEREST RATE RISE UNDER GREENSPAN.
Blah blah blah.

.I 7553
.C
crude
.W
ENERGY SECRETARY SEES HIGHER OIL PRICES.
    WASHINGTON, June 2 - Energy Secretary Donald Hodel said he
expects oil prices to rise significantly by the year 2000,
probably to around 33 dlrs a barrel in current dollars.
    "I do anticipate a significant increase (by 2000).
Thirty-three dlrs a barrel is not unreasonable," Hodel told the
Senate Energy Committee.
    Hodel said the loss of some domestic oil production through
the shutdown of stripper (10 barrels a day or less) wells
because of low prices was probably permanent. He said he was
also concerned by the decline in domestic oil exploration.
    Hodel urged Congress to approve oil exploration in section
1002 of the Arctic National Wildlife Refuge in Alaska. He said
geologic condtions in the area were favorable for the discovery
of oil fields equal to those in nearby Prudhoe Bay.
    "The area could contain potentially recoverable oil
resources of more than 9.2 billion barrels, an amount nearly
equal to the Prudhoe Bay oil field, which currently provides
almost one-fifth of U.S. domestic production," Hodel said.
    He said production from the new section could begin about
the time Prudhoe Bay production begins to decline in 2000
without endangering caribou or other wildlife in the area.


.I 7554
.C
reserves
.W
DANISH RESERVES RISE 10.5 BILLION CROWNS IN MAY.
    COPENHAGEN, June 2 - Denmark's net official reserves rose
to 60.629 billion crowns in May from 48.380 billion in April,
against 39.481 billion in May 1986, the Central Bank said in
its monthly balance sheet report.
    Total net reserves, including reserves held by commercial
and major savings banks and corrected for exchange rate
adjustments, rose to 58.373 billion crowns in May from 47.835
billion in April, against 32.443 billion in May 1986.
    The Bank said in a statement that public loan transactions
accounted for net capital import of 0.1 billion crowns in May,
with net registered private capital imports of 9.1 billion.
    "Of this, the net sale of Danish crown bonds to other
countries totalled about 2.5 billion crowns. There was balance
between the purchase and sale of foreign securities," the
statement added.
    The Central Bank said that figures for private bank
reserves and registered capital movements were provisional and
there was no estimate yet of unregistered movements.
    "It is therefore not possible on this basis to draw
conclusions about the developments of the external current
account," the statement added.


.I 7556
.C
acq
.W
STEWART <STEW.O> SELLS PLANT TO SARA LEE <SLE>.
    NORFOLK, Va., June 2 - Stewart Sandwiches Inc said it has
sold its coffee roasting plant to Sara Lee Corp's Superior
Coffee and Foods subsidiary for undisclosed terms.
    The company said Superior will become the exclusive packer
of Squire labeled coffee products, which are marketed by
Stewart, and Stewart will provide equipment, service and
distribution suppoort for some Superior coffee accounts.


.I 7565
.C
earn
.W
AEP INDUSTRIES INC <AEPI.O> 2ND QTR APRIL 30.
    MOONACHIE, N.J., June 2 -
    Shr 21 cts vs 11 cts
    Net 638,000 vs 340,000
    Sales 16.9 mln vs 14.7 mln
    Avg shrs 3,007,048 vs 3,006,250
    1st half
    Shr 41 cts vs 41 cts
    Net 1,224,000 vs 1,142,000
    Sales 31.1 mln vs 29.8 mln
    Avg shrs 3,006,704 vs 2,757,631
    NOTE: Current year net both periods includes nonrecurring
gain 213,000 dlrs.


.I 7573
.C
ship;sugar;
.W
TIGHT FAR EAST FREIGHT SPACE HITS SUGAR MARKET.
    LONDON, June 2 - The Far Eastern sugar market is being hit
by a tightening in available nearby freight space needed to
move raw sugar to various destinations, notably from Thailand,
traders said.
    This has resulted in a hardening of freight rates in those
areas. These are now being quoted between 12.5 and 17.5 dlrs a
tonne per day, depending on shipment and destination, against
recent fixings below 12 dlrs a tonne.
    Charterers are considering combining contracted shipments
because of inadequate space, shipping sources said, noting 13
raws cargoes are awaiting shipment from various ports.
    A cargo of Thai raw sugar was reported traded at basis July
New York futures less 25 points for June/July 15 shipment,
traders said. But others said this was old business.


.I 7580
.C
acq
.W
NCNB <NCB> TO MERGE WITH (CENTRABANK).
    CHARLOTTE, N.C., June 2 - NCNB Corp said the board of
governors of the Federal Reserve System approved its
application to merge with (CentraBank Inc) of Baltimore,
expected to be completed July 1.
    The company said the board's approval included the
dismissal of a protest by the Baltimore-based Maryland Alliance
for Responsible Investing against NCNB's performance under the
Community Reinvestment Act.
   
    The company said Maryland Alliance wanted the merger
blocked on the grounds that NCNB inadequately served the credit
and financial needs of low-income and minority communities in
its markets.
    The company said it denied the claim.
   


.I 7581
.C
money-fx;dmk;
.W
LEUTWILER WANTS FIRMER MARK AGAINST SFR.
    BADEN, Switzerland, June 2 - Fritz Leutwiler, chairman of
BBC AG Brown Boveri und Cie and a former Swiss National Bank
president, urged the National Bank to declare its intent of
achieving a rising rate for the mark against the Swiss franc.
    In a speech to shareholders, Leutwiler said, "A gradually
rising rate for the mark in relation to the franc would be
desirable from the standpoint of industrial exports and with
regard to sustaining Swiss industry."
    "Simply an appropriate declaration of intent by our bank of
issue (Swiss National Bank) could have a positive effect," he
said.
    Leutwiler, who served 10 years as head of the Swiss central
bank, said such a step would not contradict the National Bank's
target of monetary stability.
    "Bringing the franc close to the mark would, of course, have
to be done step by step under the watchful eye of monetary
policy," he told shareholders. "Realistically there is in fact no
persuasive reason why the German currency is quoted almost 20
pct lower than the Swiss."
    A National Bank spokesman said the relation of the mark and
Swiss franc was an example of stable currency parities over a
long period of time.
    The spokesman said exchange rates were made by the market,
not the central bank, and it would be impossible to influence
individual parities separately.
    Leutwiler said the Swiss National Bank could not support
the value of the dollar, even in conjunction with other central
banks, without putting monetary stability in jeopardy.
    "I would be the last to recommend that. The key to a
stronger dollar lies in the United States itself," Leutwiler
said.


.I 7583
.C
acq
.W
SPECTRA-PHYSICS <SPY> MULLS SALE, RESTRUCTURE.
    WASHINGTON, June 2 - Spectra-Physics Inc said it is
considering the possibility of recapitalizing, restructuring,
or seeking a buyer for the company following its rejection of
an unsolicitied 32 dlr a share bid from Ciba-Geigy Corp.
    In a filing with the Securities and Exchange Commission,
the San Jose, Calif., gas lasers and accessories company also
said its board Sunday agreed to a plan that gives 52 top
executives bonuses ranging from 20 to 50 pct of their base
salary if they stay with the company through August 29.
    In rejecting the takeover proposal by the U.S. subsidiary
of Swiss-based Ciba-Geigy AG, the company said it was unfair.
    The Spectra-Physics board voted unanimously, with two
Ciba-Geigy representatives not participating, to reject the
Swiss-based chemical and pharmaceutical company's takeover bid,
citing an opinion from its financial advsior, Morgan Stanley
and Co Inc, that it is "inadequate and unfair from a financial
point of view to the holders of shares," the company said.
    The board also authorized a special committee and Morgan
Stanley to "vigorously investigate, pursue and authorize any
alternatives which would maximize the value of shareholders'
investment in the company," the company said.
    Among the alternatives the special committee will consider
are a sale of the company to a third party for more than 32
dlrs a share, a recapitalization or restructuring, including
self tender offers and/or asset dispositions through the use of
dividends, Spectra-Physics said.
    The "retention plan" for the 52 top officers will pay an
average bonus percentage of 28 pct of salary, it said.
    Spectra-Physics said its board approved the plan "in order
to encourage key operating personnel to remain with the company
during the period of turmoil and uncertainty engendered by the
(Ciba-Geigy) offer."
    Under the plan, the executives would be entitled to their
cash bonuses if they stay with the company through August 29,
but could receive them earlier if they are fired for reasons
other than gross and willful misconduct, or if they leave the
company because their salaries have been sharply cut.
    Spectra-Physics also said it filed suit against Ciba-Geigy
yesterday in U.S. District Court in Wilmington, Del., charging
it with making a takeover bid that was false and misleading in
violation of securities law and with violating the intent of
July 9, 1985 standstill agreement.
    Spectra-Physics said Ciba-Geigy indicated at the time of
the standstill agreement that it would not make an unsolicited
takeover proposal for the company and that the intent of the
agreement was that Ciba-Geigy would not acquire more than 20
pct of the company unless there was another takeover threat.
    Ciba-Geigy was 18.8 pct of Spectra-Physics and Reliance
Group Holdings <REL>, which is controlled by New York investor
Saul Steinberg, controls 12.8 pct.
    Spectra-Physics said the agreement prevents Ciba-Geigy from
raising its stake beyond 20 pct through Jan 1, 1992, unless
another person get more than 10 pct of its voting power.


.I 7587
.C
dlr;money-fx;interest;
.W
VOLCKER DEPARTURE REVIVES DLR, INFLATION FEARS.
    by Jeremy Solomons, Reuters
    New York, June 2 - Paul Volcker's decision not to go for a
third term as Federal Reserve Chairman and the nomination of
Alan Greenspan to replace him have revived deep concerns about
the U.S.' ability to prevent a further dollar decline and stem
rising inflation, financial market analysts said.
    Although Greenspan is known as a committed anti-inflation
fighter in the Volcker mould, doubts are already surfacing in
the U.S. financial markets as to whether he has enough
political clout and monetary experience to wage a tough
campaign against inflation over the next year or two.
    "The critical issue is how (Greenspan) will deal with
inflation," said Stephen Axilrod, Vice Chairman of Nikko
Securities Co International Inc and former staff director for
monetary and financial policy at the Fed.
    "A lot of questions have been raised by Volcker's
departure. Until Greenspan answers them, the markets will
remain nervous," added Stephen Slifer, money market economist
at Shearson Lehman Government Securities Inc.
    This morning's announcement sent the dollar into a
tailspin, which was halted only by concerted central bank
intervention in the open currency market.



.I 7590
.C
acq
.W
ATLANTIC RICHFIELD <ARC> UNIT BUYS TECHNOLOGY.
    PHILADELPHIA, June 2 - Atlantic Richfield Co said it has
acquired exclusive worldwide rights to the methyl methacrylate
technology of Texas Eastern Corp's Halcon SD Group affiliate
for undisclosed terms.
    The company said the technology will allow it to introduce
a cleaner and more efficient way of making methyl methacrylate,
a liquid monomer used to make resins for acrylic sheet,
coatings, molded parts and products and plastic impact
modifiers.
    ARCO said it is reviewing options for commercialization of
the technology.


.I 7591
.C
gas;crude;
.W
SMALL RISE SEEN IN U.S. GASOLINE INVENTORIES.
    NEW YORK, June 2 - U.S. analysts expect the American
Petroleum Institute's weekly report on oil inventories to show
a slight build in U.S. stocks of gasoline for the week ended
May 29, oil traders and analysts said.
    While the consensus is for an increase, a few would not
rule out the possibility of an decline. Traders said that
barring any surprises in tonight's report, they expect the
report to be neutral to bearish for oil prices.
    Heating oil stocks are also likely to build and runs to be
steady to slightly higher, which could add pressure on oil
prices, the analysts said.
    Crude oil was seen likely to build assuming imports
continue at relatively high levels.
    Analysts expect gasoline stocks to rise 500,000 to two mln
barrels above the 234 mln reported for May 22.
    Peter Beutel, oil analyst with Elders Futures inc, who
looks for a build said, "We have had five weeks of gasoline
demand at 7.3 mln bpd or more and it is likely to taper off to
between 6.7-7.0 mln bpd, which should make stocks build. Demand
would have to stay above 7.0 mln bpd to have a draw," he added.
    Rising demand is why oil traders and analysts expect a draw
in stocks of about of about one mln barrels.
   
    The U.S. Energy Information Administration in its latest
report for the four weeks ending may 22 said that gasoline
demand was up 4.4 pct to 7.3 mln bpd from the previous year.
    But analysts said hopes of reduced stocks is likely to
founder on increased runs in refineries, which could be up 0.3
pct above May 22's 81.2 pct capacity operated.
    Such an increase would raise runs about 100,000 bpd and add
to U.S. stocks.
    But some analysts said that refiners may have held refinery
runs.
    Heating oil stocks were also expected to build between
700,000 barrels and one mln from the 96 mln barrel level
reported last week, but a rise in distillate stocks was
discounted as having a market impact at this time.
    "A build is seasonal now and not out of line with last year,"
one futures analyst said.
    Analysts said they also expect crude oil stocks to build
between 1.5 mln barrels and three mln from the 325 mln barrels
reported by API for the week of may 22.
    The consensus appears for about two mln barrels to be added
to the nation's inventory.


.I 7593
.C
trade
.W
SHULTZ WELCOMES TOKYO ECONOMIC PACKAGE.
    ROME, June 2 - U.S. Secretary of State George Shultz said
the 6,000 billion yen economic package announced by Tokyo last
week went further than the U.S. Had expected.
    But he said the U.S. Would not lift the selective economic
sanctions it imposed on Japanese imports in April until Tokyo
changed its sales policies concerning computer microchips.
    Speaking in a televised news conference linking several
European capitals, Shultz said it was heartening that the
Japanese had confronted the problem of stimulating domestic and
global demand.

    "There is an even greater amount of stimulus than was
originally thought," said Shultz, speaking from Washington.
    "It is a lot more than nothing. It is more than was talked
about when (Prime Minister Yasuhiro) Nakasone was here.
    "It involves a major reduction in tax rates and we believe
that getting the tax burden down is one way of stimulating the
economy," he added.
    But asked by Japanese reporters, also linked into the news
conference, whether the positive reaction meant the U.S. Might
decide at next week's Venice summit to lift its sanctions on
some Japanese electronic goods, Shultz replied:
    "These sanctions were undertaken on the basis of an
agreement that had been reached between the United States and
Japan on various sale practices and prices relating to the chip
market.
    "They will be lifted as the facts of change by Japan to the
agreement that it made become evident."
    He said U.S. Officials had only been able to monitor the
situation for a month and that it was impossible to determine a
trend on only one month's data.
    The U.S. Imposed 100 pct import duties on personal
computers, colour televisions and power tools, alleging that
Japan had violated last September's bilateral agreement by
selling computer chips at below fair market value.
    Shultz said West Germany and other nations would also do
well to look at what they could do to stimulate demand.
    Asked whether the U.S. Could reasonably ask its allies to
take action to stimulate the world economy without a bold
American initiative to reduce the size of the federal budget
deficit, Shultz said moves were already underway to tackle the
problem.
    He said by the end of the current fiscal year the deficit
would probably be reduced by around 35 billion dlrs against
last year, and that the budget being worked on this year would
contain a major reduction.


.I 7594
.C
acq
.W
CHAMPION HOME <CHB> SELLS TWO PROPERTIES.
    DRYDEN, Mich., June 2 - Champion Home Builders Inc said it
sold the Commerce Meadows 600-site manufactured housing rental
community in Commerce Township, Michigan, for a pre-tax gain of
about 900,000 dlrs and the Heron Cay 610-site adult community
in Vero Beach, Florida, for a nominal pre-tax gain.
    The company said the sales proceeds will be partly used to
reduce debt. It said it is shifting its focus away from the
development of communities requiring significant equity and
having lengthy projected life cycles.
    The company also said along with local landowners and
investors, it will acquire 33-acre tract Northtowne Meadows in
the Toledo, Ohio, area for development into 160 home sites and
three acres of commercial land.
    Terms of the transactions and other parties involved were
not disclosed.


.I 7595
.C
veg-oil
.W
ACP STATES SAY EC OILS TAX PLAN BREAKS ACCORDS.
    BRUSSELS, June 2 - Developing countries said the European
Community (EC) would breach two international agreements if it
went ahead with its plans for an oils and fats tax.
    Ambassadors to the EC from African, Caribbean and Pacific
(ACP) states told a press conference the tax would hit the
exports of 26 ACP countries.
    They said the EC failed to follow consultation procedures
laid down in the Lome Convention which regulates relations
between ACP states and the bloc for moves which could affect
trade between the two sides.
    They also said the EC would be in breach of an undertaking
not to bring in new protectionist measures during the current
Punta del Este round of world trade negotiations being held
under GATT (General Agreement on Tariffs and Trade) auspices.
    The EC Commission has proposed a tax of up to 330 European
currency units (Ecus) a tonne on both imported and EC-produced
vegetable and marine fats for human consumption, which could
raise up to two billion Ecus a year.
    EC farm ministers, who would have to approve such a tax,
are split on the issue and are expected to decide it at a
marathon meeting on EC farm prices beginning in Luxembourg on
June 15.
    Jamaican ambassador Leslie Wilson said ACP countries are
convinced this would lead to EC industry substituting products
made within the bloc for oil and fat imports. The ACP estimates
this would result in a fall of 160 to 185 mln Ecus in its
member country exports.
    "We can't believe the EC would willingly take measures to
undermine our countries, but such would be the impact of these
measures," Wilson said.
    The U.S. and Malaysia say their exports would also be hit
by the proposed tax and they may take retaliatory action if it
is approved.
    Wilson said the ACP would take such steps only "as a very
last resort," but added that the ACP is in touch with other
countries which oppose the plan.
    Wilson, who was chairing the news conference, made it clear
Jamaica itself would not be hit by the tax as it does not
export oils and fats.
    Among the worst hit countries would be Ivory Coast,
Senegal, Nigeria and Papua New Guinea, the ACP says.


.I 7597
.C
earn
.W
BURLINGTON COAT FACTORY <BCF> 2ND QTR NET.
    BURLINGTON, N.J., June 2 - quarter ended May 2
    Shr 20 cts vs 17 cts
    Net 2,319,000 vs 1,950,000
    Sales 92.4 mln vs 72.2 mln
    Six mths
    Shr 1.60 dlrs vs 1.27 dlrs
    Net 18.7 mln vs 14.8 mln
    Sales 285.9 mln vs 227.1 mln
    NOTE: Full name is Burlington Coat Factory Warehouse Corp.


.I 7600
.C
earn
.W
CML GROUP INC <CMLI.O> 3RD QTR NET.
    ACTON, Mass., June 2 - qtr ended May 2
    Shr 29 cts vs 22 cts
    Net 1,975,000 vs 1,403,000
    Revs 68.1 mln vs 54.0 mln
    Avg shrs 6,722,527 vs 6,597,492
    Nine mths
    Shr 1.17 dlrs vs 92 cts
    Net 7,847,000 vs 6,017,000
    Revs 209.7 mln vs 175.7 mln
    Avg shrs 6,687,138 vs 6,549,197


.I 7602
.C
acq
.W
BALL CORP <BLL> COMPLETES ACQUISITION OF VERAC.
    MUNCIE, Ind., June 2 - Ball Corp said it completed the
acquisition of privately held Verac Inc.
    Terms were not disclosed.
    The company said the San Diego-based defense systems and
software development company had sales of about 23 mln dlrs in
1986 and will operate as part of Ball's technical products
group.


.I 7603
.C
earn
.W
NODAWAY VALLEY CO <NVCO.O> 1ST QTR NET.
    CLARINDA, Iowa, June 2 - qtr ended April 30
    Shr seven cts vs 10 cts
    Net 158,294 vs 234,829
    Revs 8,727,242 vs 8,152,478


.I 7605
.C
ship
.W
NEED FOR BIGGER ALLIED FORCE IN GULF PLAYED DOWN.
    WASHINGTON, June 2 - Secretary of State George Shultz said
today that a boost in allied forces in the Mideast Gulf was not
vital to protect shipping against attack but that possible
allied contributions should be examined.
    Asked if he saw the need for a greater military presence by
the allies in the gulf, Shultz told reporters, "Not necessarily,
particularly, so."
    But he said an adequate force was needed to deter attack
and noted that the British and the French, as well as the
United States, maintained naval contingents there.
    "We have to look at things that others might do," he said.


.I 7611
.C
earn
.W
GAMMA BIOLOGICALS INC <GAMA.O> 4TH QTR MARCH 31.
    HOUSTON, June 2 -
    Shr profit four cts vs loss 47 cts
    Net profit 209,000 vs loss 2,164,000
    Sales 4,849,000 vs 3,682,000
    Year
    Shr loss 10 cts vs loss 52 cts
    Net loss 451,000 vs loss 2,378,000
    Sales 18.0 mln vs 15.8 mln


.I 7621
.C
gold
.W
SKYLINE <SKX.V> EXPECTS TO BEGIN MINE IN JULY.
    VANCOUVER, June 2 - Skyline Explorations Ltd said expects
construction can begin next month on a gold mine at Johnny
Mountain Camp, located 600 miles north of Vancouver.
    The company said a contract has been let for a 200 to 400
tons per day mill and the company is receiving cooperation from
provincial and federal agencies on its stage one report,
"approval in principal," which is required before actual
construction can begin.
    Skyline said it is optimistic the approval in principal
will be received in late June, by which time it expects to have
confirmed threshold tonnage and grade targets so construction
can begin in July.
   
    Skyline said the 1987 exploration drift on 16 vien east at
Johnny Mountain has advanced 320 feet. The vein is continuous,
averaging four feet thick plus an altered mineralized hanging
wall.
    It said periodic face samples indicate an average grade of
1.05 ounces per ton of ore ranging from a low of 0.78 ounce per
ton to a high of 55.8 ounces per ton.


.I 7622
.C
oilseed;meal-feed;soybean;soy-meal;
.W
SOYCOMPLEX COULD RALLY ON TIGHT U.S. FEED SUPPLY.
    CHICAGO, June 2 - Nearby months in soybean and soymeal
futures could post a short-term rally on tightening supply of
livestock feed, even if favorable growing conditions keep the
new crop outlook bearish, traders said.
    "A lot of soymeal dealers are just getting very worried
about where processors will get their soybeans this Summer,"
one Illinois soyproduct dealer said.
    Processors are competing vigorously with river dealers for
the few soybeans being offered by country elevators, with a
Decatur, Illinois processor raising its spot soybean basis bid
another two cents today to 10 over July futures.
    Farmer marketings of old crop soybeans continue very light,
with flat prices apparently well below levels they are willing
to sell, dealers said.
    Some terminal elevator operators are coming to the belief
that even if futures rally back to last month's highs, country
movement may remain light because farmers in many areas are
sold out of old crop soybeans, particularly in the eastern half
of the Midwest.
    Soybean processors will continue to take seasonal downtime
for maintenance if soybeans remain difficult to buy, reducing
the weekly soybean crush rate still further and keeping the
spot soymeal basis strong, dealers said.
    Futures traders said tight cash supplies should help July
soybeans and soymeal gain on deferreds. July soymeal has
already moved to a premium over the August through October
months and old crop July/new crop November soybeans may also
move to a July premium later this month, they added.


.I 7625
.C
earn
.W
LONDON HOUSE INC <LOND.O> YEAR APRIL 30 NET.
    PARK RIDGE, ILL., June 2 - 
    Shr 33 cts vs 26 cts
    Net 489,351 vs 430,143
    Revs 6,961,091 vs 6,009,026
    Avg shrs 1.5 mln vs 1.6 mln


.I 7627
.C
acq
.W
GROUP HAS 5.2 PCT OF DISTRIBUTED LOGIC <DLOG.O>.
    WASHINGTON, June 2 - An investor group led by Technology
Growth Fund Ltd, an Aspen, Colo., investment firm, said it has
acquired 129,000 shares of Distributed Logic Corp, or 5.2 pct
of the total, and may try to influence the company.
    In a filing with the Securities and Exchange Commission,
the group, which also includes individual investors and a
non-profit foundation, said it bought the stake for 884,414
dlrs as an investment in the Anaheim, Calif., company.
    But it also said it is "investigating the possibility of
seeking to influence the composition of the management" of the
company and may increase its stake.


.I 7630
.C
money-fx;interest;
.W
KAUFMAN SAYS GREENSPAN NOMINATION BAD FOR BONDS.
    NEW YORK, June 2 - Henry Kaufman, managing director of
Salomon Brothers Inc, said the nomination of economist Alan
Greenspan to replace Federal Reserve Board Chairman Paul
Volcker is bearish in the near term for the fixed income and
currency markets.
    "The basic direction of interest rates is not changed. The
fundamental direction of interest rates continues to be upward,
interrupted by intermittent rallies," Kaufman said in a
statement. He said the implication for equity markets in
neutral to bullish.
    Kaufman said, "Unlike Paul Volcker, who entered the office
of the Federal Reserve chairman with strong credibility both
domestically and internationally, Mr Greenspan will have to
demonstrate both his competence and policy independence before
he can gain full confidence of the financial markets."
    Greenspan is most knowledgeable on the behavior of the U.S.
economy, while his professional skills in the international
area are much more limited, Kaufman noted.
    "Consequently, although he is well known abroad, his views
on issues such as the Less Developed Country Debt may initially
carry less weight than have those of Mr Volcker."


.I 7631
.C
crude
.W
MAJOR U.S. PIPELINE MAY BE CLOSED SEVERAL DAYS.
    By BERNICE NAPACH, Reuters
    NEW YORK, June 2 - The operator of a major U.S. crude oil
pipeline, shutdown because of flood damage, said it may be
several days before repairs are made and the system is
functioning again.
    Dan Stevens, manager of public and government affairs at
Texaco Inc <TX>, operator of the pipeline through its
subsidiary Texaco Pipeline Co, said the company hopes repairs
will begin in about five days and expects it to take several
more days to complete.
    "At this point we are lining up what we know we need, to get
the job done," Stevens said, adding that the timing for repairs
will depend on the damage to the pipeline which is difficult to
assess because of flooding on the Red River.
    The pipeline was shipping roughly 225,000 barrels of crude
oil per day, or about 55 pct of its capacity during the 30 days
preceding its shutdown on Saturday, Stevens said.
    The pipeline was shut down from Cushing, Okla, to Witchita
Falls, Kan, on Saturday due to an undetermined leak at the Red
River crossing, near the Oklahoma/Texas border, because of
severe rains, a spokesman for Texaco said.
    Stevens said it was reasonable to suggest the pipeline
could operate at full capacity when it reopens in order to make
up for the shortfull but cautioned they will talk with
customers to determine their requirements.
    Oil analysts and traders said they were not sure if the 
shutdown will continue to raise U.S. oil prices.
    Monday, after Texaco confirmed that the pipeline had been
closed, West Texas Intermediate crude in the spot market and on
New York Mercantile Exchange's energy futures complex rose 20
cts a barrel.
    Stevens said it was reasonable to suggest the pipeline
could operate at full capacity when it reopens in order to make
up for the shortfull but cautioned they will talk with
customers to determine their requirements.
    Oil analysts and traders said they were not sure if the 
shutdown will continue to raise U.S. oil prices.
    Monday, after Texaco confirmed that the pipeline had been
closed, West Texas Intermediate crude in the spot market and on
New York Mercantile Exchange's energy futures complex rose 20
cts a barrel.


.I 7632
.C
acq
.W
NETI TECHNOLOGIES <NETFC.O> SELLS SUBSIDIARY.
    VANCOUVER, June 2 - Neti Technologies Inc said it has sold
for over four mln dlrs U.S. in cash, notes and the assumption
of liabilities its Huron Leasing Inc subsidiary to a group of
investors headed by a former Huron executive.
    The company said the transaction will yield about two mln
dlrs in cash, Huron sells, leases and services computer
hardware.
    The transaction is subject to approval by the Montreal and
Vancouver Stock Exchange and the arrangement of financing by
June 15.


.I 7633
.C
acq
.W
PACIFICORP <PPW> BUYS BUYS COMPUTER FIRM.
    PORTLAND, June 2 - PacifiCorp said it acquired Thomas
Nationwide Computer Corp for 25 mln dlrs in cash and 15 mln
dlrs in deferred consideration depending on the future
performance of the company.
    Thomas Nationwide leases and re-markets new and used
International Business Machines Corp equipment, PacifiCorp
said.
    It said Thomas Nationwide will be combined with its Systems
Leasing Corp unit in MacLean, Va.


.I 7636
.C
pet-chem
.W
FMC CORP <FMC> IN PEROXIDE VENTURE.
    PHILADELPHIA, June 2 - FMC Corp said it has entered into an
equally owned joint venture with Indo-Thai Synthetics called
Thai Peroxide Co Ltd to build a hydrogen peroxide plant with an
initial capacity of 5,000 metric tonnes of 100 pct peroxide
north of Bangkok.
    The company said the plant is expected to starft operating
by the fourth quarter of 1988.  It said the venture received
grants and incentives from the government of Thailand.


.I 7650
.C
acq
.W
INVESTMENT FIRM UPS FRANCE FUND <FRN> STAKE.
    WASHINGTON, June 2 - VBI Corp, a British West Indies
investment firm, told the Securities and Exchange Commission it
raised its stake in France Fund Inc to 1,075,700 shares, or
14.3 pct of the total, from 896,500 shares, or 11.9 pct.
    VBI said it bought 179,200 France Fund common shares
between April 24 and June 2 at prices ranging from 13.000 to
14.125 dlrs a share.


.I 7655
.C
acq
.W
LYNCH <LGL> PLANS OFFER FOR BECOR <BCW> STOCK.
    NEW YORK, June 2 - Lynch Corp said it will offer 10.50 dlrs
a share in cash, 4.50 dlrs in subordinated debentures and a 1/4
share in a new company for each Becor Western Inc share
outstanding.
    Lynch said its proposed offer "substantially improves" over
the offer of 10.45 dlrs a share in cash and 4.00 dlrs of senior
sinking fund debentures made by BCW Acquisition Inc, formed by
Becor's management.
    Lynch Chairman Mario Gabelli, who heads a group which owns
12.35 pct of Becor's 16.5 mln outstanding shares, said the
Lynch bid "is about one dlr better than the present offer."
   
    Gabelli previously said in a filing with the Securities and
Exchange Commission he felt the Becor managment buyout was
unfar.
    The Lynch officer said he was invited by other Becor
shareholders to make an offer.
    Following sale of Becor's aerospace subsidiary in February,
the management group led by President William Winter announced
plans for a 238.1 mln dlr leveraged buyout. was planning to
take Becor for about 238.1 mln dlrs.  A shareholder vote on the
buyout offer is scheduled for June four.                


.I 7658
.C
ship;crude;
.W
OVERSEAS <OSG> SEES OPEC QUOTAS KEY TO RATES.
    NEW YORK, June 2 - Overseas Shipholding Group Inc president
Morton Hyman said if oil production by OPEC rises during the
second half of 1987, freight rates for tankers should rise
accordingly.
    Hyman, delivering a speech at the annual shareholders
meeting, said international tanker markets were generally weak
throughout the first quarter, but since the end of March OPEC
oil production has picked up. The result has been a modest
improvement in tanker rates.
    Overseas said 73 pct of its fleet handles liquid cargo.
   
    He said tanker requirements decreased in September 1986 as
OPEC production quotas dropped and levels of oil stocks rose.
    For the first quarter 1987, the company reported net income
of 10.3 mln dlrs, or 40 cts per share, compared to 9.3 mln
dlrs, or 36 cts per share, for the comparable quarter a year
ago.
    The company reported net income for 1986 of 37.3 mln dlrs,
or 1.45 dlrs per share.
   
    "The improvement in the company's 1986 results, after four
years of declining earnings, reflects a sharp, albeit
temporary, rise in freight rates in the international tanker
markets last summer," Hyman said.
    He said the Alaskan oil trade continues to be the principal
source of employment for its U.S. flag tanker fleet, which
represents approximately 15 pct of the company's tonnage.
    Overseas owns and operates 67 vessels.


.I 7662
.C
pet-chem
.W
B.F. GOODRICH <GR>  CANADA STUDIES PLANT.
    MONTREAL, June 2 - The Quebec government said it joined
with B.F. Goodrich Canada Inc to study the feasability of
building a vinyl chloride monomer plant in Montreal. The plant
would supply manufacturers of PVC construction and other
materials in Eastern Canada and the Northeastern U.S.,
government officials said.
    Theys said the  plant would cost about 125 mln Canadian
dlrs, with production beginning in 1991 if economic conditions
are right. more
    The Quebec government has said it wants the project to
proceed because it would provide future demand for Petromont
Inc petrochemical products. Petromont is jointly owned by Union
Carbide Canada Ltd <UCC.TO> and the Quebec government's SGF
industrial development group. Its Montreal plant would provide
ethylene as a raw material for the project.
     Quebec said it also wants Interprovincial Pipe Line Ltd
<IPIPF.O> to adapt its pipeline from Sarnia, Ont., to Montreal
to carry natural gas liquids, a decision that will be made by
the federal National Energy Board. It said the pipeline could
provide Petromont with feedstock at one-third the cost of
moving it by rail.


.I 7666
.C
cocoa
.W
******ICCO buffer stock manager to buy 3,000 tonnes cocoa Wednesday, June 3 - official.
Blah blah blah.

.I 7667
.C
cocoa
.W
ICCO BUFFER TO BUY 3,000 TONNES COCOA JUNE 3.
    LONDON, June 2 - The buffer stock manager of the
International Cocoa Organization (ICCO) will tender for about
3,000 tonnes of cocoa beans Wednesday, June 3, the ICCO said in
a statement.
    It said all other conditions remain unchanged from the
previous announcement.
    These conditions are that offers from registered companies
should be in pounds sterling for cocoa beans for which standard
differentials have been set in the ICCO's buffer stock rules,
and can be for cocoa afloat through to December shipment and
spot to December arrival/delivery.
    The basis position will be afloat, May/July shipment or
June arrival/delivery. For later positions the appropriate
carrying costs will be taken into account.
    The deadline for the receipt of offers by the manager shall
be 1330 hrs london time (1230 gmt) in the case of offers
emanating from the secondhand market and 1400 hours in the case
of offers emanating from the origins.
    The competitiveness of offers will be assessed by taking
into account the standard differentials, the cost of taking
cocoa into store (currently 23.00 pounds sterling from "cif
landed" and 38.00 pounds sterling from "cif shipping weights"
to "in store") and the cost of carry which currently is 12.00
pounds sterling per month, the ICCO said.
    No more than four offers will be considered from each
offering party, it added.


.I 7668
.C
acq
.W
GROUP LIFTS STAKE IN SCANDINAVIA FUND <SCF>.
    WASHINGTON, June 2 - A foreign investment group told the
Securities and Exchange Commission it raised its stake in
Scandinavia Fund Inc to 3,040,600 shares, or 46.6 pct of the
total outstanding, from 2,829,300 shares, or 43.2 pct.
    The group, which includes Ingemar Rydin Industritillbehor
AB, a Swedish firm, VBI Corp, a British West Indies investment
firm, and Norwegian investor Erik Vik, said it bought 211,300
Scandinavia common shares since April 30 at prices ranging from
10.000 to 10.625 dlrs a share.



.I 7670
.C
copper
.W
MUELLER BRASS LOWERS PRODUCT PRICES.
    PORT HURON, MICH., June 2 - Mueller Brass Co said that
effective with shipments today, it is adjusting the price of
all brass mill products, except free-cutting brass rod and
related alloys and copper water tube and related products, to
reflect contained copper values at 73 cents a pound, down two
cents.
   


.I 7673
.C
fuel
.W
FUEL STORAGE TANKS IN FRANCE BURST INTO FLAMES.
    LYON, France, June 2 - Two people were missing and six
injured after tanks containing thousands of cubic metres of
fuel burst into flames today at a Shell storage unit in Lyon,
rescue workers said.
    The blaze broke out with an explosion around 1330 local
time (1130 GMT). Shell is a subsidiary of the Royal Dutch/Shell
Group <RD>.
    Some 200 firemen fought the flames at the gasoline storage
unit at Edouard Herriot riverside port complex and appeared to
have the blaze under control as night fell. The entire southern
section of Lyon was cordoned off.
    The fire destroyed five giant tanks and threatened four
others, the Shell spokesman said. He said that the company
estimated between six and seven thousand cubic metres of
domestic fuel oil, gasoline and additives had been burned.
    The total capacity of the burning tanks was over 10,000
cubic metres, but some had been empty when an explosion started
today's fire, he added.


.I 7674
.C
acq
.W
PAY 'N PAK <PNP> RECEIVES AMENDED PROPOSAL.
    KENT, Wash., June 2 - Pay 'N Pak Stores Inc said it
received a revision to one of the two previously disclosed
proposals to buy the company.
    Pay 'N Pak said that the proposal from a leveraged buyout
firm had been amended to increase the dividend rate on the
cumulative preferred stock to be received by PNP shareholders
from 13.5 pct to 17.5 pct.
    As previoiusly announced, the proposal calls for a
transaction in which PNP shareholders would receive a
combination of 17.50 dlrs in cash and 2.50 dlrs in liquidation
value of cumulative preferred stock for each common share.
   
    Under the other proposal received from Paul Bilzerian, PNP
shareholders would receive on a blended basis 16.67 dlrs in
cash and 3.33 dlrs in liquidation value of cumulative
redeemable preferred stock for each common share, the company
said.
    Under the Bilzerian proposal, the dividend rate on the
preferred stock would be set so that in the joint opinion of
the financial advisor to Bilzerian and the financial advisor to
Pay 'N Pak, the preferred stock would trade at its liquidation
value on a fully distributed basis, the company said.


.I 7676
.C
ship
.W
U.S. TO PROTECT ONLY AMERICAN SHIPS.
    WASHINGTON, June 2 - U.S. military forces in the Mideast
Gulf are under orders to protect only American flag vessels and
occasional U.S. arms deliveries on other ships to
"non-belligerent" states in the area, the Pentagon said today.
    "No one has ever stated or supported a policy of protecting
all shipping in those waters," Pentagon spokesman Bob Sims said
as the Reagan Administration drew up plans to increase the
protective U.S. military presence in the gulf.
    Sims denied published reports that U.S. Defense Secretary
Caspar Weinberger sought air cover to protect all neutral
shipping in the western gulf from attacks by Iran and Iraq.
    "As we have said repeatedly, only American flag vessels are
under our protection with the exception, on a limited
case-by-case basis, of ships carrying our Foreign Military
Sales equipment to friendly, non-belligerent states in the
region," Sims said.
    U.S. warships in the gulf two weeks ago protected a Kuwaiti
ship which sailed to Bahrain with U.S. arms for Bahrain and
Kuwait. But Sims said Washington had received assurances that
the the arms would not be used elsewhere.
    He said Kuwait, which is turning 11 oil tankers over to
U.S. firms to fly the American flag and be protected by the
U.S. warships, is not considered a belligerent despite Iranian
charges that Kuwait is supporting Iraq in the gulf war.
    Kuwaiti tankers have come under repeated Iranian attack.
    Sims refused to say how the United States will beef up its
seven-ship Middle East Task Force in the gulf to protect the 11
Kuaiti tankers. But Pentagon officials said that additional
ships and air cover are under consideration.


.I 7677
.C
acq
.W
******VIACOM SAYS FEDERAL COURT REJECTS REQUEST TO BLOCK PLANNED MERGER.
Blah blah blah.

.I 7679
.C
crude
.W
ASAMERA <ASM> COMPLETES REFINERY SALE.
    CALGARY, Alberta, June 2 - Asamera Inc said wholly owned
Asamera Oil (U.S.) Inc concluded the 25.25 mln U.S. dlr sale of
its Denver refinery to Total Petroleum North America Ltd.
    In addition, Total is purchasing crude oil and refined
product inventories at market value, Asamera said.


.I 7681
.C
acq
.W
COURT DECLINES TO BLOCK VIACOM <VIA> MERGER.
    NEW YORK, June 2 - Viacom International Inc said the U.S.
District Court for the Southern District of New York denied the
motion of <Carsey-Werner Co> for a temporary injunction to
block the proposed merger of Viacom with a subsidiary of
<National Amusements Inc>.
    Carsey-Werner is the producer of the Cosby Show.


.I 7683
.C
acq
.W
AEGON N.V. <AEGN.AS> BUYS LIFE INVESTORS SHARES.
    CEDAR RAPIDS, Iowa, June 2 - AEGON U.S. Holding Corp, a
unit of AEGON N.V. of the Netherlands, and Life Investors Inc
<LINV.O> said they have purchased about 451,000 shares of Life
Investors common stock for 51.61 dlrs per share cash.
    The purchase is part of an agreement between the two
companies made in November 1981, saying that on or before each
April 30 between 1983 and 1987 the companies would offer to buy
one-sixth of the number of Life Investors' common stock
outstanding as of Dec. 31, 1982, not already owned by AEGON.
    On Dec. 31 1988 they would offer to buy any and all
remaining shares.


.I 7684
.C
acq
.W
WESBANCO <WSBC.O> ACQUIRING BANK OF SISSONVILLE.
    WHEELING, W. Va., June 2 - Wesbanco Inc said its board
executed a merger agreement with the <Bank of Sissonville>.
    When the merger is completed, each of the 50,000 shares of
the Bank of Sissonville common stock outstanding will be
converted into 2.75 shares of Wesbanco common stock, the
company said.
    The Bank of Sissonville has total assets of 25.5 mln dlrs
as of Dec 31, 1986, the company said.


.I 7687
.C
earn
.W
MUNICIPAL FINANCIAL CORP <MFC.TO> SIX MTHS NET.
    BARRIE, Ontario, June 2 -
    Period ended April 30
    Shr 71 cts vs 42 cts
    Shr diluted 62 cts vs 38 cts
    Net 2,629,704 vs 1,721,384
    Revs 39.5 mln vs 32.0 mln


.I 7688
.C
earn
.W
COMMONWEALTH MORTGAGE <CCMC.O> 4TH QTR NET.
    WELLESLEY, Mass., June 2 -Qtr ends April 30
    Shr 32 cts vs 20 cts
    Net 1,981,681 dlrs vs 1,022,451 dlrs
    Avg shrs 6,220,000 vs 5,120,000
    12 mths
    Shr 1.22 dlrs vs 59 cts
    Net 7,005,000 dlrs vs 3,030,000 dlrs
    Avg shrs 5,737,808 vs 5,120,000
    NOTE: full name of company is commonwealth mortgage co inc.


.I 7694
.C
earn
.W
AARON RENTS INC <ARON.O> YEAR NET.
    ATLANTA, Ga., June 2 - year ended March 31
    Shr 91 cts vs 1.08 dlrs
    Net 4,800,000 vs 5,800,000
    Rev 118.7 mln vs 110.3 mln


.I 7697
.C
acq
.W
HOLLLINGER <HLG.TO> PAYING 50 MLN DLRS FOR BUY.
    TORONTO, June 2 - Hollinger Inc will pay about 50 mln dlrs
cash for its previously reported acquisition of privately owned
Unimedia Inc, chairman Conrad Black told reporters after the
annual meeting, confirming a published report.
    Commenting on press reports about the 50 mln dlr price tag,
Black said, "That would not be wildly inaccurate," although he
declined to disclose the actual cost.
    Montreal-based Unimedia is Quebec's third largest newspaper
group, with three French language daily newspapers in Quebec
City, Ottawa and Chicoutimi, Quebec and four printing plants in
Ontario and Quebec.
    Black added that Hollinger would also continue seeking
acquisitions of daily newspapers with circulation under 25,000
readers. He said Hollinger was currently talking to about 10
such newspapers in the U.S. where the company currently owns 23
dailies.
    "There is really no end to the ones that are available," he
told reporters, although he added that most remaining
acquisition opportunities are in the U.S.
    He said that Hollinger's 58 pct-owned Daily Telegraph PLC,
of London, should become profitable in this year's fourth
quarter.
   
    For full-year 1987, the Daily Telegraph could break even or
better, said Black, citing major reductions in labor costs and
improved technology at the Telegraph, Britain's largest
circulation quality daily. The Telegraph lost 13.2 mln Canadian
dlrs last year.
    Daily Telegraph chief executive Andrew Knight told
reporters after the meeting that the Telegraph's daily
circulation had risen by 25,000 since September to about
1,150,000 on weekdays, despite added competition from the new
Independent daily newspaper.
   
    Knight said The Independent was not affecting the
Telegraph's growth, but was making inroads into the circulation
of other London quality dailies such as The Times and The
Guardian.
    Hollinger chairman Black predicted Hollinger would post
1987 net income of about 55 mln dlrs, or one dlr a share,
including extraordinary gains from previous sales of
discontinued operations. Hollinger lost 87 mln dlrs or 6.54
dlrs a share last year on fewer average shares and after an
extraordinary loss of 52 mln dlrs.
   
    Black told shareholders that first quarter operating
earnings on continuing operations amounted to 499,000 dlrs
against a year-ago loss of 165,000 dlrs.
    Revenues on continuing operations rose to 102.1 mln dlrs
from 1.5 mln dlrs last year, which did not include Daily
Telegraph revenues, he added. Consolidated first quarter
figures were not disclosed.
    He said the Daily Telegraph's first quarter operating loss
was sharply reduced from last year.


.I 7698
.C
nat-gas
.W
TEXAS EASTERN <TEX> UNIT FILES FOR NEW RATES.
    BOSTON, June 2 - Algonquin Gas Transmission Co, a unit of
Texas Eastern Corp, said it has filed for Federal Energy
Regulatory Commission approval of new rate schedules.
    It said it has also filed for proposed service agreements
for interruptible and firm transportation service.
    Algonquin said the filing would allow its customers to move
available spot gas supplies to price competitive markets.


.I 7699
.C
iron-steel
.W
USX <X> UNIT RAISES PRICES ON CERTAIN GRADES.
    LORAIN, Ohio, June 2 - USX Corp's USS division said it was
raising prices for all hot rolled bar and semi-finished
products 1100 series grades by 10 dlrs per ton effective July
One, 1987.
    The company said the increase reflects current market
conditions.
    The company could not say what percentage the increase
reflects from current prices, nor could it say how much per ton
the products sell for currently.


.I 7702
.C
trade
.W
REAGAN SEEKS ROMANIA TRADE CONCESSION.
    WASHINGTON, June 2 - President Reagan called for continued
nondiscriminatory treatment for Romanian exports to the United
States in the face of congressional opposition because of the
Bucharest government's record on human rights.
    A White House statement said Reagan's decision to press for
continuation of so-called Most Favored Nation (MFN) status for
Romania had been "exceptionally difficult" and came after "all
options were seriously considered."
    But the statement said that despite concerns about human
rights abuses by the Bucharest government, the president had
decided that should be continued because it helped stimulate
emigration from Romania and gave the United States influence on
human rights practices there.
    The statement was issued as Reagan sent to Congress
requests for one-year extensions of MFN for Romania, Hungary
and China.
    The House of Representatives has attached to a trade bill
legislation that would temporarily deny MFN for Romania pending
certification by Reagan that the country had made progress on
human rights. There is no controversy over continuation of MFN
for Hungary and China.


.I 7703
.C
earn
.W
TIMBERLINE INDUSTRIES INC <TIMB.O> 1ST QTR NET.
    BELLEVUE, Wash., June 2 -
    Oper shr eight cts vs two cts
    Oper net 119,000 vs 32,000
    Sales 12.0 mn vs 11.3 mln
    Note: Current qtr figures exclude loss from discontinued
operations of 30,000 dlrs, or two cts per share, vs loss of
54,000 dlrs, or four cts per share.


.I 7708
.C
grain;barley;
.W
CCC ACCEPTS BONUS ON BARLEY TO SAUDI ARABIA.
    WASHINGTON, June 2 - The Commodity Credit Corporation, CCC,
has accepted bids for export bouses to cover sales of 150,000
tonnes of U.S. barley to Saudi Arabia, the U.S. Agriculture
Department said.
    The CCC accepted three bonus offers from one exporter which
averaged 40.88 dlrs per tonne, it said.
    The barley is for delivery August 15-November 30 in three
shiments of 50,000 tonnes each.
    The bonus awards were made to Louis Dreyfus Corporation and
will be paid in the form of commodities from CCC stocks.
    An additional 350,000 tonnes of U.S. barley are still
available to Saudi Arabia under the Export Enhancement Program
initiative annnounced on May 15, 1987, it said.


.I 7716
.C
ship
.W
LAST-MINUTE OPPOSITION TO GULF BILL ARISES.
    WASHINGTON, June 2 - House Speaker Jim Wright predicted
passage of legislation requiring the Reagan administration to
provide Congress with a report on its Mideast Gulf policy, but
a last-minute revolt by an alliance of liberals and
conservatives left the bill's fate in doubt.
    The legislation was written in the wake of the May 17th
Iraqi missile attack on the U.S. frigate Stark in the Gulf,
which killed 37 Americans, and President Reagan's decision to
protect 11 Kuwaiti oil tankers by putting them under U.S. flags
-- effectively making them American ships.
    Since the administration made known its reflagging plans,
congressional leaders complained they had not been consulted,
and some charged the policy could lead the United States into
the 6 1/2-year-old war between Iran and Iraq.
    The House was to vote today on a bill -- supported by the
Democratic and Republican congressional leadership and the
administration -- which demanded a report within seven days on
plans to meet the security needs of U.S. forces in the gulf.
    The resolution was expected to pass without controversy
today in the House Foreign Affairs Committee before the full
House was to take up the bill. But in a surprise move, liberal
Democrats and conservative Republicans on the committee joined
in an unusual alliance to oppose the resolution.
    Liberal Democrats said a lack of any restrictions in the
bill implied consent to Reagan's policies.


.I 7720
.C
wheat;grain;
.W
USDA SETS 0/92 PROVISION FOR SOME PRODUCERS.
    WASHINGTON, June 2 - Some producers in the 1987 acreage
reduction program may be eligible for deficiency payments on 92
pct of their enrolled acreage even though none of it is planted
with wheat or other program crops, the U.S. Agriculture
Department said.
    The department said the provision of the Farm Disaster
Assistance Act will be available to all eligible winter wheat
producers, producers of other types of wheat who were prevented
from planting their 1987 wheat crop because of a 1986 natural
disaster, and all producers who operate farms with program crop
acreage bases subject to flooding on 50 pct of such crop's
permitted acreage.
    A producer who did not enroll in the 1987 acreage reduction
program may become eligible by signing-up no later than July
15. Producers will be informed by the local offices when
applications are being accepted, it said.
    The department said producers of wheat other than winter
wheat may use the 0/92 option if they were preventedf from
planting their intended acreage with wheat for harvest in 1987
because of any natural disasters which occured in 1986 or if
the farm is located in a county approved by Farmers Home
Administration for emergency loans for such disasters that
occurred in 1986.


.I 7721
.C
carcass
.W
CCC ACCEPTS BONUS ON POULTRY TO IRAQ -- USDA.
    WASHINGTON, June 2 - The Commodity Credit Corporation (CCC)
has accepted a bid for an export bonus to cover the sale of
15,000 tonnes of frozen poultry to Iraq, the U.S. Agriculture
Department said.
    The poultry is for shipment June-September and the bonus
was 719.80 dlrs per tone, it said.
    The bonus award was made to ConAgra Poultry Co and will be
paid in the form of commodities from the inventory of CCC
stocks.
    The purchase completes the Export Enhancement initiative
for Frozen Poultry to Iraq announced December 22, 1986.


.I 7722
.C
carcass
.W
CCC ACCEPTS BONUS ON POULTRY TO EGYPT -- USDA.
    WASHINGTON, June 2 - The Commodity Credit Corporation (CCC)
has accepted a bid for two bonus offers to cover the sale of
10,000 tonnes of frozen poultry to Egypt, the U.S. Agriculture
Department said.
    The poultry is for shipment November, 1987, through August,
1988, and the bonus was 473.99 dlrs per tonne for the frozen
fryer legs. The bonuses were made to Gress Foods, Inc (5,000
tonnes), and Serva International Ltd (5,000 tonnes).
    The subsidies will be paid to the exporters in the form of
commodities from CCC stocks.
    An additional 8,500 tonnes of frozen poultry remain
available to Egypt under the Export Enhancement Program
initiative announced Dec 19, 1986, and Feb 27, 1987, the
department said.


.I 7725
.C
copper
.W
PHELPS DODGE <PD> SEES STRONGER COPPER PRICES.
    NEW YORK, June 2 - Phelps Dodge Corp officials said good
fundamentals in copper markets should lead to improving prices
for the metal.
    In an interview with Reuters, chairman G. Robert Durham
said continued strong demand and low inventories pushed prices
up eight to nine pct on the New York Commodities Exchange last
month.
    "Our customers in this country are living off the tailgates
of our trucks," he said, referring to tightness of supply and
strong demand. "The fundamentals are good."
   
    Asked if metal prices will continue to rise, Durham said;
"All I know is, fundamentals cannot be ignored."
    He said copper supplies are lower than they have been for
almost 20 years. Last year, copper demand was second highest on
record behind 1984, he said.
    Phelps Dodge is the nation's largest copper company, with
annual production expected to reach 500,000 tons this year.
   
    During the interview, executive vice president Douglas
Yearley said he believed it was only a matter of time before
the copper price rose "because there aren't that many new
projects coming on, and demand, short of a major recession,
will continue to grow modestly."
    Copper for July delivery rose more than two cts a pound to
more than 69 cents in Comex trading today. A one cent a pound
rise in copper prices yields 10 mln dlrs in annual earnings for
Phelps Dodge, the company said.
    "Demand has been surprisingly good in 1987, in construction
and other areas," Yearley said.
   
    New production later this year from a Bingham, Utah, mine
owned by Kennecott Corp, a unit of British Petroleum Co PLC's
<BP> Standard Oil Co, a mine in New Guinea and Phelps Dodge's
own expanded Morenci, Ariz., mine will be offset by production
shortfalls in Mexico and Zambia, he said.
    Durham said production costs at the New Mexico-located
Chino mine will be in line with conventional copper production
at the company's other mines by the fourth quarter. The
company's total production costs, including depreciation but
before interest and corporate expense, should be below 50 cts a
pound by late 1989 or 1990, he said.


.I 7726
.C
lumber
.W
CCC CREDIT GUARANTEES TO HAITI AMENDED.
    WASHINGTON, June 2 - The Commodity Credit Corporation (CCC)
has amended its Export Credit Guarantee Program line to Haiti
to add one mln dlrs in guarantees for sales of U.S. wood
products, the U.S. Agriculture Department said.
    The action increases the value of export credit guarantees
for wood products to Haiti from 1.8 to 2.8  mln dlrs and the
total value of export credit guarantees authorized to Haiti for
the current fiscal year for all commodities to 12.0 mln dlrs,
the department said.
    All sales must be registered and exports completed by Sept
30, 1987, it noted.


.I 7728
.C
earn
.W
TEXAS AMERICAN ENERGY CORP <TAE> 1ST QTR.
    MIDLAND, Texas, June 2 -
    Shr 42 cts vs 22 cts
    Net 3,445,000 vs 2,326,000
    Revs 41.7 mln vs 51.5 mln


.I 7739
.C
earn
.W
INTERMETCO LTD <INT.TO> SIX MTHS APRIL 30 NET.
    HAMILTON, Ontario, June 2 -
    Shr 18 cts vs 27 cts
    Net 283,000 vs 435,000
    Revs 97.8 mln vs 95.1 mln


.I 7741
.C
instal-debt
.W
FED TO RELEASE U.S. APRIL CONSUMER CREDIT JUNE 5.
    WASHINGTON, June 2 - The Federal Reserve Board said it
would release April consumer instalment credit figures on
Friday.
    No fixed time was set for the release.
    Consumer credit fell a seasonally adjusted 63 mln dlrs in
March after rising 1.01 billion dlrs in February.


.I 7742
.C
wheat;grain;
.W
U.S. WHEAT IN SENEGAL MARKET -- USDA.
    WASHINGTON, June 2 - After a highly favorable reception of
a trial batch of bread baked from 300 lbs of U.S. wheat flour
last February, the Senegalese appear ready to take delivery of
a first tranche of 10,500 tonnes of mixed U.S. wheat, the U.S.
Agriculture Department said.
    In its report on U.S. Export Markets for U.S. Grain, the
department noted Senegal had bought 100,000 tonnes of wheat
under the Export Enhancement Program last November, but local
opposition from millers, accustomed to French wheat, has been
delaying deliveries.
    As a result there were a series of baking seminars as well
as the trial batch, in an effort to satisfy local flour millers
and convince key officials of the qualities of U.S. wheat.
    The department said if deliveries of U.S. wheat to Senegal
remain on track, the U.S. could dominate a wheat market that
had been expected to import 140,000 tonnes of mostly French
wheat during the 1987/88 (July-June) season.



.I 7745
.C
acq
.W
PROFESSOR LIFTS BANC TEXAS <BTX> PREFERRED STAKE.
    WASHINGTON, June 2 - A University of Massachusetts finance
professor said he raised his stake in Banc Texas Group Inc to
45,340 shares of 1.4625 dlr cumulative preferred stock, or 7.4
pct of the total, from 30,300 shares, or 5.0 pct.
    In a filing with the Securities and Exchange Commission,
Ben Shirley Branch also said he bought 52,025 shares of Class A
cumulative convertible preferred stock, or 5.9 pct of the
total, for 160,000 dlrs, bringing his total investment in both
preferred series to about 330,000 dlrs.
    Branch said he bought the stock as an investment, but
reserved the right to try to influence the company.


.I 7747
.C
trade
.W
INVESTMENT CRUCIAL TO U.S. TEXTILE RECOVERY.
    WASHINGTON, June 2 - With more private investment, not more
protection, the U.S. textile industry could become competitive
with the most modern foreign producers, analysts from two
congressional agencies said today.
    The Office of Technology Assessment, a nonpartisan arm of
Congress told a House Ways and Means Trade Subcommittee hearing
there was still concern for the future of parts of the U.S.
textile and apparel industry, but there was more reason for
optimism than a few years ago.
    "While textile producers are making significant
investments, they could do more," OTA analyst Henry Kelly said.
    The Congressional Budget Office (CBO), the nonpartisan
budget analysis arm of Congress, said federal loans or loan
guarantees would be preferable options for Congress rather than
increased trade protection which could lead to foreign
retaliation.
    CBO analyst Edward Gramlich said past trade protections,
first imposed in the 1950's have had only a small benefit for
profits and investments of domestic firms.
    Trade Subcommittee chairman, Rep. Sam Gibbons, said the
agencies analyses seemed to agree with his opinion against
congressional approval of protectionist textile quota
legislation aimed mainly at Western Europe, Japan and other
Asian textile producing countries.
    President Reagan last year vetoed a textile protection bill
but it was reintroduced in this session of Congress and is
expected to be voted on in the House this year.
    However, approval this year is in doubt because passage of
a major trade bill without specific protections for textiles
showed a weakening of support for the legislation.
    Most U.S. producers have fallen behind other foreign
producers in the use of modern textile and apparel production
equipment and net imports are growing faster than the domestic
markets, Kelly said.
    He added that private investment in the textile and
clothing industry in 1983 of 0.5 pct was less than one-seventh
the average manufacturing investment of 3.9 pct.
    Despite existing import quotas and tariffs, imports of
textiles grew 26 pct in 1986 and imports of apparel grew 14 pct
while U.S. production rose only 1.9 pct.
    "The traditional industry seems destined to be replaced by
new technology, imports, or some combination of both. While the
industry may not be able to compete in all domestic markets
that it enjoyed twenty years ago, the results of our research
indicate that portions of the domestic market can be recovered,
and that exports can be expanded," Kelly said.


.I 7748
.C
earn
.W
<IONE INC> SIX MONTHS MARCH 31 NET.
    MINNEAPOLIS, June 2 -
    Shr two cts vs n.a.
    Net 68,281
    Revs 639,471
    NOTE: Company became public in March 1987


.I 7751
.C
oilseed;grain;
.W
RAINS AID MANITOBA CROPS DURING WEEK.
    WINNIPEG, June 2 - Widespread, soaking rains aided crop
development across the province, with the northwest crop
producing region receiving the most precipitation, according to
the Manitoba Agriculture weekly crop report.
    The rains replenished formerly low soil moisture reserves,
with reserves in all areas now rated good, the report said.
    Plantings were virtually complete across the province and
germination was well advanced. However, some fields still
showed spotty stands.
    Cereal crops in the southwest were 90 pct germinated, with
some fields already in the subsequent tillering stage, it said.
Oilseeds in the northwest region were about 80 pct emerged in
many areas, with other regions 50 to 70 pct emerged.


.I 7752
.C
earn
.W
ATLAS YELLOWKNIFE <AY.TO> SIX MTHS LOSS.
    CALGARY, Alberta, June 2 - Period ended March 31
    Shr loss nil vs profit one ct
    Net loss 36,000 vs profit 310,000
    Revs 1,172,000 vs 1,686,000
    Note: Full name Atlas Yellowknife Resources Ltd.


.I 7753
.C
earn
.W
WOODWARD'S LTD <WDSA.TO> 1ST QTR MAY 2 LOSS.
    VANCOUVER, British Columbia, June 2 -
    Shr loss 32 cts vs loss 37 cts
    Net loss 5,374,000 vs loss 6,159,000
    Revs 241.3 mln vs 253.2 mln


.I 7754
.C
earn
.W
COMMONWEALTH MORTGAGE CO INC <CCMC.O> 4TH QTR.
    WELLESLEY, Mass., June 2 - Qtr ended April 30.
    Shr 32 cts vs 20 cts
    Net 1,982,000 vs 1,022,000
    Year
    Shr 1.22 dlrs vs 59 cts
    Net 7,005,000 vs 3,030,000
    Assets 191.3 mln vs 116.5 mln


.I 7756
.C
gas;crude;
.W
******API SAYS DISTILLATE STOCKS UP 2.85 MLN BBLS, GASOLINE OFF 2.37 MLN, CRUDE OFF 1.13 MLN .
Blah blah blah.

.I 7758
.C
acq
.W
STOCKHOLDERS WON'T PURSUE CONTINENTAL <CUO> BID.
    CHICAGO, June 2 - Continental Associates, a group of four
shareholders who hold about 5.02 pct of of Continental
Materials Corp stock, said it will not pursue a tender offer
for all of its shares.
    The shareholders said they were told that Continental
Materials directors had no interest in selling the company.
    Late yesterday, Continental Materials board said it decided
not to give further consideration to a "business combination"
proposed by the group of St. Louis businessmen.


.I 7762
.C
acq;copper;
.W
PHELPS DODGE <PD> SETS SIGHTS ON ACQUISITION.
    By Steven Radwell, Reuters
    NEW YORK, June 2 - Phelps Dodge Corp chairman G. Robert
Durham said the company is prepared to make another large
non-copper acquisition and that a deal could be struck in the
near future.
    In an interview with Reuters, Durham said the company was
examining potential candidates but not yet talking with any.
    He declined to name the companies but said a deal could
occur as soon as the second half of 1987.
   
    Phelps Dodge, which ranks as the largest copper producer in
the U.S., last year paid 240 mln dlrs for Columbian Chemicals
Co, a maker of carbon black which is used in rubber and tires
among other products.
    The purchase was part of a strategic plan to diversify and
eventually match earnings from non-copper operations and copper
operations.
    Phelps Dodge could spend between 250 mln and 500 mln dlrs
to buy another non-copper company, Durham said, citing about
100 mln dlrs of cash and 580 mln dlrs of untapped bank credit.
   
    Any acquisition candidate would have to have a different
economic cycle than copper, substantial earnings and good
management, he said. Phelps Dodge would only want a friendly
deal, he added.
    "We're not talking high-tech, or financial services or
about a perfume company," he said. "We want a good basic
industrial company that will fit into our management
structure," Durham said.
   
    During the interview, Durham and other executives also said
continued strong demand and tight copper supply should lead to
higher prices for the metal.
    "In my view, it's not a matter of if but when the price
(for copper) will improve because there aren't that many new
projects coming on, and demand, short of a major recession,
will continue to grow modestly," said executive vice president
Douglas Yearley. Phelps Dodge continues to lower its cost of
producing copper, the executives said. Costs should be below 50
cents a pound, after depreciation but before interest and
corporate expense, by 1989 or 1990.
    Production costs are about 56 to 57 cents a pound now
compared to one dlr a pound in 1981, some Wall St analysts
said.
    Durham said copper supplies are lower than they have been
for almost 20 years and demand continued to be strong.
    He declined to project results for the second quarter or
year. But he said the quarter was going well and the rise in
copper prices in the last month will help results.
    Durham said last month that the second quarter should match
the first quarter when earnings rose about 11 pct to 16.8 mln
dlrs or 49 cts a share.
    First quarter sales rose 61.5 pct to 372.9 mln dlrs,
reflecting the acquisition of Columbian Chemicals and increased
copper shipments from the Chino copper mine in New Mexico, also
acquired last year.
    Analysts are projecting 1987 earnings of 2.20 dlrs to 2.75
dlrs a share, up sharply from 1.79 dlrs in 1986.


.I 7766
.C
reserves
.W
TREASURY TO PUBLISH U.S. RESERVE ASSETS MONTHLY.
    WASHINGTON, June 2 - The Treasury Department said it would
release data on U.S. reserve assets on a monthly basis from now
on instead of quarterly.
    Reserve assets are held in gold, special drawing rights
with the Internatinal Monetary Fund, foreign currencies and in
a U.S. reserve position in the IMF.
    Assets totaled 46.59 billion dlrs at the end of April,
compared with 48.82 billion dlrs at the end of March, the
Treasury said.


.I 7768
.C
coffee
.W
MEXICO HAS NO PLANS TO LEAVE ICO.
    MEXICO CITY, June 2 - Mexico has no intention of leaving
the International Coffee Organization (ICO), in the event of
Brazil withdrawing from the group, the Mexican Coffee Institute
(IMC) said.
    The IMC said in a statement the ICO is an important
instrument for ensuring producers obtain an adequate price.
Mexico currently produces around five mln 60-kilo bags of
coffee per year.
    Brazil said during a meeting of coffee producers in Rio de
Janeiro over the weekend that it would consider leaving the ICO
if its export quota was reduced by the organization.


.I 7770
.C
acq;crude;nat-gas;
.W
AMOCO <AN> SAYS DOME <DMP> BUY GOOD FOR CANADA.
    EDMONTON, Alberta, June 2 - Amoco Corp's wholly owned Amoco
Canada Petroleum Co Ltd said its proposed 5.22-billion-
Canadian-dlr acquisition of Dome Petroleum Ltd will benefit
Canada just like the foreign investment that made possible
commercial development of Alberta's oilsands.
    Amoco Canada president T. Don Stacy told an oilsands
conference that "Amoco Canada has presented the solution to the
Dome problem, and we're investing our confidence, dollars and
determination to make that solution work."
    The Amoco buyout of debt-burdened Dome has angered Canadian
nationalists, who want a Canadian buyer for Dome.
    Stacy described Amoco Canada's previously reported share
offer proposal as a chance to increase Canadian ownership of
the country's oil and gas industry, now at about 50 pct.
    He reiterated that Amoco planned virtually no layoffs of
Dome employees. He also reaffirmed that Amoco would reinvest in
Amoco Canada-Dome properties all available cash flow for five
years after the acquisition.


.I 7771
.C
earn
.W
MINNTECH CORP <MNTX.O> 4TH QTR MAR 31 NET.
    MINNEAPOLIS, June 2 -
    Opr shr nil vs seven cts
    Opr net 3,000 vs 99,000
    Revs 2,745,000 vs 2,395,000
    Avg shrs 1,500,000 vs 1,375,000
    Year
    Opr shr 24 cts vs 20 cts
    Opr net 343,000 vs 271,000
    Revs 10.7 mln vs 8,232,000
    Avg shrs 1,459,000 vs 1,341,000
    NOTE: Earnings for year exclude gains due to tax loss
carryforward of 210,000 dlrs or 14 cts a share in 1987 and
198,000 dlrs or 15 cts in 1986.


.I 7773
.C
ship
.W
U.S. HOUSE PASSES GULF BILL DESPITE OPPOSITION.
    WASHINGTON, June 2 - The U.S. House of Representatives 
approved a bill that requires the Reagan administration to
provide Congress with a report on its Gulf policy but does not
place any restrictions on its actions.
    The bill passed 305-102 -- winning a necessary two-thirds
of those voting -- despite a last-minute revolt by an alliance
of liberal Democrats and conservative Republicans who sought to
defeat it as a signal that a growing number of legislators
oppose President Reagan's policies in the region.
    The legislation was passed in the wake of the May 17th
Iraqi missile attack on the U.S. frigate Stark in the Gulf,
which killed 37 Americans, and Reagan's decision to protect 11
Kuwaiti oil tankers by putting them under U.S. flags --
effectively making them American ships.
    The legislation -- supported by Congress' Democratic and
Republican leadership as well as by the administration --
required Defense Secretary Caspar Weinberger to provide a
report to Congress, within seven days of enactment, on plans to
protect U.S. warships and flag ships in the Persian Gulf.
    It did not, however, place any restrictions on the
administration as it proceeds to reflag the Kuwaiti ships and
thus has no immediate effect on U.S. policy.
    The Senate was expected to approve the legislation this
week. The bill would then be sent to Reagan for signature.
    Supporters of the bill said passage of the bill was only a
first step toward a greater congressional involvement in
formulating policy.
    But Democratic critics said the bill did not ask the
administration to address tough policy questions in the report.


.I 7774
.C
ship;crude;
.W
U.S. SENATE TEAM WANTS MULTINATIONAL GULF FORCE.
    KUWAIT, June 2 - The leaders of a U.S. Senate team probing
American defense strategy in the MidEast Gulf said they favored
a multinational force to keep oil flowing through the waterway.
    Sen. John Glenn and John Warner, in Kuwait as part of a
Gulf Arab tour, said at a news conference that top officials in
the area appeared ready to discuss extra facilities needed if
the U.S. upgraded its defense role.
    The Senate team next heads for the United Arab Emirates,
their last stop on a fact-finding mission prompted by Reagan
administration plans to let half of Kuwait's 22-tanker fleet
fly the U.S. flag.
    Glenn and Warner said the U.S., Britain and France, should
explore the possibility of a unified Gulf force.
    "The American ships, the British ships, the French ships now
talk to each other and all we've got to do is formalize this
arrangement," Warner said.
    Glenn said a multinational force could be effectively
deployed within 24 hours of a decision.
    Glenn voiced a preference for a United Nations
multinational force, or failing that, an American, British,
French force with cooperation from the Gulf Arab states.
    Warner voiced concern that the Soviet Union might use the
situation in the Gulf to raise its presence. "And,
unequivocally, all GCC states we have talked with, have said
that would not be in the interests of the Arabian peninsula."


.I 7777
.C
crude
.W
COLOMBIAN GROUP SUSPENDS BOMBINGS OF PIPELINES.
    BOGOTA, June 2 - A Colombian group announced the suspension
of its bombings of oil pipelines pending the government's levy
of a social tax on foreign petroleum companies and an 800 mln
dlrs fine on the Occidental Petroleum Corp <OXY>.
    There was no indication the government would meet the
conditions demanded by the leftist National Liberation Army
(ELN).
    According to the state oil firm, ECOPETROL, the ELN carried
out 72 attacks on petroleum pipelines between 1984 and 1986.
    The assaults, the most recent launched two months ago, have
caused an estimated total of 50 mln dlrs in damage.
    In a communique, the ELN said it would demand a tax of one
dollar per barrel of crude oil pumped by foreign firms as a
condition for maintaining its suspension of the assaults.
    Foreign oil firms pump an average of 225,083 barrels per
day in Colombia. Colombian tax authorities are investigating
Occidental, a U.S.-owned firm, for alleged tax evasion.
    If the charges are proven, the firm could face a fine of up
to 800 mln dlrs. The ELN demands the government charge the
penalty.


.I 7779
.C
acq
.W
INVESTMENT FIRMS HAVE 7.7 PCT OF MIDWAY <MDWY.O>.
    WASHINGTON, June 2 - Two affiliated investment firms told
the Securities and Exchange Commission they have acquired
593,000 shares of Midway Airlines Inc, or 7.7 pct of the total
outstanding common stock.
    The firms, Boston-based FMR Corp and Fidelity International
Ltd, a Bermuda-based investment advisory firm, said they bought
the stake "to acquire an equity interest in the company in
pursuit of specified investment objectives...."
    The firms said they may increase or decrease their stake in
the company, but have no plans to seek control of the company
or representation on its board.


.I 7781
.C
acq
.W
WICKES <WIX> COMPLETES PURCHASE.
    SANTA MONICA, Calif, June 2 - Wickes Cos Inc said it has
completed the purchase of Dura Corp for an undisclosed amount.
    Dura, a supplier of automotive equipment, had annual sales
of over 100 mln dlrs.


.I 7782
.C
lead;zinc;
.W
COMINCO <CLT> SETS TENTATIVE TALKS ON STRIKE.
    TRAIL, British Columbia, June 2 - Cominco Ltd said it set
tentative talks with three striking union locals that rejected
on Saturday a three-year contract offer at Cominco's Trail and
Kimberley, British Columbia lead-zinc operations.
    The locals, part of United Steelworkers of America,
represent 2,600 production and maintenance workers. No date has
been set for the talks, the spokesman replied to a query.
    The spokesman said talks were still ongoing with the two
other striking locals, representing 600 office and technical
workers. Production at Trail and Kimberley has been shut down
since the strike started May 9.
    Each of the five locals has a separate contract that
expired April 30, but the main issues are similar.
    The Trail smelter produced 240,000 long tons of zinc and
110,000 long tons of lead last year, while the Sullivan mine at
Kimberley produced 2.2 mln long tons of ore last year, most for
processing at Trail.
    Revenues from Trail's smelter totaled 356 mln Canadian dlrs
in 1986.


.I 7784
.C
copper
.W
PHELPS DODGE SEEKS TO DIVERSIFY MORE FROM COPPER.
    NEW YORK, June 2 - Phelps Dodge Corp is prepared to make
another large non-copper acquisition and a deal could be struck
in the near future, chairman G. Robert Durham said.
    Durham told Reuters the company was examining potential
candidates but not yet talking with any. Any acquisition must
have a different economic cycle to copper, he said.
    Phelps Dodge, the largest U.S. copper producer, last year
paid 240 mln dlrs for Columbian Chemicals Co which makes carbon
black used in rubber and tires. The purchase was part of a
strategic plan to diversify and then match earnings between
copper and non-copper operations.
    The company could spend between 250 mln and 500 mln dlrs to
buy another non-copper firm, Durham said, citing 100 mln dlrs
of cash and 580 mln dlrs of untapped bank credit.


.I 7785
.C
ship;crude;
.W
EC WATCHING GULF WAR DEVELOPMENTS.
    LUXEMBOURG, June 2 - The European Community (EC) should
watch very carefully for any developments in the Gulf War and
their consequences on the oil market, EC Energy Commissioner
Nicolas Mosar said today.
    Speaking two weeks after a U.S. warship was attacked in the
Gulf, Mosar warned, "An escalation in the Gulf would increase
tensions in the oil market."
    "But I do not want to be alarmist," he told a news conference
after an EC energy ministers meeting in Luxembourg.
    He said the volume of EC oil imports from the Gulf had
declined to around 31 pct of total oil imports in the first
three months of 1987 against 35 pct in the same period last
year. "There are also other potential sources of supplies in the
world," he added.
    The issue of Gulf oil imports was not discussed at the
ministers' meeting, he added.
    A EC committee of national experts in the so-called oil
supply group would discuss Gulf oil supplies at their bi-annual
meeting on June 19, he said.
    But any major decisions would have to be reserved for EC
foreign ministers, diplomats said.
    West European nations have so far shown little enthusiasm
for backing a U.S. plan to give military protection to merchant
ships in the Gulf which could help insure the safety of oil
supplies.


.I 7787
.C
acq
.W
BALL CORP <BLL> COMPLETES ACQUISITION.
    MUNCIE, Ind., June 2 - Ball Corp said it completed the
purchase of privately held <Verac Inc>, a San Diego defense
systems and software development company.
    Terms of the acquisition were not disclosed. Verac had 1986
sales of about 23 mln dlrs.
    Verac will operate in San Diego as part of Ball's technical
products group.


.I 7790
.C
oilseed;wheat;grain;rapeseed;
.W
ALBERTA SEEDING VIRTUALLY COMPLETE.
    CALGARY, June 2 - Ninety-six pct of Alberta and
northeastern British Columbia crops have been seeded, about a
week ahead of the 10 year average, according to the Alberta
wheat pool report.
    Hard red spring wheat accounts for most acreage with 6.0
mln estimated for this year, little changed from last year.
Oats acreage of 1.95 mln is unchanged on last year and barley
area of 5.9 mln is also similar to last year. Rapeseed planting
of an estimated 3.24 mln is expected five pct up on 1986. The
south and south central areas of Alberta lacked moisture with
germination patchy at best. Growth prospects in northern areas
are generally in the good to very good range.
   Soil moisture is better in the north central and Peace
areas, the wheat pool said.


.I 7792
.C
bop;trade;
.W
N.Z. APRIL CURRENT ACCOUNT DEFICIT NARROWS.
    WELLINGTON, June 3 - New Zealand's current account deficit
narrowed to 76 mln N.Z. Dlrs in April from a revised 89 mln
dlrs in March, and 224 mln dlrs in April 1986, in a smoothed
seasonally-adjusted measurement, the Statistics Department
said.
    The March figure was revised from 69 mln dlrs.
    The department said in a statement seasonally adjusted, but
non-smoothed figures, showed a deficit of 99 mln dlrs against
76 mln dlrs in March and 230 mln dlrs in April 1986.
    Totally unadjusted figures show a deficit of 83 mln dlrs
against 164 mln dlrs in March, revised from 178 mln dlrs, and
compared with 262 mln in April 1986.
    The smoothed seasonally adjusted series shows a surplus on
merchandise trade of 145 mln dlrs against 135 mln dlrs in March
and 30 mln dlrs in April 1986.
    Seasonally adjusted but non-smoothed figures show a
merchandise trade surplus of 132 mln dlrs against a 148 mln dlr
surplus in March and a 14 mln dlr surplus in April 1986.
    Unadjusted merchandise figures show a surplus of 151 mln
dlrs against a 5.0 mln dlr (revised from 10 mln dlr) deficit in
March and a 31 mln dlr deficit in March 1986.
    The smoothed seasonally adjusted deficit on invisibles was
234 mln N.Z. Dlrs against 236 mln dlrs in March and 255 in
April 1986.
    The seasonally adjusted but non-smoothed deficit on
invisibles was 240 mln dlrs against 229 mln dlrs in March and
245 mln dlrs in April 1986. The unadjusted deficit on
invisibles was 234 mln dlrs against 158 mln dlrs, revised from
168 mln dlrs, in March and 231 mln dlrs in April 1986.
    Seasonally adjusted export and import figures were not
available.
    The department said these figures show a continuing
improvement in the current account deficit, caused mainly by an
improvement in the balance on merchandise trade which has now
being in surplus since november 1985.


.I 7793
.C
strategic-metal
.W
STRONG DEMAND FOR PERU BISMUTH IN JAN/MAY.
    LONDON, June 3 - Very strong demand from all markets
including, recently, Japan has resulted in Peru's bismuth
exports showing an impressive increase in January/May 1987,
Peru's state owned mining industry's marketing arm Minpeco S.A.
Said.
    In a statement released by its London office, Minpeco said
Peruvian customs figures for bismuth exports for the first five
months were 574.8 tonnes compared with 160.7 tonnes in the same
period of 1986 and 483.4 tonnes during the whole of 1986,
Minpeco said.
    A breakdown of the figures showed Peru exported 296.4
tonnes of bismuth to the U.S. During Jan/May 1987 compared with
127.0 during the whole of 1986. Other recipients were Peoples
Republic of China 110.4 (100.0), Holland 100.2 (150.0), USSR
50.0 (50.0) and other areas 17.8 tonnes (56.4).
    Sales to the U.K., West Germany, France and other Western
and Eastern European countries are hidden under the heading
Holland as Minpeco sells to customers in these countries from
stocks the company normally holds in Rotterdam, the statement
said.


.I 7796
.C
acq
.W
FREEDOM <FRDM> TO RECOGNIZE GAIN ON UNIT SALE.
    TAMPA, Fla., June 2 - Freedom Savings and Loan Association
said it will record a net gain of 13.5 mln dlrs on the sale of
certain assets of its Freedom Mortgage Co subsidiary to Chase
Home Mortgage Corp, a subsidiary of Chase Manhattan Corp <CMB>.
    Freedom also said it had completed the sale.
    The company said about 9.5 mln dlrs of the gain will be
recnogized in the quarter ending June 30 with the remainder
derferred and recognized over the remaining life of the
serviced mortgage porfolio.


.I 7797
.C
carcass
.W
U.S. MEAT INDUSTRY LAUNCHES CAMPAIGN IN JAPAN.
    WASHINGTON, June 2 - The U.S. meat industry has launched an
aggressive promotion campaign in Japan to increase consumer
awareness of U.S. beef and persuade the Japanese government to
relax current beef import quotas.
    U.S. beef sales to Japan, currently around 480 mln dlrs
annually, could increase to over two billion dlrs and as high
as six billion dlrs by the year 2000 if Japanese quotas were
removed and the Japanese consumer were made more aware of the
attributes of U.S. beef, officials of the U.S. Meat Export
Federation said at a press conference today.
    Partially funded with a 6.5 mln dlr award made through the
Agriculture Department's Targeted Export Assistance (TEA)
program, a five-year meat promotion campaign in Japan was
launched by the U.S. Meat Export Federation in April.
    "The promising Japanese beef market could be one of the
bright spots for U.S. agricultural exports," said Philip Seng,
Asian Director for the Federation. "We supply and they (Japan)
buy a very high quality of beef. They like our beef and want to
buy more," he said.
    Seng pointed to Japan's beef quota system, which limits
total Japanese beef imports to 177,000 tonnes per year and U.S.
imports to 58,400 tonnes, as the major constraint in expanding
U.S. beef shipments to Japan.
    The quotas were implemented in 1977 at a time of heavy
Japanese foreign beef imports. The current quota agreement
expires next March and beef quota negotiations are set to get
underway this fall.
    The Reagan administration has called for an end to the
quotas by April, 1988, but Japanese officials have said they
would not liberalize imports regardless of the U.S. pressure.
    Officials from the Meat Export Federation told Reuters that
they do not expect a complete lifting of the quota, but that
they hope for at least a gradual increase in the quota.
    High beef prices in Japan caused by the protected market
has also kept beef consumption at modest levels, meat industry
officials said.
    Japanese shoppers pay an average of 27.14 dlrs for a U.S.
tenderloin steak in a restaurant and an average of 47.42 dlrs
for a Japanese-produced restaurant steak, the meat association
said. At the retail level, U.S. striploin sells for 9.77 dlrs
per pound, while Japanese beef sells for 28.51 dlrs per lb.
    Japanese consumers currently eat less than 10 lbs of beef
per year, compared to 78 lbs for the average American,
officials said.
    Total beef consumption in Japan is now 700,000 to 800,000
tonnes per year, but Seng said with the removal of quotas and a
decrease in beef prices, consumption could increase to 3.2 mln
tonnes.


.I 7799
.C
earn
.W
COMP-U-CARD INTERNATIONAL INC <CUCD.O> 1ST QTR.
    STAMFORD, COnn, June 2 -
    Shr 18 cts vs 15 cts
    Net 3.3 mln vs 2.5 mln
    Revs 45.2 mln vs 26.8 mln
    NOTE:1986 net includes seven cts or 1.2 mln dlrs tax loss
carryforward.


.I 7800
.C
earn
.W
MERCHANTS <MCHN.O> TO REPORT 2ND QTR LOSS.
    INDIANAPOLIS, June 2 - Merchants National Corp, with 3.7
billion dlrs in assets, said it will report a loss of 13 mln
dlrs for the second quarter due to its decision to increase its
provision for losses by 30 mln dlrs, mainly due to
uncertainties surrounding Latin American debt.
    In the second quarter last year, Merchants reported net
income of 6.2 mln dlrs or 68 cts a share.
    As a result of the increased loan loss provision, the bank
said the allowance for loan losses will increase from 1.4 pct
to 2.5 pct of the bank's total loans. The bank said its expects
to report estimated net of over 15 mln dlrs for 1987.


.I 7801
.C
alum
.W
VENEZUELAN ALUMINUM FIRM TO CREDITS.
    Caracas, june 2 - the venezuelan state aluminum company
venalum is negotiating a total of 123.9 mln dlr in credits from
abroad for a planned expansion of production faciities, finance
minister manuel azpurua said.
    Azpurua spoke to reporters after meeting representatives of
the kreditanstalt fur wiederaufbau (kfw) bank of germany, who
tommorrow will sign a agreement to grant 100 mln marks (54.9
mln US dlrs) in credits to venalum.
    The agreement will have an eight and one-half year term and
a fixed interest rate of 6.13 pct.
    Azpurua said venalum is negotiating credits of 14.9 mln
dlrs from the swiss bank corporation, 14 mln dlrs from
mitsubishi of japan and 40 mln dlrs from eksportfinans of
norway.
    "this proves we are achieving our goal of reestablishing
the financial flows to the country," said azpurua.
    The credits would go to the installation of a fifth
production line in venalum, one of three state aluminum
companies, which produces primarily for the export market.


.I 7802
.C
ship
.W
U.S. HOUSE PASSES MIDEAST GULF BILL.
    WASHINGTON, June 2 - The House today approved a bill
requiring the Reagan administration to report to Congress on
its Mideast Gulf policy but not restricting its actions.
    The vote in favor was despite a last-minute revolt by an
alliance of liberal Democrats and conservative Republicans who
sought to defeat it as a signal that a growing number of
legislators oppose President Reagan's policies in the region.
    In the Senate, a leading Republican senator, former Senate
Appropriations Committee Chairman Mark Hatfield of Oregon, said
he would try to prevent consideration of the bill.
    He said he will put a so-called "hold" on the bill until he
finds out whether the War Powers Act applies to protecting
Kuwaiti tankers.
    Congressional leaders complain they were not consulted
about plans to put the U.S. flag on Kuwaiti ships and some
charged the policy could lead the U.S. into the Iran-Iraq war.
    Conservative Republicans said increasing the U.S. military
obligation in the gulf would place impossible burdens on
American servicemen and equipment, and warned it could lead to
war.
    "It is a real snake pit at best and a powder keg that will
blow sky-high at worst," said Wisconsin Rep. Toby Roth.
   


.I 7805
.C
money-fx
.W
NEAR TERM STRENGTH SEEN FOR CURRENCY FUTURES.
    by Patricia Campbell, Reuters
    CHICAGO, June 2 - Currency futures are likely to move
higher following the sharp rally today after President Reagan
announced that Paul Volcker would not accept a third term as
Federal Reserve Chairman and that Alan Greenspan was nominated
as his replacement, currency analysts said.
    Contrary to predictions before the Volcker resignation,
analysts are calling for higher currency futures prices between
now and the June 8 Venice economic summit.
    In particular, uncertainty about Greenspan's attitude to
the dollar could undermine sentiment toward the U.S. currency,
analysts said.
    Greenspan said today that the dollar appeared to be nearing
a bottom, but the market will bear in mind his remarks in
Chicago last week that the dollar's recent move upward was a
technical reaction and that it would trade significantly lower,
analysts said.
   
    "Disappointment of European central bankers over the
appointment will be used as an opportunity to sell the dollar
lower," said Manufacturers Hanover Futures vice president Carol
Mackoff.
    "The international community will not like this
appointment," as it suggests the possibility that the U.S.
budget deficit is too much of a burden on monetary policy and
that Volcker was unable to get the commitment he sought to
reduce the deficit, added Merrill Lynch Economics analyst David
Horner.
     Furthermore, "that Greenspan was not named two months ago
suggests that he was not the Administration's first choice --
and that the status of his appointment was as a bridesmaid,"
Horner said.
    A declining dollar scenario with higher currency futures
prior to and throughout the Venice meetings would be mitigated
only by concrete action as opposed to "jawboning" at the G-7
summit, he said.
    But G-7 finance ministers, judged by recent statements, may
be at an impasse, analysts said.
    Japan and West Germany today reiterated that neither
planned further interest rate cuts, despite pressure from the
U.S. to do so, Mackoff said.
    The U.S., on the other hand, has not cut its budget deficit
as Japan and West Germany have urged, she said.
    Should G-7 members force a U.S. commitment to cut its
budget deficit in the next two years, a further decline in the
dollar could be forestalled, Horner said.
    However, "the impact from Venice will be nothing if nothing
changes," Horner said.
    Smith Barney, Harris Upham and Co. analyst Craig Sloane
said European currencies will likely move to the higher end of
their 1987 ranges after today's sharp advance.
    For the next two weeks, Sloan calls for September yen
futures to advance toward the 0.007200 area. He said September
marks could close in on 0.5700 as an upside target, while Swiss
francs could climb to a range between 0.6900 and 0.6950.


.I 7807
.C
interest
.W
WESTPAC DROPS NEW ZEALAND INDICATOR LENDING RATE.
    WELLINGTON, June 3 - Westpac Banking Corp <WSTP.S> said it
is cutting its indicator lending rate to 22 pct from 23 pct
effective from June 15.
    Westpac said in a statement various other lending rates are
also being revised downwards. The Westpac move follows base
rate drops by other New Zealand trading banks recently. <Bank
of New Zealand's> base rate drops to 22 pct from 23 on June 16
and <National Bank of New Zealand Ltd's> rate falls to 21.50
pct from 23 on June 15. The Australia and New Zealand Banking
Group Ltd <ANZA.S> rate remains at 23 pct.


.I 7808
.C
dlr;money-fx;yen;
.W
******Bank of Japan intervened buying small amount of dollars at 142.85 yen - dealers.
Blah blah blah.

.I 7811
.C
wpi
.W
S. KOREAN WHOLESALE PRICES UP 0.4 PCT IN MAY.
    SEOUL, June 3 - South Korea's wholesale price index, base
1980, rose 0.4 pct to 127.0 in May after a 1.1 pct rise in
April and was 1.5 pct higher than in May 1986, the Bank of
Korea said.
    The May consumer price index, which has the same base, rose
1.4 pct to 149.1 after a 0.3 pct gain in April, for a
year-on-year rise of 3.5 pct.
    Wholesale prices rose 2.0 pct in the first five months of
1986, while consumer prices rose by 3.2 pct. Bank officials
said the rises were due to a strong yen which made imports of
Japanese parts, raw and intermediary materials more expensive.


.I 7812
.C
gas
.W
ESS0 LOWERS PREMIUM PETROL PUMP PRICE.
    SINGAPORE, June 3 - Esso Singapore Pte Ltd will lower the
pump price of its premium 97 octane petrol price to 96.8
cents/litre from 97 cents effective midnight tonight, a
spokeswoman said.
    The new price is similar to other oil companies' price for
the same grade.
    Esso's price for 95 octane remains unchanged at 90.8 cents.


.I 7815
.C
dlr;money-fx;yen;
.W
NAKASONE SAYS DOLLAR FALL ONLY TEMPORARY.
    TOKYO, June 3 - Prime Minister Yasuhiro Nakasone said the
dollar's sharp fall against the yen overnight was only
temporary.
    The dollar dropped sharply in New York after news that Paul
Volcker would step down as chairman of the U.S. Federal
Reserve.
    Nakasone told reporters he did not expect U.S. Policy to
change after Volcker steps down.


.I 7817
.C
money-fx
.W
VENEZUELA PROBES ALLEGED FOREIGN EXCHANGE FRAUD.
    CARACAS, June 28 - Banking authorities and police are
investigating an alleged fraud by the second largest trading
house in the Caracas free foreign exchange market, Finance
Minister Manuel Azpurua told reporters.
    The Superintendency of Banks and the Technical and Judicial
Police have both begun probes of Cambio la Guiara, Azpurua said
on Friday night.
    Police said the owners of the firm, Mario Muggia and his
brother Luigi Muggia, have left Venezuela.
    Cambio la Guiara operated in part on the "parallel market" in
which traders buy and sell dollars among themselves.
    The Venezuelan central bank on June 17 suspended the
licences of all 21 foreign exchange operators in the parallel
market, blaming their speculation for the constant rise in the
value of the U.S. Dollar here.
    Juan Domingo Cordero, vice-president of the Caracas Stock
Exchange and the owner of a foreign exchange trading house,
said on Friday he had begun legal action against Cambio la
Guiara for issuing him four checks without funds for a total
amount of almost one mln dlrs.
    The Cambio la Guiara exchange house had operated in
Venezuela for more than 20 years.


.I 7819
.C
ship
.W
KUWAIT SAYS IT HAS FULL GULF ARAB SUPPORT.
    KUWAIT, June 29 - Kuwait, whose shipping has come under
repeated attack by Iran, has the full support of Saudi Arabia
and other Gulf allies, a senior government official said.
    Cabinet spokesman Abdul-Aziz al-Otaibi, quoted by the
Kuwaiti news agency KUNA yesterday, said Foreign Minister
Sheikh Sabah al-Ahmed al-Sabah had told cabinet he had found
"complete support...At this delicate phase" during visits to Gulf
Cooperation Council (GCC) states.
    The GCC, an economic and military alliance which has
generally supported Iraq over Iran, comprises Bahrain, Kuwait,
Oman, Qatar, Saudi Arabia and the United Arab Emirates.


.I 7820
.C
crude
.W
SANTOS SAYS IT HAS SIGNIFICANT OIL FIND.
    ADELAIDE, June 29 - Santos Ltd <STOS.S> said it had made a
significant oil discovery at its Mawson One well in the Moomba
block of the Cooper Basin, South Australia.
    It said the well flowed oil from sands at an average rate
of 1,440 barrels per day from 2,131 to 2,135 metres through a
6mm choke.
    Santos said the well was cased and suspended pending
further evaluation. But it said the proximity of the discovery
to existing production facilities at the Gidgealpa South field
would allow Mawson One to be brought into production rapidly.
    Santos has a 60 pct stake in the block, <Delhi Petroleum
Pty Ltd> has 30 pct and <South Australian Oil and Gas Corp Pty
Ltd> has 10 pct.


.I 7825
.C
crude;fuel;naphtha;
.W
OIL MARKETS SHOW RESPECT FOR NEW OPEC ACCORD.
    SINGAPORE, June 29 - OPEC has shown itself to be in control
of the world oil situation with its speed in hammering out a
pact to limit crude oil output to 16.6 mln barrels per day
(bpd) for the rest of 1987, oil traders said.
    They said market respect for the cartel has increased since
it announced Saturday that it would cut fourth quarter output
to 16.6 mln bpd from the 18.3 mln agreed in December.
    "There are light oversupplies now, but OPEC ... Has ensured
there will be no oversupplies in the fourth quarter, and is in
effect putting pressure on end-users," a European crude oil
trader said.
    In Tokyo, one oil analyst said, "There's no reason to expect
a weak market from now on."
    A Japanese oil trader, also based in Tokyo, said, "We
thought OPEC would have difficulty agreeing on fourth quarter
production so the market will react very bullishly."
    Traders in Singapore said that while there has been only a
slight increase so far in spot quotes for Dubai, a benchmark
crude, they expect price increases over the next few days.
    August Dubai was discussed in cautious early activity at
around 17.35 dlrs, above Friday's 17.15-20 range, but still
below the government selling price (GSP) of 17.42.
    Even prices of light Mideast grades, such as Qatar and Abu
Dhabi crudes, are expected to improve from recent weak
positions, 15 to 20 cents below their GSP's. Singapore traders
said sellers might now aim for GSP's at least.
    They said that after initial jumps, they expect prices to
stabilise and hover around GSPs for the next few months.
    They said the Japanese oil market would be most affected
and Japanese end-users would need to rebuild stocks for winter
requirements before October.
    Prices are most likely to rise in the fourth quarter on
European and U.S. Stockbuilding for winter, they added.
    "There's no doubt consumption will be higher than production
by the fourth quarter and stocks are not that high," said an
international trader in Tokyo. Another Tokyo trader was less
bullish, "For sure there will be some shortage but it depends on
how much they (OPEC members) cheat."
    A Singapore trade source said, "There is enough cheating and
leakage in the OPEC sales system to convince traders there is
no need to worry about shortages."
    Other traders said the questionable Iraqi production level,
after Iraq's rejection of its assigned quota, was a bearish
factor to be considered.
    Traders also said end-users now would buy as much as
possible on term contracts and buy spot only when the market
cooled from its initial reaction to the OPEC agreement.
    Spot product prices in Singapore were little changed in
thin early discussions, with naphtha and middle distillates
quiet on minimal buying interest.
    Fuel oil products were steady to firm on light demand and
tight prompt supplies, dealers said.


.I 7827
.C
crude
.W
FAR EAST TRADERS EXPECT 20 DLR OIL IN JANUARY.
    TOKYO, June 29 - OPEC's agreement to limit output to 16.6
mln barrels per day (bpd) for the rest of the year should boost
spot prices and enable the group to raise its official
reference price to 20 dlrs a barrel in January from the current
18 dlrs, Far East oil industry sources said.
    "Fundamentally, the market situation is bullish and the
official price will be 20 dlrs in January," a Japanese refiner
said.
    The sources said that in spite of over-production by OPEC
members such as Iraq, the United Arab Emirates, Kuwait and
Qatar, demand should exceed supply by the fourth quarter.
    Spot oil prices surged on Friday in late U.S. Trading as
the market anticipated an OPEC agreement on second-half 1987
output. In early Tokyo trade, levels were firm at 17.30 dlrs
for Mideast Dubai cargoes loading next month and 19.00 dlrs for
U.K. Brent, traders said.
    They said they expect more foreign crudes to be sucked into
the U.S. Market as the benchmark crude West Texas Intermediate
(WTI) trades at around 20.30 dlrs.
    "With WTI at 20, 21 or 22 dlrs, U.S. Refiners will import
Mideast and Far East crudes and this will strengthen those
grades further," said a Japanese oil trader.
    Some Tokyo traders were cautious about whether thU spot
market has further upward potential in the short term, having
risen strongly on the OPEC news on Friday.
    "You could certainly argue that if New York rose on that
basis, there's no reason for prices to go up again today," said
one international oil trader in Tokyo.
    "But I think if there's any sign of a dip, it will be bought
back up again pretty quickly," he added.
    One oil industry analyst concurred, "There is no reason to
expect a weak market from now on." He said he expected OPEC to
raise prices to 20 dlrs when it meets on December 9.
    Oil sources said spot prices are unlikely to surge strongly
in the next few months due to cheating by some OPEC members and
the likelihood that Saudi Arabia will act as swing producer to
maintain steady prices.
    Iraq is currently producing around two mln barrels per day
compared to its second-half quota of 1.54 mln, they said. Its
export capability will rise to 2.5 mln bpd when a new pipeline
through Turkey, comes onstream in or around September.
    Qatar is said to be achieving sales of around 350,000 bpd,
against its OPEC-assigned quota of 299,000, by discounting up
to 20 cents a barrel from official prices, the sources said.
    Iran, the United Arab Emirates and Kuwait are also cheating
on the OPEC agreement with over-production and effective price
discounts through counter-purchases, industry sources said. But
they mostly agreed that Saudi Arabia will unofficially act as
swing producer, cutting production to compensate for higher
output by other members or boosting output if spot prices rise
too high too fast.
    Saudi Arabia has a floating oil stockpile of 40 to 50 mln
barrels. "Saudi Arabia wants oil price stability so the
stockpile may be utilized to cool down the market if it rises
too much," an oil industry analyst said.


.I 7828
.C
cocoa
.W
JAPAN TO RATIFY 1986 INTERNATIONAL COCOA AGREEMENT.
    TOKYO, June 29 - Japan will ratify the 1986 International
Cocoa Agreement (ICCA), with effect from July 1, and will renew
its membership in the International Cocoa Organisation (ICCO),
Foreign Affairs Ministry officials said.
    They said Japan would participate in an ICCO meeting on
July 13 in London to revise ICCO buffer stock policy.
    The 1986 ICCA has been in effect since January 1987.
    Government approval to participate in the ICCO was delayed
by parliamentary debate over the sales tax issue, the officials
said.


.I 7829
.C
acq
.W
******Willis Faber says it making agreed 302.6 mln stg bid for.
Stewart Wrightson

.I 7833
.C
crude
.W
SAUDI OIL COMPANY GETS NEW ACTING GOVERNOR.
    RIYADH, June 29 - The acting governor of Saudi Arabia's
state-owned oil company, Petromin, Jamal Hassan Jawa, has
retired at his own request, oil industry sources said.
    They said Ali Ibrahim Rubaishi, head of organisation
planning in Petromin, would take over as acting governor.
    Jawa held the post since his predecessor, Abdul-Hadi Taher,
left in a major oil industry shake up last December.
    The sources said Rubaishi had not been expected to hold the
post permanently.
    The government removed Taher and Oil Minister Ahmed Zaki
Yamani from their posts late last year in a move which industry
sources said was aimed at coming to grips with a buyers' oil
market.
    The two men had run the Saudi oil industry for more than 20
years. Industry sources said that despite huge resources, Saudi
Arabia had been unable to mould an oil marketing strategy tuned
to the competitive realities of the 1980s glut.
    Hisham Nazer, who replaced Yamani, successfully led an
OPEC-engineered return to fixed oil prices of 18 dlrs a barrel
last December.
    Nazer is believed to be reviewing Saudi oil operations
which could lead to a thorough overhaul in the way Saudi Arabia
does business, the sources said.
    The sources had said possible candidates for the governor's
job include Prince Abdul Aziz Ibn Salman Ibn Abdul Aziz, who
earlier ran a research center at Saudi Arabia's University of
Petroleum and Minerals, and former Deputy Planning Minister
Faisal Beshir. They also list Abdulla Bakr, President of the
University of Petroleum and Minerals, economist Ali Jonahi,
Ahmed Shinawi, and Zuheir Masoud, director of Jeddah Islamic
Port.


.I 7834
.C
crude
.W
UAE OIL MINISTER OTEIBA VISITS EGYPT - AGENCY.
    CAIRO, June 29 - UAE Oil Minister Mana Said al-Oteiba
arrived in Alexandria last night for a visit to Egypt, the
national Middle East News Agency (MENA) said.
    It said Oteiba, who had just attended the OPEC ministerial
meeting in Vienna, would stay for several days but gave no
details.
    Non-OPEC Egypt has pledged to restrain output to support
OPEC's moves to boost oil prices. Oil Minister Abdel Hadi
Kandeel last week said Egypt plans to leave its oil production
of 870,000 barrels per day unchanged for the next five years.
Egypt is able to produce up to one mln bpd.


.I 7835
.C
acq
.W
WILLIS FABER BIDS FOR STEWART WRIGHTSON.
    LONDON, June 29 - Willis Faber Plc <WIFL.L> will make an
agreed 302.6 mln stg offer for fellow insurance broker <Stewart
Wrightson Plc>, a joint statement said.
    The offer would be on the basis of three Willis shares for
every two in Stewart, valuing each Stewart share at about
655.5p.
    Willis already owns 2.05 mln shares, or 4.62 pct, and has
received acceptances from Stewart's directors for a further
247,469 shares.
    Full acceptance of the offer would involve the issue of
66.2 mln new Willis shares, or 28.2 pct of the enlarged total.
    The companies said the proposed merger would bring together
businesses that were largely complementary. Both believed the
combination would permit more effective competition throughout
the world and enahnce the service provided to clients.
    Following the merger, the two companies saw significant
opportunities for growth in brokerage income and considerable
scope for improved operating efficiency.
    Willis shares were suspended on Friday at 437p. When
trading restarted they dropped sharply to 393p.
    Stewart Wrightson shares rose to 576p at 0835 gmt from a
suspension price of 499p.


.I 7837
.C
crude
.W
NORWAY EXTENDS 7.5 PCT OIL OUTPUT CUT - MINISTRY.
    OSLO, June 29 - Norway will extend its 7.5 pct cutback in
planned North Sea oil output in support of OPEC from July 15
until the end of this year, Oil Ministry spokesman Egil Helle
told Reuters.
    "We took a very positive view of the OPEC meeting in Vienna,"
he said. "The accord reached there means stability in the oil
market and we shall continue making our contribution."
    The cuts, originally brought in from February 1, would
probably be officially approved on July 10 by parliament, Helle
said. The ministry had written to Norway's oil companies and
would now discuss with them how best to implement the cuts.
    OPEC agreed this weekend in Vienna on an output ceiling of
16.6 mln barrels per day (bpd) for the rest of 1987 and
retained the fixed prices that were set in its December accord
based on an 18 dlr per barrel reference point.
    OPEC's first half 1987 output ceiling was 15.8 mln bpd, and
it's December pact had provisionally set a third quarter
ceiling of 16.6 mln bpd, rising to 18.3 mln in the fourth
quarter.
    Norway, which pumps around one mln bpd from its offshore
fields, previously said it would continue its output curbs from
planned production for the rest of the year if OPEC remained
within its December accord on output and prices.
    Norway's oil production rose 10 pct to an average of around
840,000 bpd in 1986. Since then it has risen to around one mln
bpd, and is expected to reach about 1.5 mln bpd by 1995.
    The 7.5 pct cut from planned production implemented since
February reduced Norway's oil output by about 80,000 bpd.
    Norway's Oil Minister Arne Oeien, currently in Iceland for
a meeting of Nordic ministers, has made no official statement
on the latest oil production cutbacks.
    Over the past year several other leading non-OPEC
producers, including the Soviet Union, Mexico, China, Malaysia
and Egypt have also pledged support for OPEC's bid to keep
prices stable.
    Norway decided on the initial round of cuts following an
OPEC agreement last December which boosted oil prices to around
18 dlrs per barrel from around 14 to 15 dlrs last December.
    Norway relies on oil for about 40 pct of its total export
earnings and was hit hard by the collapse in the oil price
during the first half of 1986.
    But firmer oil prices since then have brought some
stability to the economy and helped narrow the foreign trade
deficit.
     Norway's North Sea neighbour Britain has consistently
refused to cooperate with OPEC output cuts saying it is up to
the producing oil companies to set the levels of production.


.I 7838
.C
acq
.W
BRENT TO BUY LONRHO DIVISION, PROPOSES RIGHTS.
    LONDON, June 29 - <Brent Walker Group Plc> said it had
agreed to buy the group of companies comprising Lonrho Plc's
<LRHO.L> Metropole Casino Division, together with a freehold in
central London, for 121.55 mln stg.
    Payment will be in cash on completion except for three mln
stg payable on December 1, 1988.
    Brent said it also proposed to raise about 126 mln stg net
through the issue of 131.67 mln convertible shares at one stg
each. The shares can be converted between 1990 and 2002 at the
rate of four ordinary shares for every 15 convertibles held.
    On full conversion, the issued ordinary share capital of
the company would increase by some 64 pct.
    <Birdcage Walk Ltd>, a company controlled by the Walker
family, owns 20.68 pct of the shares and is entitled to 27.2
mln convertible shares under the offer. The trustees had
indicated that it intended to sell enough of the convertibles,
nil paid, to enable it to take up the remainder.
    Brent would buy the casino companies and the freehold of
45, Park Lane in London. Under the arrangements, it would also
arrange for the repayment of 6.45 mln stg in inter-company
debt.
    Brent Walker shares firmed sharply on the announcement to
385p from 353p at Friday's close, while Lonrho also firmed, to
275p from 265.5p.


.I 7839
.C
interest
.W
BANK OF JAPAN DETERMINED TO KEEP EASY MONEY POLICY.
    TOKYO, June 29 - The Bank of Japan bought 100 billion yen
in certificates of deposit (CDs) via repurchase agreements
today to show its determination to maintain an easy money
policy, central bank officials said.
    "Today's CD buying operation was designed to seek an
announcement effect, in which we would reassure the market of
the fact that we have not changed our policy stance," a senior
central bank official told Reuters.
    The bank also bought 400 billion yen in two-month
commercial bills to smooth out tight credit conditions in the
interbank market today, the officials said.
    The central bank was concerned about growing market
expectations of higher interest rates, which were in part
responsible for the recent plunge in stock and yen bond prices,
the officials said.
    But money traders said the market generally shrugged off
the bank's CD operation because it was small and at a rate far
below prevailing market rates. The rate on the key three-month
CDs in the primary market was 4.08/00 pct, while the bank's bid
was 3.75 pct, they said.
    The bank's bill buying operation also had little impact
because it was regarded as a routine operation, they said.
    The money traders said they regarded the central bank's CD
buying operation as simply a gesture to live up to Japan's
pledge to guide interest rates lower and stimulate the economy.
    "We did not expect the central bank to ease its credit grip
any further," a bank manager said, adding that the prevailing
market expectation of higher rates will remain.
    "If this is the case, the three-month CD rate will stay
above four pct for the time being," he said.


.I 7840
.C
interest
.W
BANK OF JAPAN TO SELL 1,200 BILLION YEN IN BILLS.
    TOKYO, June 29 - The Bank of Japan will tomorrow sell 1,200
billion yen in bills from its holdings to help absorb a
projected money market surplus of 2,100 billion, money market
traders said.
    Of the total, 800 billion yen will yield 3.6004 pct on
sales from money houses to banks and securities houses in
34-day repurchase agreements maturing on August 3.
    The other 200 billion yen will yield 3.6003 pct in 43-day
repurchase accords maturing on August 12.
    The remaining 200 billion yen will yield 3.6503 pct in
50-day repurchase agreements maturing on August 19.
    The repurchase agreement yields compare with the 3.5625 pct
one-month commercial bill discount rate today and 3.6250 pct on
two-month bills.
    They attributed the projected surplus mainly to 1,900
billion yen of government tax allocations to local governments
and public bodies.


.I 7841
.C
cpi
.W
****** German June cost of living 0.2 pct above year-ago (May.
rise 0.2 pct) - official

.I 7843
.C
earn
.W
RICOH CO LTD <RICT.T> YEAR ENDED MARCH 31.
    TOKYO, June 29 -
    Group shr 24.20 yen vs 37.42
    Net 10.95 billion vs 15.46 billion
    Pretax 25.25 billion vs 31.15 billion
    Operating 28.39 billion vs 31.73 billion
    Sales 592.37 billion vs 593.86 billion
    NOTE - No forecast for current year


.I 7857
.C
interest
.W
UAE CENTRAL BANK CD YIELDS UNCHANGED.
    BAHRAIN, June 29 - Yields on certificates of deposit (CDs)
issued today by the United Arab Emirates central bank were
unchanged from those on last Monday's offer, the bank said.
    The one month yield was set at last week's 6-3/4 pct, while
two and three month CDs also remained unchanged at 6-13/16 pct.
The six month yield was set at seven pct.


.I 7862
.C
veg-oil
.W
EC PRESIDENCY PREPARED TO DROP OILS AND FATS TAX.
    BRUSSELS, June 29 - Belgium, current holder of the European
Community presidency, appears ready to drop a controversial
oils and fats tax from this year's hotly-contested farm price
package, diplomats said.
    In a discussion document prepared for today's summit
meeting of EC leaders, Belgium proposed the so-called
"stabilising mechanism" be the subject of "further study and
consultation with the Community's main trading partners."
    The proposal for a tax of as much as 330 Ecus per tonne on
both imported and domestically-produced vegetable and marine
oils and fats has attracted a storm of international criticism.
    The discussion document, aimed at preventing a cash row at
the summit and breaking the deadlock at this year's farm price
talks, contained the first formal reference to dropping the
measure.
    Britain and Denmark, which assumes the EC presidency on
June 30, have led the opposition to the measure. They are
supported by West Germany and the Netherlands and, to a lesser
extent, Spain.
    Although the paper was not universally welcomed, diplomats
said, the proposal to postpone consideration of the tax for a
further six months was certain to survive any redrafting.


.I 7865
.C
money-fx
.W
****** NORWAY CENTRAL BANK SELLS CROWNS TO EASE UPWARD PRESSURE.
ON CURRENCY - DEALERS

.I 7867
.C
trade
.W
BANGLADESH'S TRADE GAP TO WIDEN IN 1987/88.
    DHAKA, June 28 - Bangladesh's trade gap is expected to
widen in fiscal 1987/88 beginning on July 1 after the
government relaxed restrictions on some imports including
luxury cars.
    The country has set its export target for the year at 1.1
billion U.S. Dlrs against imports of 1.805 billion dlrs,
compared with 1986/7's one billion dlrs of export earnings and
1.113 billion dlrs of imports.
    Commerce Minister Mohammad Abdul Munim said the changes
were aimed at encouraging export oriented industries to boost
foreign exchange earnings and imports of essential machinery
and raw materials, to increase industrial production.
    The government was easing procedures to enhance incentives
especially for exporters of textiles and frozen food and
importers of industrial machinery and raw materials, Munim told
reporters.
    Commerce Ministry officials told Reuters the import policy
covered only commercial imports amounting to 1.805 billion
dlrs. Imports of capital machinery and foodgrains by the
government were not included in the policy, they added.
    They said the country's total import bill (both commercial
and other imports) was expected to reach 2.7 billion dlrs in
the new year compared with 2.4 billion dlrs in 1986/87.
    The minister said ending restrictions on imports of cars
and dropping 50 pct sales tax on small cars would not harm the
economy.
    Munim said Bangladesh feared a further drop in prices for
its main export jute, "which will certainly affect our export
earnings" in the coming year.
    Bangladesh's jute exports fell to 410 mln dlrs from 500 mln
in 1986/87, according official figures.
    But Munim said exports of non-traditional items, which
accounted for over 40 pct of total exports this year, would
play a key role in achieving the 1987/88 export target.


.I 7868
.C
alum
.W
CHINA ALUMINIUM VENTURE AIMS AT SOUTH KOREA.
    PEKING, June 29 - China and Australia's Victoria state
signed a joint venture contract for a 290 mln dlr aluminium
processing plant in China that will export to South Korea,
Australian officials told journalists.
    China has no official direct trade or government ties with
Seoul, while it maintains close links with North Korea.
    China International Trust and Investment Corporation
(CITIC) would have 75 pct of the equity in <Bohai Aluminium
Industries Ltd>, the company to build the rolling mill and
extrusion plant on the northeast China coast, they said.
    It was China's largest joint venture so far, they said.
    "A joint venture opens up the potential for penetrating
markets that would not otherwise be possible (for China),"
Victoria state treasurer Rob Jolly said.
    An Australian diplomat said CITIC was eager to pursue South
Korean markets. Indirect trade between China and Seoul is
growing but is not officially publicised.
    Victoria's <Aluvic Ltd>, on behalf of the state government,
will hold a 25 pct equity stake in the project, which is
intended as a sister plant to Victoria's Portland aluminium
smelter. CITIC in May agreed to invest about 80 mln dlrs in
Portland.
    The China-based joint venture would process Portland
aluminium and aim to sell aluminium products to the domestic
Chinese market as well as for export, Jolly said.
    The Australian side's investment was limited to about 22
mln dlrs, but Aluvic would have the right to appoint key
managers, he said.
    Australian officials said they hoped the goodwill generated
by their participation would lead to further CITIC investment
in Victoria. The Chinese group enjoys a high level of
independence from Peking's central government and has extensive
overseas investments.


.I 7869
.C
money-fx
.W
NORWAY CENTRAL BANK SELLS CROWNS TO EASE PRESSURE.
    OSLO, June 29 - Norway's central bank sold crowns in the
open market in a bid to ease strong upward pressure on the
currency, which threatens to rise above set levels in a basket
of currencies, dealers said.
    The central bank declined comment, but dealers noted the
bank had also intervened and sold small amounts of crowns on
Friday. The bank is committed to defending the crown at certain
levels in a basket of 14 trade-weighted currencies.
    "They've been in again this morning, selling piecemeal
whenever they think necessary," a senior dealer at an Oslo bank,
who declined to be identified, told Reuters.
    The crown's index is currently around 109.60 in the basket
-- close to its upper limit of 109.50 which the central bank is
committed to defending.
    A low index figure indicates a high value for the crown.
The limit at the other end of the scale is set at 114.50.
    The crown has been bolstered by high Norwegian interest
rates, currently around 16 pct in the money market, and better
than expected economic indicators which showed a sharply
reduced foreign trade deficit in May and inflation stabilising
around the current annual rate of 10 pct.


.I 7873
.C
interest
.W
******BANK OF FRANCE CUTS INTERVENTION RATE TO 7-1/2 PCT FROM.
7-3/4 PCT - OFFICIAL

.I 7874
.C
trade
.W
EC, U.S. REMAIN DIVIDED OVER PASTA DISPUTE.
    BRUSSELS, June 29 - Top-level talks last week between the
European Community (EC) and the United States failed to resolve
a dispute over pasta which may provoke new trade frictions next
month, diplomatic sources said.
    The U.S. Insists the EC complies with what it regards as an
unambiguous ruling from the world trade body GATT and
dismantles an export subsidy system which has led to Italy
taking an increasing share of the U.S. Pasta market.
    The sources said the EC, which currently provides subsidies
of around 16 cents a pound, offered a compromise in last week's
talks in Brussels but that this was rejected by the U.S.
    U.S. Assistant Special Trade Representative Jim Murphy has
returned to Washington ahead of a theoretical July 1 deadline
for agreement, set last August when the two sides resolved a
related dispute over EC restrictions on U.S. Citrus imports.
    The diplomatic sources said the citrus issue could be
reopened if the pasta dispute was not solved quickly. It was
also possible the U.S. Would reimpose a 40 pct tariff on EC
pasta, lifted when the citrus row was settled.
    But the two sides may agree to extend the deadline for a
few days as EC Commissioners Willy de Clercq and Frans
Andriessen are due to visit Washington from July 7 to 10.


.I 7875
.C
interest
.W
******BANK OF FRANCE CUTS SEVEN-DAY REPURCHASE RATE TO EIGHT.
PCT FROM 8-1/4 PCT - OFFICIAL

.I 7877
.C
oilseed;wheat;grain;rapeseed;
.W
POLISH FARM PRICES AND COSTS TO RISE FROM JULY.
    WARSAW, June 29 - Polish farmers will receive price rises
ranging from 13.4 pct for some crops to 23.3 pct for meat from
July 1, the Finance and Agriculture ministries said.
    The state procurement price for rape will rise 13.4 pct to
5,500 zloties per quintal, while wheat and rye will go up an
average 18.2 pct to 3,100 and 2,400 zloties per quintal. Pork
will rise by 18.8 pct and beef 23.3 pct.
    The ministries said the new prices aimed to ensure farmers'
profits and meet higher living costs. But at the same time they
said fertilisers would rise by an average 50 pct, animal feeds
by 38 pct and tractors by 25 pct.


.I 7879
.C
veg-oil
.W
EC FARM MINISTERS TO MEET TOMORROW AFTER SUMMIT.
    BRUSSELS, June 29 - European Community agriculture
ministers will meet tomorrow evening, after the end of a
two-day summit meeting of heads of government, to again attempt
to agree a 1987/88 farm price package, an EC Commission
spokesman said.
    He added that tomorrow's EC Official Journal will contain
notice of special agricultural measures of a purely technical
nature which will come into effect on July 1 unless the
ministers reach an accord.
    The spokesman declined to detail these special measures but
said they would not be the sort of "dynamic" moves which EC Farm
Commissioner Frans Andriessen has said he would take in the
case of complete deadlock among farm ministers.
    These moves would be taken only if tomorrow's meeting of
ministers in Brussels again fails to reach an accord, EC
sources said.
    Andriessen is thought to be prepared to cut cereals prices
by seven pct and to take other drastic action, trade sources
said.
    EC farm ministers ended their last meeting on June 18 still
split over the Commission's proposal for a tax on vegetable and
marine oils and fats.
    In addition, West Germany said it would veto plans for
cereal price cuts and for a change in the green currency
system.
    Earlier today, diplomats said Belgium, the current holder
of the European Community presidency, appears ready to drop the
plans for the controversial oils and fats tax.


.I 7883
.C
hog;livestock;trade;
.W
CANADA THREATENS BAN ON DANISH PIGMEAT IMPORTS.
    COPENHAGEN, June 29 - Canada has threatened to stop imports
of Danish pigmeat from July 14 after Canadian veterinary
inspectors approved only two of 33 slaughterhouses, a Danish
agriculture ministry official told Reuters.
    The Canadians postponed the original July 1 deadline at the
request of the European Commission, which Denmark approached
for support.
    Danish Foreign Minister Uffe Ellemann-Jensen said in an
interview with the daily Berlingske Tidende: "Denmark will not
accept a ban on Danish meat exports, and I am sure we can reach
an understanding with the Canadians with the help of the EC."
    Danish pigmeat exports to Canada were worth 106 mln crowns
in 1986, while Canadian exports to the European Community
totalled about 6.5 billion U.S. Dlrs.
    Some Danish slaughterhouse officials expressed suspicion
that the Canadian action was in response to tightening up by EC
veterinary inspectors on Canadian food exports to the EC.
    But an official at the Canadian embassy in Copenhagen said
the inspection of Danish slaughterhouses was based on EC
regulations. "Canadian officials are very concerned about the
trade implications. We are holding active discussions with the
EC and bilaterally," she added.


.I 7884
.C
crude
.W
EXTRACTS FROM OPEC COMMUNIQUE.
    VIENNA, June 29 - Following are extracts from the
communique issued at the conclusion of the OPEC conference
here.
    "The conference expressed satisfaction about the positive
results of the agreement signed in December, 1986, by which
OPEC re-established the system of fixed price at a level of 18
dlrs per barrel supported by OPEC production ceilings
distributed into national production levels.
    "The conference noted that all market indicators, including
spot prices in the market and netback values of all OPEC
crudes, have been firming up significantly, thus consolidating
the OPEC price structure as defined by the agreement."
    "The conference examined the supply/demand outlook for the
second half of the year and decided that in order to secure
continued firm prices in the market, OPEC production during the
fourth quarter of 1987 will be equal to that of the third
quarter, I.E. 16.6 mln barrels per day (bpd), distributed into
the same national production levels as were defined by the
above-mentioned agreement for that quarter."
    "Furthermore, the conference decided to establish a
committee of five heads of delegation to monitor the price
evolution in the market in relation to the OPEC official prices
in order to secure price stability around the opec price
structure.
    "Should there be any significant change in market prices,
the committee would immediately call for an extraordinary
meeting of the conference with a view to deciding on the
necessary OPEC production levels during the second half of the
year, which would secure the desired market stability."
    "The conference reiterated the necessity of member
countries' strict adherence to the agreement signed in December
1986, both in terms of official price, and national production,
levels.
    "For this purpose, the conference decided to establish a
committee of three heads of delegation to undertake visits to
member countries in order to motivate them to comply with the
terms of the agreement."

    "Moreover, the conference stressed the necessity of the
cooperation of the oil-producing exporting countries outside
OPEC as an essential prerequisite for a lasting market
stability.
    The conference, therefore, decided to reinstate the group
of five heads of delegation established by the 77th
(extraordinary) meeting of the conference in April, 1986 to
undertake the necessary contacts with those countries.
    "The conference observed the continued fall in the value of
the U.S. Dollar and agreed that the matter should be studied
and reported to the next meeting of the conference."

    "The conference discussed the appointment of the secretary
general and decided to discuss the matter again in its next
ordinary meeting.
    "The conference extended the term of office of Fadhil
al-Chalabi as deputy secretary general for a period of one year
from October 7, 1987.
    "The next ordinary meeting of the conference will be
convened in Vienna on December 9, 1987."



.I 7885
.C
interest
.W
POEHL SPEAKS AGAINST GERMAN INTEREST RATE CUT.
    BONN, June 29 - Bundesbank President Karl Otto Poehl said
West Germany would be badly advised to lower interest rates and
that he believed the economy would continue to recover after a
six-month lull.
    Asked by the newspaper Bild am Sonntag if lower interest
rates could boost the domestic economy, Poehl said: "We would be
badly advised if we forced further interest rate cuts.
    "This could, under certain circumstances, release new
inflationary fears which would then be more likely to lead to
higher interest rates," he added.

    Poehl said Germany had practically no growth in the past
six months because of the mark's surge and the cold winter.
    "But since April, statistics clearly show that the economy
finds itself on a course of growth," he said. "I expect this
development to continue in the coming months."
    Asked about his expectations of a U.S.-European Community
trade war, Poehl said such an event would be disastrous.
    "For this reason we in Europe must avoid everything used by
protectionist forces in the U.S. As pretexts," he added. "This
includes...Eliminating existing restrictions in the EC as far
as possible. Protectionism is not found only in the U.S."


.I 7887
.C
crude
.W
KUWAIT SEES OPEC OUTPUT OVER CEILING TO END-YEAR.
    VIENNA, June 29 - OPEC output for the second half of 1987,
including that of Iraq, will be above the official 16.6 mln
barrels per day (bpd) output ceiling agreed by OPEC Saturday,
Kuwait oil minister Sheikh Ali al-Khalifa al-Sabah, said.
    Iraq refused to sign the pact, by which OPEC maintained its
ceiling at 16.6 mln bpd for both the third and fourth quarters
of 1987. In December, OPEC set a provisional fourth quarter
level of 18.3 mln bpd, now cut back to the third quarter
target.
    Ali told a news conference that including Iraq, "OPEC third
quarter output will be between 17.5 and 17.7 mln bpd while
fourth quarter output will be nearly 18 mln bpd"
    Ali did not detail what effect he thought these production
levels would have on prices.
    Iraq has an official first half quota of 1.466 mln bpd,
rising to 1.54 mln in the second half, but has refused to
adhere to it and has recently been producing around two mln
barrels per day, exporting it through pipelines to Saudi Arabia
and Turkey. Iraq's export capacity will be further boosted when
a 500,000 bpd oil pipeline via Turkey comes on stream in about
September.
    Iraq has been insisting on a quota equal to its Gulf War
enemy Iran, which has a quota of 2.255 mln bpd, rising to 2.369
mln in the second half.
    Ali said the position of the 400,000 bpd production from
the Neutral Zone between Saudi Arabia and Kuwait, which has
been supplied to Iraq as war relief crude, was fixed. "We will
not discuss it. There will not be any change," he said.
    Ali said the conference, which began Thursday and ended
Saturday evening, had been too short for all necessary problems
to be adressed. "We are overdoing it in holding too short a
meeting. We sweep a lot under the carpet," he said.
    Ali said the problem of price differentials between the
prices of various OPEC crudes had not been dealt with properly
at the meeting.

    Ali said "The problem of differentials is a real one. I
would hate to be producing today a light crude and that problem
has not been dealt with properly. Light crudes are overpriced
relative to heavy crudes."
    Asked if the issue of differentials would be raised at the
next OPEC meeting to be held in Vienna on December 9, Ali said
"If my crudes are affected I will raise the issue, I will not do
the work of another minister."
    Kuwait's own crudes range from medium to heavy grades.
    OPEC reintroduced fixed prices on February 1, with a spread
of 2.65 dlrs a barrel between its lightest and heaviest crudes.
       


.I 7888
.C
crude
.W
IRAQ REJECTS NEW OPEC OIL QUOTA.
    BAGHDAD, June 29 - Iraq has rejected its new OPEC
production quota set in Vienna for the second half of this
year, the official Iraqi news agency INA reported.
    It quoted Oil Minister Issam Abdul-Rahim al-Chalabi, who
returned Sunday, as saying "Iraq will continue to adhere to its
position considering itself as not included in the agreement."

    Last December, Iraq rejected its assigned first half 1987
quota of 1.466 mln bpd and demanded a share equal to the 2.255
mln bpd quota set for Iran, its enemy in the nearly
seven-year-old Gulf war.
    The accord reached by OPEC ministers in Vienna Saturday set
an output ceiling of 16.6 mln bpd for the group's 13 members
from July to December, raising Iraq's share to 1.54 mln bpd and
Iran's to 2.369 mln.


.I 7889
.C
earn
.W
FRASER AND NEAVE LTD <FRNM.SI> HALF YR TO MARCH 31.
    SINGAPORE, June 27 -
    Shr 15.8 cents vs 12.9 cents
    Int div six cents vs same
    Group net 19.90 mln dlrs vs 16.25 mln
    Turnover 390.70 vs 381.60 mln
    NOTE - Div pay Aug 3, register July 31. Co says it expects
results for the second half year to be similar to those of the
first half.
  


.I 7890
.C
earn
.W
MITSUI REAL ESTATE DEVELOPMENT CO LTD <MREA.T>.
    TOKYO, June 29 - Year ended March 31
    Group shr 33.98 yen vs 39.10
    Net 21.16 billion vs 19.96 billion
    Current 45.23 billion vs 32.87 billion
    Operating 77.17 billion vs 63.90 billion
    Sales 616.96 billion vs 527.88 billion
    NOTE - The company said the 37.6 pct increase in 1986/87
group current profit from a year earlier was mainly due to a
drop of two billion yen in interest payments.


.I 7896
.C
bop
.W
****** German May current account surplus 7.5 billion marks.
(April surplus 6.1  billion) - official

.I 7897
.C
trade
.W
****** German May trade surplus 10.6 billion marks (April.
surplus 8.9 billion) - official

.I 7898
.C
cocoa;coffee;cotton;
.W
IVORY COAST WEATHER NO PROBLEM FOR 1986/87 CROPS.
    ABIDJAN, June 29 - Ivory Coast rainfall this season has
been less than in previous years, but 1986/87 cocoa and coffee
production has not suffered, the official Ivorian daily
Fraternite Matin reported.
    The newspaper did not speculate on whether recent dry
conditions seriously threatened the main 1987/88 cocoa crop.
Trade sources said the weather up to now could be irrelevant if
there is good rainfall in coming weeks.
    Precipitation during the present campaign has been lowest
in northern savannah regions, where the cotton crop has
especially benefitted from the dry weather, Fraternite Matin
said.
    Agriculture Minister Denis Bra Kanon said earlier this
month 1986/87 cotton output would be a record 213,506 tonnes,
compared with 190,000 tonnes in 1985/86.
    Fraternite Matin said the mainstays of Ivorian agriculture
had been little affected by the dry weather. Coffee does not
need very much water to survive and only old cocoa plants have
been affected in some regions, it added.
    London-based dealer Gill and Duffus recently forecast
1986/87 Ivory Coast cocoa output at a record 590,000 tonnes,
which compares with 585,000 estimated for 1985/86. It described
early development of the new main crop as patchy.
    The U.S. Agriculture Department (USDA) earlier this year
forecast a drop in 1986/87 coffee production in the Ivory Coast
due to drought in the western part of the country. It estimated
the crop at 3.84 mln bags compared with the previous year's
4.33 mln bag harvest.
    Ivorian officials have only described this year's coffee
crop as "normal."


.I 7899
.C
earn
.W
TATA IRON AND STEEL PRE-TAX FALLS 37 PCT.
    BOMBAY, June 29 - Year to March 31, 1987
    Share 106 rupees vs 130
    Pre-tax profit 995.2 mln rupees vs 1.57 billion
    Net profit 875.2 mln vs 1.07 billion
    Sales 14.16 billion vs 12.85 billion
    Dividend 25 pct vs same
    Tax 120 mln vs 500 mln
    Note - Full company name is Tata Iron and Steel Co Ltd
<TATA.BO>. Dividend is payable to shareholders on Aug 12.


.I 7900
.C
acq
.W
KRAFT <KRA> COMPLETES BUY OF QUAKER <OAT> UNIT.
    GLENVIEW, ILL., June 29 - Kraft Inc said it has completed
the previously announced acquisition of the Anderson Clayton
Foods Division from Quaker Oats Co for 235 mln dlrs in cash.


.I 7953
.C
cpi
.W
FRENCH INFLATION CONFIRMED AT 0.2 PCT IN MAY.
    PARIS, June 29 - French retail prices rose a confirmed 0.2
pct in May compared with a 0.5 pct rise in April and 0.2 pct in
May last year, the National Statistics Institute (INSEE) said.
    The rise took the year-on-year inflation rate to 3.4 pct in
May from 3.5 pct in April, and brought cumulative inflation
over the first five months of this year to 2.0 pct compared
with 0.7 pct for the same period of 1986.


.I 7958
.C
oilseed;acq;soybean;sunseed;
.W
STALEY <STA> SELLS INTEREST IN SPANISH VENTURE.
    ROLLING MEADOWS, ILL., June 29 - Staley Continental Inc
said it sold its 50 interest in Sociedad Iberica de
Molturacion, S.A. (Simsa), a soybean and sunflower seed
processing company based in Madrid, Spain.
    Staley's investment in Simsa no longer fit its overall
coporate strategy and an agreement to sell the interest was
completed in May, it said.
    Staley said the Simsa transaction will not have a material
effect on its balance sheet.


.I 7959
.C
acq
.W
******MARTIN PROCESSING SAID IT ACCEPTS 20 DLRS/SHARE BID FROM.
COURTAULDS PLC

.I 7963
.C
acq
.W
FRONTIER <FRTR.O> BUYS MALPRACTICE BUSINESS.
    MONTICELLO, N.Y., June 29 - Frontier Insurance Group Inc
said it acquired the malpractice book of business generated by
Medical Quadrangle Inc and Medical Professional Liability
Agency Ltd, a producer of medical malpractice coverage.
    It said the acquisition will enable all of Frontier's
medical malpractice coverage to be serviced internally.


.I 7967
.C
earn
.W
HELENE CURTIS INDUSTRIES INC <HC> 1ST QTR NET.
    CHICAGO, June 29 - Period end May 31
    Shr profit four cts vs loss 22 cts
    Net profit 139,000 vs loss 799,000
    Revs 101.9 mln vs 86.8 mln


.I 7970
.C
earn
.W
LE GROUPE VIDEOTRON LTEE <VDO.TO> NINE MTHS NET.
    MONTREAL, June 29 -
    Period ended May 31
    Shr 41 cts vs 35 cts
    Net 15.4 mln vs 11.9 mln
    Revs 234.4 mln vs 96.6 mln
    Avg shrs 38.0 mln vs 34.4 mln


.I 7972
.C
earn
.W
INTER-TEL INC<INTLA.O> 2ND QTR MAY 31 OPER NET.
    CHANDLER, ARIZ., June 29 -
    Oper shr three cts vs one ct
    Oper net 210,000 vs 67,000
    Revs 10,252,000 vs 8,929,000
    Avg shrs 7,933,000 vs 8,553,000
    Six mths
    Oper shr five cts vs two cts
    Oper net 420,000 vs 133,000
    Revs 20.3 mln vs 17.1 mln
    Avg shrs 7,952,000 vs 8,551,000
    NOTE: 1987 earnings exclude gain from utilization of tax
loss carryforwards of 125,000 dlrs, or one ct a share in the
quarter and 150,000 dlrs, or two cts a share for the six months


.I 7973
.C
acq
.W
NEW GENERATION PRODUCTS MAKES ACQUISITION.
    SALT LAKE CITY, Utah, June 29 - <New Generation Products
Inc> said it has acquired a 20 pct ownership in <Personal
Protection Technolgies Inc>.
    New Generation said Personal Protection is developing a
group of personal care products, which are effective in killing
a variety of viruses and bacteria on contact, for U.S. and
export markets.


.I 7975
.C
earn
.W
TOWN AND COUNTRY JEWELRY <TNC> FIRST QTR NET.
    NEW YORK, June 29 - 
    Shr 15 cts vs 12 cts
    Net 1,240,939 dlrs vs 989,714 dlrs
    Revs 32.9 mln dlrs vs 21.1 mln dlrs
    Note: first quarter ended May 31. The company's full name  
  is Town and Country Jewelry Manufacturing Corp


.I 7976
.C
earn
.W
DATA ARCHITECTS INC <DAI> 2ND QTR MAY 31 NET.
    WALTHAM, Mass., June 29 - 
    Shr 19 cts vs 16 cts
    Net 502,000 dlrs vs 401,000 dlrs
    Revs 8.8 mln dlrs vs 6.7 mln dlrs
    Six mths
    Shr 38 cts vs 29 cts
    Net 989,000 dlrs vs 745,000 dlrs
    Revs 16.3 mln dlrs vs 12.5 mln dlrs


.I 7977
.C
acq
.W
MARTIN PROCESSING <MPI> ACCEPTS COURTAULDS BID.
    MARTINSVILLE, Va., June 29 - Martin Processing Inc said its
board approved an agreement to be acquired by Courtaulds Plc
<COU.L> for 20 dlrs a share.
    The company said the transaction is valued at more than 99
mln dlrs, based on its 4,963,620 shares of stock outstanding.
    It said Courtaulds has privately agreed to purchase a
majority of Martin's common from trusts established by Julius
Hermes for 20 dlrs a share. It said Courtaulds intends to
conduct a tender offer for all the Martin stock it does not
own, beginning as soon as necessary documents are prepared.


.I 7978
.C
earn
.W
LIFETIME CORP <LFT> YEAR MARCH 27 NET.
    NEW YORK, June 29 - 
    Shr 15 cts
    Net 3.6 mln dlrs
    Revs 96.9 mln dlrs
    Note: the company said year-ago figures are not comparable 
   due to its reverse merger last year


.I 7979
.C
earn
.W
UNIVERSITY GENETICS CO <UGEN.O> 3RD QTR LOSS.
    WESTPORT, Conn., June 29 - 
    Shr loss two cts vs loss four cts
    Net loss 199,010 dlrs vs loss 398,202 dlrs
    Revs 1,284,939 dlrs vs 359,440 dlrs
    Nine mths
    Shr loss 10 cts vs loss 14 cts
    Net loss 973,542 dlrs vs loss 1,298,203 dlrs
    Revs 3.9 mln dlrs vs 1,269,098 dlrs
    Note:the third quarter ended April 30


.I 7981
.C
cpi
.W
EC ANNUAL INFLATION FALLS IN MAY.
    LUXEMBOURG, June 29 - The European Community's annual
inflation rate fell marginally to 3.2 pct in May from 3.3 pct
in April, the EC's statistics office Eurostat said.
    Prices in the 12-nation bloc rose 0.2 pct in May after 0.6
pct in April. But the annual rate stayed below that of the U.S.
For the second month in succession, following the release of
figures showing U.S. Inflation of 3.8 pct in both April and
May.
    However, Eurostat said the EC was still beaten by Japan,
where prices were provisionally 0.1 pct lower in May than a
year earlier.


.I 7982
.C
acq
.W
BSN <BSN> HAS PURCHASED MACGREGOR <MGS> STOCK.
    DALLAS, June 29 - BSN Corp said it purchased MacGregor
Sporting Goods' common stock in recent open market
transactions.
    BSN said its position is less than the five pct ownership
which would require specific disclosure. The company will
continually review its position and may nelect to increase or
decrease the number of shares owned, it added.


.I 7983
.C
earn
.W
TELECOMMUNICATIONS NETWORK <TNII.O> YEAR NET.
    KEARNY, N.J., June 29 - 
    Shr 38 cts vs 47 cts
    Net 968,000 dlrs vs 1,053,000 dlrs
    Revs 15.4 mln dlrs vs 12.6 mln dlrs
    Note:the year ended March 31.


.I 7985
.C
earn
.W
HOVNANIAN ENTERPRISES <HOV> 1ST QTR MAY 31 NET.
    NEW YORK, June 29 -
    Shr 27 cts vs 14 cts
    Net 5,664,000 vs 2,812,000
    Revs 68.2 mln vs 54.7 mln
    Avg shrs 21,254,054 vs 20,167,714


.I 7986
.C
trade
.W
ARMISTICE ELUDES EC AND U.S. IN SPAGHETTI WAR.
     BRUSSELS, June 29 - Talks between the European Community
(EC) and the United States have failed to settle a trade
dispute over pasta, an EC Commission spokesman said.
    Diplomatic sources said the dispute could provoke new trade
friction unless it was settled soon.
    Washington is insisting that the EC comply with what it
regards as an unambiguous ruling from the world trade body GATT
and cut export subsidies which have allowed Italy to take an
increasing share of the U.S. pasta market.
    The EC provides subsidies of about 16 cents a pound on
pasta exports. The spokeswoman said the talks foundered on the
question of how much the subsidy should be cut.


.I 7991
.C
acq
.W
UTILICORP <UCU> UNIT BUYS STAKE IN POWER PLANT.
    KANSAS CITY, Mo., June 29 - Utilicorp United Inc said its
UtilCo Group subsidiary completed the purchase of a 38 pct
interest in Westwood Energy Properties Limited Partnership for
about 10 mln dlrs.
    The company said the partership is building and will
operate a 30-megawatt electric generation facility in Schuykill
County, Penn., scheduled to begin commercial operation in July.
It said the 38 pct interest was sold by Westwood Funding Corp,
a wholly-owned subsidiary of Combustion Engineering Inc <CSP>.
Westwood Funding retains an interest in the partership and
serves as a general partner, it said.


.I 7992
.C
gas
.W
EXXON <XON> EXTENDS MID-GRADE UNLEADED MARKETING.
    HOUSTON, June 29 - Exxon Co U.S.A. said it is extending
marketing of its mid-grade unleaded gasoline, Exxon Plus, into
the Houston and Dallas/Fort Worth metropolitan areas beginning
early next month.
    Exxon Corp's domestic subsidiary is already marketing the
89-octane unleaded gasoline along much of the East Coast.
    As it introduces the third unleaded grade, Exxon noted, it
no longer offers a leaded gasoline in the market, except in
some rural areas where leaded gaosline will be made available
to distributors who have a substantial need for the product to
serve customers whose equipment was designed for leaded fuel.


.I 7994
.C
acq
.W
CORADIAN <CDIN.O> STAKE ACQUIRED BY SAGE.
    ALBANY, N.Y., June 29 - Coradian Corp said a group led by
privately held Sage Equities Group agreed to buy a 7.6 pct
interest in Coradian.
    In connection with the agreement, the company said it sold
666,667 shares at 75 cts a share.
    It said that in addition to common stock, Sage Equities
will receive 667,667 warrants exercisable at 1.50 dlrs a share.


.I 7995
.C
earn
.W
SIKES CORP <SKA> 1ST QTR MAY 31 NET.
    LAKELAND, Fla., June 29 -
    Shr 24 cts vs 18 cts
    Shr diluted 21 cts vs 18 cts
    Net 2,108,805 vs 1,605,278
    Sales 28.9 mln vs 24.2 mln
    NOTE: Share results reflect two for one stock split to be
paid July eight


.I 7996
.C
oilseed;wheat;grain;sugar;barley;rapeseed;oat;
.W
DANISH CROPS TWO WEEKS BEHIND, OFFICIAL REPORT.
    COPENHAGEN, June 29 - Danish crops are up to two weeks
behind normal growth levels due to the cold weather in May and
June, when mean temperatures were up to four centigrade below
average, the State Plant Cultivation Bureau said in a report.
    At the season's first crop test on June 26, the bureau
rated crops at an overall 94, the same as on June 20 last year.
The figure of 100 represents normal in a year of average growth
conditions with no crop damage.
    The test gave ratings expressed as a factor of 100, as
follows - winter wheat 96 (last year 91), winter rye 97 (98),
winter barley 92 (90), spring barley 94 (98), oats 96 (98),
fodder and sugar beets 87 (96), winter rapeseed 98 (94), spring
rapeseed 94 (98).
    Final harvest figures for 1986 were not yet available.


.I 8000
.C
coffee;cotton;trade;tea;
.W
INDIA RELAXES RULES FOR EXPORT PROMOTION.
    NEW DELHI, June 29 - The Reserve Bank of India, RBI,
announced new rules to allow exporters of 25 products to use
foreign exchange up to 10 pct of their firm's total annual
export earnings for export promotion abroad.
    The move is designed by the government to improve India's
trade deficit.
    Products eligible for the new Blanket Exchange Permit
Scheme include tea bags, cigarettes, coffee, leather, various
textiles, chemicals, pharmaceuticals, plastics, engineering and
electronic goods, ready-made garments, processed food, sports
goods, fabricated mica and consultancy services.
    The scheme replaces current rules which allow different
amounts of foreign exchange to be used only when firms attain a
minimum annual turnover prescribed for each product.
    RBI said under the new rule, 16 other products will
qualify, on a discretionary basis, for overseas promotional
spending of not more than two pct of the freight-on-board value
of annual export earnings.
    These include oil cakes, cereals, raw cotton, raw and
semi-processed leather, gems, castor and sandalwood oil,
psyllium husks and seeds, opium and various mineral ores.
    RBI said exporters of products not covered by either of the
two groups will be eligible to use up to five pct of their
freight-on-board value of their annual export earnings.
    Industry sources said the new entitlements, considerably
higher than the previous limits, are also more flexible because
holders of new permits no longer need to frequently apply to
RBI for release of foreign exchange for export purposes.


.I 8002
.C
earn
.W
INTER-TEL INC <INTLA.O> 2ND QTR MAY 31 NET.
    CHANDLER, Ariz., June 29 -
    Shr four cts vs one ct
    Net 335,000 vs 67,000
    Rev 10.1 mln vs 8.7 mln
    Avg shares 7,933,000 vs 8,553,000
    Six Months
    Shr seven cts vs two cts
    Net 570,000 vs 133,000
    Rev 19.9 mln vs 16.8 mln
    Avg shares 7,952,000 vs 8,551,000
    NOTE: Qtr includes extraordinary gain of 125,000 dlrs, or
one ct a share, while six months' net includes gain of 150,000,
or two cts a share.


.I 8003
.C
acq
.W
******ENTERTAINMENT MARKETING DEMANDS CRAZY EDDIE SHAREHOLDER.
LIST, MAY PURSUE MERGER

.I 8007
.C
acq
.W
DATACARD <DATC.O> ADOPTS DIVIDEND RIGHTS PLAN.
    MINNEAPOLIS, June 29 - DataCard Corp said it adopted a
dividend rights plan in response to Deluxe Check Printers Inc
<DLX> having agreed to sell its 38 pct interest in DataCard to
National Computer Systems Inc <NLCS.O>.
    DataCard declared a dividend distribution of one preferred
stock purchase right on each outstanding share its common
stock. The dividend is designed to deter National Computer or
other potential suitors from preventing DataCard from
evaluating all alternatives to maximize shareholder value,
DataCard said.
   
    National Computer told Reuters June 22 it could make a bid
for DataCard. On June 25 DataCard filed suit in Hennepin County
District Court in Minnesota to block the sale of the 38 pct
stake of its stock to National Computer.
    In announcing the rights plan, DataCard said it "is not
designed to deter takeovers that would be consistent with the
objective of maximizing stockholders value to all of DataCard's
stockholders."
    The rights will not become exercisable until 10 days after
an announcement that a person or group has acquired beneficial
ownership of 44 pct or more of DataCard's common stock.
   
    Once exercisable, each right would entitle a holder to buy
1/500th of a share of DataCard Series A junior participation
preferred Stock for 35 dlrs. Holders other than an acquirer
would be entitled to purchase, for six-months after the right
becomes exercisable, a number of shares of the new preferred
stock with a market value equal to twice the exercise price of
the rights.
    The rights dividend distribution is payable July 9 to
shareholders of record July 9.


.I 8008
.C
earn
.W
SHELDAHL INC <SHEL> 3RD QTR MAY 30 NET.
    NORTHFIELD, Minn., June 29 -
    Shr 12 cts vs one cent
    Net 546,000 vs 48,000
    Revs 22.3 mln vs 16.0 mln
    Nine mths
    Shr 44 cts vs seven cts
    Net 1,857,000 vs 303,000
    Revs 65.5 mln vs 46.0 mln
    NOTE: Per share figures adjusted for three-for-two stock
split paid April 1987.


.I 8009
.C
acq
.W
FEDERAL RESOURCES <FDRC.O> ACQUIRES RETAILER.
    NEW YORK, June 29 - Federal Resources Corp said it has
acquired the capital stock and related real estate assets of
<New Generation Inc>, a regional consumer electronics specialty
retailer.
    Terms of the acquisition were not disclosed.
    New Generation has annual sales volume of about 30 mln
dlrs, Federal Resources said.
    Federal Resources said it will search for additional
acquisitions including, but not limited to, specialty
retailers.


.I 8011
.C
acq
.W
ENTERTAINMENT <EM> MAY SEEK CRAZY EDDIE <CRZY>.
     WASHINGTON, June 29 - Enetertainment Marketing Inc and its
president Elias Zinn have demanded a list of Crazy Eddie Inc
shareholders from the company and said they may pursue a merger
of the Edison, N.J. electronics retailer.
    In a filing with the Securities and Exchange Commission,
Zinn said the demand for the shareholder list was made on June
26 because he may desire to communicate with other Crazy Eddie
shareholders "regarding the affairs" of the company.
    Zinn and his firm, which disclosed they hold a 5.1 pct
stake in Crazy Eddie common stock, said they may acquire more
shares through a negotiated merger or tender offer.
    Entertainment Marketing was informed on June 25 by Shearson
Lehman Brothers Inc., acting on behalf of Crazy Eddie, that it
would be provided with "certain information" about Crazy Eddie,
it told the SEC.
    Entertainment Marketing, a Houston-based firm involved in
electronics wholesaling and televised home shopping sales,
proposed an eight dlr a share merger acquisition of Crazy Eddie
on May 29, and modified the proposal on June 9 to include the
possible participation of Crazy Eddie management.
    Entertainment Marketing told the SEC it expects to meet
with Crazy Eddie representatives in the near future.
    Entertainment Marketing also disclosed that it retained
Drexel Burnham Lambert Inc as its financial advisor and
investment banker.
    In light of a June 17 announcement from Crazy Eddie that
Chemical Bank would no longer fund a 52 mln dlr credit facility
with the company, plus further declines in the price of its
stock, Entertainment Marketing and Zinn said they are
"continuing to evaluate their alternatives with respect to
their investment" in Crazy Eddie stock.
    Depending on its evaluation of the company, including
actions by Crazy Eddie's board and any possible third party
bids for the company, Entertainment Marketing and its president
said they may hold their present stake in the company, sell
some of their shares, or purchase more shares on the open
market, through private purchases or in connection with a
merger or tender offer.
    According to the SEC filing, Entertainment Marketing and
Zinn bought their current holdings of 1,560,000 Crazy Eddie
common shares between May 20 and June 17 at 7.42 dlrs to 7.93
dlrs a share, or a total of about 11.9 mln dlrs.


.I 8012
.C
ship;crude;
.W
CHANCES OF DIRECT U.S.-IRAN GULF CLASH SEEN LOW.
    By Rory Channing, Reuters
    KUWAIT, June 29 - U.S. moves to increase its warships in
and around the Mideast Gulf could trigger more attacks on
unprotected merchant ships but run little risk of sparking a
direct military clash with Iran, diplomats said.
    They said the American decision inevitably carries some
risk of armed confrontation, but Iran -- despite its blunt
rhetoric -- would want to avoid this as much as Washington.
    "As Iran knows very well, what America is bringing into the
Gulf could do serious damage," said one western diplomat.
    Diplomats see the greatest potential danger in more attacks
on "soft targets" such as merchant shipping not protected by
American or other western navy vessels patrolling the Gulf.
    The risk of Iranian attack on U.S. Warships or Kuwaiti oil
tankers carrying the U.S. Flag and under naval escort is rated
by diplomats as low. However, "There is the threat that the
Iranians, seeing these heavily protected U.S.-flag tankers,
will go for softer targets," one diplomat said.
    Tehran Radio quoted Iran's top defence spokesman Ali Akbar
Hashemi Rafsanjani as saying yesterday that Washington was
"moving to the brink of an armed encounter with us."
    The U.S. is increasing its Gulf fleet from seven to 10
warships and sending the refurbished battleship Missouri to
patrol just outside the Strait of Hormuz.
    The build-up ties in with U.S. plans to start escorting
Kuwaiti oil tankers next month, which have been re-registered
to fly the American flag to give them naval protection.
    Shipping serving Kuwait has come under repeated attack by
Iran, angered at the emirate's war backing of Iraq.
    Concern in the region has mounted over the threat posed by
Chinese-made Silkworm missiles, which the U.S. says Iran is
preparing to deploy near the Strait of Hormuz.
    The Missouri, with its four-escort flotilla, is likely to
make Iran think twice about using the missiles, diplomats said.
    A military source in the Gulf has said Iran also set up a
launching site for the Silkworms on captured Iraqi soil in the
Faw peninsula, within range of Kuwait.
    "But anything that went as far as a direct attack on Kuwaiti
territory would be a very serious escalation" likely moving
world opinion against Iran, remarked one.
    Some diplomats believe Iran could also consider carrying
out reprisals against the United States outside the Gulf.
    Rafsanjani, who is also parliamentary leader, predicted
last Friday "a river of blood" throughout the world in the event
of any U.S. strike against Iran.
    Western diplomats said Iran, which Washington has accused
of being behind state-sponsored terrorism, had no demonstrable
capacity to carry out attacks in the U.S. itself.
    Diplomats saw few potential targets in Lebanon now that
most Americans have left in the wake of kidnappings linked to
pro-Iranian groups. But Europe and Asia were potential
trouble-spots, and Kuwait was one of the most obvious targets.
    Any backlash was likely to take the form of sabotage or
other action to make it difficult to blame Iran, they added.


.I 8017
.C
money-fx;interest;
.W
******FED SETS TWO-DAY SYSTEM REPURCHASES, FED SAYS.

.I 8018
.C
acq
.W
CYCLOPS <CYL> MERGER APPROVED.
    PITTSBURGH, June 29 - Cyclops Corp said shareholders
approved a previously announced merger of the company with a
subsidiary of dixons Group PLC.
    It said Dixons held about 83 pct of Cyclops stock following
a tender offer and other purchases earlier in the year.
    With the completion of the transaction, Dixons will proceed
to pay 95 dlrs a share to the remaining Cyclops shareholders.


.I 8020
.C
zinc
.W
AMAX ZINC CO RAISES DYECAST ALLOY PRICES.
    GREENWICH, CONN, June 29 - Amax Zinc Co, a division of Amax
Inc, said it is increasing the price of dyecast alloys No.
Three and No. Five by three cents a lb, effective immediately.
    Dyecast alloy No. Three is now 52.5 cents a lb, while alloy
No. Five is now 53.5 cents a lb, the company said.


.I 8021
.C
money-fx;interest;
.W
FED SETS TWO-DAY SYSTEM REPURCHASES.
    NEW YORK, June 29 - The Federal Reserve entered the
government securities market to arrange two-day repurchase
agreements for system account, a spokesman for the New York Fed
said.
    Federal funds were trading at 6-3/4 pct at the time of the
direct injection of temporary reserves, in line with Friday's
6.72 pct average.


.I 8025
.C
acq
.W
VERNITRON <VRN> SETS NEW RECORD DATE.
    DEER PARK, N.Y., June 29 - Vernitron Corp said it has set a
new record date of July 10 for shareholders entitled to vote on
the proposed merger of Vernitron with <SB Holding Corp>.
    The original record date was May 26.
    Vernitron said that it currently expects the special
shareholder meeting concerning the merger will be held in
August.
    Following its tender offer in November 1986, SB Holding
holds 55.2 pct of Vernitron, a maker of electromechanical
components and related products and services.


.I 8027
.C
acq
.W
ENERGAS <EGAS.O> TO BUY TEXAS AMERICAN <TAE>UNIT.
    DALLAS, June 29 - Energas Co said it has agreed in
principle to purchase Western Kentucky Gas Co from Texas
American Energy Corp for 61.5 mln dlrs in cash plus assumptrion
of certain liabilities.
    Western Kentucky is a gas distribution company which serves
about 143,000 customers in 108 towns and communities in
Kentucky.


.I 8030
.C
acq
.W
GIBRALTAR <GFC> TO BUY THRIFT FOR 12 MLN DLRS.
    BEVERLY HILLS, Calif., June 29 - Gibraltar Financial Corp
said its Gibraltar Savings unit has agreed in principle to buy
<First Federal Savings and Loan of Ridgecrest> for about 12.1
mln dlrs cash.
    The company said the actual price will be determined at the
close, based on net book value at May 31.
    It said First Federal is located in Kearn County northeast
of Los Angeles and has assets of 130 mln dlrs.
    It said the transaction is subject to a definitive
agreement, shareholder and regulatory approval.


.I 8031
.C
acq
.W
WINLEY BUYS LAND FROM M.D.C. HOLDINGS INC <MDC>.
    ENGLEWOOD, Colo., June 29 - Winley Home Builders Inc said
it completed a land purchase agreement with M.D.C. Holdings Inc
<MDC> for 1,090,000 dlrs in notes and preferred stock.
    The company said it bought 33 lots in Colorado from
Richmond Homes Ltd, an M.D.C. unit, in return for 650,000 dlrs
in promissory notes and 440,000 dlrs in preferred stock.
    The company said M.D.C. has an option to convert Winley
preferred stock into 20 pct Winley common in a year.


.I 8032
.C
earn
.W
STAR CLASSICS INC <SCLS.O> 1ST QTR MARCH 31 NET.
    NEW YORK, June 29 -
    Shr three cts vs two cts
    Net 97,224 vs 58,503 
    Rev 906,368 vs 714,747
    Avg shrs 3,300,000 vs 3,948,719


.I 8034
.C
acq
.W
******GABELLI FIRMS HAVE 28.5 PCT STAKE IN DIGIORGIO CORP, MAY.
SEEK CONTROL

.I 8038
.C
earn
.W
CLEOPATRA KOHLIQUE INC <CLEO.O> YEAR NET.
    ELMONT, N.Y., June 29 - year ended March 31
    Shr three cts vs 11 cts
    Net 384,723 vs 800,137
    Revs 5.1 mln vs 3.5 mln


.I 8039
.C
acq
.W
INTERSTATE BAKERIES <IBC>BUYS MEXICAN FOOD FIRM.
    KANSAS CITY, MO., June 29 - Interstate Bakeries Corp said
its Royal American Foods subsidiary agreed to buy the assets of
Landshire Food Products Inc, a New-Mexico-based producer of
packaged Mexican food products.
    Terms of the proposed transaction were not disclosed.


.I 8040
.C
earn
.W
FEDERATED GROUP INC <FEGP.O> 1ST QTR LOSS.
    CITY OF COMMERCE, Calif., June 29 - Period ended May 31.
    Shr loss eight cts vs profit six cts
    Net loss 895,000  vs profit 662,000
    Sales 91.1 mln vs 89.8 mln


.I 8041
.C
acq
.W
GABELLI FIRMS HOLD 28.5 DIGIORGIO <DIG> STAKE.
    WASHINGTON, June 29 - A group of firms led by Gabelli Group
Inc told government regulators it holds a 28.5 pct stake in
Digiorgio Corp common stock, and said two partnerships making
up part of the group may seek control of the company.
    In a filing with the Securities and Exchange Comission, the
group of firms said it holds 2,430,100 shares of Digiorgio
common stock. Of the total, 2,059,400 shares are held by GAMCO
Investors Inc and Gabelli Funds Inc. for investment purposes,
the group said.

    Gabelli-Rosenthal and Partners LP and G and R Partners,
which hold the remaining 370,700 Digiorgio common shares, told
the SEC their "purpose is to ultimately obtain control of
Digiorgio contingent upon approval of Digiorgio," according to
the SEC filing. 
    As previously reported, Gabelli and Co Inc, acting as
investment advisor to a group including Gabelli-Rosenthal,
proposed on June 25 to acquire all Digiorgio common shares for
a per share price of 20 dlrs in cash, a subordinated note with
a face value of eight dlrs, 14 pct redeemable preferred stock,
and one common share of the post-buyout company.
    The June 25 buyout proposal, which remains open until July
17, also provides that key members of Digiorgio management and
some of its directors would be invited to remain with the firm
and participate in the group acquiring the company.
    The proposal is also subject to a due diligence review,
execution of a merger agreement, arrangement of financing and
receipt of government approvals, all of which Gabelli and Co
said could be completed within 60 days.
    Between April 13 and June 26, the entire group led by
Gabelli Group Inc made net purchases of 403,600 Digiorgio
common shares at 22.20 dlrs to 26.79 dlrs a share.


.I 8047
.C
acq
.W
<UNICOA> TO MERGE INTO ITS UNITED INSURANCE UNIT.
    CHICAGO, June 29 - Unicoa Corp said it agreed to a merger
with its wholly-owned subsidiary, United Insurance Co of
America.
    Under the agreement, each outstanding share of Unicoa
common stock will be converted into one share of United common
stock.
    The agreement is subject to shareholder and regulatory
approval. Teledyne Inc <TDY> owns about 98.4 pct of Unicoa's
outstanding shares. A shareholder meeting is expected to be
held in August.


.I 8049
.C
oilseed;grain;corn;soybean;
.W
RAINS HELP U.S. WESTERN CORN BELT, MORE SEEN.
    CHICAGO, June 29 - Weekend rain over the Western Corn Belt
brought further relief to crop areas that had been dry earlier
this month, and developing weather patterns will bring welcome
moisture to central and eastern belt locations this week,
according to Dale Mohler, senior meteorologist for Accu-Weather
Inc.
    "There is going to be more rain for the next two, three
days," he said. "We're in a fairly wet pattern with normal to
above normal moisture this week."
    Mohler said rainfall averaged 1/2 inch across southern
Minnesota, 3/4 inch over southwest Iowa, one inch in eastern
Nebraska and 1-1/2 inches in south-central Nebraska.
    Illinois fields saw virtually no rain over the weekend but
were receiving scattered thundershower activity today, he said.
    Rain patterns will move across Indiana to Ohio with
thudershower activity yielding to more general rains, he said.
    "Tomorrow, that eastern area will get 1/4 to one inch, a
pretty good rain," Mohler said.
    Rain was heavier than expected over the weekend, sparking
an early selloff in soybean futures at the Chicago Board of
Trade. Prices were off 14 to 20-1/2 cents with November off
19-1/2 cents at 5.43-1/2 dlrs.
    Mohler said the cold front now over the eastern belt is
expected to move over the central Midwest, then move north
later in the week. That could bring new rain patterns across
the Corn Belt and assure good crop conditions as
early-developed corn moves into the crucial pollination stage
in early July, he said.


.I 8051
.C
earn
.W
HOVNANIAN ENTERPRISES INC <HOV> QTR EARNINGS.
    NEW YORK, June 29 - May 31 end
    Shr 27 cts vs 14 cts
    Net 5,664,000 vs 2,812,000
    Revs 68.2 mln vs 54.7 mln
    Avg shrs 21,254,054 vs 20,167,714
    NOTE: First quarter report


.I 8054
.C
acq
.W
******FED APPROVES CITICORP PURCHASE OF SOME ASSETS OF SEARS.
CALIF. THRIFT

.I 8055
.C
acq
.W
HEALTH PROPERTIES <HRP> TO BUY PROPERTIES.
    CAMBRIDGE, Mass. June 29 - Health and Rehabilitation
Properties Trust said it reached an understanding to purchase
three nursing facilities in Mass. and Conn. for 29 mln dlrs
from Greenery Rehabilitation Group Inc <GRGI.O>.
    The buildings will be leased back to Greenery for an
initial term of seven years, subject to renewal options for an
additional 23 years, Health and Rehabilitation Properties said.
    The transaction is expected to close on or before August 31.


.I 8059
.C
acq
.W
BSN <BSN> BUYS STAKE IN MACGREGOR <MGS>.
    DALLAS, June 29 - BSN Corp said it holds less than five pct
of MacGregor Sporting Goods.
    The company said the stock was acquired through recent open
market purchases and the stake does not require specific
disclosure.


.I 8060
.C
acq
.W
VERNITRON <VRN> SETS RECORD DATE FOR MERGER VOTE.
    DEER PARK, N.Y., June 29 - Vernitron Corp said it has set a
new record date for shareholders entitled to vote on the
proposed merger of Vernitron Corp with SB Holding Corp for July
10.
    Vernitron, which manufactures electromechanical components
and related products and services, said it expects that a
special meeting of shareholders will be held in August.
    Vernitron said that SB Holding holds 55.2 pct in Vernitron,
resulting from a tender offer in November 1986.


.I 8062
.C
acq
.W
FED ALLOWS CITICORP <CCI>, SEARS <S> THRIFT DEAL.
    WASHINGTON, June 29 - The Federal Reserve Board said it
approved Citicorp's application to purchase through its
subsidiary, Citicorp Savings of Oakland, Calif., some assets
and assume some liabilities of Sears Savings Bank of Glendale,
Calif.
    Citicorp Savings proposed to assume two billion dlrs in
deposits and other liabilities and to purchase 1.9 billion dlrs
in assets of 50 branch offices of Sears Savings.
    The proposal involved less than one third of the assets and
liabilities of Sears Savings, owned by Sears, Roebuck and Co
<S>.
    The Fed said that it generally has determined there were
potentially adverse effects of allowing affiliations of banks
and savings and loan associations, although it has allowed bank
holding companies to acquire some failing thrifts.
    It said Citicorp's proposal "properly may be viewed as the
permissible acquisition of certain assets and liabilities of S
and L branches rather than the acquisition of an S and L."
    Citicorp Savings, the successor to the failed Fidelity
Savings and Loan Association, has assets of 4.9 billion dlrs
and operates 86 branches in California, mainly in the north.
    Sears Savings has 6.6 billion in assets and 91 branches
predominantly in southern California.
    The application, which was approved unanimously, will not
eliminate Sears Savings as a competitor, the Fed said.


.I 8065
.C
acq
.W
ICN <ICN> BUYS STAKE FROM EASTMAN KODAK <EK>.
    COSTA MESA, Calif., June 29 - ICN Pharmaceuticals Inc said
it purchased the remaining 225,000 shares of Viratek Inc
<VIRA.O> owned by Eastman Kodak Co owned as part of a
previously announced program.
    The company said it paid Kodak 10.50 dlrs a share or 2.4
mln dlrs. As previously announced, ICN also said it authorized
the additional purchase of up to 1.5 mln shares of Viratek
common. To date, ICN said it bought a total of about 1.2 mln
shares of Viratek, including the shares purchased from Kodak.
    The company said it now owns 56 pct of Viratek as a result
of these transactions.


.I 8070
.C
earn
.W
RITE AID CORP <RAD> 1ST QTR MAY 30.
    HARRISBURGH, Pa., June 29 -
    Oper shr 50 cts vs 40 cts
    Oper net 20.8 mln vs 16.4 mln
    Revs 531.7 mln vs 418.7 mln
    NOTE: 1987 1st quarter net excludes a gain of 47.1 mln dlrs
or 1.14 dlrs a share for discontinued operations.


.I 8072
.C
acq
.W
MAXTOR CORP <MXTR.O> BUYS PRIVATE FIRM.
    SAN JOSE, Calif., June 29 - Maxtor Corp said it bought
privately-held Storage Dimensions Inc for an undisclosed sum.
    The company said Storage Dimensions incorporates Maxtor's
high-capacity 5-1/4-inch Winchester and optical disk drives
into a family of data storage subsystems for IBM PCs, XTs, ATs
and compatibles.
    Storage Dimensions is the creator or SpeedStor software, a
utility program that integrates high-capacity disk drives into
PCs.
    Maxtor said the purchase reflects its desire to compete in
the high-capacity segment of the PC market.


.I 8073
.C
earn
.W
SUPER RITE FOODS INC <SRFI.O> 1ST QTR MAY 30.
    HARRISBURGH, Pa., June 29 - 
    Shr 19 cts vs seven cts
    Net 936,000 vs 351,000
    Revs 153.3 mln vs 145 mln


.I 8076
.C
acq
.W
******SEC CHARGES CAMPEAU'S ALLIED STORES WITH DISCLOSURE.
VIOLATIONS IN RECENT TAKEOVER

.I 8079
.C
acq
.W
GROUP MAY SUPPORT CARDIS CORP <CDS> BUYOUT.
    WASHINGTON, June 29 - A group of companies controlled by
Brookehill Partners Inc told government authorities it may
support a buyout of Cardis Corp as a way to maximize the value
of the company's stock.
    In a filing with the Securities and Exchange Commission, 
the group disclosed that it currently holds a 5.5 pct stake in
Cardis common stock, and said it "would likely support" an
acquisition of the company as a whole or in parts by another
party, terming such a move "the most likely means for the
company's shareholders to maximize the value of their
investment."
    Although the group characterized its Cardis stock holdings
as principally for investment, it said it intends to contact
third parties who might be interested in an acquisition of
Cardis, a Los Angeles-based auto parts distributor.
    The group added its has already had "some contacts" with
others concerning the company, but said no understandings have
been reached.
    "The (Cardis) common shares continue to offer opportunity
for price appreciation on the basis of the company's asset
value and earnings momentum," the Brookehill group told the
SEC.
    The group, which currently holds 318,900 Cardis common
shares, consists of New York-based Brookehill Partners and its
two subsidiaries, Brookehill Equities Inc, a brokerage, and
Moore, Grossman and deRose Inc, an investment advisor. Walter
Grossmman, S. Edward Moore and Robert deRose, all of New York,
each own one-third interests in Brookehill Partners.
    Since April 27, members of the Brookehill group made net
purchases of 6,000 Cardis common shares at approximately 4 dlrs
a share. The group told the SEC it may continue to purchase
additional Cardis stock, but also reserved the right to sell
its shares in the company.



.I 8084
.C
ship;crude;
.W
U.S.CONGRESSMAN TO SEE REAGAN ON GULF REFLAGGING.
    WASHINGTON, June 29 - U.S. House Speaker Jim Wright said he
would question President Reagan tomorrow about his plan to
protect Kuwaiti oil tankers with U.S. warships from attacks by
Iran in the Gulf.
    House and Senate Democrats, who control Congress, have been
critical of Reagan's plan but have not decided how or if they
should try to pass legislation to prohibit it.
    Wright, a Texas Democrat, told reporters the Administration
had gone ahead with plans to reflag the Kuwaiti tankers as U.S.
ships without asking Congressional leaders for their advice.


.I 8086
.C
acq
.W
CAREMARK <CMRK.O> TO VOTE BAXTER <BAX> MERGER.
    NEWPORT BEACH, Calif., June 29 - Caremark Inc and Baxter
Travenol Laboratories Inc jointly announced that Caremark
shareholders will vote on July 31 to approve the previously
announced merger with Baxter.
    The companies said Caremark shareholders of record as of
June 26 will be entitled to vote at the meeting to be held in
Newport Beach, Calif, at 1000 PDT.
    On May 11, Baxter and Carmark announced a definitive
agreement for Baxter to acquire Carmark in a stock transaction
valued at 528 mln dlrs.


.I 8088
.C
acq
.W
SEC SAYS CAMPEAU UNIT VIOLATED DISCLOSURE RULES.
    WASHINGTON, June 29 - The Securities and Exchange
Commission charged Allied Stores Corp with failing to promptly
disclose key steps it was taking last September to thwart a
takeover attempt by Campeau Corp.
    In an administrative complaint, the SEC said Allied and its
legal adviser failed to promptly inform shareholders and the
agency that it had begun talks with Youngstown, Ohio, shopping
center developer Edward DeBartolo in response to Campeau's
takeover offer.
    Campeau acquired Allied for an estimated 4.2 billion dlrs
on Jan 1, following a battle with DeBartolo.
    On Sept 25, a day after Allied disclosed that its board had
urged rejection of Campeau's Sept 12 tender offer for 58 dlrs a
share, Allied began negotiating the sale of six shopping
centers to DeBartolo, the SEC said.
    Allied legal advisor and director George Kern, who heads
the merger and acquisitions group at the New York law firm of
Sullivan and Cromwell, decided against amending Allied's SEC
filing to disclose the talks even though they had resulted in
sales price of 405 mln dlrs for the shopping centers, it said.
    Securities law requires takeover target companies to
promptly disclose such things as the sale of major assets.
    The day after Campeau increased its tender offer to 80 pct
of Allied's stock from 55 pct and raised its bid to 66 dlrs a
share from 58 dlrs on Sept 29, Allied and a partnership headed
by DeBartolo began negotiating a takeover deal aimed at
thwarting Campeau, the SEC said.
    Kern again decided against disclosing the talks in an
amended SEC filing, the agency charged.
    Allied's first disclosure of the DeBartolo takeover was
made on Oct 8, even though its board approved the merger on Oct
3 and the merger agreement was executed on Oct 7, the complaint
said.
    DeBartolo and Campeau later engaged in a bitter battle for
control of Allied, with Campeau winning out later in October
when it bought a block of 25.8 mln shares of Allied stock, or
48 pct of the total, in a controversial move made only minutes
after it dropped its hostile tender offer.
    The acquisition of the additional 48 pct, which a federal
judge allowed to be completed, gave Campeau a majority stake in
Allied. Campeau bought the rest at 69 dlrs a share.
    The SEC said it had planned to file a court brief joining
with Allied in charging that Campeau had engaged in an illegal
tender offer.
    But the SEC brief was never filed since the case was
dropped following an agreement between Campeau and DeBartolo.
    In the administrative proceeding against Allied and Kern,
the SEC is asking for an administrative order that they comply
with reporting provisions of securities laws in the future.
    Although Allied is no longer publicly traded since it
became a subsidiary of Campeau, it still files annual and
quarterly reports to the SEC because it has outstanding debt.


.I 8089
.C
earn
.W
GREAT COUNTRY BANK <GCBK.O> YEAR MAY 31 NET.
    ANSONIA, Conn., June 29 - 
    Shr 31 cts vs n/a
    Net 671,000 dlrs vs 1,256,000 dlrs
    Year
    Shr 1.85 dlrs vs n/a
    Net four mln dlrs vs 2.8 mln dlrs
    Assets 426.4 mln dlrs vs 334.1 mln dlrs
    Deposits 323.1 mln dlrs vs 277.2 mln dlrs
    Loans 335.9 mln dlrs vs 254.9 mln dlrs
    Note:the company does not give 1986 per share earnings as
it converted from a mutual savings bank to a stock savings bank
in January 1986


.I 8090
.C
acq
.W
ALLIED-SIGNAL <ALD> COMPLETES UNIT SALES.
    MORRIS TOWNSHIP, N.J., June 29 - Allied-Signal Inc said it
completed the sale seven businesses in its electronics and
instrumentation sector for 1.8 billion dlrs in cash and in debt
assumed by the purchasers.
    The company said last December its would sell the units by
mid 1987. It did not identify the buyers.
    The company said the proceeds will be used to reduce debt,
continue the company's share buyback program, and increase
strategic investments in its core businesses and other
corporate purposes.
    It said the units sold were Ampex Corp, Amphenol Prodcuts,
Linotype Group, Neptune International, MPB Corp, Revere Corp
and Sigma Instruments Inc.


.I 8091
.C
acq
.W
CYCARE <CYCR.O> BUYS CONTROL DATA <CAD> UNIT.
    PHOENIX, Ariz., June 29 - Cycare Systems Inc, an
information processing systems company, said it purchased the
assets of Control Data Corp's MedTec unit for undisclosed
terms.
    MedTec is a provider of patient accounting and scheduling
systems for large scale group medical practices.


.I 8092
.C
gold;silver;lead;zinc;
.W
U.S. MINERALS <USMX.O> COMMISSIONS NEW GOLD MINE.
    DENVER, June 29 - U.S. Minerals Exploration Co said it and
Pegasus Gold Inc <PGUL.O> of Spokane, Wash, officially
commissioned a new gold, zinc and lead producing mine.
    U.S. Minerals said the new Montana Tunnels Mine near
Helena, Mont, is expected to reach full production in August
1987. U.S. Minerals said the mine is designed to operate at an
average of 12,500 tons or ore per day and is projected to
produce 95,000 ounces of gold in 1988, plus significant
quantities of silver, lead and zinc.
    U.S. Minerals said it has a 50 pct net profit royalty
interest in the mine after payback of development costs.


.I 8094
.C
acq
.W
BECOR <BCW> TO ADJOURN DELAYED HOLDERS MEETING.
    SOUTH MILWAUKEE, Wisc, June 29 - Becor Western Inc said no
business will be transacted at the shareholders meeting
scheduled for 1000 CDT tomorrow and the meeting will be
permanently adjourned.
    If a definitive agreement or transaction results from any
of the offers now pending for the company's stock, Becor said,
a date for a new shareholders meeting will be established.


.I 8095
.C
acq
.W
UNIVERSAL COMMUNICATION <UCS> TO SELL ASSETS.
    ROANOKE, Va., June 29 - Universal Communication Systems Inc
said it has tentatively agreed to sell substantially all its
assets for about 79 mln dlrs in cash and notes plus limited
profit participation.
    The company said the terms of the sale have been approved
by its board and by Prime Motor Inns Inc <PDQ>, owner of about
84 pct of Universal's outstanding stock.
    It described the purchaser as a subsidiary of a company in
the communications field which is one of the 100 largest U.S.
corporations.
    The company said the transaction involves the payment of 20
mln dlrs in cash, a non-interest bearing payment of 11.3 mln
dlrs in four equal instalments over four years and two
promissory notes guaranteed by an affiliate of the purchaser.
    It said a 31.5 mln dlr 14 pct note is payable in four equal
instalments over four years. It said a 16.3 mln dlr 8.5 pct
note due Dec 31, 1992, includes participation in the 1992
profits of the acquiring company. Universdal said the profit
element can be terminated with payments by the purchaser of
either five mln dlrs in 1988, six mln dlrs in 1989, seven mln
dlrs in 1990 or eight mln dlrs in 1991.


.I 8097
.C
acq
.W
UNION <UEL.TO> ENDS PACT TO SELL CANBRA <CBF.TO>.
    TORONTO, June 29 - Union Enterprises Ltd said its agreement
to sell its interest in Canbra Foods Ltd to Macluan Capital
Corp has been terminated.
    Union said Macluan failed to make an offer for Union's 72
pct interest in Canbra before the June 22 deadline.
    Union said it is no longer bound by the agreement and is
continuing to seek a buyer for the interest.


.I 8101
.C
acq
.W
SSMC <SSM> TO BUY CUTTERS EXCHANGE DIVISION.
    STAMFORD, Conn, June 29 - SSMC Inc said it has executed a
letter of understanding to acquire the Parts Catalog Division
of <Cutters Exchange Inc> for an undisclosed amount.
    SSMC, spun off from the Singer Co <SMF> a year ago, said
that the Parts Catalog Division wholesales parts and needles to
the industrial sewing trade in the U.S.
    Under the agreement, key managers and employees of the
Parts Catalog Division in Nashville, Tenn, will relocate to the
SSMC facility in Murfreesboro, SSMC said.


.I 8103
.C
interest
.W
U.S. TO END NETHERLANDS ANTILLES TAX TREATY.
    WASHINGTON, June 29 - The Treasury Department said it
notified the Netherlands that it was terminating the 1948
income tax treaty as it applies to the Netherlands Antilles and
Aruba.
    The termination is effective January 1, 1988, the Treasury
said in a two-sentence announcement.
    The Treasury decided to end the treaty after negotiations
between the United States and the Netherlands over the past
eight years had failed to reach an accord, a Treasury spokesman
said.
    The decision means the sale by U.S. parent companies of
Eurobonds through Netherlands Antilles subsidiaries will no
longer be free of the 30 pct U.S. withholding tax, the
spokesman said.
    Terminating the tax treaty with the Netherlands Antilles 
may cause bond issuers to call in the bonds early. Most have
maturities of 10 years or less and were issued before 1984, the
spokesman said.
    He said the Treasury did not expect the action to have an
adverse effect on U.S. issuers of the bonds because the general
decline in interest rates means they will be able to refinance
at lower interest rates.
    However, the holders of the bonds presumably will be faced
with lower yields.


.I 8108
.C
acq
.W
CAROLCO PICTURES <CRC>, ORBIS IN AGREEMENT.
    LOS ANGELES, June 29 - Carolco Pictures Inc said it signed
a letter of intent to exchange 2.2 mln of its shares for all
Orbis Communications Inc stock within the next 60 days.
    It said the Carolco shares used in the exchange are valued
at 7.00 dlrs a share or a total value of 15.4 mln dlrs and will
be adjusted based on the price of Carolco shares on the closing
date.
    It said Orbis management will remain in place for at least
three years.


.I 8109
.C
copper
.W
CIPEC STUDYING COPPER MARKET BACKWARDATION.
    PARIS, June 29 - The Paris-based Intergovernmental Council
of Copper Exporting Countries (CIPEC) is closely studying the
current backwardation in world copper market prices but does
not envisage taking corrective action at present, CIPEC sources
here said.
    The organisation's executive and marketing committees
reviewed the current market situation during a series of
meetings here late last week, but took no major decisions.
    The sources noted that the backwardation - premium of
nearby supply over forward delivery - dates back several weeks
and is the longest on record.
   "It's unusual," one official said, but added CIPEC did not
have any immediate recipe to remedy the situation.
    The meetings featured a gathering of the 10 directors of
CIPEC's regional copper development and promotion centres,
which are based in Europe, Japan, India and Brazil.
    Their main aim was to prepare the ground for the annual
ministerial meeting of CIPEC, which is scheduled for Zaire in
late September.
    The last three ministerial meetings have been held in Paris
to keep down costs.


.I 8112
.C
earn
.W
CANADIAN HOME SHOPPING (CWS.TO) 1ST QTR LOSS.
    TORONTO, June 29 -
    Shr loss 26 cts
    Net loss 1,277,737
    Revs 3.7 mln
    Note: full name Canadian Home Shopping Network Ltd.
    Period ended April 30 was company's first quarter of
operations.


.I 8114
.C
copper
.W
OUTOKUMPU IN COPPER DEAL WITH IBERICA DEL COBRE.
    HELSINKI, June 26 - Finland's state-owned mining company
Outokumpu Oy said in a statement it was entering Spanish
markets as a shareholder in Iberica del Cobre, S.A., a
manufacturer of copper products.
    Outokumpu will acquire 21 pct of the shares in the Spanish
company and a company will be set up as an agent for Outokumpu
Spain. The deal awaits approval by the Spanish government.
    Iberica del Cobre makes tubes, rods, rolled and drawn
copper and alloy products and its sales of 87,000 tonnes of
output in 1986 amounted to 22 billion pesetas. Outokumpu's
turnover in 1986 was 7.58 billion markka.


.I 8115
.C
earn
.W
CONCORD FABRICS INC <CIS> 3RD QTR OPER NET.
    NEW YORK, June 29 - Period ended May 31
    Oper shr 31 cts vs 29 cts
    Oper net 552,035 vs 525,729
    Sales 36.7 mln vs 29.1 mln
    Nine mths
    Oper shr 1.08 dlrs vs 1.04 dlrs
    Oper net 1,931,488 vs 1,864,075
    Sales 104.9 mln vs 87.6 mln
    NOTE: 1986 period ended June One
    NOTE: Earnings exclude gain on disposal of discontinued
operations of 162,000 dlrs, or nine cts a share vs loss of
585,175 dlrs, or 33 cts a share in the quarter and a gain of
432,000 dlrs, or 24 cts a share vs a loss of 585,175 dlrs, or
33 cts a share for the nine months
    1986 earnings exclude losses from discontinued operations
of 111,024 dlrs, or six cts a share in the quarter and 237,773
dlrs, or 13 cts a share for the nine months


.I 8116
.C
earn
.W
GENERAL PUBLIC UTILITIES <GPU> FIVE MTHS NET.
    PARSIPPANY, N.J., June 29 - Period ended May 31
    Shr 1.81 dlrs vs 1.45 dlrs
    Net 113,752,000 vs 90,902,000
    Revs 1.12 billion vs 1.20 billion
    NOTE: Full name is General Public Utilities Corp


.I 8118
.C
earn
.W
COMTREX SYSTEMS CORP <COMX.O> YEAR LOSS.
    MT. LAUREL, N.J., June 29 - Year ended March 31
    Shr loss three cts vs profit 10 cts
    Net loss 58,285 vs profit 182,039
    Sales 3,857,122 vs 3,188,555
    Avg shrs 2,108,080 vs 1,891,250


.I 8124
.C
acq
.W
SETON <SEL> DIRECTORS APPROVE MERGER AGREEMENT.
    NEWARK, N.J., June 29 - Seton Co said its board of
directors unanimously approved an agreement and plan of merger
providing for the merger of Seton with a unit of S Acquisition
Corp, a New Jersey company.
    Seton said its board of directors unanimously approved the
merger in a meeting held today.
    Seton said the agreement and plan of merger provides that
all shares of Seton Co common stock not held by S Acquisition
Corp, or its units, will be converted upon the merger into the
right to receive 15.88 dlrs per share in cash.
   


.I 8127
.C
acq
.W
DI GIORGIO <DIG> TO EVALUATE GABELLI OFFER.
    SAN FRANCISCO, June 29 - Di Giorgio Corp said it plans to
respond to an unsolicited recapitalization plan proposed by
Gabelli and Co Inc after the company, its board and its
investment bankers evaluate the proposal.
    Earlier, Gabelli said in a filing with the Securities and
Exchange Commission that it holds a 28.5 pct stake in DiGiorgio
and that it, together with Gamco Investors Inc may seek control
of the company.
    In addition, on June 25 the Gabelli group proposed to
acquire all of Di Giorgio's common shares for a combination of
20 dlrs per share in cash, a subordinated note with a face
value of eight dlrs and one common share of the post-buyout
company.
    The June 25 buyout proposal remains open until July 17.


.I 8130
.C
gold
.W
GUNNAR GOLD (GGG.TO) IN VENTURE AGREEMENT.
    CALGARY, June 29 - Gunnar Gold Inc said it and Mill City
Gold Inc signed an option and joint venture agreement with
Tyranex Gold Inc on the Tyranite gold property in Ontario.
    Gunnar said it and Mill City can earn a 50 pct interest in
Tyranex's option to buy the Tyranite gold mine by spending up
to five mln dlrs on exploration, development, and feasibility
studies by 1990.
    It said the companies may form a joint venture partnership
to bring the mine to full commercial production.


.I 8131
.C
earn
.W
DATA ARCHITECTS INC <DAI> 2ND QTR MAY 31 NET.
    WALTHAM, Mass., June 29 -
    Shr 19 cts vs 16 cts
    Net 502,000 vs 401,000
    Revs 8,791,000 vs 6,650,000
    Six mths
    Shr 38 cts vs 29 cts
    Net 989,000 vs 745,000
    Revs 16.3 mln vs 12.5 mln


.I 8135
.C
coffee
.W
DAUSTER SAYS CONSUMERS SHOULD KEEP OUT OF QUOTAS.
    MEDELLIN, Colombia, June 29 - Consumer countries should not
intervene in the distribution of coffee export quotas,
Brazilian Coffee Institute president Jorio Dauster said.
    "Distribution of export quotas should be in the hands of
producers as has been traditional," Dauster, a delegate at the
recent coffee symposium here, told journalists. "When consumers
want to get involved, talks are much more difficult."
    The main consumer country the United States and main
producer Brazil failed to reach agreement on quota distribution
when the International Coffee Organisation (ICO) met in
February.
    Dauster said Brazil's role when the ICO meets in London in
September will be to support the world coffee pact, defend its
market share and argue for distribution of quotas to be in the
hands of producer countries.
    "We have sacrificed a great deal already," he said. "this year
we have a crop of 35 mln bags, we have economic problems and we
are not in a position to do favours."


.I 8136
.C
gold
.W
GUNNAR GOLD IN VENTURE AGREEMENT.
    CALGARY, June 29 - Gunnar Gold Inc said it and Mill City
Gold Inc signed an option and joint venture agreement with
Tyranex Gold Inc on the Tyranite gold property in Ontario.
    Gunnar said it and Mill City can earn a 50 pct interest in
Tyranex's option to buy the Tyranite gold mine by spending up
to five mln dlrs on exploration, development, and feasibility
studies by 1990.
    It said the companies may form a joint venture partnership
to bring the mine to full commercial production.


.I 8138
.C
acq
.W
BRITISH PETROLEUM COMPLETES STANDARD OIL MERGER.
    LONDON, June 29 - British Petroleum Company PlC <BP.L> has
completed its merger with Standard Oil Co of the U.S. <SRD>,
raising its holding to 100 pct from 55 pct, BP said in a
statement.
    The acquisition was made through BP's wholly-owned
subsidiary <BP America Inc>. BP took a 25 pct stake in Standard
in 1970, raising its stake to 53 pct in 1978 and 55 pct in
1984.
    BP chairman Sir Peter Walters will be chairman of BP
America, while Robert Horton is to be vice-chairman and chief
executive officer, with Frank Mosier as president.
    BP said further details would be released on July 21.


.I 8140
.C
earn
.W
THOR ENERGY RESOURCES <THR> YEAR JAN 31 LOSS.
    TYLER, TEXAS, June 29 -
    Shr loss four cts vs loss seven cts
    Net loss 267,000 vs loss 445,000
    Revs 6,407,000 vs 7,428,000
    NOTE: Full name is Thor Energy Resources Inc


.I 8143
.C
earn
.W
HEI CORP <HEIC.O> 4TH QTR MARCH 31 LOSS.
    HOUSTON, June 29 -
    Oper shr loss 13 cts vs profit three cts
    Oper net loss 644,000 vs profit 184,000
    Revs 24.9 mln vs 22.1 mln
    Year
    Oper shr loss nine cts vs profit 21 cts
    Oper net loss 429,000 vs profit 1,123,000
    Revs 90.8 mln vs 86.5 mln
   
    NOTE: Revenues exclude medical publishing and retail
operations the company decided to dispose of during the fourth
quarter which had fiscal year revenues of 17.3 mln dlrs vs 14.4
mln dlrs.
    Operating results exclude discontinued operations which had
year loss of 364,000 dlrs vs profit 313,000 dlrs.


.I 8149
.C
oilseed;wheat;grain;corn;soybean;
.W
******U.S. EXPORT INSPECTIONS, IN THOUS BUSHELS,.
SOYBEANS 8,392 WHEAT 33,641 CORN 33,728
                             

.I 8151
.C
acq
.W
RTE <RTE> BUYS SOME EMHART <EMH> ASSETS.
    BROOKFIELD, WISC, June 29 - RTE Corp said it completed the
purchase of the U.S. aluminum electrolytic capacitor business
and related assets of Emhart Corp, for undisclosed terms.


.I 8154
.C
acq
.W
ROCHESTER <RTC> ACQUIRES <CANTON TELEPHONE CO>.
    ROCHESTER, N.Y., June 29 - Rochester Telephone Corp said it
completed the acquisition of Canton Telephone Co and is now
operating the company.
    Terms of the acquisition were not disclosed.
    Canton Telephone serves about 2,900 access lines in
northwestern Pennsylvania and had 1986 operating revenues of
about 1,300,000 dlrs, Rochester Telephone said.



.I 8156
.C
acq
.W
SAN FRANCISCO, NOT REGION, HURT BY RESTRUCTURING.
    SAN FRANCISCO, June 25 - Corporate mergers and acquisitions
in and around San Francisco over the past seven years have had
only a modest effect on the metropolitan area's economy, a
leading business-backed organization said.
    The Bay Area Council, a group of more than 300 business
firms, said that a study of corporate restructuring in a
nine-county area found that San Francisco itself had suffered
some ill effects from corporate shake-ups but that surrounding
communities had not.
    Seventeen of the 32 Fortune 500 companies in the area left
due to corporate restructuring between 1979 and 1986, but
another 21 firms were added to the list.
    Ten of the departing companies were based in San Francisco.
During the period, only six located in the city achieved
Fortune 500 status.
    Ted Hall, a council director and local managing director of
McKinsey and Co. which conducted the survey, said the study
grew out of concern that mergers and acquisitions had seriously
hurt the economic climate of northern California.
    However, Hall said that only about 36,000 jobs had been
lost in the region, while more than 600,000 new jobs were
created during the period.
    At the same time, he said, the region experienced a greater
rise in per capita income and lower unemployment than the rest
of the United States and California.
    Council President George Keller, who also is chairman and
chief executive officer of Chevron Corp., told a news
conference that the region had difficulties in persuading
companies to locate there because of a fragmented local
political system.
    But he said that because of the amenities of living in San
Francisco, he was the envy of many chief executives in other
metropolitan area.
    "It's a great place to run a business," he added, "but it's
a hell of a place to do business with government."
    The study concluded that Chevron, which mergered with Gulf
Oil in 1984, would benefit in the long run from the
restructuring activity.
    Among the corporate headquarters lost during the period
were Crown Zellerbach, Memorex, Southern Pacific, Castle &
Cooke and Rolm.
    Companies that grew enough during the period to make the
Fortune 500 list included Apple Computer, Pacific Telesis,
McKesson, Tandem Computer, U.S. Leasing and Amfac.
    The study by the management consulting firm said that,
partly due to corporate restructuring, the rate of job growth
in San Francisco has slowed since 1980.
    In addition, it said that the loss of corporate leadership
had adversely affected some of the Bay Area's civic and
charitable activities.


.I 8158
.C
acq
.W
WTC SHAREHOLDERS APPROVE PITTSTON <PCO> BUYOUT.
    TORRANCE, Calif., June 29 - Pittston Co said WTC
International N.V. shareholders approved the acquisition of the
company by Pittston.
    Terms of the transaction call for Pittston to exchange
0.523 of its own common shares for each outstanding WTC share,
Pittston said.
    WTC is engaged in domestic international air freight, ocean
and surface freight forwarding and consolidation and
distribution services.


.I 8159
.C
acq
.W
HOME FEDERAL <HFBF.O> SETS SHAREHOLDER MEETING.
    ST. PETERSBURG, Fla., June 29 - Home Federal Bank of
Florida F.S.B. <HFBF.O> said it has scheduled a special
shareholders meetng for July 26 to approve proposed changes to
the bank's charter and merge with Barnett Bank Inc's Barnett
Bank of Pinellas County, N.A.
    Home Federal said the meeting is to approve a definitive
agreement signed May 26, calling for each share of Home
Federal's common stock to be exchanged for about 40 dlrs in
market value of Barnett common stock. The exchange would be
based on conversion of Home Federal shares of not less than
1.935 or more than 1.200 shares of Barnett stocks.
    At 40 dlrs a share, Home Federal said the total market
value of the transaction would be about 175 mln dlrs.
    Home Federal said notice of the meeting and related proxy
materials, which has been filed previously with the Securities
and Exchange Commission and the Federal Home Loan Bank board,
were mailed on June 26, to holders of record on June 15.


.I 8160
.C
crude
.W
CHEVRON N.SEA FIND MAY HOLD 300 MLN BBLS -ANALYSTS.
    LONDON, June 29 - A North Sea oil find announced by Chevron
Corp's <CHV> Chevron Exploration North Sea Ltd may indicate a
new field with recoverable crude oil reserves of 300 mln
barrels, industry analysts said.
    Chevron said a sidetrack well on block 16/26 on the U.K.
Continental shelf tested 9,000 barrels per day (bpd) of 20 API
crude oil from the tertiary "Alba" sand through a three-inch
surface choke.
    "The estimated amount of oil at the Alba field is around 320
mln barrels," Paul Spedding of stockbroker Kleinwort Grieveson
and Co told Reuters.
    He said industry estimates put the total reserves at the
field at over one billion barrels, but given the low gravity of
oil, the recovery rate would be expected to be around 20-25
pct.
    Analysts said the results were encouraging, but the
potential difficulty of operating and recovering oil in the
field was shown by the fact that the first well had to be
plugged and a sidetrack drilled.
    "The field seems to be shallow and widespread, which will
require a multi-platform development in recovery, pushing costs
up," Christopher Osborne of stockbroker Hoare Govett said.
    Most analysts said that although the low gravity of the oil
found would require additional costs in recovery, the test well
showed that it flows well.
    "Although the gravity of oil at the field seems to be low,
it seems to flow quite well and around 300 mln barrels could be
recovered," Carol Bell of Phillips and Drew told Reuters.
    However, Chevron officials declined to comment on the
analysts' reserve estimates. They said that without further
research and drilling in the area this summer, they would not
disclose any reserve figures.
    Analysts said that if the field were declared commercial
and developed, there would be a ready local market for the
heavy crude it produced.
    "Most refineries are now upgraded to refine heavy oils and
the price differentials between heavy and light crudes are a
lot narrower today," Osborne said.
    Chevron operates the block on behalf of 16 companies which
include British Petroleum Development Ltd, DSM Hydrocarbons
(UK) Ltd, Enterprise Oil (TNS) Ltd, Marathon Int. Pet. (GB) Ltd
and Phillips Petroleum Co U.K. Ltd.


.I 8161
.C
acq
.W
ARDEN GROUP <ARDNA.O> PLANS ISSUER TENDER.
    LOS ANGELES, June 29 - Arden Group Inc said it filed a
registration statement with the Securities and Exchange
Commission covering two issuer tender offers.
    It said one offer its directed to its class A common stock
holders and another to holders of its 8-1/4 pct debentures due
March 1, 1989.
    The planned offer for common stock holders calls for the
company to exchange either 30 dlrs in cash, or 35 dlrs
principal amount of 13 pct subordinated debentures due
September 1, 1997, or one share of a new class B common stock,
for each class A share held, Arden Group said.
    It also said the cash payment is subject to proration.
    In addition, the company said it plans to offer to exchange
one dlr principal amount of 13 pct debentures due September 1,
1997 for each outstanding one dlr principal amount of 8-1/4 pct
debentures.



.I 8163
.C
grain;cotton;rice;
.W
PAKISTAN ALLOWS PRIVATE COTTON, RICE EXPORTS.
    ISLAMABAD, June 29 - The Pakistani government allowed the
private sector to export cotton and rice in a new trade policy
announced to cover the next three years.
    Commerce and Planning Minister Mahbubul Haq said in a
televised speech it was also decided to allow duty-free import
of cotton yarn.
    Cotton and rice are Pakistan's main exports, which have
been handled exclusively by state corporations since early
1970s. Haq said now the private sector would export cotton and
rice along with the state corporations.
    He said duty-free import of cotton yarn was allowed to make
high quality yarn available to local ancillary industries and
to enable them to compete effectively in the world market. This
would help overcome domestic shortages of yarn, he said.


.I 8165
.C
acq
.W
LOMAS <LNK> SHAREHOLDERS APPROVE ACQUISITION.
    DALLAS, June 29 - Lomas and Nettleton Financial Corp said
its shareholders approved at a special meeting the company's
acquisition of Equitable Life Leasing Corp for 263.3 mln dlrs.
    Equitable Life Leasing Corp is a subsidiary of Equitable
Investment Corp, which is owned by the Equitable Life Assurance
Co of U.S.
    Lomas said the acquistion price will consist of one mln in
cash, 1.5 mln shares of the company's common stock, 71,000
shares of a new series C preferred stock, and 8.944 mln dlrs
principal amount of nine pct senior notes due 1994.
    The company added that the acquisition will close June 30.


.I 8167
.C
acq
.W
ALMI GROUP ACQUIRES INTEREST IN CLEARVIEW BAKING.
    NEW YORK, June 29 -  <ALMI Group L.P.> said its
co-chairmen, Michael Landes and Albert Schwartz, and its vice
chairman, Michael Spiegler, have acquired a 50 pct equity
interest in <Clearview Baking Corp> for undisclosed terms.
    A. Dale Mayo, Clearview's president and chief executive
officer, will retain a 50 pct interest in the company, ALMI
Group said.


.I 8172
.C
crude
.W
ECUADOR TO PRODUCE ABOVE OPEC QUOTA - MINISTER.
    QUITO, June 29 - Ecuador will produce crude oil in excess
of its 221,000-bpd OPEC quota during the second half of this
year, Energy Minister Fernando Santos Alvite told a news
conference.
    Ecuador plans to produce 280,000 bpd in August, rising to
320,000 bpd next January, the minister said.
    "We will be producing more than the quota to pay off the
crude and products we have been lent by Venezuela, Nigeria and
Kuwait and to compensate for the crude we have been unable to
produce during the past few months," he said.
    Earthquake damage to a pipeline sharply cut Ecuadorean
production from March to May this year.
    Santos said the move had been explained to fellow OPEC
members during last week's meeting in Vienna, when an increase
in Ecuador's quota to 221,000 bpd from 210,000 was approved.
    "They understood our position and we believe we remain
within the spirit of the (quota) agreement," he said.
    Immediately before the March quake Ecuadorean production
was 250,000-260,000 bpd, with 144,000 bpd exported.
    While its production was down, Venezuela, Nigeria and
Kuwait loaned Ecuador a total 12 mln barrels of crude and four
mln barrels of products, Santos said.


.I 8178
.C
earn
.W
LAIDLAW TRANSPORTATION LTD (LDMF.O) THIRD QTR.
    TORONTO, June 29 - 
    Shr 20 cts vs 12 cts
    Net 34,088,000 vs 18,727,000
    Revs 340.4 mln vs 200.3 mln
    Nine mths
    Shr 53 cts vs 31 cts
    Net 88,661,000 vs 49,059,000
    Revs 926.5 mln vs 560.1 mln
    Avg shrs 151.1 mln vs 137.0 mln


.I 8182
.C
earn
.W
MORRISON INC <MORR.O> 4TH QTR MAY 30 NET.
    MOBILE, Ala., June 29 -
    Oper shr 38 cts vs 32 cts
    Qtly div 12 cts vs 12 cts
    Oper net 5,430,000 vs 4,707,000
    Revs 169.1 mln vs 139.4 mln
    Year
    Oper shr 1.50 dlrs vs 1.32 dlrs
    Oper net 21.5 mln vs 19.1 mln
    Revs 602.5 mln vs 524.4 mln
    NOTE: 1986 operating net in both periods excludes loss 8.2
mln dlrs, or 56 cts a share, from discontinued operations


.I 8184
.C
acq
.W
WAL-MART <WMT> COMPLETES ACQUISITION.
    BENTONVILLE, Ark, June 29 - Wal-Mart Stores Inc said it has
completed the acquisition of <Super Saver Warehouse Inc> and
Super Saver is now a wholly owned unit of Wal-Mart.


.I 8188
.C
acq
.W
KRAFT <KRA> COMPLETES FROSTEX ACQUISITION.
    GLENVIEW, Ill., June 29 - Kraft Inc said it completed the
acquisition of Frostex Foods Inc for undisclosed terms.
    Kraft said last month it had signed a letter of intent to
acquire the Austin, Texas-based foodservice distributor.


.I 8190
.C
earn
.W
PRECISION TARGET MARKETING <PTMI.O> 4TH QTR NET.
    LAKE SUCCESS, N.Y., June 29 - Qtr ended April 30
    Shr profit one ct vs loss three cts
    Net profit 146,000 vs loss 203,000
    Revs 2,001,000 vs 1,493,000
    Year
    Shr profit four cts vs loss 13 cts
    Net profit 445,000 vs loss 827,000
    Revs 7,135,000 vs 5,237,000
    NOTE: Full name is Precision Target Marketing Inc. Latest
year and quarter includes extraordinary gains of 214,000 dlrs,
or three cts a share, and 85,000 dlrs, or one ct a share.


.I 8192
.C
acq
.W
RTE CORP <RTE> BUYS EMHART CORP UNIT.
     BROOKFIELD, Wis., June 29 - RTE Corp said it completed the
purchase of Emhart Corp's United States aluminum electrolytic
capacitor business for an undisclosed sum.
    The company said the capacitor business is part of Emhart's
electrical and electronic group marketed under the Mallory
brand name.
    The company said the product lines it acquired had sales of
25 mln dlrs last year.


.I 8193
.C
earn
.W
SEVEN OAKS INTERNATIONAL INC <QPON.O> YEAR NET.
    MEMPHIS, Tenn., June 29 - Periods ended April 30
    Shr 83 cts vs 94 cts
    net 5,583,000 vs 8,403,000
    Revs 28.8 mln vs 29.4 mln
    Avg shrs 6,754,000 vs 6,802,000


.I 8194
.C
acq
.W
UNITED MEDICAL CORP <UM> SELLS UNIT.
    HADDONFIELD, N.J., June 29 - United Medical Corp said it
will sell its Trotter Treadmills Inc unit.
    The company said the sale is in line with its strategy of
refocusing on its health care service business. It said it had
received interest from several parties, but no agreement has
yet been reached.
    Trotter Treadmills makes motorized treadmills for the
exercise enthusiast and fitness club market. It said its sales
for this year are projected to be over 10 mln dlrs.



.I 8195
.C
veg-oil
.W
FRANCO-GERMAN PARLEY FAILS TO UNBLOCK FARM TALKS.
    BRUSSELS, June 29 - A specially convened Franco-German
meeting in the sidelines of a summit of EC leaders failed to
make any progress over a 1987-88 farm price package that has
deeply split the two former EC allies, diplomats said
    The meeting was attended by farm ministers and foreign
ministers from both countries and by French President Francois
Mitterand, his Prime Minister Jacques Chirac, and by Chancellor
Helmut Kohl of West Germany.
    The stalemate over farm prices is seen as a key to
providing a solution to a long-term settlement of the
Community's worst-ever budget crisis.
    "The Germans clearly do not want to budge," an aide to Chirac
told reporters. He added the French Prime Minister was visibly
angered as he the hour-long meeting.
    Bonn and Paris are diametrically opposed to a proposal for
the Brussels Executive Commission to overhaul radically the
EC's complex "green" currrency system, designed to translate
common EC farm prices into national currencies.
    Paris also supports a move for an oils and fats tax which
West Germany is against, along with Britain, Denmark and the
Netherlands.
    EC farm minsters are due to resume negotiations on the
package, which should have been agreed by an April 1 deadline
tomorrow.
    Diplomats said it had been hoped that the summit could have
injected fresh impetus into those talks.
    The Commission proposed its package to save one billion
dollars on the EC's ever-rising farm budget.
    The summit has been dominated by lengthy talks on moves to
alter the entire system of financing the 12-nation group, and
plugging a 5.7 billion dollar budget shortfall for 1987.


.I 8197
.C
money-fx;crude;
.W
VENEZUELA LOWERS EXCHANGE RATE FOR OIL EARNINGS.
    CARACAS, June 29 - Venezuela's cabinet approved a new
exchange rate for oil and mining export earnings, setting it at
14.50 bolivars to the dollar from 7.50 bolivars previously,
Minister Manuel Azpur UA said.
    Azpur told reporters after a cabinet meeting that the
measure is "fundamental to conserving the economic and financial
strength of the petroleum industry."
     He said the new exchange rate, which goes before the
central bank for final approval tommorrow, will allow the state
oil company Petroleos De Venezuela, S.A.(PDVSA) to solve its
problem of working capital and implement investment plans,
estimated at 20 billion bolivars for 1987. He did not say when
the measure would become effective.
   Venezuela's oil industry previously sold its dollar earnings
to the government at 7.50 to the dollar but bought foreign
exchange from its imports at 14.50 bolivars.
   The new exchange rate will promote purchases of domestic
goods and services by the industry, Azpur said. He added that
it would also put PDVSA in a position to purchase more
government debt bonds.                        
    PDVSA had available liquid assets of 20 billion bolivars at
the start of this year, of which nine billion were in a trust
fund in the Central Bank of Venezuela (BCV) and placed in
government bonds.
  According to a contract between PDVSA and the central bank,
the BCV must provide cash as the oil industry requries by
repurchasing the bonds.
    PDVSA's contribution to the treasury last year was 44.480
billion bolivars. It foreign earnings for oil and petrochemcial
sales were 8.023 billion dlrs.


.I 8198
.C
acq
.W
CYCARE SYSTEMS INC <CYCR> BUYS MEDTEC.
    PHOENIX, Ariz, June 29 - CyCare Systems Inc said it bought
Control Data Corp's <CDA> MedTec unit for an undisclosed sum.
    The company said MedTec's new client base could have a
significant impact on long-term revenues, although it expects a
minimal positive impact on earnings in the next six months.
    It said the assets purchased include processing agreements,
software maintenance contracts and the supporting software.


.I 8200
.C
acq
.W
******BASS-LED GROUP HAS 8.9 PCT BELL and HOWELL CO STAKE FOR.
INVESTMENT

.I 8202
.C
acq
.W
MCCHIP <MCS.TO> TO ACQUIRE RESERVE HOLDING.
    TORONTO, June 29 - McChip Resources Inc said it has agreed
to exchange its interest in Oklahoma oil and gas properties
operated by Reserve Exploration Co <REXC.O> for 638,435
restricted Reserve common shares.
    The company said it will have a 44 pct stake in Reserve's
outstanding shares as a result of the exchange.


.I 8203
.C
interest;housing;
.W
INTEREST RATES HURT U.S. MAY HOUSING SALES.
    By Steven Radwell, Reuters
    NEW YORK, June 29 - Sales of new single-family homes
tumbled 14.9 pct in May from April levels because of higher
mortgage interest rates, analysts said.
    "There should be another month or two of very weak new home
sales but with interest rates stabilizing, sale of new homes
should become more stable by mid-summer," said economist
Lawrence Chimerine of Wharton Econometrics Inc.
    The drop in May, to a seasonally adjusted annual rate of
616,000 units, was the largest since January 1982, the Commerce
Department said.
    Interest rates on conventional mortgages bottomed out at
about 9.08 pct in March and rose to about 10.7 pct in April,
according to Stephen Roach, economist at Morgan Stanley.
    The effect was to freeze some potential new homebuyers out
of the market, he and others said.
    "The rates moved very suddenly and were certainly
unexpected by homebuyers," said Cynthia Latta, an economist
with Data Resources. "They were so startled, they wanted to
hold back and see what would happen."
    The drop in sales of new single-family home sales was
sharper than expected, some economists said. "We fully expected
a decline but the extent was more than we anticipated," said
James Christian, chief economist for the U.S. League of Savings
Institutions.
    Christian said there was a sharp rise in May in sales of
existing homes, which are generally less expensive than new
homes.
    Latta of Data Resources said strong sales of new
condominiums in the Northeast and on the West Coast were
reflected in sales of existing but not new homes.
    Christian of the U.S. League of Savings Institutions said,
"Underlying housing demand remains strong. I think the market
is going to stabilize and give us a good second half."
    Others were less optimistic, however.
    "We clearly won't have a boom (in new home sales) but I
don't think this is the start of a collapse in single-family
housing," said Chimerine of Wharton.
    Eugene Sherman, chief economist of the Federal Home Loan
Bank of New York, said, "The lower sales level will be
maintained for awhile until there is another change in rates.
There won't be much specific improvement in coming months."


.I 8208
.C
acq
.W
BASS GROUP HAS STAKE IN BELL AND HOWELL <BHW>.
    WASHINGTON, June 29 - An investor group led by Robert Bass
of Fort Worth, Texas said it owns 786,800 shares of Bell and
Howell Co common stock, equal to 8.9 pct of the company's
common stock outstanding. 
    In a filing with the Securities and Exchange Commission,
the group said it purchased 511,500 Bell and Howell common
shares between April 29 and June 26 at 44.25 dlrs to 56.02 dlrs
a share.
    The stock was acquired for investment purposes, the group
said, adding it may purchase or sell additional shares in the
future.


.I 8210
.C
ship
.W
U.S. REASSERTS PLANS FOR DETERRENT ROLE IN GULF.
    WASHINGTON, June 29 - The United States responded to an
apparent escalation of Iranian rhetoric with continued
assurances that its expanded military force in the Gulf would
play purely a deterrent role.
    "I can only emphasize that our role there is deterrent, that
we're going to be assuring safety for American shipping and
that that shipping is not related to the war itself," State
Department spokesman Charles Redman told reporters.
    He was asked about Iranian claims that the United States
was moving towards the brink of armed conflict with Iran.
    Tehran Radio quoted defence spokesman Ali Akbar Hashemi
Rafsanjani telling a visiting Nicaraguan delegation yesterday,
"At the moment the United States is moving towards the brink of
an armed encounter with us.
    "We are not concerned about this and believe that the U.S.
Presence in the war will make our nation even more serious. We
are determined to stand firm and will certainly win."
    The United States disclosed last week it was beefing up its
Gulf fleet from seven to 10 warships and also sending the
refurbished battleship Missouri to patrol just outside the
strategic Strait of Hormuz, entrance to the Gulf.
    The buildup ties in with U.S. Plans to escort Kuwaiti oil
tankers which have been re-registered to fly the American flag
and gain naval protection against Iranian attacks.
    Asked about the Iranian rhetoric, White House spokesman
Marlin Fitzwater said, "We won't have any comment or response to
the Iranian statements. Our position has been made clear about
the status of events in the Gulf. We want an end to the war
with no winners and no losers and any activities or statements
that tend to prolong the war or increase hostilities are not
helpful or welcome."
    Redman said he could not independently confirm reports that
Iran has offered to halt attacks on Gulf shipping.


.I 8215
.C
earn
.W
HARTMARX CORP <HMX> 2ND QTR MAY 31 NET.
    CHICAGO, June 29 -
    Shr 40 cts vs 11 cts
    Net 8,265,000 vs 2,255,000
    Sales 248.3 mln vs 245.4 mln
    Six mths
    Shr 94 cts vs 51 cts
    Net 19.4 mln vs 10.6 mln
    Sales 531 mln vs 535.8 mln


.I 8218
.C
acq
.W
CXR <CXRL.O>,TOROTEL <TRTL.O> TO SETTLE SUIT.
    MOUNTAIN VIEW, Calif, June 29 - CXR Telcom Corp and Torotel
Inc agreed in principle to settle pending litigation regarding
the sale of Torotel's former Halcyon Communications Inc unit to
CXR in March, 1986, the two companies said in a joint
statement.
    The agreement calls for CXR to pay to Torotel 1,350,000
dlrs in exchange for return of a 2.5 mln dlr note and five mln
CXR common shares valued at 1,7754,000 mln dlrs, the companies
said.
    In June, 1986 CXR filed the suit in San Francisco federal
court, charging that the 10.3 mln dlr price it paid for Halycon
was excessive, Torotel said.
    It also said that in is suit CXR asked for seven mln dlrs
in damages, along with an unspecified punitive award.


.I 8220
.C
acq
.W
CABLEVISION SYSTEMS <CVCC> BUYS STATIONS.
     WOODBURY, N.Y., June 29 - Cablevision Systems Corp said it
bought cable television systems in six Dutchess County, N.Y.,
communities from Dutchess County Cablevision Associates Ltd.
    The company said the acquisition of the new systems will
add to its presence in New York. It said it will add 4,400
subsribers to its 568,000 subscriber base.


.I 8223
.C
acq
.W
AUSTEC <AIL.S> COMPLETE PURCHASE OF PRIVATE FIRM.
    SAN JOSE, Calif, June 29 - Austec International Ltd said
its North American unit, Austec Inc, completed the purchase of
privately-held Ryan-McFarland Corp for an undisclosed sum.
    The company said the two units combined are expected to
have net revenues of about 25 mln dlrs in 1987.
    Ryan-McFarlnad develops COBOL and FORTRAN language
compilers for the micro, mini and mainframe computer markets.
    Austec International is based in Melbourne, Australia.
Ryan-McFarland is located in Rolling Hills Estates, Calif.


.I 8228
.C
acq
.W
******TECSYN INTERNATIONAL TERMINATES TAKEOVER TALKS WITH.
INVESTOR GROUP

.I 8230
.C
acq
.W
CAMPEAU SAYS IT IS NOT PART OF SEC PROCEEDING.
    NEW YORK, June 29 - <Campeau Corp> said it is not involved
in the Securities and Exchange Commission's administrative
proceeding against Allied Stores Corp, which Campeau acquired
at the end of last year.
    In a statement, the company said, "The SEC action involves
events that occurred prior to Campeau's acquisition of Allied
relating to the alleged failure of Allied to make certain
disclosures. Consequently, Campeau is not subject to the
procedings."


.I 8231
.C
crude;pet-chem;naphtha;
.W
HENLEY <HENG.O> HAS VENEZUELAN REFINERY PROJECT.
    HOUSTON, June 29 - Henley Group Inc's M.W. Kellogg Co
subsidiary said it in consortium with <Inelectra> received a
contract from Corpoven S.A., a Venezuelan-owned domestic oil
company, to revamp and expand its El Palito Refinery.
    Kellogg said the installed cost of the work to be performed
is estimated to be 130 mln dlrs. Inelectra, Kellogg said, is a
major Venezuelan engineering firm.
   Kellog said the project will enable the refinery to produce
BTX products -- benzene, toluene, and orthoxylene -- by
processing naphtha feed from an expanded reformer-hydrotreater.
    Kellogg said the refinery's reformer-hydrotreater will be
upgraded to 9,500 barrels a day capacity from 7,500.
    It said the new BTX process units include aromatic
extraction, xylene fractionation, xylene isomerization and
thermal hydrodealkylation.
    Kellogg pointed out that Venezuela now imports all of its
BTX aromatics.


.I 8234
.C
acq
.W
FORTUNE SYSTEMS <FSYS.O> APPROVES UNIT SALE.
    BELMONT, Calif., June 29 - Fortune Systems Corp said its
shareholders approved the sale of its computer hardware
business to SCI Technologies Inc.
    The transaction is expected to close this week.
    At its annual meeting, Fortune said shareholders also voted
to change Fortune's name to Tigera Inc. Its principal
subsidiary is Tigeral Corp.


.I 8240
.C
acq
.W
TECSYN <TSNA.TO> TERMINATES TAKEOVER TALKS.
    ST. CATHARINES, Ontario, June 29 - TecSyn International Inc
said it terminated takeover discussions with a U.S.-based
investors group after the group was unable to establish access
to funds to complete the proposed transactions, contrary to
previous assurances.
    TecSyn previously said it and its controlling shareholders
accepted in principle a proposal from the group to offer nine
dlrs a share for 70 pct of TecSyn's outstanding shares.
    The investor group also planned to invest 22.5 mln dlrs in
a private placement of four mln non-voting TecSyn common
shares, the company said.


.I 8241
.C
acq
.W
GOODYEAR <GT> TO SELL STAKE IN TOYOBO PETCORD.
    AKRON, Ohio, June 29 - Goodyear said it is selling its 50
pct interest in Toyobo Petcord Ltd of Japan to its partner in
the venture, Toyobo Co.


.I 8243
.C
earn
.W
WASHINGTON SCIENTIFIC <WSCI.O> 2ND QTR NET.
    MINNEAPOLIS, June 29 -
    Shr 16 cts vs two cts
    Net 391,000 vs 57,000
    Sales 7,917,000 vs 7,255,000
    Six mths
    Shr 47 cts vs 17 cts
    Net 1,164,000 vs 422,000
    Sales 27.9 mln vs 24.3 mln
    NOTE: Full company name is Washington Scientific Industries
Inc. Second quarter ended June seven.


.I 8246
.C
trade
.W
ISRAEL MINISTER SEES INCREASED EXPORTS TO U.S.
    NEW YORK, June 29 - Israel's exports to the U.S. can and
must double over the next five years if the mideast nation's
goal of economic independence is to be achieved, said Gad
Yaacobi, Israeli minister of Economy and Communication.
    Speaking before an American-Israel Chamber of Commerce
seminar, Yaacobi said that in 1986 Israeli exports to the U.S.
were over 2.3 billion dlrs or about one-third of Israel's total
exports, while imports from the U.S. were around 1.8 billion
dlrs or roughly one-sixth of the total.
    "I am convinced that Israel exports to the U.S. can reach
five billion dlrs in the next five years, if we learn to
function in the American marketplace and place greater emphasis
on product quality," Yaacobi said.
    While the weakening of the dollar vis-a-vis European
currencies is a "bottleneck to increasing exports to the U.S.,"
Yaacobi said he expects Israel to extend its recent trend
toward higher U.S. exports.
    In the last ten years, Israeli exports to the U.S. rose
fivefold, from 417 mln dlrs to 2.3 billion in 1986, while
imports rose from 888 mln dlrs to 1.8 billion last year.
    Yaacobi said export growth must increase ten to eleven pct
annually, the rate achieved until the 1973 Yom Kippur War.
     He said that the U.S./Israel Free Trade agreement, passed
last year and eliminating all duties and other commercial
restrictions between the two nations through 1994, would
continue to facilitate the desired export growth.
    Dual agreements included in the FTA allow Israel to act as
an economic bridge between the U.S. and Europe, enabling U.S.
firms to export to Europe at lower cost if a certain percentage
of the exported is produced in Israel, and vice-versa.
    Yaacobi said that tensions among the nations of the middle
east was one of the main reasons Israel had not yet been able
to achieve its economic potential.
    Since 1973 the U.S. has given Israel 25 billion dlrs in
aid, but most of it went to defense expenditures and financing
military conflicts "which were imposed on Israel," he said.
    Short of achieving Israel's full growth potential, however,
Yaccobi said it would still be possible to achieve economic
independence by 1993 or 1994, based on the assumption that
exports can be doubled from 1986 levels in that time period.


.I 8249
.C
acq
.W
******GENCORP INC SAYS TO SELL GENERAL TIRE TO CONTINENTAL.
GUMMI FOR 650 MLN DLRS

.I 8255
.C
crude
.W
VENEZUELA BUDGET SEES 16.35 DLRS OIL PRICE.
    CARACAS, June 29 - Venezuela's government tomorrow presents
a 1988 budget proposal for 183.432 billion bolivars, based upon
an oil price of 16.35 dlrs per barrel, finance minister Manuel
Azpurua said.
    Azpurua told reporters after a cabinet meeting the new
budget projects ordinary income of 149.925 billion bolivars and
extraordinary income of 34.186 billion. Oil revenues are
expected to produce 92.014 billion, or 61 pct of the total.
    The finance minister said the oil revenue projection is
based on an average price of 16.35 dlrs per barrel in 1988.
Venezuelan oil through the first half of 1987 has averaged 16.
20 dlrs per barrel, according to the state oil company
Petroleos de Venezuela, S.A.


.I 8258
.C
acq
.W
GENCORP <GY> TO SELL GENERAL TIRE.
    AKRON, Ohio, June 29 - Gencorp Inc and Continental AG of
Hanover, West Germany, jointy announced they signed an
agreement for Continental to buy Gencorp's General Tire Inc
subsidiary for 650 mln dlrs in cash.
    Under the agreement the companies said Continental will
acquire General Tire, including its related domestic and
foreign operations, and Gencorp will retain liability for the
medical benefits of retired General Tire employees who retired
on or before November 30, 1984.
    The sale is expected to be completed on or before November
one and is subject to meeting certain conditions.
    Continental is Europe's second largest tire producer. Last
year, the company had sales of 2.6 billion dlrs, with 1.9
billion dlrs generated by its tire operations.
    Last year, General Tire had operating profits of 79 mln
dlrs on sales of 1.1 billion dlrs, and Gencorp had operating
profits of 130 mln dlrs on sales of 3.1 billion dlrs.
    GenCorp spokesman Rip Tilden said the company will retain
about 100 mln dlrs in liability for its former General Tire
employees under the agreement.
    Tilden said Gencorp will use the proceeds from the sale to
reduce its 1.5 billion dlr debt.
    In April, GenCorp sucessfully thwarted a takeover by a
partnership formed by AFG Industries Inc <AFG> and Wagner and
Brown with a restructuring program that included the purchase
of up to 54 pct, or 12.5 mln shares, of its common at 130 dlrs
a share for a total of 1.6 billion dlrs
    As part of the restructuring, GenCorp also said it planned
to sell its tire business, the bottling operations of its RKO
General Inc subsidiary, and RKO's remaining broadcast
properties to focus on the company's aerospace and automotive
components businesses.
   
    Tilden said Gencorp expects to realize about 850 mln dlrs
in after tax proceeds by the end of 1987 as a result of sale of
several pieces of the nonbroadcast assets of the company,
including general tire.
    "The price paid for General tire would not cause us to
reevaluate that estimate," said Tilden.
    General Tire employs 10,000 people worldwide and has four
tire manufacturing plants in the U.S. and one in Canada.
    In a statemnet, A. William Reynolds, GenCorp chairman said
the sale of General Tire "represents a critical accomplishment
in our plan to restructure GenCorp."
   
    Reynolds also said GenCorp's previously announced sale of
its other businesses are "proceeding satisfactorily."
    Among the pieces of Gencorp's empire that remain to be sold
are its RKO bottling operations. GenCorp agreed to sell RKO's
KHJ-TV station to Walt Disney Co <DIS> for
217 mln dlrs. That deal awaits approval by the Federal
Communications Commission. GenCorp also received 257 dlrs after
tax from the sale of RKO's WOR-TV.
   


.I 8261
.C
earn
.W
ADVANCED INSTITUTIONAL <AIMS.O> YEAR LOSS.
    SYOSSET, N.Y., June 29 - 
    Shr loss 79 cts vs profit 30 cts
    Net loss 2.1 mln dlrs vs profit 675,935 dlrs
    Revs 5.5 mln dlrs vs 9.1 mln dlrs
    Note:the year ended March 31. The company's full name is   
 Advanced Institutional Management Software Inc


.I 8263
.C
acq
.W
KELLWOOD <KWD> BUYING THREE COMPANIES.
    ST. LOUIS, June 29 - Kellwood Co said it signed a
definitive agreement to acquire Robert Scott Ltd Inc, David
Brooks Ltd Inc and Andrew Harvey Ltd of Dedham, Mass.
    Terms were not disclosed.
    Combined sales of the three companies in 1986 were over 50
mln dlrs, it said. The deals are expected to be completed by
July 31, Kellwood said.


.I 8267
.C
acq
.W
******A.H. ROBINS SAYS RORER GROUP MERGER PROPOSAL MERITS.
FURTHER CONSIDERATION

.I 8271
.C
acq
.W
DIGITAL COMMUNICATIONS <DCAI.O> BUYS FOX UNIT.
    ALPHARETTA, Ga., June 29 - Digital Communications
Associates Inc said it agreed with Fox Technology Inc <FOXT.O>
to buy its Fox Research Inc unit for a cash payment and the
assumption of liabilities of around 10 mln dlrs.
    The company said part of the agreement includes payment of
up to an additional 6.5 mln dlrs based on the performance of
the unit in the year following the closing.
    The company said the deal is expected to be closed in
mid-August.
    Fox Research develops, makes and markets local area
networks for personal computers.


.I 8274
.C
acq
.W
A.H. ROBINS <QRAH> TO CONSIDER RORER OFFER.
    RICHMOND, Va., June 29 - A.H. Robins Co said its board
has concluded that the merger proposal submitted by Rorer Group
Inc <ROR> merits further consideration.
    At the request of the board, Rorer has agreed to extend
until 1800 EDT July 2 its deadline for response from A.H.
Robins.
    After Rorer announced its second bid for the company last
Thursday, analysts forecast that the Robins family, which holds
control of the company, would vigourously oppose any merger.
    But, the analysts added, that Robins desire to emerge
independent from two years of bankruptcy proceedings may be
thwarted by some Robins' shareholders who perceive a merger as
a more expedient way of dealing with the company's Dalkon
Shield related liabilities.
    After a failed first attempt earlier this year, Rorer's
latest merger plan calls for a share swap worth about 720 mln
dlrs.
    Rorer would also set up two trusts to cover the estimated
1.75 billion dlrs in liabilities to deal with about 320,000
claims by women who suffered maladies from the use of the
Dalkon Shield interuterine device.


.I 8275
.C
grain;cotton;trade;rice;
.W
PAKISTAN UNVEILS NEW TRADE POLICY TO BOOST EXPORTS.
    ISLAMABAD, June 29 - Pakistani government allowed freer
cotton and rice export in a three-year new trade policy aimed
at narrowing the country's yawning trade gap.
    Commerce and Planning Minister Mahbubul Haq said in a
televised speech the government had also decided to allow
duty-free import of cotton yarn to make the textile industry
more competitive, and to link bulk tea imports to the export of
Pakistani products.
   
    Cotton and rice are Pakistan's main exports, which have
been handled exclusively by state corporations since early
1970s.
    But Haq said now the private sector would also export
cotton and rice along with the corporations, which meets a
long-standing demand of the local traders.
    The duty-free import of cotton yarn has been allowed to
bring down prices and help the local ancillary industries
compete effectively in the world market, he said.
   
    Haq said the new policy, effective from the fiscal year
1987/88 beginning on July 1, would be for three years but
reviewed every year.
    It was a departure from the previous practice of announcing
trade policies for a single fiscal year, and Haq said it would
enable the businessmen to plan their market strategies over a
longer period.
    He said an export credit of 250 mln dlrs had been provided
for the export of engineering goods to selected third world
countries on soft credit terms.
   
    Pakistan's 1986/87 exports at 3.6 billion dlrs, 18.2 per
cent more than in the previous year, and imports at 5.23
billion dlrs compared to 5.63 billion dlrs in 1985/86.
    He said the government policy was to rationalise and
streamline import controls.
    "It has been observed that due to restrictions on imports,
specially on raw materials and intermediate goods, local
industry has been suffering for want of necessary inputs," he
said. "Prices have been on the increase and quality of goods
produced has been low. This restrictive policy also gave rise
to smuggling and hampering of exports."
   
    He said that to correct this situation, 136 items had freed
from import restrictions.
    Previously, Pakistan has met its trade gap largely from
remittances from its nationals working abroad, mainly in the
Gulf. However, the remittances have begun to fall after the
drop in oil prices in recent years leading to the spectre of a
balance of payments crisis for Pakistan.


.I 8278
.C
acq
.W
CITICORP <CCI> SAVINGS EXTENDS CALIFORNIA REACH.
    OAKLAND, Calif, June 29 - Citicorp has extended its reach
into the California market with Citicorp Savings' acquisition
of 50 of Sears Roebuck's <S> Sears Savings Bank branches,
bringing its presences to 143 branches in 101 communities,
CitiCorp Savings said.
    Thrift industry analysts said the move, approved by the
Federal Reserve board today, is a plus for Citicorp and shows
its serious intent to penetrate the California market.
    The acquisition mostly extends Citicorp's reach into
Southern California, where 34 of the 50 branches are located.
Citicorp Savings was predominantly in Northern California.
    "This marks our first major expansion in California,
particularly in the south," said Citicorp Savings President
Edward Valencia, in a statement.
    Thrift industry sources said they do not see a major
near-term impact on the Southern California thrift market, but
do expect Citicorp to be a more aggressive competitor than
Sears was in that market.
    "We do believe they will be a better competitor than
Sears," said James Stutz, Executive Vice President of Home
Federal Savings and Loan Association <HFD>, based in San Diego.
    Banking industry sources said the move is viewed as
groundwork, to establish Citicorp throughout the California
market, well before the 1991 law change that will allow it to
operate as a bank in the state. They said Citicorp is likely to
convert the branches to banks at that time.
    In the near-term, however, analysts said with seven billion
dlrs in assets, Citicorp Savings is still not a major force in
the thrift market, against such large California thrifts as
Home Federal, Great Western Financial Corp <GWF>, H F Ahmanson
and Co <AHM>, Golden West  Financial <GWD> and Great American
First Savings Bank <GTA>.


.I 8283
.C
acq
.W
CONTEL <CTC> UNIT SALES SEEN BY ANALYSTS.
    NEW YORK, June 29 - Contel Corp's telecommunications
equipment unit is the most likely candidate for sale by the
Atlanta-based telecommunications company, Wall Street analysts
said.
    "Executone is at the top of the list," said one analyst,
referring to Contel's loss-riden telecommunications equipment
unit. "The question is, who would take it?" he added.
    The company, forecasting a 15 pct drop in 1987 operating
earnings over last year, said late today that it is reviewing
all operations in an effort aimed at "maximizing long-term
stockholder value."
    Analysts also said Contel's federal systems division, which
has been hit with several executive defections, may also be put
on the block.
    Contel officials declined to comment on the possibility of
selling any operations. However, the company indicated in a
statement that it was closely evaluating the telecommunications
and federal systems units.


.I 8285
.C
earn
.W
ROYAL GOLD AND SILVER CORP <RGS.TO> SIX MTHS NET.
    TORONTO, June 29 - 
    Shr profit two cts vs loss two cts
    Net profit 123,000 vs loss 104,000
    Revs 12.5 mln vs nil
    Note: 1987 period includes 112,000 dlr extraordinary gain.


.I 8287
.C
acq
.W
CDC LIFE SCIENCES <LSI.TO> STAKE SOLD.
    TORONTO, June 29 - Canada Development Corp <CDC.TO> said it
agreed to sell its 25.2 pct interest in CDC Life Sciences Inc
to Caisse de depot et placement du Quebec, the provincial
pension fund manager, and Institut Merieux, a French biological
laboratory company, for 169.2 mln dlrs.
    It said the caisse and Institut Merieux will each buy 2.75
mln common shares of the company for 30.76 dlrs a share.
    It said following the transaction the caisse will hold
about 19.3 pct of CDC Life Sciences. Canada Development said
the purchasers do not plan to acquire the remaining
publicly-held shares.


.I 8290
.C
acq
.W
CYCLOPS <CYL> HOLDERS APPROVE DIXONS MERGER.
    NEW YORK, June 29 - Dixons Group Plc said shareholders at a
special meeting of Cyclops Corp approved the previously
announced merger of Cyclops with Dixons.
    Under the terms of the merger, Dixons said the remaining
public Cyclops shareholders are to receive 95 dlrs a share.
    Dixons also said the previously announced sale of Cyclops
steel and nonresidential construction businesses to a former 
Alleghany Corp <Y> subsidiary is expected to be completed June
30. After the sale, Cyclops will retain its specialty retailing
business and change its name to Silo Inc, said Dixons.


.I 8291
.C
acq
.W
STE-GENEVIEVE UPS OFFER FOR SULLIVAN <SUM.TO>.
    MONTREAL, June 29 - Ste-Genevieve Resources Ltd said it
increased its cash takeover bid for Sullivan Mines Inc shares
to 7.25 dlrs a share. It did not give the original bid.
    The offer is for a minimum five mln common shares and a
maximum six mln shares, the company said.
    It gave no further details.


.I 8292
.C
grain
.W
U.S./SOVIET GRAIN MEETING UNLIKELY THIS SUMMER.
    WASHINGTON, June 29 - Prospects appear slim for a summer
meeting between U.S. and Soviet officials before the two
countries enter the final year of their bilateral grains
agreement, Agriculture Department officials said.
    The two sides usually try to meet as each new year of the
agreeement approaches although the last meeting was delayed up
to last February. However, any delay this year should not
endanger the fifth year of the grains agreement that extends
through September, 1988, USDA officials said.
    "It will be difficult to pull together the people for the
meeting during July," an aide to USDA undersecretary Daniel
Amstutz said.
    Since the last meeting was only around four months ago, the
next talks could still be a "couple more months," he said.
   
    There has been grain industry speculation that the USDA
will offer Moscow another wheat subsidy during the next
marketing year. But USDA officials said even if consultations
were held soon a subsidy offer would probably not be made.
    "I doubt that there would be any subsidy offer this summer
or before the next agreement year begins," a USDA source said.
    Citing limited subsidy funds and uncertainties about next
year's crops, he said, "There are too many variables now. It
would be uncharacteristic of us to make an offer now."
    Under the nonbinding pact, Moscow has agreed to purchase a
minimum of nine mln tonnes of U.S. grain per year. Soviet and
U.S. officials normally meet in the summer before the start of
a new agreement year to discuss grain quality, shipping
logistics and production outlooks.


.I 8293
.C
acq
.W
******GE CREDIT SAYS IT WILL BUY KRAFT INC'S D AND K FINANCIAL.
CORP

.I 8294
.C
earn
.W
WALL AND REDEKOP CORP <WRK.TO> THREE MTHS NET.
    VANCOUVER, June 29 -
    Shr five cts vs one ct
    Net 299,869 vs 54,775
    Revs 5.7 mln vs 5.2 mln
    Note: period ended April 30.


.I 8296
.C
acq
.W
JUSTICE OPPOSES QUICK GREYHOUND-TRAILWAYS MERGER.
    WASHINGTON, June 29 - The Justice Department said it asked
the government to proceed cautiously on a plan allowing the
nation's two largest intercity bus companies to merge their
operations, a move one of the firms said may derail the deal.
    Justice's opposition to quick federal approval of a bid by
Greyhound Lines Inc to take immediate control Trailways Corp
prompted Greyhound to threaten -- in a brief filed with the
Interstate Commerce Commission (ICC) -- to drop the merger
plan.
    Greyhound officials told Reuters late today the company
hoped for ICC action on the merger by tomorrow.
    "Greyhound Lines will go forward with the transaction only
if it is permitted to assume immediate, unconditional control
of Trailways' operations and to integrate them with its
operations," Greyhound said in a filing with the ICC, the
federal regulatory agency which has the final say over mergers
of interstate bus companies.
    But Justice had said in an earlier filing with the ICC that
it wanted the agency to move slowly on the plan and to turn
down Greyhound's request to begin operating Trailways
immediately.
    "The department has just begun to receive relevant
information on Trailways' financial condition and is in the
process of assessing the correctness of the company's
allegations," acting Assistant Attorney General Charles Rule
said in comments submitted to the ICC.
    Greyhound announced June 19 that it wanted the ICC to let
it begin operating Trailways immediately while continuing to
evaluate the merger for possible antitrust problems.
    Greyhound said it would pay 80 mln dlrs for many of
Trailways' terminals, buses and garages.
    The two companies said in papers filed with the ICC that
Trailways "could collapse in a matter of days."
    They said Trailways owed suppliers more than six mln dlrs,
with another six mln dlrs due June 30.
    The suppliers, they said, could force Trailways into
bankruptcy "at any time."
    Trailways also owes a consortium of banks 76 mln dlrs, and
the consortium has threatened to call the loan if Trailways
fails to pay the interest due June 30, they said.


.I 8303
.C
acq
.W
ALLIED-SIGNAL <ALD> SELLS TO SCHLUMBERGER <SLB>.
    MORRIS TOWNSHIP, N.J., June 29 - Allied-Signal Inc and
Schlumberger Ltd jointly announced that Schlumberger had
acquired Allied-Signal's Neptune International unit. Terms
weren't disclosed.
   Atlanta, Ga.-based Neptune, which makes water meters and
flow measurement equipment, had sales last year of 80 mln dlrs.


.I 8306
.C
earn
.W
LENNAR CORP <LEN> 2ND QTR MAY 31.
    MIAMI, June 29 -
    Shr 64 cts vs 40 cts
    Net 5,597,000 vs 3,426,000
    Revs 83.5 mln vs 47.4 mln
    Six mths
    Shr 1.15 dlrs vs 60 cts
    Net 10 mln vs 5,201,000
    Revs 147.6 mln vs 91.5 mln


.I 8309
.C
acq
.W
DIGITAL <DCAI.O> TO ACQUIRE FOX <FOXT.O> UNIT.
    ALPHARETTA, Ga., June 29 - Digital Communications
Associates Inc <DCAI.O> said it has entered into an agreement
to acquire substantially all the assets of Fox Technology Inc's
Fox Research Inc subsidiary.
    The company said it will assume about 10 mln dlrs of Fox
liabilities with a provision for a further 6.5 mln dlrs based
on the future financial performance of Fox during the one year
period following the closing of the deal.
    It said the acquisition is subject to approval by Fox
shareholders and is expected to close in mid August.


.I 8310
.C
tea
.W
STATE TO CONTROL 70 PCT OF PAKISTAN TEA IMPORTS.
   ISLAMABAD, June 29 - Pakistan announced a new tea import
policy, saying 70 pct of imports will in future be made through
the state Trading Corporation of Pakistan (TCP).
   Commerce Minister Mahbubul Haq said in a television
broadcast that no more than one-third of the remaining 30 pct
allocated to the private sector would be permitted to come from
any one country.
   The new policy was announced some three months after the
government suspended import licences and ordered an inquiry
into tea purchase policy.
   Traders said the move was designed to put pressure on Kenya,
which provided some 48 pct of Pakistan's 75-80 mln kilo annual
tea imports, to buy Pakistani manufactured goods in exchange.
    Liptons and Brooke Bond, two units of Britain's Unilever
Plc, control 95 pct of Pakistan's hard-pack tea market, traders
said.
   Haq, who is also Planning Minister, was outlining a new
three-year trade policy from the start of financial 1987/88 on
July 1.


.I 8311
.C
acq
.W
GENERAL ELECTRIC <GE> TO BUY KRAFT <KRA> UNIT.
    STAMFORD, Conn., June 29 - General Electric Co's GE Credit
Corp said it agreed to buy all of the capital stock of Kraft
Inc's wholly owned subsidiary D and K Financial Corp.
    Terms of the acquisition were not disclosed.
    D and K, with assets of more than one billion dlrs, is one
of the leading U.S. companies involved in the leasing of fleets
of cars, according to GE Credit.
    Jim Ahtes, a spokesman for GE Credit's outside public
relations firm, Manning, Selvage and Lee Inc, emphasized that
the terms of the acquisition had not yet been approved.



.I 8312
.C
acq
.W
IEP LIFTS ULTRAMAR AND OGELBAY NORTON STAKES.
    WELLINGTON, June 30 - <Industrial Equity (Pacific) Ltd>,
(IEP) the Hong Kong-listed unit of Brierley Investments Ltd
<BRYA.WE>, said it has lifted its stakes in British oil company
Ultramar Plc <UMAR.L> and U.S. Firm <Ogelbay Norton Co>.
    IEP told the Stock Exchange it now holds 36.03 mln Ultramar
shares representing 13.07 pct of the issued capital. It holds
388,600 shares in Ogelbay representing 11.68 pct of the
Delaware-based company.
    No other details were available.


.I 8313
.C
jobs
.W
******Japan May unemployment record 3.2 pct (3.0 pct in April).
- official

.I 8314
.C
jobs
.W
JAPAN UNEMPLOYMENT RISES TO RECORD 3.2 PCT IN MAY.
    TOKYO, June 30 - Japan's seasonally adjusted unemployment
rate rose to a record 3.2 pct in May, the worst level since the
government started compiling unemployment statistics in 1953,
the government's Management and Coodination Agency said.
    The May rate surpassed the previous record of 3.0 pct
marked set in January and April this year. It was also up
sharply from 2.7 pct a year earlier.
    Unadjusted May unemployment totalled 1.91 mln people, up
from 1.90 mln in April and 1.62 mln a year earlier.
    An agency official blamed industrial restructuring and the
strong yen for the rise in unemployment.
    The seasonally adjusted male unemployment rate in May rose
to a record 3.2 pct, surpassing the previous record 3.0 pct set
in July 1986. This compares with 2.9 pct in April and 2.7 pct a
year earlie. Unadjusted male unemployment totalled 1.12 mln, up
180,000 from a year earlier.
    The female unemployment rate in May was unchanged from
April at a record 3.1 pct. A year ago, the rate was 2.8 pct.
Unadjusted female unemployment rose 100,000 to 790,000.
    The yen's appreciation continued to affect employment in
manufacturing industries and the total employed in May fell
210,000 or 1.5 pct from a year earlier to 14.10 mln.


.I 19860
.C
gold
.W
SIX KILLED IN SOUTH AFRICAN GOLD MINE ACCIDENT.
    JOHANNESBURG, Oct 19 - Six black miners have been killed
and two injured in a rock fall three km underground at a South
African gold mine, the owners said on Sunday.
    <Rand Mines Properties Ltd>, one of South Africa's big six
mining companies, said in a statement that the accident
occurred on Saturday morning at the <East Rand Proprietary
Mines Ltd> mine at Boksburg, 25 km east of Johannesburg.
    A company spokesman could not elaborate on the short
statement.


.I 19861
.C
ipi
.W
SOVIET INDUSTRIAL GROWTH/TRADE SLOWER IN 1987.
    MOSCOW, Oct 19 - The Soviet Union's industrial output is
growing at a slower pace in 1987 than in 1986 and foreign trade
has fallen, Central Statistical Office figures show.
    Figures in the Communist Party newspaper Pravda show
industrial production rose 3.6 pct in the first nine months of
1987 against 5.2 pct in the same 1986 period.
    Foreign trade in the same period fell 3.6 pct from the 1986
period as exports fell by 0.5 pct and imports dropped by 4.2
pct.
    Foreign trade in the nine months totalled 94.2 billion
roubles. Separate import and export figures were not given.
    One factor affecting industrial growth was the introduction
of a new quality control plan, Western economists said. Last
year's calculations of industrial output included all goods,
irrespective of quality.
    Under the new plan, introduced in line with Soviet leader
Mikhail Gorbachev's drive to modernise the economy, special
inspectors have the right to reject goods they consider below
standard.
    Pravda said 42 mln roubles worth of defective goods were
rejected in the nine-month period.
    The figures also showed that on October 1, there were more
than 8,000 cooperative enterprises employing over 80,000
people. More than 200,000 were employed in the private sector,
Pravda said, without giving comparative figures.
    The promotion of the cooperative and private sectors of the
economy has been an important part of the modernisation
campaign, with measures introduced recently to allow the
setting up of small shops on a private basis.
    Labour productivity rose 3.7 pct in the first nine months
against 4.8 pct growth in January to September 1986.
    But western economists said they treat Soviet productivity
figures with caution, as they are more broadly based than in
the West, which measures worker output over a given period.
    Pravda said there were 283.8 mln people in the Soviet Union
as of October 1. In the January to September 1987 period 118.5
mln people were employed, a rise of 4.4 pct on the same period
last year. Average earnings were 200 roubles a month against
194 roubles a year ago.


.I 19862
.C
ship
.W
JAPAN/INDIA CONFERENCE CUTS GULF WAR RISK CHARGES.
    HONG KONG, Oct 19 - The Japan/India-Pakistan-Gulf/Japan
shipping conference said it would cut the extra risk insurance
surcharges on shipments to Iranian and Iraqi ports to a minimum
three pct from 4.5 pct on October 25.
    It said surcharges on shipments of all break-bulk cargoes
to non-Iraqi Arab ports would be reduced to 3.0 pct from 4.5.
    A conference spokesman declined to say why the move was
taken at a time of heightened tension in the Gulf.


.I 19863
.C
dlr;money-fx;yen;
.W
TOKYO DEALERS SEE DOLLAR POISED TO BREACH 140 YEN.
    By Rie Sagawa
    TOKYO, Oct 19 - Tokyo's foreign exchange market is watching
nervously to see if the U.S. Dollar will drop below the
significant 140.00 yen level, dealers said.
    "The 140 yen level is key for the dollar because it is
considered to be the lower end of the reference range. If the
currency breaks through this level, it may decline sharply,"
said Hirozumi Tanaka, assistant general manager at Dai-ichi
Kangyo Bank Ltd's international treasury division.
    The dollar was at 141.10 yen at midday against Friday
closes of 142.35/45 in New York and 141.35 here.
    The dollar opened at 140.95 yen and fell to a low of
140.40. It was 1.7733/38 marks against 1.7975/85 in New York
and 1.8008/13 here on Friday, after an opening 1.7700/10.
    The currency's decline was due to remarks on Sunday by U.S.
Treasury Secretary James Baker, dealers said.
    "The dollar fell over the weekend on increased bearish
sentiment after Baker's comments," said Dai-ichi's Tanaka. He
said this stemmed from mounting concern that cooperation among
the group of seven (G-7) industrial nations to implement the
Louvre accord to stabilise currencies might be fraying.
    The dollar's fall was also prompted by a record one-day
drop in the Dow Jones industrial average on Friday and weakness
in U.S. Bond prices, dealers said.
    Baker said the Louvre accord was still operative but he
strongly criticised West German moves to raise key interest
rates. Operators took Baker's comment to indicate impatience
with some G-7 members for failing to stick to the Louvre accord
due to their fears of increasing inflation.
    Rises in interest rates aimed at dampening inflationary
pressures also slow domestic demand.
    West Germany and Japan had both pledged at G-7 meetings to
boost domestic demand to help narrow the huge U.S. Trade
deficit, Tanaka said.
    U.S. August trade data showed the U.S. Deficit at a still
massive 15.68 billion dlrs. But if West Germany raises interest
rates, this would run counter to the pledge, he said.
    "Operators are now waiting to see if the G-7 nations
coordinate dollar buying intervention," said Soichi Hirabayashi,
deputy general manager of Fuju Bank Ltd's foreign exchange
department.
    The target range set by the Louvre accord is generally
considered to be 140.00 to 160.00 yen, dealers said.
    "The market is likely to try the 140 yen level in the near
future and at that time, if operators see the G-7 nations
failing to coordinate intervention, they would see the Louvre
accord as abandoned and push the dollar down aggressively,"
Hirabayashi said. He said the U.S. Currency could fall as low
as 135 yen soon.


.I 19865
.C
acq
.W
N.Z.'S CHASE CORP MAKES OFFER FOR ENTREGROWTH.
    WELLINGTON, Oct 19 - Chase Corp Ltd <CHCA.WE> said it will
make an offer for all fully-paid shares and options of
<Entregrowth International Ltd> it does not already own.
    Chase, a property investment firm, said it holds 48 pct of
Entregrowth, its vehicle for expansion in North America.
    It said agreements are being concluded to give it a
beneficial 72.4 pct interest.
    The offer for the remaining shares is one Chase share for
every three Entregrowth shares and one Chase option for every
four Entregrowth options. Chase shares closed on Friday at 4.41
dlrs and the options at 2.38.
    Entregrowth closed at 1.35 dlrs and options at 55 cents.
    Chase said the offer for the remaining 27.6 pct of
Entregrowth, worth 34.2 mln dlrs, involved the issue of 5.80
mln Chase shares and 3.10 mln Chase options.
    Chase chairman Colin Reynolds said the takeover would allow
Entregrowth to concentrate on North American operations with
access to Chase's international funding base and a stronger
executive team. He said there also would be benefits from
integrating New Zealand investment activities.
    Chase said the offer is conditional it receiving accptances
for at least 90 pct of the shares and options.


.I 19866
.C
grain;rice;
.W
THAI RICE EXPORTS RISE IN WEEK TO OCTOBER 13.
    BANGKOK, Oct 19 - Thai rice exports rose to 72,987 tonnes
in the week ended October 13 from 54,075 the previous week, the
Commerce Ministry said.
    It said the government and private exporters shipped 26,272
and 46,715 tonnes respectively. Private exporters concluded
advance weekly sales for 106,640 tonnes against 98,152 the
previous week. The said it ministry expects at least 65,000
tonnes in exports next week.
    Thailand has shipped 3.43 mln tonnes of rice in the year to
date, down from 3.68 mln a year ago. It has commitments to
export another 388,390 tonnes this year.


.I 19868
.C
crude
.W
IRAN, SOVIET UNION TO SWAP CRUDE, REFINED PRODUCTS.
    NICOSIA, Oct 19 - The Soviet Union has agreed to supply
Iran with refined oil products in exchange for 100,000 barrels
per day of crude, Iran's national news agency, IRNA, said.
    IRNA, monitored in Nicosia, quoted Oil Minister Gholamreza
Aqazadeh as saying on his return to Tehran from Moscow that the
agreement was part of a protocol on economic cooperation signed
during his visit. The amount of crude delivered to the Soviet
Union might double to 200,000 bpd later, he said.
    Aqazadeh said the two sides agreed to conduct feasibility
studies for a pipeline to take Iranian crude from fields in
southern Iran to the Black Sea through the Soviet Union.
    Iran is pursuing the pipeline project to protect part of
its oil exports from Iraqi air attacks in the Gulf.
    Irna made no mention of natural gas exports to the Soviet
Union, which Aqazadeh had said would be discussed before he
left for Moscow.
    Iran lost most of its refining capacity early in the Gulf
war and now imports several hundred thousand bpd of refined
products.
    Aqazadeh said Soviet refined products would be delivered at
the Caspian Sea ports of Anzali and Nowshahr, at Neka, near the
Caspian, and at Jolfa in north-west Iran.


.I 19869
.C
coffee
.W
UGANDA PLANS TO EXPORT ROASTED COFFEE TO EUROPE.
    KAMPALA, Oct 19 - Uganda plans to export roasted coffee to
Europe by the end of 1988, a prominent local businessman said.
    A.R. Sendi said on Sunday that Uganda's Ministry of
Industry supports his plan to build a factory to roast, grind
and pack local coffee for export. Construction will start in
December and the factory should be ready by next October.
    He said the Marketing Ministry has authorised the Coffee
Marketing Board to supply his company <Unipack> with 24,000
tonnes of beans a year for processing and export. Sendi also
told reporters he had negotiated a 69.7 mln French franc loan
from the Banque Industrielle d'Afrique Oriental in Paris.
    Uganda is the world's fifth largest coffee producer, and
expects to produce about 200,000 tonnes this year.
    Market sources say roasted coffee exports will benefit
Uganda's economy as they will not be included in the 2.38 mln
(60 kg) bag export quota assigned to the country under the
latest International Coffee Agreement.
    In addition, the value of roasted coffee should be
substantially higher than that of unroasted beans, they said.
    The U.S. Is the biggest buyer of Ugandan coffee, most of
which is used to produce instant coffee.


.I 19871
.C
sugar
.W
NEW ZEALAND IMPOSES SANCTIONS AGAINST FIJI.
    WELLINGTON, Oct 19 - New Zealand has imposed sanctions
against Fiji in response to that country's change of status to
a republic, acting prime minister Geoffrey Palmer said.
    The sanctions will end all military cooperation and cut
economic aid. New Zealand will also not renew an agreement
which supports the price of Fijian sugar when it expires in
March. The loss of aid and sugar supports will cost Fiji about
10 mln dlrs a year.
    Palmer told reporters after a cabinet meeting that the
government had asked High Commissioner Rod Gates to return from
Suva for discussions about other possible measures.
    "We won't be reacting further until these discussions with
the High Commissioner and the Prime Minister have been held,"
Palmer said.
    The sanctions were approved by the cabinet soon after
Colonel Sitivene Rabuka staged his second coup on September 25.
Implementation was postponed in the hope that Rabuka might turn
back from declaring a republic.
    Palmer said the cabinet was happy with the statement from
Commonwealth leaders in Vancouver that Fiji's membership of the
Commonwealth had lapsed. Prime Minister David Lange is in
Hawaii on his way home from Vancouver.


.I 19874
.C
trade
.W
PHILIPPINE TRADE GAP WIDENS IN JANUARY-AUGUST.
    MANILA, Oct 19 - The Philippines' trade deficit widened to
542 mln dlrs in the eight months to end-August from 159 mln
dlrs in the same 1986 period, the National Statistics Office
said.
    It said exports in the eight-month period rose to 3.58
billion dlrs from 3.18 billion in 1986, while imports rose to
4.12 billion dlrs from 3.34 billion a year earlier.
    The country's trade deficit totalled 202 mln dlrs in 1986.


.I 19875
.C
money-fx;nzdlr;
.W
ECONOMIST URGES MORE TAXES TO LOWER N.Z. DOLLAR.
    WELLINGTON, Oct 19 - An income tax surcharge and capital
gains tax could bring about an urgently needed depreciation of
the N.Z. Dollar, independent economist Len Bayliss said.
    Bayliss, a former economist with the Reserve Bank and the
Bank of New Zealand, said a major depreciation is needed to
restore export competitiveness even if inflation is cut by
current government policies.
    The taxes would help cut the budget deficit, which in turn
would lower the value of the N.Z. Dollar, he said in a speech.
He added that the deficit for the year ending March 1988 could
be much higher than the government's 1.3 billion dlr forecast.
    Since the government was unlikely to cut expenditure as a
percentage of gross domestic product, a major tax increase was
probably unavoidable, Bayliss said.
    He would have preferred an increase in the 10 pct
value-added goods and services tax, introduced in October 1986,
but that would have had a short-term inflationary impact.
Import tariffs should be lowered to minimise the inflationary
impact of a currency depreciation.
    The government had failed to bring inflation down despite
lower oil prices and an appreciation in the currency, he added.
    New Zealand's inflation rate was 16.9 pct in the year to
end-September against 18.9 pct in the year to end June.
    The major deficiency in the government's anti-inflation
policies was reliance on high interest and exchange rates and
insufficient emphasis on reducing the budget deficit, Bayliss
said. The government had also failed to reduce overseas debt
and debt ratios and cut the balance of payments deficit.
    "The widespread belief that (New Zealand's) problems are
going to take much longer to solve than was originally thought
is soundly based -- primarily because the government's
macro-economic policies have been unsuccessful," Bayliss said.


.I 19879
.C
rubber
.W
RUBBER STOCK MANAGER SAYS QUALITY ACCEPTABLE.
    By Roger May
    KUALA LUMPUR, Oct 19 - International Rubber Organisation
(INRO) buffer stock manager Aldo Hofmeister said tests had
shown the quality of rubber in stock was acceptable, but
acknowledged that some consumers were now wary of buying it.
    "We have said all along that the rubber is holding up well
from a condition and quality standpoint...Rubber stored in
proper conditions does not deteriorate," he told Reuters in a
telephone interview. The quality of buffer stock rubber sold
since he entered the market in September would be discussed at
an INRO Council meeting which opened here today, he said.
    Tokyo traders said on Friday they had little interest in
buying rubber from the INRO buffer stock because of possible
poor quality.
    Hofmeister began selling rubber when prices exceeded the
"may-sell' level of 232 cents per kg early last month. INRO's
five-day moving average was quoted at 237.3 cents on October
16. He said the quality of five to six-year old rubber in stock
was uppermost in consumers' minds.
    "We have received good interest for the rubber. I understand
the Japanese concern. Many consumers want to try the rubber
before they carry on buying," he said.
    Hofmeister said INRO rubber was stored in 28 different
locations in producing and consuming nations, adding all
warehouses used were suitable for long-term storage.
    Selling of buffer stock rubber had levelled off during the
past week to 10 days and this could reflect a "wait and see
attitude" by buyers, he said.
    "Consumers are holding back from buying additional amounts
until they test out the rubber. If their tests are positiive,
they are likely to buy more." Hofmeister said he could reduce
the offer price of buffer stock rubber to stimulate interest
but INRO did not want to depress prices artificially.
    Hofmeister declined to comment on Japanese trade estimates
that he had sold around 30,000 to 32,000 tonnes in Kuala Lumpur
and New York since September.
    But he said Japanese traders were in a position to have an
idea of the quantity he had sold, noting that traders overall
had put buffer stock sales at between 25,000 and 35,000 tonnes.
    The question of sales from the original 360,000 tonne
buffer stock is expected to be the main topic of the Council
meeting which is scheduled to end on Thursday.
    The current international rubber pact expires on October
22.
    The deadline for the new pact's start is January 1989 and
Hofmeister has been mandated to continue selling rubber during
the interim period.


.I 19880
.C
money-fx
.W
BALLADUR INSISTS ON MAINTENANCE OF LOUVRE ACCORDS.
    PARIS, Oct 19 - French Finance Minister Edouard Balladur
issued a firm call for the continued faithful application of
the Louvre accords on currency stability by all major
industrial countries.
    Balladur, responding to weekend remarks by U.S. Treasury
Secretary James Baker that the U.S. Would take another look at
the accords, said "I firmly desire a faithfull and firm
adherence by all the major industrial countries to the Louvre
accords -- in both their letter and spirit."
    On Sunday, Baker said last week's rise in short-term West
German interest rates was not in keeping with the accords.
    The Louvre accords, agreed in Paris last February, called
for stability among the major currencies after a prolonged
dollar slide.
    The accords were reaffirmed by the Group of Seven Finance
Ministers in Washington last month.
    But Baker said at the weekend that the West German rate
rise was "not in keeping with the spirit of what we agreed to."
    "What I'm really saying is that they should not expect us to
simply sit back here and accept increased tightening on their
part on the assumption that somehow we are going to follow
them," he added.


.I 19881
.C
acq
.W
******CABLE AND WIRELESS TO MERGE TWO H.K. UNITS INTO NEW TELECOMMUNICATION OPERATION.
Blah blah blah.

.I 19883
.C
earn
.W
TDK GROUP NET UP 0.5 PCT IN THREE MONTHS TO AUGUST.
    TOKYO, Oct 19 - Third quarter ended August 31
    Group shr 34.92 yen vs 34.74
    Group shr per ADS 69.84 vs 69.48
    Net 4.20 billion vs 4.18 billion
    Pretax 10.30 billion vs 9.73 billion
    Sales 95.96 billion vs 92.59 billion
    Company's full name is TDK Corp <TDK.T>


.I 19885
.C
earn
.W
TDK GROUP NET UP 17.6 PCT IN NINE MONTHS.
    TOKYO, Oct 19 - Nine months ended August 31
    Group shr 118.66 yen vs 100.89 yen
    Group shr per ADS 237.32 vs 201.78
    Net 14.28 billion vs 12.14 billion
    Pretax 34.48 billion vs 29.45 billion
    Sales 288.08 billion vs 278.50 billion
    Company's full name is TDK Corp <TDK.T>.


.I 19886
.C
acq
.W
CABLE AND WIRELESS DETAILS MERGER OF H.K. UNITS.
    HONG KONG, Oct 19 - Cable and Wireless Plc <CAWL.L> said it
will merge its Hong Kong Telephone Co Ltd <TELH.HK> and <Cable
and Wireless (Hong Kong) Ltd> units into a new holding firm to
be called <Hong Kong Telecommunications Ltd>.
    Under the merger, H.K. Telephone shareholders will receive
two H.K. Telecommunication shares at a par value of 50 H.K.
Cents for each H.K. Telephone share at par of one dlr.
    H.K. Telephone shareholders other than the Cable and
Wireless group will receive warrants on a one-for-five basis
entitling them to acquire from Cable and Wireless Plc within
five years one H.K. Telecom share at 10 dlrs each.
    The Cable and Wireless Plc group now holds some 70 pct of
H.K. Telephone. It also owns 80 pct of Cable and Wireless (Hong
Kong), while the Hong Kong government holds the balance.
    Trading in H.K. Telephone shares was suspended on October
15. The shares last traded at 19.30 dlrs.


.I 19894
.C
dlr;money-fx;dmk;yen;
.W
LOUVRE ACCORD STILL IN EFFECT, JAPAN OFFICIAL SAYS.
    By Kunio Inoue
    TOKYO, Oct 19 - The Group of Seven (G-7) industrial nations
still comply with last February's Louvre accord to stabilize
currencies, a senior Bank of Japan official said.
    And U.S. Treasury Secretary James Baker's remarks at the
weekend indicating the need to revise it do not herald a lower
range for the dollar, other senior officials from the Bank of
Japan and Finance Ministry agreed in interviews.
    "The exchange market is apparently reacting too much, and
anyone who sold the dollar on the Baker comment will regret it
later on," the Bank of Japan official told Reuters.
    The Bank official said Baker did not mean to talk the
dollar down. A lower dollar would harm the U.S. Economy, he
noted.
    A Finance Ministry official who was directly involved in
monetary talks with other nations also said the U.S. Would
never attempt to lower the reference range for the dollar
against the mark or the yen.
    The market assumes the dollar reference range to be between
140-150 yen and between 1.70 and 1.90 marks.
    The dollar closed in Tokyo today at 1.7730/35 marks and
141.35 yen.
    "Behind Baker's remark was U.S. Frustration over higher
interest rates abroad, especially in West Germany, but this
does not represent its readiness to scrap the basic framework
of the Louvre accord," the Finance Ministry official said.
    He said that on the contrary Baker wanted to avoid any
further rise in U.S. Interest rates because it would not only
hurt the U.S. Economy but aggravate the Third World debt
problem.
    Higher U.S. Interest rates would merely raise their
interest payment burden and depress U.S. Stock and bond markets
further, the monetary officials said.
    Both the ministry and central bank officials, who declined
to be named, noted the U.S. No longer wants to see a further
decline of the dollar because that could also fan inflationary
expectations in the U.S.
    "That's why Baker did not fail to add that the Louvre
agreement is still operative," the senior ministry official
said.
    Baker said in a U.S. Television interview on Sunday that
Washington would reexamine the Louvre accord because of West
Germany's increase in short-term interest rates.
    The market at first interpreted this as indicating the U.S.
Would be ready to scrap the Louvre accord and let the dollar
decline further unless surplus countries, notably West Germany,
try harder to stimulate their economies as pledged in the
accord, foreign exchange dealers said.
    But the market on reflection also noted Baker's additional
statement that "the Louvre agreement is still operative," and
this caused some dollar short-covering in Tokyo today, the
dealers said.
    Uncertainty, however, remained the flavour of the day in
Tokyo currency markets.
    The Japanese monetary officials said Baker's undisguised
pressure on West Germany to refrain from guiding interest rates
higher may be part of a process of multilateral surveillance,
or international economic policy coordination.
    The G-7, comprising the U.S., Japan, West Germany, Britain,
France, Italy and Canada, have agreed to monitor each other's
economic policies and from time to time apply "peer pressure" to
persuade others to change their policies to a desired course,
they noted. "Without such a basic agreement of multilateral
surveillance, Baker would never have criticized the West German
policy so openly," the ministry official said.
    The U.S.-West German squabble over Bonn's monetary policy
should thus be regarded as a process of healthy policy
coordination and not as any indication of a possible collapse
of the Louvre agreement, the official said.
    He also said Japan has not received any specific request
from the U.S. On its monetary policy, although its short-term
money rates have been edging higher.
    "This is because we, unlike the Germans, are not taking
policy to guide interest rates higher, and the marginal rate
rise in recent days is primarily for seasonal reasons," he
added.


.I 19895
.C
crude
.W
STATOIL PLACES NORTH SEA VESLEFRIKK FIELD ORDERS.
    OSLO, Oct 19 - Den Norske Stats Oljeselskap A/S (Statoil)
<STAT.OL>, operator on Norway's North Sea Veslefrikk oil field,
has placed field development contracts totalling 1.5 billion
crowns with two domestic yards, the company said in a
statement.
    Moss Rosenberg Verft, a subsidiary of Kvaerner Industrier
A/S <KVIO.OL> won a 1.2 billion crown contract to convert
Statoil's semisubmersible rig West Vision to a floating
production platform and to build the deck for a separate, fixed
well-head platform to be placed on the field, it said.
    Statoil said Aker Verdal, a unit of Aker Norcem A/S
<AMVO.OL>, won a 300-mln crown contract to design and build the
well-head platform's 10,000-tonne steel substructure, to stand
in 150 metres of water next to the converted rig.
    Statoil said using a floating production unit rather than a
fixed platform would cut construction time, enabling field
partners to bring Veslefrikk on stream in late 1989 -- several
months earlier than previously planned.
    Veslefrikk, with estimated recoverable reserves of 258 mln
barrels oil and 140 billion cubic feet gas, is located 145 km
west of Bergen.
    Statoil estimates the field's total development cost,
including drilling, at 6.6 billion crowns. Planned daily output
is 65,000 barrels oil and 35 mln cubic feet gas.
    Veslefrikk's oil will be landed via the nearby Oseberg
field pipeline at the Sture crude terminal near Bergen. Its gas
will be fed into the Statpipe line, which gathers gas from
Norway's Statfjord, Gullfaks and Oseberg fields.
    Partners on the field are Statoil, the operator, with a 55
pct share, <Unocal Norge A/S> (18 pct), <Deminex (Norge) A/S>
(13.5 pct), Norsk Hydro A/S <NHY.OL> (nine pct) and <Svenska
Petroleum AB> (4.5 pct).


.I 19897
.C
money-fx
.W
BANKS EXTEND TRADING HALT IN LEBANESE POUND.
    BEIRUT, Oct 19 - Lebanon's Bankers Association said it
extended its suspension of trading in the Lebanese pound for
two more working days to study ways to stem the currency's
collapse.
    The Central Bank did not post the rate of the pound to the
dollar and other currencies on Monday. The pound closed on
Thursday at 407.00/412.00 to the dollar compared with
Wednesday's close of 384.00/386.00.
    Association sources told Reuters Friday's suspension of
trading for two working days was continued on Monday for two
more days so as to study proposals to reinforce the pound.
    The Association, which comprises 106 commercial banks in
east and west Beirut, halted trading on Friday in a chaotic
market after the pound crashed to four record lows in the week.
    The pound, hit by the inability of Lebanon's religiously
and ideologically divided government to end 12 years of civil
war, has lost more than 80 pct of its international value this
year.


.I 19898
.C
acq
.W
EQUITICORP HOLDING IN GUINNESS REACHES 59.93 PCT.
    LONDON, Oct 19 - Equiticorp Holdings Ltd <EQUW.WE> now owns
or has received acceptances representing 59.93 pct of the
issued ordinary share capital of Guinness Peat Group Plc
<GNSP.L>, Equiticorp said in a statement.
    Equiticorp's offer for Guinness Peat became unconditional
on October 3, when it had 50.6 pct, and closed on October 17.


.I 19900
.C
sugar
.W
SOVIET SUGAR CONSUMPTION UP AS HOME BREWING GROWS.
    MOSCOW, Oct 19 - A sharp rise in Soviet sugar consumption
since the start of the Kremlin's anti-alcohol drive indicates
home brewing is costing the state 20 billion roubles in lost
vodka sales, Pravda said.
    The Communist Party newspaper said sugar sales had
increased by one mln tonnes a year, enough to be turned into
two billion bottles of moonshine.
    At current vodka prices of 10 roubles a bottle, it said,
this meant illicit alcohol consumption had reached the
equivalent of 20 billion roubles a year, or annual revenues
from vodka sales before the May 1985 anti-alchohol decree.
    "Official statistics show a reduction in consumption of
vodka, but this is a deceptive statistic -- it does not count
home-brew," Pravda said.
    "The epidemic first engulfed the villages and has now also
firmly settled into cities, where the availability of natural
gas, running water and privacy has made it much easier."
    Kremlin leader Mikhail Gorbachev launched the anti-alcohol
campaign shortly after taking office in March 1985 as a first
step to improving Soviet economic performance, which had been
seriously hurt by drunkenness among the working population.


.I 19901
.C
money-fx;rand;
.W
VOLKSKAS BANK SEES RAND HINGING ON INFLATION RATE.
    JOHANNESBURG, Oct 19 - South Africa must drive down its
inflation rate to much lower levels to prevent a further
decline in the rand, said Volkskas Bank in its monthly economic
review.
    The bank said that without a major drop in the inflation
rate, the rand was bound to eventually decrease even more,
regardless of a sharp rise in the gold price.
    Inflation is running at an annual rate of some 17 pct and
the rand is around 49.53 U.S. Cents. Most economists estimate
continued high inflation.
    Volkskas predicted the rand will remain fairly steady for
the rest of 1987 and then ease slightly next year.


.I 19904
.C
cpi
.W
PHILIPPINE INFLATION PREDICTED TO RISE.
    MANILA, Oct 19 - The Philippine 1987 inflation rate will
rise to 4.8 pct from 0.74 pct in 1986 if the government
implements an employers' association recommendation for a 10
pct increase in the 54 peso minimum daily wage this month,
Economic Planning Secretary Solita Monsod said.
    The government's own proposal for an across-the-board daily
pay rise of six pesos for non-agricultural workers and eight
pesos for agriculture workers, would push the full year average
higher to 5.4 pct, she told the Senate last week.
    The 10 pct rise in the minimum wage is recommended by the
Employers Confederation of the Philippines (ECOP).
    The ECOP proposal would push the year-on-year inflation
rate to 11.6 pct in December compared with the predicted 14.4
pct if the government's recommendation is implemented, Solita
said. Both were proposed last month.
    Annual inflation for 1987 was forecast at four to 4.5 pct
by the National Economic and Development Authority early this
month.
    In the first three months of the year, inflation was a
negative 0.5, 0.6 and 0.7 pct respectively, rising to 1.0, 2.5
and 4.6 pct in April May and June, the National Statistics
Office said.
    The annual inflation rate rose to 5.8 pct in June, 6.2 pct
in July and 6.15 and 6.188 pct in August and September
respectively, the National Statistics Office said.
    It attributed the acceleration to higher fuel and water
prices.
    The government's six and eight peso wage increases would
displace up to 20,000 workers, Monsod said, bringing the number
of unemployed to 4.2 mln or 19.2 pct of the population.


.I 19906
.C
grain;cotton;
.W
CHINA FORECASTS 397 MLN TONNES GRAIN HARVEST.
    PEKING, Oct 19 - China expects its 1987 grain harvest to be
397 mln tonnes, eight mln tonnes short of its target, the New
China News Agency quoted a State Statistical Bureau spokesman
as saying.
    The harvest will be China's second highest in history but
poor weather and low incentives for grain-producing farmers
have kept yields down, earlier Chinese press reports said.
    Industry sources expect China to import at least 10 mln
tonnes of grain this year because of the harvest shortfall.
    Chinese customs figures showed grain imports of 9.59 mln
tonnes in the first eight months of 1987, compared with 6.09
mln in the same 1986 period.
    Agriculture Minister He Kang said last month state prices
for grain purchase from growers were to be adjusted to increase
the incentive for grain production.
    China could not afford to become a major food importer, he
said.
    The State Statistics Bureau spokesman also said China's
1987 cotton output was expected to rise 10 pct over 1986 to 390
mln tonnes.


.I 19910
.C
ship;alum;
.W
BRITISH BAUXITE VESSEL GROUNDED IN ORINOCO RIVER.
    LONDON, Oct 19 - Lloyds Shipping Intelligence service said
the British bulk carrier Envoy, 75,453 tonnes dw, was grounded
at Mile 190 in the Orinoco river on October 16.
    The vessel was on a voyage from Trombetas, Brazil, to
Matanzas, Cuba, carrying 50,000 tonnes of bauxite. Its draught
was 36 feet.
     Attempts to refloat the vessel with the help of six tugs
have been unsuccessful. The owners are considering unloading
part of the cargo onto barges.


.I 19911
.C
gnp;bop;jobs;
.W
HIGHER SPENDING EXPECTED IN MALAYSIA'S 1988 BUDGET.
    By Ho Wah Foon
    KUALA LUMPUR, Oct 19 - Malaysia's recovery from the worst
recession in 20 years should receive a boost on Friday when the
government announces a reflationary budget for calendar 1988
after seven years of austerity, economists said.
    "Our country is walking on one leg now," said Ismail Salleh,
an economist with the Institute of Strategic and International
Studies. "It has to depend on public sector investment for
faster growth if the private sector is not moving."
    Gross domestic product grew one pct in 1986 after shrinking
one pct in 1985. The fiscal year ends December 31.
    The government has said it expects 1987 growth to be under
two pct but some analysts believe it will be nearer three pct
because prices for commodity exports have risen sharply.
Malaysia is a leading exporter of rubber, palm oil, tin and
semiconductors and a major producer of cocoa, timber and oil.
    The government slashed development spending to 9.8 billion
ringgit this year from 14.5 billion in 1986.
    Economists said unemployment is expected to exceed 10 pct
in 1988 against about 9.5 pct this year.
    Local investment also has stagnated, with businessmen
blaming inconsistent economic policies and lack of incentives.
    One businessman said too many politicians give the
impression that Malaysia was unstable.
    "If we can take care of investment confidence, the potential
to recover strongly is great," a banker said.
    Malaysia's 1987 current account is expected to be in the
black with the Central Bank projecting a 500 mln ringgit
surplus compared with last year's 1.2 billion ringgit deficit.
    The government has said its fiscal policies will balance
the budget by 1989. The deficit in 1986 was 952 mln ringgit.
    The government will also repay some of its external debt,
which stood at 51 billion ringgit at the end of 1986.
    Political leaders have said the budget will not hurt
ordinary people as taxes on basic food and other essential
goods are unlikely to change.
    Businessmen said they hope the government also will cut the
corporate tax, now between 45 and 48 pct, to enable Malaysia to
compete for investors with neighbouring states.


.I 19913
.C
ship
.W
ANIMAL FEED SHIP ON FIRE AGAIN AT CHINESE PORT.
    LONDON, Oct 19 - The Cyprus vessel Fearless, 31,841 tonnes
dw, which was on fire, grounded then towed to Yantai, China, in
August, had all its cargo reloaded but the cargo in the no. 3
hold caught fire on October 15.
    The fire was put out with salt water and water from the
no.4 hold has spread over most of the cargo. Some water is also
in the no.5 hold. Bottom patching was reported complete but
only the no.4 starboard wing tank has been pumped out and
remains dry. The engine room is flooded to about three metres.
    The ship was originally loaded with 10,000 tonnes of animal
feed.


.I 19915
.C
money-fx
.W
BONN MINISTRY HAS NO COMMENT ON BAKER REMARKS.
    BONN, Oct 19 - The West German Finance Ministry declined to
comment on weekend criticism by U.S. Treasury Secretary James
Baker of recent West German interest rate increases.
    Baker said the U.S. Would re-examine the February Louvre
Accord to stabilise currencies reached by leading industrial
democracies. The rise in West Germany short term interest rates
was not in the spirit of an agreement by these nations in
Washington, which reaffirmed the Louvre pact, he said.
    A Finance Ministry spokesman, asked for an official
ministry reaction to Baker's remarks, said he could make no
comment.


.I 19917
.C
bop
.W
NORWAY'S CURRENT ACCOUNT IN DEFICIT.
    OSLO, Oct 19 - Norway's current account showed a 9.9
billion crown deficit for the first seven months of 1987,
against a 19.7 billion crown deficit for the same year-ago
period, the Central Bureau of Statistics said.
    North Sea oil and gas revenues rose 3.4 pct to 32.6 billion
crowns in the January to July period compared with 31.5 billion
in the first seven months of 1986.

.I 19919
.C
ship
.W
IRAN WARNS U.S. AGAINST RAISING TENSION IN GULF.
    NICOSIA, Oct 19 - Iran warned the United States on Monday
against exacerbating the Gulf crisis, saying it would endanger
American interests.
    Tehran Radio, monitored by the British Broadcasting
Corporation, said a spokesman for Iran's War Information
Headquarters was responding "to U.S. Officials' remarks about
taking military action against Iran."
    The radio also quoted an Iranian Foreign Ministry spokesman
as saying Iran would respond decisively to any aggressive
measure by the United States.
    The radio said the spokesman made the statement "following
the attack on a Kuwaiti ship under the U.S. Flag and comments
by American officials on carrying out retaliatory action
against Iran."
    The spokesman said, "Any U.S. Military aggression against
Iran will certainly be the beginning of an extensive clash in
the Persian Gulf, and amidst this our principled policy is to
confront any act which escalates tension."


.I 19924
.C
money-fx
.W
BALLADUR INSISTS ON MAINTENANCE OF LOUVRE ACCORDS.
    PARIS, Oct 19 - French Finance Minister Edouard Balladur
issued a firm call for the continued faithful application of
the Louvre accords on currency stability by all major
industrial countries.
    Balladur, responding to weekend remarks by U.S. Treasury
Secretary James Baker that the U.S. Would take another look at
the accords, said "I firmly desire a faithfull and firm
adherence by all the major industrial countries to the Louvre
accords -- in both their letter and spirit."
    On Sunday, Baker said last week's rise in short-term West
German interest rates was not in keeping with the accords.

    The Louvre accords, agreed in Paris last February, called
for stability among the major currencies after a prolonged
dollar slide.
    The accords were reaffirmed by the Group of Seven Finance
Ministers in Washington last month.
    But Baker said at the weekend that the West German rate
rise was "not in keeping with the spirit of what we agreed to."
    "What I'm really saying is that they should not expect us to
simply sit back here and accept increased tightening on their
part on the assumption that somehow we are going to follow
them," he added.



.I 19925
.C
money-fx;interest;
.W
****** Bundesbank adds money market liquidity at 3.70-3.80 pct -dealers.
Blah blah blah.

.I 19926
.C
money-fx;interest;
.W
PAPERS SAY VENEZUELAN CENTRAL BANK CHIEF TO RESIGN.
    CARACAS, Oct 18 - Venezuelan Central Bank President Hernan
Anzola has submitted his resignation and asked President Jaime
Lusinchi to transfer him to a post in the oil industry, two
leading Venezuelan newspapers reported.
    The El Universal and El Nacional papers said Anzola would
leave his position soon. Lusinchi already has decided on his
successor, the El Nacional reported.
    Central Bank officials were not available for comment.

    Banking sources said Anzola differed with the Finance
Ministry over economic policy, particularly over the direction
of interest rates. He favoured raising the rates, which are
currently well below the annual inflation rate of 33.2 pct.
    But the sources said he ran into opposition from Finance
Ministry and government officials who thought an interest
increase would fuel inflation.



.I 19928
.C
money-fx;interest;
.W
GERMAN FINANCIAL POLICY MAKERS IN RARE DISSENSION.
    By Jonathan Lynn
    FRANKFURT, Oct 19 - Karl Otto Poehl, head of West Germany's
central bank, and Finance Minister Gerhard Stoltenberg are
normally so much in agreement that some foreigners doubt the
central bank's independence.
    But a rare public row between the ebullient Poehl,
president of the Bundesbank, and Stoltenberg, over a
controversial investment tax proposal, has added to the woes of
the country's already nervous financial markets, bankers said.
    Poehl told an investment symposium in Frankfurt last
Thursday he feared the tax would raise borrowing costs and
interest rates
    Stoltenberg quickly issued a statement rebutting Poehl's
criticism, saying West Germany would remain an attractive place
for foreign investors.
    "The obvious lack of coordination between the Bundesbank and
Finance Ministry does not instil confidence in foreign
investors," said one economist for a London broker, who asked
not to be identified.
    Bankers here expressed confidence the two top financial
policy-makers would quickly patch up their relationship to
steer the economy through a particularly difficult time.
    "There are plenty of objective pressures which will result
in things getting back to normal again after a period of ill
feeling," said Commerzbank AG chief economist Juergen Pfister.
    News on October 9 that the government was planning a 10 pct
withholding tax wiped billions of marks off shares and bonds in
a market already reeling from rising interest rates at home and
abroad.
    Bankers said the Bundesbank was angered by the way the
finance ministry announced the plan -- without consulting the
Bundesbank adequately, and allowing apparently conflicting
details to dribble out into an unprepared and uncertain market.
    Both Poehl, 57, and Stoltenberg, 59, have been under
extraordinary pressures lately.
    Poehl has had to switch to the hard line promoted by his
deputy, Helmut Schlesinger, jacking up interest rates to fight
inflationary fears and abandoning the pragmatic policies he had
pursued so far this year to promote currency stability.
    In recent statements Poehl has sounded more like
Schlesinger. For years the softly-spoken economist has been
warning in speech after speech that excessive money supply
growth would eventually lead to rising prices.
    Schlesinger now has a majority of support in the Bundesbank
council, and since late summer Poehl has had to represent his
views, bankers said.
    "Poehl is in a minority in his own house," said Commerzbank's
Pfister.
    "Poehl is in a dilemma. He must follow a policy that is not
entirely his own," said another economist.
    The dilemma is that if German interest rates rise too far,
they will attract funds into the country, pushing up the mark
and hurting West German exporters.
    The dollar has now shed some seven pfennigs since the
Bundesbank's new tack became clear in early October.
    Since last Thursday, United States Treasury Secretary James
Baker has criticized the Bundesbank rate increases.
    Bankers said this could foreshadow a revival of the 1986
war of words between the U.S. And West Germany, in which U.S.
Officials talked down the dollar to force West Germany to
stimulate its economy and thus suck in more U.S. Exports.
    One way West Germany agreed to do this was making a round
of tax cuts worth 39 billion marks from 1990.
    But financing these tax cuts has proved more difficult for
Stoltenberg than he had bargained for.
    The cool, unflappable northerner, who was regularly voted
most popular government politician last year, had to face
resistance from local barons in the government coalition
parties and from trade unions to his planned subsidy cuts.
    The withholding tax was intended to plug one gap by raising
4.3 billion marks.
    But it has caused an outcry among bankers, who say it will
push up borrowing costs. The extra amount this costs the
government could wipe out the revenue the tax brings in.
    Meanwhile Stoltenberg is dealing with a local political row
which has turned into the country's worst political scandal.
    Stoltenberg had to leave monetary talks in Washington last
month early to sort out a row in the northern state of
Schleswig-Holstein, where he heads the ruling CDU party.
    The state's CDU premier, Uwe Barschel, had to resign after
allegations of a "dirty tricks" election campaign led to heavy
losses for the CDU in state elections.
    Barschel was found dead in a hotel bath in Geneva last
weekend. Police say the death appears to have been suicide.
    Cooperation between Poehl and Stoltenberg is all the more
remarkable as Poehl is in the opposition Social Democrats, and
was appointed by former chancellor Helmut Schmidt.
    When Poehl's contract came up for renewal earlier this
year, Chancellor Helmut Kohl's CDU-led coalition government
gave Poehl another eight-year term.
    Werner Chrobok, managing partner at Bethmann Bank, said he
hoped the two men would soon be of one opinion again.
    But when Poehl criticized Stoltenberg's tax plans he was
not only voicing what many bankers felt but demonstrating the
Bundesbank's independence of government, Chrobok said.


.I 19930
.C
ship;crude;
.W
KUWAITI OIL EXPORTS SAID NOT AFFECTED BY GULF WAR.
    KUWAIT, Oct 19 - Kuwait's oil exports have not been
affected by the seven-year Iran-Iraq war, Kuwait Oil Tanker
Company (KOTC) Chairman and Managing Director Abdul Fattah
al-Bader told a Kuwaiti newspaper.
    "Kuwait has exploited all available opportunities to
continue exporting its oil without any reduction," the Al-Anbaa
newspaper quoted him as saying.
    He said KOTC made profits of more than two mln dinars
(seven mln dlrs) in the fiscal year ending last June, but
predicted lower profits this year due to higher costs for
chartering and operating vessels.


.I 19933
.C
acq
.W
TRAFALGAR HOUSE BUYS U.S. BUILDER FOR 20 MLN DLRS.
    LONDON, Oct 19 - Trafalgar House Plc <TRAF.L> said it has
acquired the entire share capital of <Capital Homes Inc> of the
U.S. For 20 mln dlrs in cash.
    Capital Homes builds single family homes in the Washington
D.C. Area and is also active as a land developer both for its
own use and for sale to other builders.
    In the financial year to end February, 1987, Capital
recorded pre-tax profits of 3.7 mln dlrs on a turnover of 58
mln dlrs from the sale of 421 homes. Capital has a land bank of
some 2,600 units and in the current year the company expects to
sell 500 homes, Trafalgar House said.


.I 19934
.C
crude
.W
SOUTH YEMEN PLANS OIL EXPORT PIPELINE - MEES.
    NICOSIA, Oct 19 - South Yemen is planning a major oil
pipeline system to be completed in 18-months time to start
exports at a initial rate of 100,000 barrels per day, (bpd) the
Middle East Economic Survey (MEES) said.
    MEES said government approval for the export pipeline
followed a visit to Aden by a high ranking delegation from the
Soviet Union, which will help South Yemen construct the line
    The engineering studies for the pipeline are nearly
finished and construction is expected to start early next year,
the industry newsletter said.
    The pipeline will run about 170-200 kms (105-125 miles)
from Shabwa oilfields to a coastal terminal at Bir 'Ali on the
Gulf of Aden, MEES said.
     MEES said the Soviet firm Technoexport, which is
developing oilfileds for South Yemen, has substantially
increased its initial reserve estimates and recommended a
pipeline with an eventual 500,000 bpd capacity.
    The discovery of commercial quaotities of oil was confirmed
by Technoexport earlier this year in three structures in the
Shabwa region in the Northwestern part of the country, 200 kms
east of North Yemen's Alif oilfield.


.I 19935
.C
ship
.W
PENTAGON HAS NO INFORMATION ON IRAN ATTACK RUMORS.
    WASHINGTON, Oct 19 - A U.S. Defense Department spokesman
said he had no information on London oil and stock market
rumors that the United States had launched a retaliatory strike
against Iran for an attack on Friday that damaged a U.S. shi
    "I don't have anything," Major Randy Morger said. "I have no
information at all."
    President Reagan said on Sunday he had already made a
decision on the U.S. response to Friday's Iran attack but would
not say what the decision was.
    Defense Secretary Caspar Weinberger said on Saturday the
attack on a U.S.-flagged ship in Kuwaiti waters on Friday was
almost certainly by an Iran Silkworm missile.
    Some of the rumors in the London markets were that the
United States had launched an offshore strike against Iranian
missile installations.


.I 19939
.C
oilseed;veg-oil;
.W
INDIAN RESERVE BANK TIGHTENS CREDIT POLICY.
    BOMBAY, Oct 19 - The Reserve Bank of India said it was
tightening its credit policy for commercial banks by raising
their cash reserve ratio by 0.5 pct to 10 pct, effective from
October 24.
    The move, announced last weekend, is part of the bank's
policy for the second half of fiscal 1987/88 ending March and
is aimed at curbing excess bank liquidity.
    The central bank also put selective controls on bank
advances to the oilseeds, vegetable oils and foodgrains trades.
    "The policy's main objective is to fully meet the credit
requirements of agriculture, industry and exports, while
preventing excessive monetary expansion," bank Governor R.N.
Malhotra told an earlier meeting of chief executives of banks.
    Malhotra said the rate of monetary expansion must be kept
under control in the second half of the current financial year.
    Bank deposits rose 75.40 billion rupees in the first six
months of fiscal 1987/88 against 66.92 billion in the same
period last year, according to the bank.
    Bankers said the bank's move to raise the cash reserve
ratio by 0.5 pct will mean impounding about five billion rupees
from the banking system. Banks' total deposits are estimated at
around 1,000 billion rupees.
    They said banks are under pressure because of low returns
on commercial lending and investments in government securities.
    "Already many banks are finding it difficult to maintain
their statutory liquidity and cash reserve ratios and are
resorting to heavy inter-bank borrowings," said one banker.


.I 19940
.C
dlr;money-fx;dmk;
.W
****** Bundesbank buys 11.7 mln dlrs as dollar fixed lower at 1.7740 marks.
Blah blah blah.

.I 19943
.C
rubber;grain;sugar;corn;
.W
THAI TRADERS PLAN MAIZE FUTURES MARKET.
    BANGKOK, Oct 19 - Thai traders plan to establish a company
to regulate maize forward trading, in what could be a first
step towards a commodities futures exchange, maize dealers
said.
    Traders and Internal Trade Department officials agreed last
week to commission a study on a structure to regulate maize
forward trading and to set up a company, Thailand Commodity
Exchange Co Ltd, with 30 businesses as shareholders who will
act as brokers in the futures market.
    Chanthong Pattamapong, a commodities trader asked to to
draw up the study, said if the maize futures market succeeds it
may be extended to other commodities, perhaps sugar and rubber.


.I 19944
.C
ship;crude;
.W
NBC NEWS SAYS U.S. HAS RETALIATED AGAINST IRAN.
    WASHINGTON, Oct 19 - U.S. television networks said on
Monday that U.S. forces launched a retaliatory strike against
Iran late Sunday, apparently attacking two Iranian offshore oil
drilling platforms.
    NBC News said it understood six Iranians had been pulled
from the sea.
    It said cautiously that U.S. forces attacked late Sunday
and that two Iranian oil platforms east of Bahrain were ablaze
as a result, but CBS News and other networks said flatly that
U.S. forces attacked the Iranian oil platforms.
    U.S. officials had been meeting on a response since Friday
when an attack on a Kuwaiti port severely damaged a
U.S.-flagged ship.
    President Reagan said on Sunday he had already made a
decision on the U.S. response to Friday's Iran attack but would
not say what the decision was.
    Defense Secretary Caspar Weinberger said on Saturday the
attack on a U.S.-flagged ship in Kuwaiti waters on Friday was
almost certainly by an Iran Silkworm missile.


.I 19946
.C
earn
.W
TRINOVA CORP <TNV> 3RD QTR NET.
    MAUMEE, Ohio, Oct 19 -
    Shr 52 cts vs 43 cts
    Net 17.7 mln vs 14.2 mln
    Sales 413.1 mln vs 361.6 mln
    Avg shrs 34.3 mln vs 30.3 mln
    Nine mths
    Oper shr 1.58 dlrs vs 66 cts
    Oper net 53.9 mln vs 26.7 mln
    Sales 1.22 billion vs 1.08 billion
    Avg shrs 33.5 mln vs 35.2 mln
    NOTE: 1986 nine mths net includes 20.6 mln dlr provision
for restructuring but excludes 85.0 mln dlr gain on sale of
discontinued glass business and 1,330,000 dlr gain from
discontinued operations.
    Quarter orders 350.2 mln dlrs vs 296.7 mln dlrs.  Backlog
507.6 mln dlrs vs 444.4 mln dlrs.


.I 19947
.C
earn
.W
OWENS AND MINOR INC <OBOD.O> 3RD QTR NET.
    RICHMOND, Va., Oct 19 -
    Shr 36 cts vs 36 cts
    Shr diluted 34 cts vs 31 cts
    Net 1,679,000 vs 1,418,000
    Sales 147.2 mln vs 121.5 mln
    Avg shrs 4,608,000 vs 3,963,000
    Avg shrs diluted 5,585,000 vs 5,463,000
    Nine mths
    Shr 1.04 dlrs vs 86 cts
    Shr diluted 93 cts vs 77 cts
    Net 4,387,000 vs 3,393,000
    Sales 420.3 mln vs 338.7 mln
    Avg shrs 4,233,000 vs 3,948,000
    Avg shrs diluted 5,564,000 vs 5,468,000   


.I 19948
.C
earn
.W
INTELLICORP <INAI.O> 1ST QTR SEPT 30 LOSS.
    MOUNTAIN VIEW, Calif., Oct 19 -
    Shr loss nine cts vs loss 12 cts
    Net loss 649,000 vs loss 850,000
    Revs 5,059,000 vs 4,084,000
    Avg shrs 7,041,000 vs 6,900,000
    NOTE: Current year net includes charge 152,000 dlrs from
amortization of previously capitalized software costs.
Capitalized product development costs 276,000 dlrs vs 640,000
dlrs.


.I 19950
.C
ship;propane;
.W
SAUDI TO REMAIN AS KEY LPG SUPPLIER TO JAPAN.
    By Masaru Sato
    TOKYO, Oct 19 - Saudi Arabia is likely to remain the key
supplier of liquefied petroleum gas (LPG) to Japan for at least
the next five years, oil industry sources said.
    Japan, while diversifying its supply sources of propane and
butane for stable supplies, will continue to bank on Saudi
Arabian LPG, the sources said.
    They said Saudi's supply capabilities of LPG, an associate
of crude oil, is guaranteed by its crude output capacity. "Saudi
is a reliable supplier in that sense," said one trader.
    Japan imports about 50 pct of its LPG from Saudi Arabia.
    No single nation could substitute for Saudi Arabia as an
LPG supply source to Japan, the sources said.
    "Saudi Arabia has committed itself to Japanese LPG buyers,
which has quelled fears that LPG supplies from the Mideast Gulf
could easily be disrupted in the wake of heightened hostilities
in that area," said another trader.
    Saudi Arabia cut LPG shipments to Japan and elsewhere by 20
pct in September after a fire put a major gas plant at
Al-Juaimah out of operation. October shipments were back to
contractual volumes as Saudi was able to boost exports from
other ports.
    Attacks on Gulf shipping by Iran and Iraq centered on crude
rather than products carriers, which has lulled fears of LPG
supply disruptions, traders said.
    They said an Iranian blockade of the Strait of Hormuz was
unlikely because it would block Iran's oil shipments.
    Industry sources said Japan's LPG imports will not greatly
rise or fall as its domestic demand growth is estimated at a
moderate 2.1 pct a year from 1986 through 1991.
    Japanese term buyers of Saudi LPG are expected to lift
slightly lower volumes from January 1987, when imports from
Indonesia are slated to increase, the sources said.
    The customers are unlikely to slash Saudi term purchases in
large scale when Japan increases annual imports of Indonesian
LPG to 1.95 mln tonnes in early 1989 from 319,000 tonnes in the
year ended March 1987, the sources said.
    But when demand is sluggish in summer, they will phase down
term purchases of Saudi LPG and secure lower-priced cargoes on
the spot market, they said.
    Japan imports some 12 mln tonnes of LPG a year, of which
5.3 mln tonnes are supplied by Saudi Arabia, 3.3 mln under term
contracts and two mln through spot purchases. Some 80 pct of
Japan's LPG imports are from the Middle East.
    Saudi Arabia's state owned oil company Petromin has made
some concessions on term prices to Japanese customers in the
recent round of contract renewal talks, and it is likely the
Japanese will accept the offer, the sources said.
    The Japanese term customers, however, have so far been
unsuccessful in establishing a transparent price formula to
replace the existing unilateral monthly price notice.
    Japanese buyers pay Saudi Arabia a price notified by
Petromin each month. Most recently the FOB price was set at 87
pct of the 17.52 dlrs per barrel government selling price (GSP)
of Arabian Light.
    Buyers reserve the right to phase down or out liftings
should the monthly price be set at over 95 pct of Arabian
Light's GSP.
    Petromin has offered to lower this rate to 90 pct from the
95 pct for contracts with Japanese customers from next January,
the trade sources said.
    Petromin also suggested that a seller's option of supplying
up to 20 pct more than the contractural volume be subject to
seller-buyer agreement.
    Under the present contract, Petromin can automatically cut
supplies up to 10 pct of the contractual volume.
    "If you want to import LPG from Saudi Arabia on a profitable
basis, you have to set the price factor at 80 to 85 pct," said
an official at a major importer. "Freight costs are higher for
cargoes coming from the Gulf than Southeast Asia due to a
longer haul and war risk insurance payments."
    Japanese customers will visit Saudi Arabia this month to
finalise their separate contract talks, now focusing on
contractual period and volume, which could be very similar to
current levels, the sources said. "When we talk business, we
would seek profitability and sometimes forget vulnerability of
high dependence on a single supplier," said one.


.I 19951
.C
ship;crude;
.W
******Unidentified jets raid Iranian oil platforms in southern Gulf - shipping sources.
Blah blah blah.

.I 19952
.C
crude
.W
******SHIPPING SOURCES SAY UNIDENTIFIED JETS RAID IRANIAN OIL PLATFORMS IN SOUTHERN GULF.
Blah blah blah.

.I 19954
.C
ship;crude;
.W
AIRCRAFT ATTACK IRANIAN OIL RIGS IN SOUTHERN GULF.
    BAHRAIN, Oct 19 - Unidentified jets raided three Iranian
oil rigs in the southern Gulf on Monday, setting at least one
of them ablaze, regional shipping sources said.


.I 19956
.C
earn
.W
LYPHOMED INC <LMED.O> 3RD QTR NET.
    ROSEMONT, ILL., Oct 19 -
    Shr 18 cts vs 13 cts
    Net 5,436,000 vs 3,888,000
    Sales 43.9 mln vs 31.5 mln
    Avg shrs 30,145,000 vs 28,976,000
    Nine mths
    Shr 51 cts vs 38 cts
    Net 15,320,000 vs 11,098,000
    Sales 123.6 mln vs 91.2 mln
    Avg shrs 30,157,000 vs 29,046,000
    NOTE: Earnings adjusted for three-for-two stock split paid
June 20, 1986


.I 19957
.C
earn
.W
EMULEX CORP <EMLX.O> 1ST QTR SEPT 27 NET.
    COSTA MESA, Calif., Oct 19 -
    Shr 13 cts vs 12 cts
    Net 1,612,000 vs 1,571,000
    Revs 28.8 mln vs 25.0 mln
    Avg shrs 12.8 mln vs 13.3 mln


.I 19958
.C
acq
.W
******GAF CORP SAID MANAGEMENT GROUP TO RECONSIDER ACQUISITION PROPOSAL.
Blah blah blah.

.I 19959
.C
money-fx
.W
DEUTSCHE BANK CHIEF SAYS LOUVRE PACT STILL INTACT.
    FRANKFURT, Oct 19 - Deutsche Bank AG joint chief executive
Friedrich Wilhelm Christians said he believed the Louvre accord
on currency stability was still intact.
    Christians told a news conference he met U.S. Treasury
Secretary James Baker in the last two weeks, after short term
German interest rates had risen twice.
    "I am sure that with 1.7720 marks the dollar is still within
the Louvre agreement. I do not see that the accord has been
terminated," Christians said. He was responding to questions
about comments by Baker, who said the Louvre accord was still
operative but criticised rises in West German interest rates.


.I 19961
.C
ship;crude;
.W
AIRCRAFT ATTACK IRANIAN OIL RIGS IN SOUTHERN GULF.
    BAHRAIN, Oct 19 - Unidentified jets attacked three Iranian
oil rigs in the southern Gulf early on Monday, setting at least
one of them ablaze, regional shipping sources said.
    Earlier today in Washington, U.S. Television networks had
reported that American forces launched a retaliatory strike
against Iran late Sunday, attacking two Iranian offshore oil
drilling platforms and setting them ablaze.
    The shipping sources said Iran's Sassan, Rostam and Rakhsh
offshore oilfields were attacked at 0700 local (0300 GMT) by a
wave of jet fighter bombers. Smoke was seen spiralling up from
the Rostam field soon after.
    At least one of the other two targets was also believed to
be ablaze, the sources said.
    The Sassan and Rostam fields have been targets for Iraqi
air strikes in the past, but Baghdad had not reported any
southern Gulf missions prior to news of the latest attack.
    Shipping and military sources in the region have said Iran
used its southern Gulf rigs as bases to launch helicopter and
later speedboat attacks on neutral ships in the waterway.
    U.S. Officials had been meeting on a response since Friday
when an attack on a Kuwaiti port severely damaged a
U.S.-flagged ship. President Reagan said on Sunday he had
already made a decision on the U.S. Response to Friday's Iran
attack but would not say what the decision was.


.I 19962
.C
earn
.W
PLY GEM INDUSTRIES INC <PGI> 3RD QTR NET.
    NEW YORK, Oct 19 -
    Shr 30 cts vs 17 cts
    Shr diluted 30 cts vs 17 cts
    Net 3,454,000 vs 1,546,000
    Sales 84.0 mln vs 59.2 mln
    Avg shrs 11.6 mln vs 8,917,000
    Avg shrs diluted 11.7 mln vs 11.2 mln
    Nine mths
    Shr 91 cts vs 72 cts
    Shr diluted 90 cts vs 65 cts
    Net 10.5 mln vs 5,959,000
    Sales 236.7 mln vs 168.9 mln
    Avg shrs 11.5 mln vs 8,227,000
    Avg shrs diluted 11.6 mln vs 11.2 mln


.I 19963
.C
bop
.W
S.KOREA CURRENT A/C SURPLUS SEEN NEAR 10 BLN DLRS.
    SEOUL, Oct 19 - South Korea's national news agency, Yonhap,
said this year's current account surplus will near 10 billion
dlrs amid signs of continuing high world demand for the
country's cheap cars and electronic goods.
    Bank of Korea officials would neither confirm nor deny the
Yonhap forecast, saying only that the bank would issue its own
figures later in the week.
    Yonhap said the January-September surplus in the current
account, which covers trade in goods and services, totalled
7.03 billion dlrs.
    This already exceeds the seven billion dlr ceiling for the
whole of 1987 that the government set in June during talks with
the International Monetary Fund aimed at averting a too rapid
revaluation of the won against the dollar.
    The agency said the September surplus was 1.4 billion dlrs,
up from 468.1 mln in August and 899 mln a year earlier.
    "Exports in October could be relatively modest due to many
public holidays, but by the end of this year the surplus will
be well over nine billion dollars, close to ten," Yonhap said.
    The sharp rise in the September surplus came from a
resumption of export deliveries delayed by strikes the previous
month.
    More than 3,300 companies, including car manufacturers,
electronic and electric firms, were hit by labour unrest
between July and September.
    The South Korean government originally targeted a five
billion dlr current account surplus this year, but had to raise
this to seven billion to reflect a startling first-half export
boom.
    If confirmed, the soaring 1987 current account surplus
seemed certain to trigger tougher pressure from the United
States which recorded a 7.4 billion dlr trade deficit with
Seoul last year, government economists said.
    The U.S. Government, trying to stem protectionist pressure
at home, has called on South Korea to open more markets to
American goods and revalue the won faster.
    The won was fixed at 804.90 against the dollar on Monday,
representing a 7.01 pct gain so far this year.


.I 19967
.C
acq
.W
GAF <GAF> GROUP RECONSIDERS BUYOUT BID.
    WAYNE, N.J., Oct 19 - GAF Corp said the management group
led by chairman Samuel J. Heyman intends to reconsider its
proposal to acquire GAF.
    On September 8, the group offered 64.00 dlrs in cash and
2.50 dlrs principal amount of 15 pct junior subordinated
debentures due 2007 for each GAF share.  Heyman owns about
2,700,000 of GAF's 33.5 mln shares outstanding.
    In a letter to the committee of independent directors
formed to consider the offer, Heyman said it will have to
modify the terms of the offer if it is to continue the bid, due
to rising interest rates and financial market conditions.
    Heyman said "In the considerable time that has elapsed
since our original proposal was submitted, the credit and
financial markets have experienced extraordinary and almost
unprecedented deterioration.  As of the present time, the
average interest rate on the financing which we proposed to
raise in connection with the acquisition has increased, since
the original proposal, by approximately 150 basis points."
    He said the group intends to promptly review all available
options, including the revision of its offer to reflect current
market conditions.


.I 19968
.C
money-fx;interest;
.W
****** Bank of France added money market liquidity at 7-3/4 pct - dealers.
Blah blah blah.

.I 19970
.C
acq
.W
CABLE AND WIRELESS RESTRUCTURES H.K. UNITS.
    HONG KONG, Oct 19 - Cable and Wireless Plc <CAWL.L> said
its subsidiary <Hong Kong Telephone Co Ltd> would cease to be a
listed company, following the restructure of the company's Hong
Kong units.
    Earlier today the company announced that Hong Kong
Telephone and Cable and Wireless Hong Kong, in which the
territory's government has a 20 pct stake, would become
subsidiaries of a newly formed holding company, Hong Kong
Telecommunications.
    In exchange for the Cable and Wireless Hong Kong capital,
Hong Kong Telecommunications will issue 4.18 billion new shares
to Cable and Wireless Plc's Cable and Wireless (Far East) Ltd.
    That subsidiary now holds the group's 80 pct stake in Cable
and Wireless Hong Kong and about 22 pct of H.K. Telephone.
    It will issue an additional 1.05 billion shares to the
goverment.
    That will leave the Cable and Wireless group with an 80 pct
stake in Hong Kong Telecommunications, the government 11 pct
and nine pct in public hands.
    But that will be reduced early next year after a placement
of 11 pct of the issued shares of Hong Kong Telecommunications
by both Cable and Wireless and the government.


.I 19971
.C
crude
.W
******WEINBERGER SAYS U.S. FORCES ATTACKED IRANIAN OIL PLATFORM.
Blah blah blah.

.I 19974
.C
acq
.W
SHAMROCK COMPLETES CENTRAL SOYA SALE TO FERRUZZI.
    BURBANK, Calif., Oct 19 - Shamrock Capital LP said it has
completed the sale of Cental Soya Co Inc to Ferruzzi Agricola
Finanziaria the holding company for the Ferruzzi group of
Ravenna, Italy.
    Shamrock Capital is a limited partnership led by Shamrock
Holdings Inc the Roy E. Disney family company.
    Under the agreement announced last month, Ferruzzi acquired
all the equity and assumed subordinated term debt of about 195
mln dlrs in a trction valued at about 370 mln dlrs.


.I 19976
.C
earn
.W
LINDBERG CO <LIND.O> 3RD QTR NET.
    CHICAGO, Oct 19 -
    Shr profit 10 cts vs profit eight cts
    Net profit 477,853 vs profit 348,384
    Sales 17.7 mln vs 17.3 mln
    Nine mths
    Shr loss 35 cts vs profit 45 cts
    Net loss 1,639,216 vs profit 2,305,700
    Sales 56.2 mln vs 57.1 mln
    Avg shrs 4,698,501 vs 5,075,717
    NOTE: Earnings in the 2nd Qtr of 1987 were reduced by
3,262,000 dlrs, or 69 cts a share from a charge reflecting
elimination or transfer of certain product lines and operations
at the company's Racine, Wis. foundry


.I 19977
.C
ship;crude;
.W
U.S. NAVAL FORCES ATTACK IRANIAN OIL PLATFORM.
    WASHINGTON, Oct 19 - U.S. warships attacked and destroyed
an Iranian oil platform on Monday in retaliation for Friday's
Iranian attack damaging a U.S.-flagged ship, U.S. Defense
Secretary Caspar Weinberger said.
    When asked how much was left of the oil platform,
Weinberger said, "Nothing."
    "There was no Iranian reaction," he said. "... We consider
this matter is now closed."
    Weinberger said four U.S. destroyers attacked the platform
about 120 miles east of Bahrain in the central Gulf with fire
at 0700 EDT, Weinberger said.
    "We chose a platform used by the Iranians to interfere with
and be a source of potential attack on convoys...," Weinberger
said at a Pentagon briefing. 
    "We know it has been used indeed, to not only launch small
boat attacks on shipping but to fire on U.S. helicopters...
    "It's removal will contribute significantly to the safety of
U.S. forces in the future," Weinberger said of the U.S. Navy's
operation to escort oil tankers through the Gulf.
    "We do not seek further confrontation with Iran but we will
be prepared to meet any escalation of military actions by Iran
with stronger countermeasures," Weinberger said.
    He said the 20 to 30 Iranian personnel on the oil platform
were given a 20-minute warning to abandon the platform.
    "As far as we know they did abandon the site," he said.
    Weinberger was asked why the United States had chosen to
attack an oil platform rather than Iranian Silkworm missile
platforms blamed by Washington for Friday's attack.


.I 19981
.C
earn
.W
CURTICE BURNS FOODS INC <CBI> 1ST QTR NET.
    ROCHESTER, N.Y., Oct 19 - Qtr ends Sept 25
    Shr 75 cts vs 64 cts
    Net 2,794,000 vs 2,363,000
    Revs 157.8 mln vs 138.4 mln
    NOTE: 1986 qtr figures exclude effect of 1986 tax reform
act which retroactively reduced earnings from 64 cts to 56 cts
per shr.


.I 19982
.C
acq
.W
SHAMROCK COMPLETES CENTRAL SOYA SALE TO FERRUZZI.
    BURBANK, Calif., Oct 19 - Shamrock Capital LP said it has
completed the sale of Cental Soya Co Inc to Ferruzzi Agricola
Finanziaria the holding company for the Ferruzzi group of
Ravenna, Italy.
    Shamrock Capital is a limited partnership led by Shamrock
Holdings Inc, the Roy E. Disney family company.
    Under the agreement announced last month, Ferruzzi acquired
all the equity and assumed subordinated term debt of about 195
mln dlrs in a transaction valued at about 370 mln dlrs.


.I 19983
.C
earn
.W
CMS ENERGY CORP <CMS> 3RD QTR NET.
    JACKSON, MICH., Oct 19 -
    Shr 65 cts vs 10 cts
    Net 55,960,000 vs 8,785,000
    Revs 588.2 mln vs 596.1 mln
    Avg shrs 85,710,000 vs 87,987,000
    Nine mths
    Shr 1.24 dlrs vs 44 cts
    Net 106,738,000 vs 39,055,000
    Revs 1.98 billion vs 2.24 billion
    Avg shrs 86,320,000 vs 88,007,000
    NOTE: 1986 data restated for adoption of new accounting
standard relating to pensions
    1987 nine month earnings include 331 mln dlr after-tax
writeoff in the 4th Qtr of 1985 of a portion of the assets of
the company's Midland nuclear project


.I 19985
.C
earn
.W
MICROSOFT CORP <MSFT.O> 1ST QTR NET.
    REDMOND, Wash., Oct 19 -
    Shr 38 cts vs 29 cts
    Net 21.3 mln vs 15.8 mln
    Revs 102.6 mln vs 66.8 mln


.I 19988
.C
earn
.W
GATX CORP <GMT> 3RD QTR NET.
    CHICAGO, Oct 19 -
    Shr 95 cts vs 36 cts
    Net 9,100,000 vs 3,300,000
    Revs 143.7 mln vs 132.4 mln
    Avg shrs 9,884,000 vs 9,780,000
    Nine mths
    Shr 2.77 dlrs vs 1.49 dlrs
    Net 26,600,000 vs 19,000,000
    Revs 401.8 mln vs 385.2 mln
    Avg shrs 9,871,000 vs 12,565,000
    NOTE: 1986 earnings include a loss from discontinued
operations of 1,000,000 dlrs, or 10 cts a share in the quarter
and a gain of 2,500,000 dlrs, or 19 cts a share for the nine
months


.I 19989
.C
earn
.W
SOUTHWEST BANCORP <SWB> 3RD QTR LOSS.
    VISTA, Calif., Oct 19 -
    Oper shr loss 82 cts vs profit 12 cts
    Oper net loss 4,134,000 vs profit 544,000
    Avg shrs 5,030,000 vs 3,927,000
    Nine mths
    Oper shr loss 80 cts vs profit 32 cts
    Oper net loss 3,615,000 vs profit 1,457,000
    Avg shrs 4,557,000 vs 3,927,000
    NOTE: 1986 net excludes tax loss carryforwards of 105,000
dlrs in quarter and 195,000 dlrs in nine mths.
    1986 quarter net includes 212,000 dlr tax credit.
    1987 net both periods includes 3,700,000 dlr addition to
loan loss reserves due mostly to one out-of-state real estate
transaction.


.I 19993
.C
ship;crude;
.W
IRAN SAYS U.S. NAVAL FORCES ATTACKED TWO PLATFORMS.
    NICOSIA, Oct 19 - Iran said U.S. Naval forces attacked two
of its oil platforms in the southern Gulf on Monday afternoon,
the Iranian news agency IRNA reported.
    IRNA, received in Nicosia, said an informed source at the
Iranian oil ministry identified the two platforms as Resalat
and Reshadat, about 60 miles from Iran's Lavan island oil
storage site.
    Regional shipping sources earlier said three Iranian
offshore oil sites at Sassan, Rostam and Rakhsh had been
attacked at 7.00 A.M. (0300 GMT) on Monday by unidentified
aircraft.
    In Washington, U.S. Defence Secretary Caspar Weinberger
said four U.S. Destroyers attacked and destroyed an Iranian oil
platform about 120 miles east of Bahrain.


.I 19995
.C
earn
.W
LOTUS DEVELOPMENT CORP <LOTS.O> 3RD QTR NET.
    CAMBRIDGE, Mass., Oct 19 -
    Shr 42 cts vs 21 cts
    Net 19.1 mln vs 9,528,000
    Sales 101.2 mln vs 65.6 mln
    Avg shrs 46.0 mln vs 46.0 mln
    Nine mths
    Shr 1.08 dlrs vs 69 cts
    Net 49.1 mln vs 32.7 mln
    Sales 280.0 mln vs 201.0 mln
    Avg shrs 45.6 mln vs 47.4 mln
    NOTE: Share adjusted for February 1987 two-for-one split.


.I 19996
.C
acq
.W
******TELEX CORP TO INVESTIGATE ALTERNATIVES TO TLX PARTNERS BID, MAY SEEK OTHER PURCHASERS.
Blah blah blah.

.I 19999
.C
earn
.W
CRANE CO <CR> 3RD QTR NET.
    NEW YORK, Oct 19 -
    Shr 70 cts vs 54 cts
    Net 16.7 mln vs 12.5 mln
    Revs 343.6 mln vs 323.1 mln
    Avg shrs 23.9 mln vs 24.8 mln
    Nine mths
    Shr 1.98 dlrs vs 1.23 dlrs
    Net 46.9 mln vs 27.8 mln
    Revs 960.5 mln vs 893.2 mln
    Avg shrs 24.2 mln vs 24.9 mln
   
    NOTE: 1986 figures reflect the adjustment for 3-for-2 split
in May 1987.
    Net for nine mths 1987 includes a cumulative effect of a
change in accounting for gain on pension assets reversion of
10.1 mln or 42 cts a shr.



.I 20000
.C
earn
.W
PHELPS DODGE CORP <PD> 3RD QTR NET.
    PHOENIX, Ariz., Oct 19 -
    Shr 1.77 dlrs vs 60 cts
    Net 58.2 mln vs 19.4 mln
    Revs 377.4 mln vs 188.0 mln
    Nine mths
    Shr 3.10 dlrs vs 1.51 dlrs
    Net 100.3 mln vs 50.6 mln
    Revs 1.11 billion vs 639.7 mln
    NOTE: 3rd qtr 1987 net includes about 3,000,000 dlrs
after-tax extraordinary gain on retirement of debt.


.I 20001
.C
earn
.W
SECURITY PACIFIC CORP <SPC> 3RD QTR NET.
    LOS ANGELES, Oct 19 - 
    Shr 1.16 dlrs vs 1.09 dlrs
    Net 128.1 mln vs 118.3 mln
    Avg Shrs 108.8 mln vs 105.7 mln
    Nine Months
    Shr 40 cts vs 3.12 dlrs
    Net 53.2 mln vs 335.1 mln
    Avg Shrs 108.0 mln vs 105.2 mln
    Note: Prior-period data have been restated to include on a
pooling-of-interest basis the August 31, 1987, acquisition of
Rainier Bancorporation.


.I 20005
.C
earn
.W
CALFED INC <CAL> 3RD QTR NET.
    LOS ANGELES, Oct 19 -
    shr 1.99 dlrs vs 2.05 dlrs
    diluted shr 1.80 dlrs vs 1.75 dlrs
    net 50.0 mln vs 48.5 mln
    nine months
    shr 5.37 dlrs vs 5.69 dlrs
    diluted shr 4.87 dlrs vs 4.76 dlrs
    net 134.6 mln vs 129.6 mln


.I 20006
.C
earn
.W
XIDEX CORP <XIDX.O> 1ST QTR SEPT 30 NET.
    PALO ALTO, Calif., Oct 19 -
    Shr 13 cts vs 22 cts
    Net 5,452,000 vs 9,789,000
    Sales 155.7 mln vs 135.1 mln
    NOTE: Prior year net includes gain 6,556,000 dlrs from sale
of shares of Seagate Technology Corp <SGAT.O>.


.I 20007
.C
acq
.W
MANAGEMENT GROUP HAS RESTAURANT <RA> MAJORITY.
    NEW YORK, Oct 19 - Restaurant Associates Industries Inc
said the management group led by chairman Martin Brody and
president Max Pine through October 16 had received 1,796,727
Class A and 1,766,091 Class B shares in response to its tender
offer for all shares at 18 dlrs each, giving thema majority of
each class of shares.
    The company said the tender has been extended until
November 6.


.I 20009
.C
acq
.W
******IDC SERVICES AGREES TO BE ACQUIRED FOR 16 DLRS A SHARE BY APOLLO PARTNERS GROUP.
Blah blah blah.

.I 20013
.C
ipi
.W
SOVIET UNION SETS 4.5 PCT INDUSTRIAL OUTPUT GROWTH.
    MOSCOW, Oct 19 - Soviet Planning chief Nikolai Talyzin told
the Supreme Soviet (parliament) industrial output is planned to
rise by 4.5 pct in 1988, up from a planned 4.4 pct in 1987.
    In the first nine months of this year, industrial output
rose by 3.6 pct.
    Talyzin said national income, the nearest Soviet equivalent
to gross national product, is planned to rise by 4.3 pct
against a planned 4.1 pct this year.
    He said grain production is planned at 235 mln tonnes in
1988, compared with a planned 232 mln this year.
    The Soviet Union produced 210 mln tonnes of grain in 1986
and the Soviet press has said heavy rain has affected the
harvest this year.
    Talyzin said the 1988 Soviet plan stressed the engineering
industry, which Kremlin leader Mikhail Gorbachev has described
as a sector where rapid modernisation is essential if the
Soviet Union is to compete effectively on world markets.
    "Certain difficulties have arisen this year in the
machine-building industry. The economy is not receiving a
considerable amount of the equipment that it requires," said
Talyzin, who heads the state planning committee Gosplan.
    Soviet data show the machine-building industry, which makes
machine tools, instruments and other engineering goods,
increased output by 3.3 pct in the first nine months of this
year against the same period of 1986. This is well below the
7.3 pct rise planned for the industry for all of 1988.
    Talyzin said the ruling Politburo concluded at a recent
meeting that an improvement in economic performance depended to
a large extent on conserving resources better. "Large-scale
measures are planned to save resources," he said.
    Finance Minister Boris Gustev told the Supreme Soviet
defence spending in 1988 would total 20.2 billion roubles, the
same as announced last year.
    Talyzin said the Kremlin also had decided to increase
spending next year on medical services, education, pensions and
social insurance schemes
    He said state expenditures in these fields would reach 171
billion roubles in 1988, or 3.5 billion roubles more than had
originally been envisaged in the 1986-1990 Five-Year Plan.


.I 20015
.C
acq
.W
******IBC ACQUISITION GETS 8,857,807 SHARES IN TENDER, TO BUY 90.9 PCT.
Blah blah blah.

.I 20017
.C
acq
.W
TELEX <TC> MAY SEEK OTHER PURCHASERS.
    TULSA, Oct 19 - Telex Corp said its board has directed
management and financial advisor Drexel Burnham Lambert Inc to
investigate possible alternatives to the tender offer of Asher
Edelman's TLX Partners for all Telex shares that may include
seeking other purchasers for Telex.
    The company said the board at an October 16 meeting decided
to defer until a board meeting later this week a recommendation
on the Edelman offer and said the board expects to make a
recommendation by October 23.


.I 20019
.C
acq;crude;nat-gas;
.W
NUI <NUI> MAY SPIN OFF NONUTILITY OPERATIONS.
    BRIDGEWATER, N.J., Oct 19 - NUI Corp said it is studying
the feasibility of spinning off nonutility subsidiaries to
shareholders.
    The company said its propane disution, natural gas spot
marketing, data processing, oil and natural gas exploration and
production, natural gas gathering and underground pipe
replacement businesses had sales for the year ended September
30 of about 74 mln dlrs, or about 25 pct of total company
sales.  NUI's major subsidiary is utility Elizabethtown Gas.


.I 20020
.C
earn
.W
BROCKWAY INC <BRK> 3RD QTR NET.
    JACKSONVILLE, Fla., Oct 19 -
    Shr 98 cts vs 70 cts
    Net 12.3 mln vs 8,699,000
    Sales 284.7 mln vs 280.7 mln
    Nine mths
    Shr 2.83 dlrs vs 2.23 dlrs
    Net 35.3 mln vs 27.6 mln
    Sales 824.6 mln vs 818.4 mln
    NOTE: Share adjusted for December 1986 three-for-two split.


.I 20021
.C
earn
.W
WANG LABORATORIES INC <WANB> 1ST QTR SEPT 30.
    LOWELL, Mass., Oct 19 -
    Shr profit 14 cts vs loss 19 cts
    Net profit 22.5 mln vs loss 30.0 mln
    Revs 693.0 mln vs 597.9 mln
    Avg shrs 166.0 mln vs 154.2 mln
    NOTE: Prior year net includes five mln dlr tax credit.


.I 20022
.C
earn
.W
BELL ATLANTIC CORP <BEL> 3RD QTR NET.
    PHILADELPHIA, Oct 19 -
    Shr 1.62 dlrs vs 1.49 dlrs
    Net 321.8 mln vs 297.9 mln
    Revs 2.59 billion vs 2.49 billion
    Avg shrs 198.8 mln vs 199.5 mln
    Nine mths
    Shr 2.80 dlrs vs 4.48 dlrs
    Net 955.4 mln vs 895.2 mln
    Revs 7.70 billion vs 7.32 billion
    Avg shrs 199.0 mln vs 199.7 mln


.I 20023
.C
earn
.W
TANDY CORP <TAN> 1ST QTR SEPT 30 NET.
    FORT WORTH, Texas, Oct 19 -
    Shr 71 cts vs 49 cts
    Net 64.3 mln vs 43.7 mln
    Revs 838.2 mln vs 742.6 mln
    Avg shrs 89.9 mln vs 89.9 mln


.I 20024
.C
earn
.W
AMERICAN CYANAMID CO <ACY> 3RD QTR NET.
    WAYNE, N.J., Oct 19 -
    Oper shr 59 cts vs 49 cts
    Oper net 54.7 mln vs 44.8 mln
    Sales 1.04 billion vs 921.4 mln
    Nine mths
    Oper shr 2.22 dlrs vs 1.62 dlrs
    Oper net 203.8 mln vs 150.4 mln
    Sales 3.14 billion vs 2.87 billion
    Avg shrs 91.6 mln vs 93.1 mln
    NOTE: 1986 share data restated to reflect 100 pct stock
dividend distributed June 12
   
    1987 operating net in both periods excludes additional gain
of 11.6 mln dlrs, or 13 cts a share, associated with 1985 sale
of Formica Brand Products Group business
    1987 nine month operating net includes pre-tax gain of 12.0
mln dlrs, equal to about 13 cts a share, from sale of
Jacqueline Cochran businesses


.I 20025
.C
acq
.W
WARNER <WCI> HAS 8.2 PCT BERKEY INC <BKY> STAKE.
    WASHINGTON, Oct 19 - Warner Communications Inc said its
Warner Communications Investors Inc unit acquired stock and
warrants representing 416,668 shares of Berkey Inc common
stock, or the equivalent of 8.2 pct of the company's common
stock outstanding.
    In a filing with the Securities and Exchange Commission,
Warner Communications Investors said it paid about one mln dlrs
to Berkey on September 23 to acquire 104,167 shares of Berkey
Series B convertible preferred stock.
    The preferred stock is convertible into 208,334 Berkey
common shares, and warrants to buy another 208,334 shares.
    Warner Communications and its subsidiary said the Berkey
stock is held as an investment which they will review and
evaluate from time to time.


.I 20026
.C
acq
.W
******IC INDUSTRIES SAYS IT WILL CONSIDER POSSIBLE SALE OF ITS AEROSPACE BUSINESS.
Blah blah blah.

.I 20028
.C
acq
.W
PROSPECT GROUP HAS 14.3 PCT OF BRINKMANN<BRIK.O>.
    WASHINGTON, Oct 19 - New York-based Prospect Group Inc
<PROSZ.O> said it acquired 527,000 shares of Brinkmann
Instruments Inc common stock, or 14.3 pct of the scientific
instrument maker's common stock outstanding.
    In a filing with the Securities and Exchange Commission,
Prospect Group said it bought the 527,000 Brinkmann shares in
open market transactions between August 12 and October 16 at
9.62 dlrs to 11.50 dlrs, or a total of 5.69 mln dlrs.
    Prospect Group said it bought the stock "to establish a
significant minority equity interest in the company," but does
not intend to seek control of Brinkmann at the present time.
    Prospect Group said it will review its investment
objectives regarding Brinkmann as warranted by market
conditions, the company's performance, and other factors
including discussions with Brinkmann management.


.I 20030
.C
earn
.W
WELLS-GARDNER CORP <WGA> 3RD QTR NET.
    CHICAGO, Oct 19 -
    Shr profit three cts vs loss two cts
    Net profit 107,000 vs 87,000 loss
    Revs 6,769,000 vs 4,992,000
    Nine mths
    Shr profit 21 cts vs loss nine cts
    Net profit 778,000 vs loss 314,000
    Revs 21.9 mln vs 13.9 mln


.I 20031
.C
earn
.W
PLAINS PETROLEUM CO <PLP> 3RD QTR NET.
    LAKEWOOD, Colo., Oct 19 -
    Shr 15 cts vs 13 cts
    Net 1,352,000 vs 1,210,000
    Revs 5,953,000 vs 3,309,000
    Nine mths
    Shr 36 cts vs 27 cts
    Net 3,257,000 vs 2,416,000
    Revs 16.6 mln vs 9,705,000
    NOTE: If FASB adopts accounting changes, then 1987 3rd qtr
per share results will be restated to 22 cts, and 54 cts a
share for 1987 nine mths.


.I 20032
.C
acq
.W
WOOLWORTH <Z> COMPLETING TENDER OFFER.
    NEW YORK, Oct. 19 - FW Woolworth and Co said that 2,223,996
shares of Armel Inc's <AML> common stock were tendered to and
accepted for payment by Woolworth, under the terms of the
previosuly announced cash tender offer which expired at 2400
midnight EDT on October 16.
    In addition, Woolowrth said 137,367 Armel shares have been
tendered subject to guaranteed delivery.
    Woolowrth said as a result of the tender offer and options
which it has exercised to purchase Armel stock, FWW Acquisiton
Corp, a Woolworth unit, today expects to own about 91.75 pct of
Amrel's outstanding stock.
   
    Woolworth said the percent it owns does not include 583,650
Class A shares of Armel, which were tendered or will be
purchased pursuant to the options.
    As previuosly announced, FWW will now proceed with the cash
merger in which all shares of Armel, other than those held by
FWW or Woolworth, will be entitled to receive 7.75 dlrs per
share. Woolworth said it expects to consummate the deal later
this year.
    Armel is a specialty retailer of a broad line of athletic
and leisure footwear, accessories and other sportswear.


.I 20033
.C
earn
.W
HOME SAVINGS BANK <HMSB.O> 3RD QTR NET.
    NEW YORK, Oct 19 -
    Shr 57 cts
    Net 6,889,000 vs 10.7 mln
    Nine mths
    Shr 1.67 dlrs
    Net 20.1 mln vs 22.9 mln
    Assets 1.63 billion vs 1.47 billion
    Deposits 1.17 billion vs 1.19 billion
    Loans 1.25 billion vs 936.5 mln
    NOTE: 3rd qtr and nine mths 1986 per share figures not
available because bank converted to stock form Nov 28, 1986.


.I 20035
.C
acq
.W
CARSON PIRIE <CRN> TO START PROXY MAILING.
    CHICAGO, Oct 19 - Carson Pirie Scott and Co said it plans
to start mailing proxy materials to stockholders in connection
to a November 16 special meeting at which holders will be asked
to consider a previously announced agreement with Greyhound
Corp <G>.
    Under the agreement, Greyhound will acquire, in a merger,
three of the company's foodservice operations - Dobbs
International Services, Dobbs Houses and Carson international.
    If the transaction is approved, Carsons said its
stockholders will receive 30 dlrs cash and one share of common
in the new Carson Pirie Scott and Co for each share held.


.I 20042
.C
acq
.W
OREGON STEEL BUYS KAISER'S NAPA VALLEY PLANT.
    PORTLAND, Ore., Oct 19 - <Kaiser Steel Corp>'s plant in
Napa, Calif., has been purchased by Oregon Steel Mills for 16
mln dlrs, the privately owned Portland company said.
    The transaction was approved by the U.S. bankruptcy judge
in Denver who is hearing Kaiser Steel's Chapter 11
reorganization case.
    James Mccaughey, former vice president of sales for Kaiser,
has been named general manager for the plant which will be
called Napa Pipe Corp, Oregon Steel said.


.I 20043
.C
acq
.W
IBC'S INTERSTATE BAKERIES<IBC>BID OVERSUBSCRIBED.
    NEW YORK, Oct 19 - IBC Acquisition Corp said it received
about 8,857,807 Interstate Bakeries Corp shares in response to
its tender offer for up to 8,053,181 shares that expired
October 16, and it will purchase about 90.9 pct of the shares
tendered.
    It said a final proration factor should be announced and
payment for shares start October 26.
    IBC is made up of Interstate management, First Boston Inc
<FBC> and George K. Braun and Co.


.I 20044
.C
bop;trade;
.W
TURKEY CURRENT ACCOUNT DEFICIT WIDENS IN JULY.
    ANKARA, Oct 19 - Turkey's current account deficit widened
in July to 674 mln dlrs from 454 mln in June but fell from 1.22
billion in July last year, the State Statistics Institute said.
    The cumulative trade position in July showed a 1.85 billion
dlr deficit after 1.33 billion in June and 1.89 billion a year
earlier, with exports at 4.91 billion and imports, both FOB, at
6.76 billion.
    The government aims to narrow the current account deficit
for the whole of 1987 to 975 mln dlrs, compared with 1.52
billion last year, up from 1.01 billion in 1985.
    Bankers forecast the 1987 deficit will exceed one billion
dlrs,  because a spurt in exports is expected to slow
considerably in the last five months following a massive
drawdown of inventories.


.I 20045
.C
trade
.W
CAIRNS GROUP SAID INFLUENTIAL IN TRADE TALKS.
    BANGKOK, Oct 19 - Australian Minister for Trade
Negotiations Michael Duffy said his country and Third World
commodity producers have formed an effective lobby group
against farm export subsidies and market access restrictions.
    Duffy told a press conference the Cairns Group of 14 major
agricultural producers, to which Australia and Thailand belong,
has emerged as an important third force in any multilateral
trade talks. "There's no doubt that the Cairns Group is being
seen as a third force to be reckoned with both inside the
General Agreement on Tariffs and Trade and in other
international trade negotiations," he said.
    Duffy, here on a three-day visit after talks in the United
States, The European Community (EC) and Latin America, said
considerable progress has been made by the group towards
fighting costly protectionist policies pursued by developed
countries.
    The minister said the EC Commission's new farm trade paper
will recognise the heavy financial burdens imposed by its
Common Agricultural Policy and its future expansion.
    He said the Reagan Administration has also displayed a
determination to resist the currently strong protectionist
sentiment in the U.S. Congress.


.I 20048
.C
earn
.W
J.P. MORGAN AND CO INC <JPM> 3RD QTR NET.
    NEW YORK, Oct 19 -
    shr profit 1.18 dlrs vs profit 1.15 dlrs
    net profit 219.2 mln vs profit 211.5 mln
    nine mths
    shr loss 84 cts vs profit 3.72 dlrs
    net loss 140.8 mln vs profit 682.4 mln
    assets 79.69 billion vs 71.99 billion
    loans 33.93 billion vs 35.33 billion
    deposits 45.68 billion vs 41.22 billion
    NOTE: 1987 nine mths include previously reported 875 mln
dlr addition to loan loss reserve in 2nd qtr for ldc debts


.I 20049
.C
acq
.W
ARNOX <ARNX.O> STILL IN MERGER TALKS WITH TXL.
    GREENWICH, Conn., Oct 19 - Arnox Corp said a special
committee of its board is continuing talks with <TXL Corp> on
the terms of TXL's offer to acquire Arnox at 10 dlrs per share.
    It said TXL has arranged preliminary financing.


.I 20050
.C
earn
.W
FINANCIAL CORP OF AMERICA <FIN> 3RD QTR LOSS.
    IRVINE, Calif., Oct 19 -
    Shr loss 2.20 dlrs vs profit 24 cts
    Net loss 75.8 mln vs profit 11.6 mln
    Avg shrs primary 35.9 mln vs 36.5 mln
    Avg shrs diluted 39.3 mln vs 39.9 mln
    Nine mths
    Shr primary loss 7.04 dlrs vs profit 1.69 dlrs
    Shr diluted loss 7.04 dlrs vs profit 1.64 dlrs
    Avg shrs primary 35.9 mln vs 37.2 mln
    Avg shrs diluted 39.3 mln vs 46.6 mln
   
    Net loss 243.4 mln vs profit 72.2 mln
    Assets 33.4 billion vs 34.1 billion
    Loans 10.8 billion vs 12.0 billion
    Deposits 16.9 billion vs 17.0 billion
    NOTE: Net includes FSLIC sepcial assessment loss of
5,429,000 vs 5,193,000 in qtr 1987 vs 1986, and 16.3 mln vs
16.0 mln in nine mths 1987 vs 1986.
    Net includes gain from sale of mortgage-backed securities
and loans of 12.4 mln vs 93.4 mln, and 139.7 mln vs 264.0 mln
in nine mths 1987 vs 1986.
   
    Net includes gain from sale of investments of 64,000 in qtr
1987, and 157,000 vs 1,231,000 in nine mths 1987 vs 1986.
    Net includes provision for losses and discounts of 70.4 mln
vs 76.2 mln in qtr 1987 vs 1986, and 315.7 mln vs 161.7 mln in
nine mths 1987 vs 1986.
    Nine mths 1987 included write off of FSLIC secondary
reserve of 22.7 mln.


.I 20051
.C
earn
.W
GEORGIA GULF CORP <GGLF.O> 3RD QTR NET.
    ATLANTA, Oct 19 -
    Shr 1.92 dlrs vs 58 cts
    Net 27.9 mln vs 9,480,000
    Sales 176.4 mln vs 137.9 mln
    Nine mths
    Shr 3.87 dlrs vs 1.69 dlrs
    Net 56.7 mln vs 27.6 mln
    Sales 505.6 mln vs 438.5 mln


.I 20054
.C
acq
.W
IC INDUSTRIES <ICX> MAY SELL AEROSPACE UNIT.
    CHICAGO, Oct 19 - IC Industries Inc said its board approved
a second major step in the reorganization and restructuring of
the company.
    To implement the plan of sharpening its strategic focus on
consumer goods and services, the company will give serious
consideration to the sale of its Pneumo Abex, its aerospace and
defense company, if it can realize a price which will return
maximum value to shareholders.
    In 1986, Pneumo Abex had operating income of 118.1 mln dlrs
on sales of 900.5 mln dlrs.
    IC said it will use the proceeds of any asset sale to
invest in new high-return businesses in the consumer goods and
services field.
    The company said it authorized a program to repurchase
between 500 mln dlrs and 1.0 billion dlrs of IC's common stock
from time to time when conditions warrant.
    It also said it will begin an immediate cost-reduction
program to cust annual operating expenses by 50 mln dlrs.
    An IC spokesman said the cost-reduction program involved
"across-the-board" cuts rather than specific about targeted
areas.
    IC's board earlier approved a plan to spin off the
company's Illinois Central Gulf Railroad to shareholders. The
company's other major subsidiaries are Pet Inc, Pepsi-Cola
General Bottlers, Midas International Corp and Hussmann Corp.


.I 20056
.C
crude
.W
******COASTAL SAID RAISED OIL POSTINGS 50 CTS A BARREL OCTOBER 16. WTI NOW 19.00 DLRS.
Blah blah blah.

.I 20058
.C
earn
.W
MONSANTO CO <MTC> 3RD QTR NET.
    ST. LOUIS, Oct. 19 -
    Shr 1.30 dlrs vs 1.85 dlrs
    Net 100,000,000 vs 144,000,000
    Sales 1.90 billion vs 1.69 billion
    Nine mths
    Shr 5.01 dlrs vs 5.27 dlrs
    Net 392,000,000 vs 410,000,000
    Sales 5.79 billion vs 5.31 billion
    Note: 1986 figures include 63 mln dlrs, or 81 cts a share,
of net gains from facilities and businesses sold, shut down or
impaired, and other non-recurring income and expenses


.I 20060
.C
acq
.W
IDC SERVICES <IDCS.O> HOLDERS OFFERED 16 DLRS.
    NEW YORK, Oct 19 - IDC Services Inc said a new company will
begin a cash tender offer by October 26 to acquire all of IDC's
outstanding common for 16 dlrs a share.
    The company said the offer is being made under a definitive
agreement reached with the new company, IDC Acquisition Corp,
formed by Apollo Partners Ltd and investment clients of
<Equitable Capital Management Inc>. The agreement calls for the
acquisition of IDC for about 62.4 mln dlrs.
    IDC Acquisition will also tender for all of IDC's
outstanding nine pct convertible subordinated debentures.
   
    IDC said the merger agreement also provides for payment of
an equivalent amount in respect of employee stock options to be
cancelled in the merger.
    As part of the transaction, the company said, it granted
IDC Acquisition an option to acquire up to 20 pct of the
company's outstanding shares for 16 dlrs per share.
    It said the planned tender offer is subject to several
conditions, including the tendering of over 50 pct of the
company's outstanding stock.
   
    MIM Holdings Ltd <MIMA.S>, a substantial shareholder in
IDC, has agreed it will not buy any additional IDC shares until
February seven and has granted IDC Acquisition a right of first
refusal on any IDC shares it sells during that period, the
company said.
    It said Apollo Partners was recently organized by three
former senior Viacom Inc <VIA> executives, Terrence A. Elkes,
George C. Catell and Kenneth F. Gorman.


.I 20061
.C
acq
.W
******INDUSTRIAL EQUITY TELLS SEC IT WILL SEND CALMAT PROPOSAL FOR BUSINESS COMBINATION.
Blah blah blah.

.I 20063
.C
earn
.W
ROHM AND HAAS CO <ROH> 3RD QTR NET.
    PHILADELPHIA, Oct 19 -
    Shr 57 cts vs 54 cts
    Net 39.3 mln vs 37.3 mln
    Sales 540.9 mln vs 488.5 mln
    Nine mths
    Shr 2.30 dlrs vs 1.58 dlrs
    Net 158.8 mln vs 108.7 mln
    Sales 1.67 billion vs 1.60 billion


.I 20064
.C
earn
.W
INTERNATIONAL RESEARCH <IRDV.O> 3RD QTR PAYOUT.
    MATTAWAN, Mich., Oct 19 -
    Qtly div nine cts vs nine cts prior qtr
    Pay Nov 25
    Record Nov 13
    Note: Full name is International Research and Development
Corp


.I 20065
.C
ship
.W
WORLD TELECOMS WATCHDOG RELAXES CAR PHONE RULES.
    GENEVA, Oct 19 - The International Telecommunications
Union, which regulates communications worldwide, decided at the
end of a five-week conference to allow mobile phone systems to
be linked with satellites, telecommunications officials said.
    Until now, car phones have been linked with land stations
and have been limited mainly to urban areas. The new ruling
will make it easier for calls to be made from remote regions.
    The meeting, which finished over the weekend, also decided
to allow a "radio determination satellite system," which would
enable fleet owners to trace to within about 15 metres the
movements of their lorries or cars or ships around the world.


.I 20067
.C
crude
.W
TASS DENOUNCES U.S. ATTACK ON IRAN AS ADVENTURISM.
    MOSCOW, Oct 19 - The official Soviet news agency Tass
denounced a U.S. Attack on an Iranian oil-drilling platform in
the Gulf on Monday as military adventurism and said it would
bring no dividends to the Reagan administration.
    Tass commentator Mikhail Krutikhin said the administration
had embarked on an adventurist path in order to deflect
attention from the scandal in which the United States sold arms
to Iran and the profits were diverted to Nicaraguan rebels.
    "The confrontation is a fact now. What is obvious is that
the latest military adventure will not bring political
dividends to the American administration," Krutikhin said.
    Soviet leader Mikhail Gorbachev and Foreign Minister Eduard
Shevardnadze abruptly left a parliamentary session earlier on
Monday, sparking diplomatic speculation that they were
concerned with an urgent matter of foreign affairs.
    Soviet officials have previously criticized the United
States for sending naval forces into the Gulf, saying their
presence serves to increase tension.
    Moscow is officially neutral in the war between Iran and
Iraq. It is a major arms supplier to Iraq but has also sought
broader contacts with Iran in the last year.
    Krutikhin said: "The United States has undertaken an act of
armed aggression against Iran, the probability of which has
long been spoken of by Washington officials."


.I 20068
.C
gnp;grain;ipi;
.W
SOVIETS OUTLINE 1988 ECONOMIC TARGETS.
    By Tony Barber
    MOSCOW, Oct 19 - The Soviet Union outlined its economic
targets for 1988 on Monday, stressing the need to improve
standards in the country's sluggish engineering industry.
    Planning chief Nikolai Talyzin told the Supreme Soviet
industrial output should rise by 4.5 pct in 1988, up from a
planned 4.4 pct in 1987. It rose 3.6 pct in Jan-Sept 1987.
    Talyzin said national income, the nearest Soviet equivalent
to gross national product, should rise by 4.3 pct against a
planned 4.1 pct this year. Gross national product measures the
output of a country's goods and services.
    He said the Kremlin planned to produce 235 mln tonnes of
grain in 1988 versus a planned 232 mln this year. Moscow
produced 210 mln tonnes in 1986.
    Kremlin leader Mikhail Gorbachev has described
machine-builing as a sector whose rapid modernization is
essential if the Soviet Union is to compete effectively on
world markets.
    "Certain difficulties have arisen this year in the
machine-building industry. The economy is not receiving a
considerable amount of the equipment that it requires," said
Talyzin, who heads the state planning committee GOSPLAN.
    Soviet data show the machine-building industry, which makes
machine tools, instruments and other engineering goods,
increased output by 3.3 pct in the first nine months of 1987
compared with the same period last year.
    However, this was far below the 7.3 pct increase planned
for the industry for the whole of 1988.
    Talyzin said the ruling Politburo had concluded at a recent
meeting that an improvement in economic performance depended to
a large extent on conserving resources better. "Large-scale
measures are planned to save resources," he said.
    Finance Minister Boris Gostev told the Supreme Soviet that
defense spending in 1988 would total 32 billion dlrs, the same
figure as was announced last year.
    Western governments view official Soviet estimates for
defense spending as highly understated, but say the real figure
is hard to calculate because Soviet military industries are
intertwined with the civilian economy.
    Talyzin said the Kremlin also decided to increase spending
next year on medical services, education, pensions and social
insurance schemes.


.I 20069
.C
hog;livestock;carcass;
.W
STUDY SAYS PORK LEANER THAN USDA FIGURES SHOW.
    Chicago, Oct 19 - An Iowa State University study showed
pork contains considerably less fat than indicated by
long-established U.S. Department of Agriculture statistics, the
National Pork Producers Council (NPPC) said.
    Six of the seven muscle cuts evaluated in the study
averaged 4.3 pct fat or less, well below American Heart
Association guidelines for recommended foods. Eighty pct of all
the raw boneless rib chops evaluated in the study contained
less than six pct fat, the NPPC said.
    Meanwhile, USDA Handbook 8-10 - long used as the
established authority on nutrient composition, indicates a fat
content for center loin pork of 7.3 pct, the NPPC said.
    Robin Kline, a dietitian and Director of Consumer Affairs
for the NPPC said he was not surprised at the wide discrepancy
between the study and the USDA handbook.
    "Handbook 8-10 is based to a certain extent on information
that has been accumulated over the past 30 years. The
statistics in it about pork do not reflect the hog of today
which is about 50 pct leaner than it was 20 or 30 years ago,
thanks to genetic improvements and better feeding practices,"
Kline said.
    The study, funded by NPPC with producer checkoff money,
evaluated pork carcasses from 47 Iowa producers in categories
from 0.7 to 1.3 inches of backfat. Researchers measured the fat
content of the seven muscles before cooking, and the fat,
moisture and tenderness of cooked boneless rib chops.


.I 20073
.C
crude
.W
COASTAL <CGP> RAISES OIL POSTED PRICES.
    NEW YORK, Oct 19 - Coastal Corp said that effective October
16 it had raised posted prices for crude oil by 50 cts a
barrel.
    The increase brings West Texas Intermediate to 9.00 dlrs a
barrel and West Texas Sour to 18.10 dlrs a barrel.
    Sun Co <SUN> announced that it would make a 50 cts a barrel
increase late Friday bringing WTI to 19.00 dlrs a barrel and
traders said that other oil companies could be expected to
increase prices.


.I 20074
.C
earn
.W
FIRST FEDERAL SAVINGS <FCHT.O> 1ST QTR NET.
    CHATTANOOGA, Tenn., Oct 19 -
    Shr 59 cts
    Qtly div eight cts vs eight cts prior
    Net 1,675,000 vs 1,302,000
    Assets 613.3 mln vs 603.5 mln
    Deposits 523.7 mln vs 517.8 mln
    Loans 469.2 mln vs 449.5 mln
    NOTE: 1986 per share figures not available because bank
converted to stock ownership Dec 18, 1986. Dividend payable Dec
11 to shareholders of record Nov 13. Full name of company is
First Federal Savings and Loan Association of Chattanooga.


.I 20076
.C
earn
.W
WOBURN FIVE CENTS SAVINGS <WOBS.O> 1ST QTR NET.
    WOBURN, Mass., Oct 19 -
    Shr 24 cts vs 26 cts
    Net 959,000 vs 1,033,000
    Assets 273.6 mln vs 236.3 mln
    Deposits 183.6 mln vs 173.9 mln
    Loans 133.3 mln vs 104.9 mln
    NOTE: Full name of company is Woburn Five Cents Savings
Bank.


.I 20077
.C
earn
.W
UNISYS CORP <UIS> 3RD QTR NET.
    BLUE BELL, Pa., Oct 19 -
    Shr primary 68 cts vs 34 cts
    Shr diluted 65 cts vs 34 cts
    Net 129.7 mln vs 52.9 mln
    Revs 2.22 billlion vs 2.42 billion
    Avg shrs primary 152.1 mln vs 147.1 mln
    Avg shrs diluted 199.8 mln vs 147.1 mln
    Nine mths
    Shr primary 1.89 dlrs vs 1.00 dlrs
    Shr diluted 1.84 dlrs vs 1.00 dlrs
    Net 361.1 mln vs 145.1 mln
   
    Revs 6.91 billion vs 4.90 billion
    Avg shrs primary 151.0 mln vs 146.4 mln
    Avg shrs diluted 198.7 mln vs 146.4 mln
    NOTE: Earnings per share for 1986 have been restated to
reflect 3-for-1 split effective July 8, 1987.
    Results for three and nine mths 1986 includes results from
July 1, 1986, of Sperry Corp, acquired on Sept 16, 1986, with
net income reflecting ownership in Sperry of about 51 pct for
the months of July and August, and 100 pct for the month of
Sept 1986.
   
    Revenue for 1986 periods reflects reclassification of
revenue of divested Sperry operations to other income with no
effect on net income.


.I 20078
.C
acq
.W
OREGON STEEL BUYS KAISER'S NAPA VALLEY PLANT.
    PORTLAND, Ore., Oct 19 - Kaiser Steel Corp's plant in Napa,
Calif, has been purchased by Oregon Steel Mills for 16 mln
dlrs, the privately owned Portland company said.
    The transaction was approved by the U.S. bankruptcy judge
in Denver who is hearing Kaiser Steel's Chapter 11
reorganization case.
    James Mccaughey, former vice president of sales for Kaiser,
has been named general manager for the plant, which will be
called Napa Pipe Corp, Oregon Steel said.


.I 20079
.C
acq
.W
INDUSTRIAL EQUITY TO MAKE PROPOSAL TO CALMAT<CZM>.
    WASHINGTON, Oct 19 - Industrial Equity (Pacific) Ltd, a
Hong Kong-based investment firm leading a group holding 19.1
pct of Calmat Co's common stock, said it intends to submit to
Calmat a proposal for a possible business combination.
    In a filing with the Securities and Exchange Commission,
Industrial Equity (Pacific) did not disclose details of the
proposal, but said it would be delivered to Calmat in the near
future.
    Industrial Equity (Pacific) "does not intend to remain a
passive investor" in Calmat, the firm told the SEC.
    In its SEC filing, Industrial Equity (Pacific) said its
president of North American operations Ronald Langley met with
Calmat officials on October 14 to discuss an acquisition of the
company at a premium over the market price of Calmat stock.
    Industrial Equity (Pacific) added it is considering
launching a tender offer for Calmat stock or making a merger
proposal to the company, but said it has not decided whether it
will pursue a Calmat acquisition on a non-negotiated basis.
    Industrial Equity (Pacific), which currently holds 5.83 mln
Calmat common shares, said it is also evaluating the company's
recently adopted shareholder rights plan and its potential
effect on Calmat and on possible acquisition proposals made to
the company.
    Between October 2 and 14, Industrial Equity (Pacific)
bought 918,900 shares of Calmat common stock at 33 dlrs to
37.55 dlrs a share, or a total of about 33.8 mln dlrs.


.I 20080
.C
earn
.W
MIDDLE SOUTH UTILITIES INC <MSU> 3RD QTR NET.
    NEW ORLEANS, Oct 19 -
    Shr 90 cts vs 84 cts
    Net 185.5 mln vs 171.5 mln
    Revs 1.08 billion vs 1.07 billion
    Nine mths
    Shr 1.85 dlrs vs 1.90 dlrs
    Net 378.9 mln vs 389.5 mln
    Revs 2.67 billion vs 2.69 billion
    12 mths
    Shr 2.15 dlrs vs 1.87 dlrs
    Net 440.7 mln vs 382.0 mln
    Revs 3.47 billion vs 3.47 billion


.I 20082
.C
earn
.W
ANCHOR GLASS CONTAINER CORP <ANC> 3RD QTR NET.
    TAMPA, Fla., Oct 19 -
    Shr 34 cts vs 62 cts
    Net 4,717,000 vs 8,277,000
    Revs 213.4 mln vs 158.7 mln
    Nine mths
    Oper shr 1.18 dlrs vs 1.54 dlrs
    Oper net 16.2 mln vs 17.8 mln
    Revs 517.2 mln vs 451.4 mln
    Avg shrs 13.7 mln vs 11.6 mln
    NOTE: 1986 nine mths net exclude204,000 dlr gain from
reversion of pension assets. 1987 net both periods includes
pretax charge 692,000 dlrs from amortization of goodwill.


.I 20084
.C
earn
.W
DALLAS CORP <DLS> 3RD QTR NET.
    DALLAS, OCt 19 -
    Shr 30 cts vs 12 cts
    Net 2,191,000 vs 852,000
    Sales 106.6 mln vs 102.9 mln
    Nine mths
    Shr 44 cts vs 40 cts
    Net 3,236,000 vs 2,919,000
    Sales 297.9 mln vs 297.9 mln


.I 20086
.C
earn
.W
BANKEAST CORP <BENH.O> 3RD QTR NET.
    MANCHESTER, N.H., Oct 19 -
    Shr 17 cts vs 37 cts
    Net 1,783,000 vs 4,028,000
    Nine mths
    Shr 52 cts vs 1.03 dlrs
    Net 5,587,000 vs 11.1 mln


.I 20090
.C
earn
.W
STANDARD PRODUCTS CO <SPD> 1ST QTR SEPT 30 NET.
    CLEVELAND, Oct 19 -
    Shr 40 cts vs 54 cts
    Net 4,442,000 vs 6,375,000
    Sales 102.8 mln vs 102.5 mln
    Avg shrs 11.1 mln vs 11.6 mln
    NOTE: Share adjusted for August 1987 five-for-four split.


.I 20093
.C
money-fx
.W
FED SEEN ADDING RESERVES VIA SYSTEM REPOS.
    NEW YORK, Oct 19 - The Federal Reserve is expected to enter
the government securities market to supply reserves to the
banking system via system repurchase agreements, economists
said.
    Most economists said the Fed would execute three-day system
repurchases to meet a substantial need to add reserves in the
current maintenance period, although some said a more
aggressive add via overnight system repos was possible.
    Federal funds opened at 7-5/8 pct and remained at that
level late this morning, compared with an average effective
rate of 7.55 pct Friday.


.I 20094
.C
interest
.W
FDIC'S SEIDMAN SAYS HIGHER RATES COULD HARM BANKS.
    DALLAS, Oct 19 - Federal Deposit Insurance Corp Chairman
William Seidman said he would be concerned about the impact on
banks of a further sharp rise in interest rates.
    However, Seidman, attending the American Bankers
Association convention, said he did not expect rates to rise
much higher and said the outlook for the U.S. economy and for
banking was sound.
    "The potential for greater interest rate rises gives us
concern. We see nothing right now in the outlook that causes us
to believe rates are going much higher or that the economy is
not sound," Seidman told a news conference.


.I 20097
.C
money-fx
.W
WEST GERMANY STILL COMMITTED TO LOUVRE ACCORD.
    BONN, Oct 19 - West German government sources said Bonn
remained committed to the Louvre Accord to stabilise
currencies, which was struck by leading western democracies in
Paris last February.
    Over the weekend, U.S. Treasury Secretary James Baker
criticised recent rises in West German short-term interest
rates and said such developments were not in the spirit of the
Louvre pact. He said the agreement may have to be re-examined.
    The sources said the West German interest rate rises had to
be seen in the context of interest rate developments worldwide.


.I 20099
.C
earn
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GORDON JEWELRY CORP <GOR> 4TH QTR AUG 31 LOSS.
    HOUSTON, Oct 19 -
    Shr loss 13 cts vs loss 20 cts
    Net loss 1,343,266 vs loss 2,086,086
    Revs 82.3 mln vs 80.3 mln
    Year
    Shr loss 1.83 dlrs vs profit 1.24 dlrs
    Net loss 19.2 mln vs profit 13.4 mln
    Revs 388.1 mln vs 370.3 mln
    NOTE: 1987 year includes charge 15.0 mln dlrs pre-tax for
inventory valuation allowance.
    1987 year also includes charge 12.8 mln dlrs from
discontinued operations.


.I 20100
.C
earn
.W
AT AND T <T> 3RD QTR NET.
    NEW YORK, Oct 19 -
    Shr 47 cts vs 48 cts
    Net 505.0 mln vs 533.0 mln
    Revs 8.47 billion vs 8.43 billion
    Nine mths.
    Shr 1.42 dlrs vs 1.16 dlrs
    Net 1.55 billion vs 1.31 billlion
    Revs 25.0 billion vs 25.56 billion
    NOTE: Full name is American Telephone and Telegraph Co.
    NOTE: Prior quarter and nine mth net reduced by 25 mln
dlrs, or two cts per share, for estimated costs to reduce
workforce and consolidate various facilities. Prior qtr and
nine mths include pretax gain of 73 mln dlrs from damages paid
by Republic of Iran and pretax gain of 40 mln dlrs from change
in company's ownership in ING C. Olivetti SpA. After tax these
gains added 68 mln dlrs, or six cts per shr, to net income.
    Prior qtr and nine mth results were previously restated to
reflect a change in depreciation methods that reduced net
income by 175 mln dlrs, or 16 cts per share.


.I 20103
.C
acq
.W
MULTIFOODS <IMC> FILES SUIT AGAINST BREGMAN.
    MINNEAPOLIS, MINN., Oct 19 - International Multifoods Corp
said it filed a suit charging Bregman Partners and its
affiliates unlawfully planned to acquire control of the
company.
    In a suit filed in U.S. District Court, International
Multifoods said Bregman Partners and its affiliates, who
reportedly hold 7.4 pct of the company's shares, tried to
induce Multifood's management to join them in an effort to take
the company private and give controlling interest to Bregman
Partners. Bregman Partners include the interests of the
Belzberg families of Canada.
    The complaint also discloses that on each occasion,
Multifoods management rejected the group's overtures.
    Multifoods is asking Bregman's group to divest its shares
in open market sales in a manner not to further disrupt the
market place, according to the suit. The suit seeks
compensatory and punitive damages in an amount to be
determined.
    In addition, Multifoods is seeking to stop Bregman Partners
from acquiring any more stock, or voting the shares it
reportedly owns, the suit said.
    According to Multifoods, the actions proposed by Bregman
Partners would prevent shareholders from realizing the full
benefits of the company's restructuring.
    In the past three years, Multifoods has substantially
altered its domestic business mix by divesting its U.S.
consumere foods operations and emphasizing growth in selected
segments of the U.S. foodservice industry.


.I 20105
.C
interest
.W
****** French 13-week T-Bill rate rises to 8.54 pct from 7.65 -- Bank of France.
Blah blah blah.

.I 20106
.C
earn
.W
FPL GROUP INC <FPL> 3RD QTR NET.
    NORTH PALM BEACH, Fla., Oct 19 -
    Shr 1.16 dlrs vs 1.19 dlrs
    Net 151.4 mln vs 152.4 mln
    Revs 1.31 billion vs 1.17 billion
    Avg shrs 130.0 mln vs 127.6 mln
    12 mths
    Shr 3.03 dlrs vs 2.85 dlrs
    Net 392.7 mln vs 353.0 mln
    Revs 4.32 billion vs 4.14 billion
    Avg shrs 129.8 mln vs 123.9 mln


.I 20111
.C
earn
.W
STERLING DRUG INC <STY> 3RD QTR NET.
    NEW YORK, Oct 19 -
    Shr 1.03 dlrs vs 88 cts
    Net 59.5 mln vs 51.9 mln
    Revs 641.7 mln vs 557.8 mln
    Avg shrs 57.4 mln vs 59.0 mln
    Nine mths
    Shr 2.51 dlrs vs 2.14 dlrs
    Net 145.2 mln vs 126.4 mln
    Revs 1.71 billion vs 1.47 billion
    Avg shrs 57.8 mln vs 59.0 mln
   
    NOTE: 1986 figures restated to reflected change in
accounting methods related to pension expenses.


.I 20112
.C
earn
.W
MCI COMMUNICATIONS CORP <MCIC.O> 3RD QTR NET.
    WASHINGTON, Oct 19 -
    Shr eight cts vs six cts
    Net 22 mln vs 18 mln
    Revs 994 mln vs 910 mln
    Nine mths
    Shr 19 cts vs 20 cts
    Net 55 mln vs 54 mln
    Revs 2.9 billion vs 2.7 billion
    NOTE: 1987 3rd qtr and nine mths include pre-tax gains of
from antitrust settlement of 2,000,000 dlrs and 6,000,000 dlrs
respectively.
    3rd qtr 1986 includes pre-tax gain of 65 mln dlrs from sale
of MCI Airsignal subsidiary, and after-tax extraordinary loss
of 17 mln dlrs from early redemption of 9-1/2 pct subordinated
notes.


.I 20113
.C
money-fx
.W
****** Stoltenberg says he assumes monetary cooperation will continue.
Blah blah blah.

.I 20114
.C
earn
.W
HOME SAVINGS BANK OF BROOKLYN <HMSB.O> 3RD QTR.
    NEW YORK, Oct 19 -
    Shr 57 cts vs not given
    Net 6,889,000 vs 10.7 mln
    Nine mths
    Shr 1.67 dlrs vs not given
    Net 20.1 mln vs 23.0 mln
    NOTE: Company went public in November 1986.
    1986 net both periods includes 5,642,000 dlr pretax gain on
sale of branches.
    Net includes securities and loan sales loss 90,000 dlrs
pretax vs gain 46,000 dlrs in quarter and gains 1,213,000 dlrs
vs 2,605,000 dlrs in nine mths and loan losxs provisions
125,000 dlrs vs 30,000 dlrs in quarter and 275,000 dlrs vs
90,000 dlrs in nine mths.


.I 20115
.C
sugar
.W
UK SUGAR FACTORY CLOSES DUE TO SHORTAGE OF BEET.
    LONDON, Oct 19 - British Sugar Plc was forced to shut its
Ipswich sugar factory on Sunday afternoon due to an acute
shortage of beet supplies, a spokesman said, responding to a
Reuter inquiry
    Beet supplies have dried up at Ipswich due to a combination
of very wet weather, which has prevented most farmers in the
factory's catchment area from harvesting, and last week's
hurricane which blocked roads.
    The Ipswich factory will remain closed until roads are
cleared and supplies of beet build up again.
    This is the first time in many years that a factory has
been closed in mid-campaign, the spokesman added.
    Other factories are continuing to process beet normally,
but harvesting remains very difficult in most areas.
    Ipswich is one of 13 sugar factories operated by British
Sugar. It processes in excess of 500,000 tonnes of beet a year
out of an annual beet crop of around eight mln tonnes.
    Despite the closure of Ipswich and the severe harvesting
problems in other factory areas, British Sugar is maintaining
its estimate of sugar production this campaign at around 1.2
mln tonnes, white value, against 1.34 mln last year, the
spokesman said.
    British Sugar processes all sugar beet grown in the U.K.
    The sugar beet processing campaign, which began last month,
is expected to run until the end of January. Sugar factories
normally work 24 hours a day, seven days a week during the
campaign.
    As of October 11, 12 pct of the U.K. Sugar crop had been
harvested, little different to the same stage last year when 13
pct had been lifted. Since then, however, very wet weather has
severely restricted beet lifting.
    Harvesting figures for the week to October 18 are not yet
available.


.I 20117
.C
acq
.W
INDUSTRIAL EQUITY HAS 5.4 PCT OF TRITON <OIL>.
    WASHINGTON, Oct 19 - A group of firms led by Hong
Kong-based Industrial Equity (Pacific) Ltd, said it acquired
969,515 shares of Triton Oil Corp common stock, or 5.4 pct of
the company's common stock outstanding.
    Industrial Equity (Pacific), which is controlled by
Brierley Investments Ltd <BRYW.WE> and which has applied with
U.S. antitrust regulators to buy up to 50 pct of Triton's
common stock, said the current 5.4 pct stake was acquired for
investment purposes.
    The company said it informed Triton of its present "good
faith intention" to buy more than 15 mln dlrs worth of Triton
stock.
    It said it also told Triton it "may depending on market
conditions acquire 50 pct or more and possibly 100 pct of the
voting securities of (Triton)."
    It said it received clearance to buy up to 50 pct of the
stock on September 11.
    Industrial Equity (Pacific) reported it bought 250,000
shares of Triton common stock on October 8 at 22.50 dlrs a
share.


.I 20118
.C
acq
.W
TRANSAMERICA <TA> UNIT BUYS REINSURANCE UNIT.
    LOS ANGELES, Oct 19 - Transamerica Insurance Group, the
main property-liability insurance operation of Transamerica
Corp, said it signed a definitive agreement to acquire a
newly-formed insurer, Commerical Risk Underwriters Insurance
Co, from <Clarendon Group Ltd>.
    Transamerica said the unit, which will be renamed
Transamerica Reinsurance Co, will initially be capitalized at
about 185 mln dlrs.
    Transamerica said the acquisition represents its first move
into specialty treaty reinsurance.
    The company said about 28 members of Clarendon will join
Transamerica as part of the acquisition, which is expected to
close in November and is subject to various regulatory
approvals.


.I 20121
.C
earn
.W
DELUXE CHECK PRINTERS INC <DLX> 3RD QTR NET.
    ST. PAUL, Oct 19 -
    Shr 50 cts vs 35 cts
    Net 42.7 mln vs 29.9 mln
    Revs 236.5 mln vs 218.2 mln
    Nine mths
    Shr 1.24 dlrs vs 1.02 dlrs
    Net 105.8 mln vs 86.9 mln
    Revs 702.5 mln vs 642.5 mln
    NOTE: 1987 nine-month earnings include nonrecurring gain of
nine cents a share from sale of the company's Data Card
investment.


.I 20122
.C
gold;silver;
.W
ARIZONA SILVER <ASC> REPORTS ON BURRO CREEK.
    VANCOUVER, British Columbia, Oct 19 - Arizona Silver Corp
said diamond drilling on its Burro Creek Mine Property, located
65 miles southeast of Kingman, Ariz., has begun.
    The company said a report indicated that the Burro Creek
project area which covers 800 acres, could have potential
reserves of three to four mln tons of gold and silver
mineralization.
    Drill sites have been established and a diamond drilling
program consisting of an initial 5,000 feet of drilling began
October 13, the company said.


.I 20128
.C
earn
.W
NEIMAN-MARCUS GROUP INC <NMG> 2ND QTR AUG 2 LOSS.
    CHESTNUT HILL, Mass., Oct 19 -
    Shr not given
    Net loss 69.0 mln vs profit 3,682,000
    Revs 258.3 mln vs 229.6 mln
    Six mths
    Shr loss 58.8 mln vs profit 13.3 mln
    Revs 517.9 mln vs 466.5 mln
    NOTE: Company recently spun off from Carter Hawley Hale
Stores Inc <CHH>. Current year net both periods includes 40.8
mln dlrs in pretax charges from Carter Hawley Hale
restructuring.


.I 20129
.C
acq
.W
******BARRIS IND. SAYS IT LEADS GROUP WITH 9.8 PCT OF MEDIA GENERAL, MAY SEEK CONTROL.
Blah blah blah.

.I 20133
.C
money-fx
.W
STOLTENBERG ASSUMES COOPERATION WILL CONTINUE.
    BONN, Oct 19 - The West German government assumes that the
commitment to international monetary cooperation which was
renewed in Washington last month will continue, a Finance
Ministry spokesman quoted Finance Minister Gerhard Stoltenberg
as saying.
    Stoltenberg's statement was a reaction to criticism of
rises in West German interest rates voiced by U.S. Treasury
Secretary James Baker over the weekend.


.I 20134
.C
earn
.W
MARTIN MARIETTA <ML> 3RD QTR NET.
    BETHESDA, Md., Oct 19 -
    Shr 1.02 dlrs vs 96 cts
    Net 55.6 mln vs 53.2 mln
    Revs 1.3 billion vs 1.2 billion
    Nine mths
    Shr 3.13 dlrs vs 2.88 dlrs
    Net 171.3 mln vs 159.0 mln
    Revs 3.8 billion vs 3.5 billion
    NOTE: 1987 3rd qtr and nine mths includes one time
after-tax charge of 14.3 mln dlrs or 26 cts a share for
previously announced anticipated sale in the fourth quarter of
an investment in Equatorial Communications Co.
    1986 amounts restated, increasing net by four cts a share,
for change in pension expense accounting.
    Backlog on September 30, 1987 was 9.3 billion dlrs, which
company said was a record.


.I 20135
.C
acq
.W
SHAMROCK CAPITAL COMPLETES CENTRAL SOYA SALE.
    BURBANK, Calif., Oct 19 - Shamrock Capital L.P, a limited
partnership led by Shamrock Holdings Inc, said it completed its
sale of Central Soya Co Inc to Ferruzzi Agricola Finanziaria of
Italy.
    Under terms of the sale agreement, which was announced on
September 15, Ferruzzi acquired all the equity in Central Soya
and assumed subordinated term debt of about 195 mln dlrs in a
transaction valued at about 370 mln dlrs.


.I 20136
.C
earn
.W
SOUTHWEST BANCORP <SWB> 3RD QTR LOSS.
    VISTA, Calif., Oct 19 -
    Shr loss primary 82 cts vs profit 15 cts
    Shr loss diluted 82 cts vs 13 cts
    Net loss 4,134,000 vs profit 649,000
    Avg shrs 5,030,000 vs 3,927,000
    Nine Mths
    Shr loss primary 80 cts vs profit 37 cts
    Shr loss diluted 80 cts vs 32 cts
    Net loss 3,615,000 vs profit 1,652,000
    Avg shrs 4,557,000 vs 3,927,000
    Loans 231.2 mln vs 221.5 mln
    Deposits 323.3 mln vs 281.9 mln
    Assets 368.3 mln vs 346.5 mln
    Note: Prior qtr and nine mth figures include operating loss
carryforward gains of 105,000 dlrs, or two cts per share and
195,000 dlrs, or four cts per share, respectively.


.I 20138
.C
earn
.W
FIRSTIER FINANCIAL INC <FRST.O> 3RD QTR NET.
    OMAHA, Neb., Oct 19 -
    Shr 1.05 dlrs vs 74 cts
    Net 5,244,000 vs 3,684,000
    Nine Mths
    Shr 2.93 dlrs vs 2.14 dlrs
    Net 14.6 mln vs 10.6 mln


.I 20139
.C
acq
.W
CAL FED INCOME <CFI> BUYS TWO SHOPPING CENTERS.
    LOS ANGELES, Oct 19 - Cal Fed Income Partners L.P. said it
has acquired two shopping centers for a total price of 18.4 mln
dlrs.
    The company said it bought Best Plaza Shopping Center in
Pleasanton, Calif., For 12 mln dlrs and Bristol Place Shopping
Center in Santa Ana, Calif., for 16.4 mln dlrs.


.I 20141
.C
earn
.W
AMERICAN REPUBLIC BANCORP <ARBC.O> 3RD QTR NET.
    TORRANCE, Calif., Oct 19 -
    Shr profit 32 cts vs profit nine cts
    Net profit 413,000 vs profit 63,000
    Avg shrs 1,278,360 vs 728,476
    Nine Mths
    Shr profit 68 cts vs loss 57 cts
    Net profit 708,000 vs loss 415,000
    Avg shrs 1,041,697 vs 728,476


.I 20143
.C
gold
.W
SWEDEN'S BOLIDEN TO OPEN SAUDI ARABIAN GOLD MINE.
    STOCKHOLM, Oct 19 - Mining group Boliden AB said it had
agreed with Saudi state agency General Petroleum and Mineral
Organisation (Petromin) to open a gold mine in Saudi Arabia to
exploit one of the world's richest deposits of the metal.
    Boliden spokesman Goran Paulson told Reuters the Swedish
group would  be responsible for the technical side of the
operation and would have no control over the product itself.
    He said one option under discussion for refining the gold
ore would be to ship it to Boliden's Ronnskar copper smelter in
northern Sweden.
    Paulson declined to give a figure for the deal but said it
was strategically important since it increased Boliden's
presence in Saudi Arabia.
    "Representatives from Petromin have visited Ronnskar
already...We see Saudi Arabia as the expansion area of the
future," he said.
    The new mine, which is being developed at Mahd adh Dhahab
in the west of the country and should open in the first half of
1988, would have an annual output of about 3,000 kilos of gold
smelted from around 120,000 tons of ore, he said.
    Boliden already owns 50 pct of a gold ore deposit in Saudi
Arabia, but the new venture will be the first Saudi mine to
open in modern times.
    "This is a breakthrough for Boliden's sales of mining
technology and knowhow," said the group's chief executive, Kjell
Nilsson.


.I 20144
.C
acq
.W
ALLEGIS'<AEG>WESTIN SETS NEWS CONFERENCE ON SALE.
    NEW YORK, Oct 19 - Westin Hotels and Resorts, a subsidiary
of Allegis Corp, said it will hold a press conference on
October 21 near San Francisco to discuss the pending sale of
the 61-hotel chain by Allegis.
    Allegis has said that it plans to sell Westin buyt has not
announced that a deal has been set.


.I 20145
.C
acq
.W
S-K-I <SKII.O> TO BUY CALIFORA SKI AREA.
    KILLINGTON, Vt., Oct 19 - S-K-I Ltd and <Goldmine Ski
Associates Inc> said they reached an agreement calling for
S-K-I to buy Goldmine's California ski area for approximately
10 mln dlrs.
    S-K-I, which owns Killlington and Mount Snow ski resorts in
Vt., said the California ski area is located in the San
Bernardino mountains.
    The company said it plans to invest approximately 10 mln
dlrs into the ski area in the next few years.


.I 20149
.C
acq
.W
MEDIA GENERAL <MEG> HOLDERS MAY SEEK CONTROL.
    WASHINGTON, Oct 19 - A shareholder group led by Barris
Industries Inc <BRSS.O> said it acquired a 9.8 pct stake in
Media General Inc Class A common stock and may seek seek
contorl of the company.
    In a filing with the Securities and Exchange Commission,
the group said it holds 2,711,000 shares of Media General
commons stock purchased at a total cost of about 108.3 mln
dlrs.
    In addition to the possible bid for control, the group said
it may purchase additional Media General shares or possibly
seek one or more seats on the company's board of directors
through a proxy contest.
    A bid for control of Media General would be subject to "a
recapitalization or possible restructuring and to possible
changes in the charter documents and by-laws of the company,"
it said.
    The group said it had held discussions with third parties
to gauge their interest in joining the shareholder group, but
no agreements were reached.
    Talks with third parties are expected to continue, the
shareholder group said.
    Between October 13 and 16, Barris Industries bought
1,322,200 shares of Media General Class A common stock 42.50
dlrs to 45.50 dlrs a share in open market transactions, and
another 12,000 shares privately.


.I 20150
.C
earn
.W
DATACOPY CORP <DCPY.O> 3RD QTR NET.
    MOUNTAIN VIEW, Calif., Oct 19 -
    Shr profit three cts vs profit one ct
    Net profit 129,082 vs profit 36,099
    Revs 3,864,187 vs 1,875,919
    Nine Mths
    Shr loss six cts vs profit two cts
    Net loss 303,581 vs profit 110,311
    Revs 9,517,242 vs 5,248,105
    NOTE: Prior qtr and nine mth figures include extraordinarycredits of 15,000 dlrs and 48,000 dlrs, respectively.


.I 20151
.C
interest
.W
FED ARRANGES THREE-DAY SYSTEM REPOS.
    NEW YORK, Oct 19 - The Federal Reserve entered the
government securities market to arrange three-day system
repurchase agreements, a spokesman for the New York Fed said.
    Federal funds were trading at 7-5/8 pct at the time of the
direct injection of temporary reserves, dealers said.


.I 20153
.C
earn
.W
AMCAST INDUSTRIAL CORP <ACST.O> 4TH QTR LOSS.
    DAYTON, Ohio, Oct 19 - Aug 31
    Shr loss 34 cts vs profit 39 cts
    Net loss 2,337,000 vs profit 2,532,000
    Revs 66.1 mln vs 58.5 mln
    Avg shrs 7,166,000 vs 6,763,000
    12 months
    Shr profit 26 cts vs loss 1.20 dlrs
    Net profit 1,815,000 vs loss 7,927,000
    Revs 264.3 mln vs 229.7 mln
    Avg shrs 7,005,000 vs 6,621,000
    NOTE: Results include pretax restructuring provisions of
4.2 mln dlrs and 22.5 mln dlrs for 1987 and 1986, respectively.


.I 20154
.C
acq
.W
****CORBY DISTILLERIES LTD TO BUY HEUBLEIN'S MCGINNESS DISTILLERS FOR 45 MLN CANADIAN DLRS.
Blah blah blah.

.I 20155
.C
earn
.W
UNION NATIONAL CORP <UNBC.O> 3RD QTR NET.
    PITTSBURGH, Oct 19 -
    Shr 80 cts vs 70 cts
    Shr diluted 76 cts vs 67 cts
    Qtly div 33 cts vs 33 cts prior
    Net 7,879,000 vs 7,007,000
    Nine mths
    Shr 2.33 dlrs vs 2.01 dlrs
    Shr diluted 2.22 dlrs vs 1.92 dlrs
    Net 23.0 mln vs 20.0 mln
    Avg shrs 9,890,148 vs 10.0 mln
    NOTE: Dividend pay Dec 10, record Nov 20.


.I 20158
.C
acq
.W
NORTHVIEW <NOVC.O> PLANS TO SELL COMPANY.
    SAN DIEGO, Calif., Oct 19 - Northview Corp said it reached
an agreement in principal covering the acquisition of the
company by privately-held Calmark Financial Corp.
    The agreement calls for Northview to make a self-tender
offer for all of its outstanding stock at a price of 22 dlrs
per share in cash.
    Calmark, headquartered in Los Angeles, develops, manages
and syndicates real estate, Northview also said.


.I 20159
.C
money-fx
.W
TRANSATLANTIC ROW IMPERILS LOUVRE ACCORD-DEALERS.
    By Guy Collins
    PARIS, Oct 19 - The Louvre accord on currency stability,
which has maintained an uneasy calm in currency markets since
last February, appeared in serious danger today as a
transatlantic dispute over West German interest rates came to
the boil, foreign exchange dealers said.
    But as the dollar slid against the mark and world stock and
bond markets plunged, officials in the major industrial
countries played down the dispute as a bilateral problem
between the United States and West Germany and insisted that
the currency pact was still alive.
    U.S. Treasury Secretary James Baker sparked the market
fears when he attacked the rise in West German short-term
interest rates. "That's not in keeping with the spirit of what
we agreed to as recently as earlier this month in Washington,"
Baker said in a U.S. Television interview on Sunday. He was
referring to the meetings of Finance Ministers from the Group
of Seven (G7) leading industrial nations which reaffirmed the
pact.
    Under the Louvre Accord West Germany and Japan, who both
have large trade surpluses, pledged to boost their economic
growth to take in more exports from the U.S., While the U.S.
Agreed to stop talking the dollar down.
    However, Baker said on Saturday that while the Louvre
agreement was still operative, the West German interest rate
move would force the U.S. To re-examine the accord.
    "The foreign exchange market has been told by Baker that
he's going to hammer Germany ... He has just declared all bets
are off in terms of currency cooperation," Chris Johns, currency
analyst at UBS-Phillips and Drew in London said.
    But a Bank of Japan official took a much more sanguine
view, telling Reuters that "the exchange market is apparently
reacting too much, and anyone who sold the dollar on the Baker
comment will regret it later on."
    French Finance Minister Edouard Balladur, who hosted the
Louvre meeting, was the only one of the G7 Finance Ministers to
respond directly to Baker's remarks. He called for "a faithful
and firm adherence by all the major industrial countries to the
Louvre accords -- in both their letter and spirit."
    Neither the West German Finance Ministry nor the British
Treasury commented on the row.
    But a Japanese Finance Ministry official said that despite
U.S. Frustration over higher interest rates abroad, "this does
not represent its readiness to scrap the basic framework of the
Louvre Accord."
    In Frankfurt F. Wilhelm Christians, joint chief executive
of West Germany's largest bank, Deutsche Bank, said that
following recent meetings with Baker, he believed that the U.S.
Was still committed to the accord.
    In a move which the market interpreted as a possible
gesture of reconciliation, the Bundesbank added short-term
liquidity to the West German money market at 3.80 pct on
Monday, down from the 3.85 pct level at which it injected
medium-term liquidity last week. The Bank of France also
stepped into the French money market to hold down rates,
injecting short-term liquidity at 7-3/4 pct after rates rose
close to eight pct.


.I 20161
.C
earn
.W
AIR PRODUCTS AND CHEMICALS INC <APD> 4TH QTR NET.
    ALLENTOWN, Pa., Oct 19 -
    Oper shr 70 cts vs 18 cts
    Oper net 39.1 mln vs 10.0 mln
    Sales 543.6 mln vs 489.6 mln
    Year
    Oper shr 2.83 dlrs vs 1.82 dlrs
    Oper net 159.7 mln vs 106.9 mln
    Sales 2.13 billion vs 1.94 billion
    Avg shrs 56.4 mln vs 58.6 mln
    NOTE: Results restated for discontinued engineering
services operations.
    Prior year net excludes losses from discontinued operations
of 143,000 dlrs in quarter and 102,156 dlrs in year.
    Fiscal 1987 year net excludes 4,081,000 dlr charge from
early debt retirement.
    Fiscal 1986 net includes special charges 24.7 mln dlrs in
quarter and 37.2 mln dlrs in year from worgroce reduction
costs, revaluation of South African investment, reversal of
investment tax credits and othe4r items.


.I 20162
.C
crude
.W
******MARATHON RAISED CRUDE POSTED PRICES BY 50 CTS A BARREL EFFECTIVE OCTOBER 16.
Blah blah blah.

.I 20164
.C
earn
.W
CHEMICAL WASTE MANAGEMENT INC<CHW> 3RD QTR NET.
    OAK BROOK, Ill., Oct 19 -
    Shr 24 cts vs 15 cts
    Net 24,057,000 vs 14,508,000
    Revs 156.1 mln vs 111.2 mln
    Nine mths
    Shr 63 cts vs 40 cts
    Net 63,183,000 vs 36,464,000
    Revs 405.0 mln vs 295.8 mln


.I 20165
.C
earn
.W
BEARINGS INC <BER> 1ST QTR NET.
    CLEVELAND, Oct 19 - Sept 30 end
    Primary 76 cts vs 51 cts
    Diluted shr 70 cts vs 49 cts
    Net 2,802,000 vs 2,030,000
    Revs 124.9 mln vs 117.2 mln
    Primary avg shrs 3,687,000 vs 4,016,000
    Diluted avg shrs 4,786,000 vs 5,101,000


.I 20169
.C
crude
.W
USX <X> UNIT HIKES CRUDE OIL POSTED PRICES.
    NEW YORK, Oct 19 - Marathon Petroleum Company, a subsidiary
of USX Corp, said it lowered posted prices for crude oil by 50
cts with an effective date of October 16.
    The increase brings posted prices for West Texas
Intermediate and West Texas Sour to 19.00 dlrs a barrel each.
South Louisiana Sweet was increased to 19.35 dlrs a barrel.
    Several indepndent oil companies such as Permian Corp and
Coastal Corp <CGP> said they had moved prices up effective last
Friday the day Sun Co <SUN> announced a 50 cts a barrel
increase to 19.00 dlrs a barrel.


.I 20170
.C
earn
.W
A. SCHULMAN INC <SHLM.O> 4TH QTR AUG 31 NET.
    AKRON, Ohio, Oct 19 -
    Shr 63 cts vs 49 cts
    Net 5,635,000 vs 4,330,000
    Sales 117.8 mln vs 96.2 mln
    Year
    Shr 2.21 dlrs vs 1.71 dlrs
    Net 19.8 mln vs 15.2 mln
    Sales 465.1 mln vs 388.5 mln
    NOTE: Share adjusted for February 1987 three-for-two split.
    Prior year results restated.


.I 20171
.C
earn
.W
UNIVERSAL FURNITURE LTD <UFURF.O> 3RD QTR NET.
    HIGH POINT, N.C., Oct 19 -
    Shr 34 cts vs 26 cts
    Net 6,150,000 vs 4,743,000
    Revs 61.4 mln vs 49.5 mln
    Nine months
    Shr 89 cts vs 70 cts
    Net 16 mln vs 11.8 mln
    Revs 170 mln vs 137.5 mln
    NOTE: All share and per share data have been adjusted to
reflect 100 pct stock dividend distrition on April 24, 1987 and
the public offier of two mln shares ofthe company on June 4,
1986.


.I 20172
.C
earn
.W
TEMPLE-INLAND INC <TIN> 3RD QTR NET.
    DIBOLL, Texas, Oct 19 -
    Shr 1.24 dlrs vs 66 dlrs
    Net 38.2 mln vs 20.1 mln
    Revs 419.1 mln vs 333.8 mln
    Nine mths
    Shr 3.50 dlrs vs 1.74 dlrs
    Net 107.7 mln vs 53 mln
    Revs 1.2 billion vs 940 mln


.I 20174
.C
earn
.W
BURR-BROWN CORP <BBRC.O> 3RD QTR NET.
    TUCSON, Ariz., Oct 19 -
    Shr 16 cts vs 13 cts
    Net 1,538,000 vs 1,288,000
    Sales 35.3 mln vs 29.5 mln
    Nine Mths
    Shr 27 cts vs 37 cts
    Net 2,601,000 vs 3,586,000
    Sales 102.0 mln vs 84.2 mln


.I 20175
.C
acq
.W
CORBY DISTILLERIES <CDL.TO> TO BUY HEUBLEIN UNIT.
     MONTREAL, Oct 19 - Corby Distilleries Ltd said it has
agreed to buy Toronto-based McGuinness Distillers Ltd from
Heublein Inc for about 45 mln dlrs in a move which Corby
expects to add significantly to domestic earnings.
     Heublin is a subsidiary of Grand Metropolitan PLC
(GMHL.L).
     Corby said McGuinness will remain a seperate business unit
with a seperate sales force.
     McGuinness markets liquers, brandy, and other liquors and
has entered the fast-expanding wine cooler market, Corby said.
     Corby said it expects to benefit from McGuinness's
succesfull introduction of schnapps and coolers and its
strength in traditional market sectors.       
     Heublein said the sale does not include McGuinness's
Calona Wines Ltd, a Canadian wine company.
     Heublein said it is will still be represented in Canada by
Gilbey Canada Inc.


.I 20176
.C
earn
.W
ALLIED-SIGNAL INC <ALD> 3RD QTR OPER NET.
    MORRIS TOWNSHIP, N.J., Oct 19 -
    Oper shr 1.02 dlrs vs 82 cts
    Oper net 174 mln vs 149 mln
    Revs 2.7 billion vs 2.4 billion
    Nine mths
    Oper shr 2.54 dlrs vs 2.64 dlrs
    Oper net 438 mln vs 492 mln
    Revs 8.2 billion vs 7.4 billion
    NOTE: 1987 3rd qtr and nine mths includes after-tax 82 mln
dlr or 49 cts a share gain for increase in equity of Union
Texas Petroleum Holdings Inc, for initial public offering.
   
    1987 nine mths net includes after-tax gain of 73 mln dlrs
or 42 cts a share on sale of remaining interest in the Henley
Group Inc and other related transactions, which was partly
offset by an after-tax loss of 30 mln dlrs ot 17 cts a share
for repurchase of high coupon bonds.
    1987 nine mths also excludes 79 mln dlrs for estimated net
gain on disposal of discontinued operations as of March 31,
1987, including Linotype Group, Amphenol Products, Ampex Corp.
    1986 amounts restated to exclude sales and expenses of
discontinued operations.
   
    1986 3rd qtr and nine mths oper net excludes operating
income of 15 mln dlrs and and 44 mln dlrs for discontinued
operations.
    1986 nine mths includes a 43 mln dlrs or 24 cts a share
after tax gain for reversion of surplus pension funds.
    At end of 1987 and 1986 third quarter, average shares
outstanding were 169.9 mln and 175.4 mln outstanding, after
deducting dividends accured on preferred stock. At end of 1987
and 1986 nine mth period, average shares were 172.5 mln and
175.9, respectively, after deducting for preferred stock
dividends.


.I 20177
.C
earn
.W
KEYCORP <KEY> 3RD QTR NET.
    ALBANY, N.Y., Oct 19 -
    Shr 85 cts vs 77 cts
    Net 25.8 mln vs 21.9 mln
    Avg shrs 29.0 mln vs 27.1 mln
    Nine mths
    Shr 2.22 dlrs vs 2.14 dlrs
    Net 67.9 mln vs 60.1 mln
    Avg shrs 29.0 mln vs 26.5 mln
    NOTE: Previously reoprted amounts restated for earnings of
First NorthWest Bancorp acquired in pooling of interests on
July 31, 1987.


.I 20179
.C
earn
.W
SOFTWARE SERVICES OF AMERICA INC <SSOA.O> NET.
    NORTH ANDOVER, Mass., Oct 19 -
    Shr four cts vs five cts
    Net 85,292 vs 109,285
    Revs 2,916,128 vs 474,819


.I 20180
.C
earn
.W
COUNTRYWIDE TRANSPORT <CWTS.O> 3RD QTR NET.
    POMONA, Calif., Oct 19 -
    Shr 19 cts vs 15 cts
    Net 826,362 vs 421,759
    Revs 19.0 mln vs 14.8 mln
    Avg shrs 4,400,000 vs 2,900,000
    Nine Mths
    Shr 48 cts vs 31 cts
    Net 1,872,075 vs 887,478
    Revs 51.6 mln  41.1 mln
    Avg shrs 3,889,000 vs 2,900,000
    Note: Full name Countrywide Transport Services Inc.


.I 20181
.C
earn
.W
FIRST MICHIGAN BANCORP <FMBC.O> 3RD QTR NET.
    ZEELAND, Mich., Oct 19 -
    Shr 55 cts vs 48 cts
    Net 2,520,000 vs 2,211,000
    Nine mths
    Shr 1.57 dlrs vs 1.41 dlrs
    Net 7,223,000 vs 6,475,000


.I 20183
.C
acq
.W
SYSTEM SOFTWARE <SSAX.O> COMPLETES ACQUISITION.
    CHICAGO, Oct 19 - System Software Associates Inc said it
completed its previously-announced acquisition of Admin EDP Pty
Ltd for cash and a small amount of stock.
    Admin EDP, of Sydney, Australia, is a full-service software
sales and services firm.


.I 20184
.C
earn
.W
PICCADILLY CAFETERIAS INC <PICC.O> 1ST QTR NET.
    BATON ROUGE, La., Oct 19 - Sept 30 end
    Shr 32 cts vs 32 cts
    Net 2,990,000 vs 2,988,000
    Sales 57.3 mln vs 54.6 mln


.I 20185
.C
acq
.W
HAL ROACH <HRSI.O>, ROBERT HALMI <RHI> TO MERGE.
    NEW YORK, Oct 19 - Robert Halmi Inc said it and Hal Roach
Studios Inc signed a definitive agreement to merge in a stock
swap value at 115 mln dlrs, based on October 16 closing prices.
    The company said the agreement calls for the holders of
common stock in Hal Roach to exchange their shares on a
one-for-one basis for shares in the combined company.
    It said holders of Robert Halmi common will exchange their
shares on a two-and-one-half-for-one basis for shares in the
combined company.
    The company said the swap will be tax-free.
    The company also said <Qintex Ltd>, a 35 pct owner of Hal
Roach common stock, has agreed to use the company as the
exclusive vehicle for its U.S. media and entertainment
investments, the company said.
    The company said Qintex's U.S. subsidiary also agreed to
supply a minimum 70 mln dlrs line of credit to the new company,
which shall be used, with Qintex approval, for financing new
HRI products.
    The company said that under the definitive agreement,
Qintex's U.S. division will have the right to purchase up to 51
pct of the new company in the open market, in private
transactions or by tender offer, but will not be purchasing
warrants to bring its ownership to 51 pct of the new company.
    If Qintex's U.S. subsidiary has not achieved this ownership
within one year after the completion of the merger, the
subsidiary will have the right two years thereafter to request
that HRI commence a rights offering to HRI stockholders, the
company said.
    Regarding the potential rights offering, Qintex's U.S.
subsidiary will act as standby purchaser, the company said.
    The transaction is subject to the approval of both
company's shareholders, the receipt of certain tax approvals,
and the continued employement of Robert Halmi Sr and Robert
Halmi Jr, the company said.
    Robert Halmi Sr, who is currently chairman and chief
executive officer of Robert Halmi Inc, will be chairman of the
new company and David Evans, current president and chief
operating officer of Hal Roach, will become chief executive,
the company said.


.I 20188
.C
earn
.W
DIME SAVINGS BANK N.Y. <DIME.O> 3RD QTR NET.
    GARDEN CITY, N.Y., Oct 19 -
    Shr 1.22 dlrs
    Net 27.8 mln vs 28.6 mln
    Nine mths
    Shr 3.88 dlrs
    Net 87.4 mln vs 98.7 mln
    Assets 10.3 billion vs 8.4 billion
    Deposits 7.4 billion vs 6.7 billion
    Loans 7.9 billion vs 6.0 billion
    NOTE: Full name is Dime Savings Bank of New York. 1986 per
share figures not available as bank converted to stock form in
August 1986.
    1987 qtr and nine mths includes gain 10.5 mln dlrs and 33.2
mln dlrs, respectively, from utilization of net operating loss
carryforwards. 1986 qtr and nine mths includes gain 10.4 mln
dlrs and 32.9 mln dlrs, respectively, from utilization of net
operating loss carryforwards. 1987 qtr and nine mths also
includes charge of 835,000 dlrs for the early extinguishment of
debt net of tax benefit.


.I 20191
.C
cpu
.W
******U.S. INDUSTRIAL CAPACITY USE RATE 81.2 PCT IN SEPTEMBER, UNCHANGED FROM AUGUST.
Blah blah blah.

.I 20192
.C
earn
.W
OMNICARE INC <OCR> 3RD QTR NET.
    CINCINNATI, Ohio, Oct 19 -
    Shr profit five cts vs loss one ct
    Net profit 504,000 vs loss 102,000
    Revs 31.4 mln vs 32.0 mln
    Nine mths
    Shr profit 17 cts vs profit 26 cts
    Net profit 1,729,000 vs profit 2,596,000
    Revs 92.7 mln vs 112.6 mln
    NOTE: 1986 3rd qtr net includes a after-tax charge of
555,000 dlrs for sale of Reliacare Inc.
   
    1986 nine mths net includes charge of 1,253,000 dlrs or 12
cts a share for sale of Reliacare and Inspiron Hospital
Products division.
    1986 nine mths net also includes aftertax earnings of
2,256,000 dlrs or 22 dlrs a share for American Medical
International Inc <AMI> contracts which expired July 1986.


.I 20193
.C
wheat;grain;corn;
.W
SENATE PANEL STUDIES LOAN RATE, SET ASIDE PLANS.
    WASHINGTON, Oct 19 - The Senate Agriculture Committee was
expected to consider proposals that would limit adjustments in
county loan rate differentials which trigger larger corn and
wheat acreage reduction requirements, Senate staff said.
    A budget-saving proposal drafted by chairman Patrick Leahy
(D-Vt) would limit adjustments in county loan rate
differentials to no more than one pct per year from the
national average loan rate, starting with 1988 crops.
    The plan also would allow the Agriculture Secretary to
increase the unpaid acreage reduction requirement for corn by
"an appropriate amount to generate savings" if projected corn
stocks exceeded 6.0 billion bushels.
    Leahy's proposal would also allow a larger 1988 wheat set
aside if projected stocks surpassed 1.9 billion bushels.


.I 20194
.C
earn
.W
COMPUTER CONSOLES INC <CCS> 3RD QTR NET.
    WALTHAM, Mass., Oct 19 -
    Oper shr profit four cts vs profit 13 cts
    Oper net profit 456,000 vs profit 1,633,000
    Revs 37.8 mln vs 34.0 mln
    Avg shrs 13.0 mln vs 13.0 mln
    Nine mths
    Oper shr profit 12 cts vs loss 39 cts
    Oper net profit 1,614,000 vs loss 4,877,000
    Revs 109.2 mln vs 88.3 mln
    Avg shrs 13.1 mln vs 12.5 mln
    NOTE: 1987 net excludes tax credits of 156,000 dlrs in
quarter and 716,000 dlrs in nine mths.
    1987 net both perioods includes charge one mln dlrs from
restructuring of Computer Products Division.


.I 20196
.C
earn
.W
KENNAMETAL INC <KMT> 1ST QTR SEPT 30 NET.
    LATROBE, Pa., Oct 19 -
    Shr 48 cts vs 35 cts
    Net 4,946,000 vs 3,552,000
    Sales 94.1 mln vs 84.5 mln
    Avg shrs 10.2 mln vs 10.1 mln


.I 20198
.C
earn
.W
ALTUS BANK <ALTS.O> 3RD QTR NET.
    MOBILE, Ala., Oct 19 -
    Oper shr three cts vs 48 cts
    Oper net 170,000 vs 2,324,000
    Nine mths
    Oper shr 1.26 dlrs vs 1.84 dlrs
    Oper net 6,157,000 vs 8,907,000
    NOTE: Operating net excludes extraordinary gains of 231,000
dlrs, or four cts a share, vs 2,657,000 dlrs, or 55 cts a
share, in quarter and 1,341,000 dlrs, or 28 cts a share, vs
4,637,000 dlrs, or 95 cts a share, in the nine months


.I 20199
.C
earn
.W
FRANKLIN ELECTRIC CO INC <FELE.O> 3RD QTR NET.
    BLUFFTON, IND., Oct 19 -
    Shr 85 cts vs 73 cts
    Net 3,150,000 vs 2,699,000
    Sales 39.8 mln vs 34.3 mln
    Nine Mths
    Shr 2.19 dlrs vs 1.86 dlrs
    Net 8,109,000 vs 6,876,000
    Sales 111.5 mln vs 100.7 mln
    NOTE: 1987 tax credits added 14 cts to third quarter net
and 33 cts to nine months net compared with credits of 16 cts
and 45 cts in the respective 1986 periods.


.I 20200
.C
earn
.W
PANCHO'S MEXICAN BUFFET INC <PAMX.O> 4TH QTR NET.
    FORT WORTH, Texas, Oct 19 - Sept 30 end
    Shr 14 cts vs 20 cts
    Net 733,980 vcs 871,720
    Revs 14.7 mln vs 12.0 mln
    Avg shrs 5,130,190 vs 4,302,430
    Year
    Shr 61 cts vs 60 cts
    Net 2,763,308 vs 2,550,133
    Revs 50.0 mln vs 43.1 mln
    Avg shrs 4,565,189 vs 4,277,046
    Fiscal 1987 net both periods includes charge 480,000 dlrs
to adjust premium reserves for workers' compensation and
liability insurance claims.


.I 20202
.C
earn
.W
INTERSTATE SECURITIES INC <IS> 4TH QTR SEPT 30.
    CHARLOTTE, N.C., Oct 19 -
    Shr 11 cts vs 22 cts
    Qtly div 10 cts vs 10 cts prior
    Net 548,254 vs 1,138,978
    Revs 28 mln vs 31.1 mln
    Year
    Shr 50 cts vs 1.34 dlrs
    Net 2,527,846 vs 6,822,293
    Revs 111.7 mln vs 118.9 mln
    NOTE: Qtly div payable December 4 to shareholders of record
November 13.


.I 20203
.C
earn
.W
VICTORIA BANCKSHARES INC <VICT.O> 3RD QTR NET.
    VICTORIA, Texas, Oct 19 -
    Shr profit two cts vs loss 2.60 dlrs
    Net profit 111,000 vs loss 16.9 mln
    Nine mths
    Shr profit 19 cts vs loss 2.80 dlrs
    Net profit 1,261,000 vs loss 18.1 mln


.I 20204
.C
earn
.W
MYERS INDUSTRIES INC <MYE> 3RD QTR NET.
    AKRON, Ohio, Oct 19 -
    Shr 26 cts vs 18 cts
    Net 1,409,551 vs 985,470
    Revs 38.4 mln vs 22.5 mln
    Nine mths
    Shr 64 cts vs 47 cts
    Net 3,477,188 vs 2,558,625
    Revs 88.8 mln vs 63.9 mln
    NOTE: Earnings per share adjusted for 3-for-2 stock split
distributed on September 4.


.I 20206
.C
acq
.W
******CRAZY EDDIE INC SAYS IT WON'T OPPOSE SLATE OF ENTERTAINMENT MARKETING.
Blah blah blah.

.I 20208
.C
acq
.W
SOSNOFF REDUCES CAESARS WORLD <CAW> STAKE.
    WASHINGTON, Oct 19 - New York investor Martin Sosnoff said
he reduced his stake in Caesars World Inc common stock to
3,878,700 shares, or 16 pct of the company's common stock
outstanding, from about 17.4 pct.
    Sosnoff, who tried unsuccessfully to acquire Caesars World
earlier this year, said in a filing with the Securities and
Exchange Commission that he sold 338,975 Caesars World shares
on October 15 and 16 at 22.50 dlrs to 25.25 dlrs a share.
    Sosnoff said he holds his Caesars World stock "primarily
for investment purposes". He also said he reserves the right to
alter his intentions at any time.


.I 20209
.C
earn
.W
STRATUS COMPUTER INC <STRA.O> 3RD QTR NET.
    MARLBORO, Mass., Oct 19 -
    Shr 26 cts vs 18 cts
    Net 5,281,000 vs 3,496,000
    Revs 48.8 mln vs 32.1 mln
    Nine mths
    Shr 64 cts vs 51 cts
    Net 12.9 mln vs 9,822,000
    Revs 129.0 mln vs 89.2 mln


.I 20212
.C
earn
.W
AVX CORP <AVX> 3RD QTR OCT THREE NET.
    GREAT NECK, N.Y., Oct 19 -
    Shr profit 30 cts vs profit three cts
    Net profit 3,933,000 vs profit 436,000
    Revs 70.4 mln vs 47.2 mln
    Avg 13.2 mln vs 13.0 mln
    Nine mths
    Shr profit 85 cts vs loss 17 cts
    Net profit 11.2 mln vs loss 2,083,000
    Revs 192.1 mln vs 144.8 mln
    Avg shrs 13.2 mln vs 12.0 mln
   


.I 20214
.C
earn
.W
NBI INC <NBI> 1ST QTR LOSS.
    BOULDER, Colo., Oct 19 - Sept 30 end
    Shr loss 38 cts vs loss three cts
    Net loss 3,300,000 vs loss 205,000
    Revs 63.4 mln vs 72.1 mln
    Avg shrs 8,966,000 vs 9,741,000
    NOTE: 1986 first quarter results include 398,000 gain from
repurchase of debentures that had been discounted below market
value.


.I 20215
.C
earn
.W
ACME ELECTRIC CORP <ACE> 1ST QTR OCT TWO.
    OELAN, N.Y., Oct 19 -
    Shr 17 cts vs four cts
    Qtly div eight cts vs eight cts
    Net 739,000 vs 157,000
    Revs 21.1 mln vs 14.5 mln
    NOTE: 1986 1st qtr adjusted for five pct stock dividend
pain in March 1987.
    Qtly dividend payable December seven to shareholders or
record November nine.


.I 20217
.C
earn
.W
USACAFES LP <USF> 3RD QTR NET.
    DALLAS, Oct 19 -
    Shr 33 cts vs 13 cts
    Net 2,272,000 vs 880,000
    Revs 6,399,000 vs 5,912,000
    Chainwide sales 142.0 mln vs 126.7 mln
    Nine mths
    Shr 1.07 dlrs vs 44 cts
    Net 7,369,000 vs 2,868,000
    Revs 19.1 mln vs 16.1 mln
    Chainwide sales 402.9 mln vs 357.1 mln
    Avg shrs 6,918,000 vs 6,569,000
                             


.I 20218
.C
earn
.W
FEDERAL-MOGUL CORP <FMO> 3RD QTR NET.
    SOUTHFIELD, Mich, Oct 19 -
    Shr 66 cts vs 48 cts
    Net 8,413,000 vs 6,112,000
    Sales 267.9 mln vs 230.6 mln
    Nine mths
    Shr 2.20 dlrs vs 2.05 dlrs
    Net 28.1 mln 26.4 mln
    Sales 806.7 mln vs 720.7 mln
    NOTE: 1986 3rd qtr results include extraordinary loss on
extinguishment of debt of 1,482,000 dlrs or 12 cts a shr.


.I 20220
.C
ship;crude;
.W
IRAN SAYS US ATTACK INVOLVES IT IN FULL-SCALE WAR.
    NICOSIA, Oct 19 - A top Iranian military official said
America's attack on an Iranian oil platform on Monday had
involved the United States in full-scale war and Iran would
avenge it with a "crushing blow."
    "The United States has entered a swamp from which it can in
no way get out safely," the Iranian news agency IRNA quoted the
head of Iran's war information headquarters as saying.
    The official, Kamal Kharrazi, said Washington had now
become involved in what he called a full-fledged war with Iran.
    It was the first official Iranian reaction to the attack by
four U.S. Navy destroyers on the Reshadat oil platform.


.I 20221
.C
earn
.W
FIRST UNION REAL ESTATE INVESTMENTS <FUR> NET.
    CLEVELAND, Oct 19 - 3rd qtr
    Oper shr 27 cts vs 29 cts
    Oper net 4,926,000 vs 5,231,000
    Revs 18.5 mln vs 17.8 ln
    Nine mths
    Oper shr 78 cts vs 84 cts
    Oper net 14.1 mln vs 15.3 mln
    Revs 55.0 mln vs 53.6 mln
    NOTE: Net excludes capital gains of 751,000 dlrs vs 664,000
dlrs in quarter and 5,881,000 dlrs vs 3,409,000 dlrs in nine
mths.


.I 20222
.C
earn
.W
<ACC CORP> 3RD QTR NET.
    ROCHESTER, N.Y., Oct 19 -
    Shr profit three cts vs profit nine cts
    Net profit 102,136 vs profit 307,516
    Revs 8,459,182 vs 8,469,476
    Avg shrs 3,448,218 vs 3,613,672
    Nine mths
    Shr loss 13 cts vs profit 28 cts
    Net loss 458,823 vs profit 1,014,969
    Revs 25.5 mln vs 24.6 mln
    Avg shrs 3,467,099 vs 3,612,626


.I 20224
.C
earn
.W
SOCIETY FOR SAVINGS BANCORP INC <SOCS.O> 3RD QTR.
    HARTFORD, Conn., Oct 19
    Shr 75 cts vs 55 cts
    Net 8,031,000 vs 5,819,000
    Nine mths
    Shr 2.16 dlrs vs 1.42 dlrs
    Net 23.2 mln vs 15.1 mln


.I 20225
.C
earn
.W
HORIZON BANCORP <HZB> 3RD QTR NET.
    MORRISTOWN, N.J., Oct 19 -
    Shr 1.33 dlrs vs 90 cts
    Net 12.0 mln vs 8,180,000
    Nine mths
    Shr 3.63 dlrs vs 2.88 dlrs
    Net 32.9 mln vs 26.2 mln


.I 20226
.C
acq
.W
CRAZY EDDIE <CRCY.O> WON'T OPPOSE SLATE.
    EDISON, N.J., Oct 19 - Crazy Eddie Inc said its board will
not oppose the slate of nominees proposed for election to the
board by the committee led by Entertainment Marketing Inc <EM>
and the <Oppenheimer-Palmieri Fund, LP.>
    Crazy Eddie said its board is not endorsing, but will
simply refrain from opposing, the EMI-Palmieri nominees.    
The board also said it will ask representatives of the
Committee to Restore Shareholder value to begin acquainting
themselves with the business and affairs of the company as
promptly as possible.
   
    To that end, the committee's representatives will be
invited in advance of the annual meeting to examine the
company's financial records, to monitor its operations and to
join company officers in meetings with the company's suppliers,
bankers and key personnel, Crazy Eddie said.
    The board said that to continue to oppose the EMI-Palmieri
group would only increase the expenses of the company, create
further uncertainty among its suppliers, customers and
employees, and result in deterioration of moral among company
personnel.
    A further release from the company will follow, it said.


.I 20227
.C
earn
.W
FIDELITY FEDERAL SAVINGS AND LOAN <FFED.O> 3RD.
    PHILADELPHIA, Oct 19 -
    Shr 42 cts vs 59 cts
    Net 734,659 vs 1,033,309
    Nine mths
    Shr 92 cts vs 1.69 dlrs
    Net 1,629,719 vs 2,971,144
    NOTE: 1987 nine mths net includes a loss of 290,000 dlrs on
sale of securities and nine-recurring charge of 32,713 dlrs for
write-off of FSLIC secondary reserve.


.I 20228
.C
earn
.W
HOMETOWN BANCORP INC <HTWN.O> 3RD QTR NET.
    DARIEN, Conn., Oct 19 -
    Shr profit five cts vs profit seven cts
    Net profit 59,000 vs profit 39,000
    Nine mths
    Shr profit 12 cts vs loss four cts
    Net profit 92,000 vs loss 20,000
    Avg shrs 775,000 vs 548,000


.I 20229
.C
ipi
.W
****** French industrial production fell 0.95 pct in July/August from June -- INSEE data.
Blah blah blah.

.I 20230
.C
earn
.W
PHOTRONICS CORP <PHOT.O> 1ST HALF AUG 31 NET.
    HAUPPAUGE, N.Y., Oct 19 -
    Shr 38 cts vs 25 cts
    Net 708,197 vs 404,471
    Sales 6,592,736 vs 6,122,133
    Avg shrs 1,886,400 vs 1,648,477


.I 20231
.C
earn
.W
ANCHOR FINANCIAL CORP <AFCX.O> 3RD QTR NET.
    MYRTLE BEACH, S.C., Oct 19 -
    Shr 28 cts vs 41 cts
    Net 205,000 vs 229,000
    Nine mths
    Shr 86 cts vs 1.01 dlrs
    Net 622,000 vs 566,000
    NOTE: Share reflects issuance of 166,750 common shares in
December 1986.


.I 20233
.C
earn
.W
TONS OF TOYS INC <TONS.O> 1ST QTR AUG 31 LOSS.
    WAREHAM, Mass., Oct 19 -
    Shr loss five cts vs loss eight cts
    Net loss 118,000 vs loss 87,000
    Sales 1,765,000 vs 1,345,000
    Avg shrs 2,370,000 vs 1,070,000


.I 20234
.C
money-fx
.W
G-7 SEEN FIGHTING TO KEEP CURRENCY PACT.
    By Claire Miller
    NEW YORK, Oct 19 - International monetary officials will 
rush to paper over the deep cracks that have appeared in the
Louvre accord on currency stability to prevent a dollar
free-fall and to calm turmoil in world capital markets,
economists and currency traders said.
    "I don't think the Louvre is dead because if it breaks up
in an acrimonious way, the potential outcome is a rout of the
dollar, higher interest rates and collapsing stock markets.
It's in the Group of Seven's interest to calm things down,"
said Douglas Madison, corporate trader at BankAmerica Corp.
   
    In a weekend television interview, U.S. Treasury secretary
James Baker sharply criticised a recent rise in West German
money market rates and said the eight month-old Louvre pact to
foster exchange rate stability needs to be reviewed.
    His comments rocked the currency markets and helped send
the already-fragile U.S. and overseas stock markets into a
tailspin.
    The dollar lost more than two pfennigs in the U.S. to about
1.7740/50 marks and about one yen to 141.25/35 yen. The Dow
Jones Industrial Average slumped more than 200 points at one
stage and U.S. Treasury bonds dropped about 1-3/4 points.
   


.I 20235
.C
acq
.W
BARING UNIT SETS UP FUND FOR MANAGEMENT BUY-OUTS.
    LONDON, Oct 19 - Baring Capital Investors Ltd (BCI), a unit
of the U.K. Merchant bank <Baring Brothers and Co Ltd>, said it
has raised 61 mln European Currency Units (ECUs) which will be
invested in management buy-outs and development capital
opportunities in the U.K. And continental Europe.
    The funds were raised through BCI's first such fund - the
Baring Euaring European Capital Trust - from investors in nine
European countries. It expects to raise another 40 mln ECUs
soon through a French fund and a fund for U.S. Investors.
    BCI was set up last year by Baring Brothers to advise
buy-out and development capital investors.
    BCI said the new fund is structured as a Guernsey-based
unit trust, which will be listed on the Luxembourg Stock
Exchange. It will be advised by BCI and managed by a company
owned jointly by Barings and the management of BCI.
    Individual investments are expected to range between one
and 10 mln ECUs and are likely to be concentrated in the U.K.,
Germany and France.
    BCI said its aims are to invest in established companies,
principally family companies with succession-issues and
corporate spin-offs.


.I 20237
.C
earn
.W
UNITED SAVINGS AND LOAN <UNSA.O> 2ND QTR NET.
    GREENWOOD, S.C., Oct 19 - Sept 30
    Shr 44 cts
    Net 905,000 vs 631,000
    Six months
    Shr 88 cts
    Net 1,793,000 vs 1,378,000
    Assets 221 mln vs 223.2 mln
    Deposits 186.4 mln vs 189.8 mln
    Loans 176.5 mln vs.7 mln


.I 20239
.C
crude
.W
SECURITY COUNCIL CALLS TALKS AFTER GULF ATTACK.
    UNITED NATIONS, Oct 19 - The U.N. Security Council was
called to a private meeting on Monday for consultations 
following the United States attack on an Iranian oil platform.
    Meanwhile, a U.N. spokesman said that as far as he knew a
report to the council and Secretary General Javier Perez de
Cuellar on the action had not been received from the Americans.
    In Washington, President Reagan said the United Nations was
being informed of the attack under the provision of the U.N.
Charter regarding notification of actions taken under the right
of self-defense.
    The U.N. spokesman, Francois Giuliani, said Perez de
Cuellar had no comment on the attack, taken in response to
Iranian action against an American-owned tanker last week, but
was trying to find out "what actually happened."
    Calls to Iran's U.N. commission elicited no response.


.I 20240
.C
earn
.W
VOPLEX CORP <VOT> 3RD QTR LOSS.
    ROCHESTER, N.Y., Oct 19 -
    Shr loss 24 cts vs loss 13 cts
    Net loss 619,956 vs loss 340,735
    Revs 17.2 mln vs 18.2 mln
    Nine mths
    Shr profit six cts vs loss 92 cts
    Net profit 172,384 vs loss 2,437,333
    Revs 57.7 mln vs 57.5 mln


.I 20241
.C
earn
.W
CHAMBERS DEVELOPMENT CO INC <CDV> 3RD QTR NET.
    PITTSBURGH, Oct 19 -
    Shr 23 cts vs 15 cts
    Net 2,641,000 vs 1,295,000
    Revs 15.6 mln vs 7,925,000
    Avg shrs 11.6 mln vs 8,900,000
    Nine mths
    Shr 65 cts vs 37 cts
    Net 6,805,000 vs 3,308,000
    Revs 42.7 mln vs 20.6 mln
    Avg shrs 10.5 mln vs 8,900,000
   


.I 20242
.C
earn
.W
M/A/R/C INC <MARC.O> 2ND QTR SEPT 30 NET.
    DALLAS, Oct 19 -
    Shr 21 cts vs 11 cts
    Net 661,000 vs 325,000
    Revs 13.6 mln vs 13.4 mln
    Avg shrs 3,148,000 vs 3,011,000
    1st half
    Shr 42 cts vs 25 cts
    Newt 1,310,000 vs 752,000
    Revs 28.2 mln vs 25.6 mln
    Avg shrs 3,136,000 vs 3,006,000


.I 20243
.C
earn
.W
SPECTRAMED INC <SPMD.O> 3RD QTR NET.
    NEWPORT BEACH, Calif., Oct 19 -
    Shr profit seven cts vs n/a
    Net profit 587,000 vs profit 3,231,000
    Sales 18.5 mln vs 18.7 mln
    Nine Mths
    Shr loss 39 ct s vs n/a
    Net loss 2,368,000 vs protit 7,165,000
    Sales 55.4 mln vs 54.2 mln
    Note: Current nine month figures include extraordinary loss
of 1.2 mln dlrs, or 17 cts per share, resulting from costs
associated with restructuring.
    Prior quarter and nine month per share figures not
applicable because company began operations in October, 1986
with the acquisition of Gould Inc's <GLD> medical products
group.


.I 20244
.C
earn
.W
INTERNATIONAL TELECHARGE INC <ITIL.O> 3RD QTR.
    DALLAS, Oct 19 -
    Shr loss five cts vs loss eight cts
    Net loss 657,000 vs loss 566,535
    Revs 9,341,755 vs 260,468
    Avg shrs 14,323,384 vs 7,081,688
    Nine mths
    Shr loss 19 cts vs loss 39 cts
    Net loss 2,449,094 vs loss 1,408,789
    Revs 15,571,230 vs 683,684
    Avg shrs 12,655,172 vs 3,612,300


.I 20245
.C
earn
.W
HOME FEDERAL SAVINGS BANK OF GEORGIA <HFGA.O>.
    GAINESVILLE, Ga., Oct 19 - 3rd qtr net
    Shr 22 cts vs 54 cts
    Net 366,497 vs 877,148
    Nine mths
    Shr 70 cts vs 1.17 dlrs
    Net 1,185,352 vs 1,924,255


.I 20246
.C
earn
.W
CITY SAVINGS BANK OF MERIDEN <CSBM.O> 3RD QTR.
    MERIDEN, Conn., Oct 19 -
    Shr 34 cts vs not given
    Net 510,192 vs 328,428
    Nine mths
    Shr one dlr vs not given
    Net 1,489,831 vs 741,136
    NOTE: Company went public in September 1986.


.I 20247
.C
earn
.W
ROTO-ROOTER INC <ROTO.O> 3RD QTR NET.
    CINCINNATI, Oct 19 -
    Shr 23 cts vs 20 cts
    Net 1,115,000 vs 971,000
    Revs 13.8 mln vs 11.9 mln
    Nine mths
    Shr 64 cts vs 52 cts
    Net 3,134,000 vs 2,521,000
    Revs 40.1 mln vs 31.8 mln


.I 20249
.C
trade
.W
U.S. HOUSE SPEAKER DENIES TRADE BILL HURT STOCKS.
    WASHINGTON, Oct 19 - House Speaker Jim Wright dismissed
charges that the trade bill before Congress contributed to the
fall in stock prices on Wall Street.
    "That is utterly ridiculous," the Texas Democrat told
reporters.
    Treasury Secretary James Baker and other administration
officials over the weekend pointed to the pending legislation
-- which they brand too protectionist -- as a key factor in the
record-setting drop.


.I 20254
.C
earn
.W
LSI LIGHTING SYSTEMS INC <LYTS.O> 1ST QTR NET.
    CINCINNATI, Oct 19 - Qtr ends September 30
    Shr 25 cts vs 13 cts
    Net 759,000 vs 383,000
    Revs 9,052,000 vs 6,829,000


.I 20255
.C
earn
.W
ASPEN RIBBONS INC <ARIB.O> 1ST QTR NET.
    LAFAYETTE, Colo., Oct 19 - Sept 30
    Shr seven cts vs five cts
    Net 234,504 vs 157,862
    Revs 4,096,000 vs 3,007,383


.I 20257
.C
earn
.W
NEWHALL INVESTMENT PROPERTIES <NIP> 3RD QTR.
    VALENCIA, Calif., Oct 19 -
    Shr 1.13 dlrs vs 87 cts
    Net 5,010,000 vs 3,868,000
    Nine mths
    Shr 4.91 dlrs vs 4.84 dlrs
    Net 21.8 mln vs 21.5 mln
    NOTE: Current quarter figures include gain of 4.7 mln dlrs
on property sales vs gain of 2.9 mln in prior year's quarter.
    Current nine month figures include gain of 20.5 mln dlrs on
property sales vs gain of 19 mln dlrs.


.I 20258
.C
earn
.W
DENSE-PAC MICROSYSTEMS INC <DPAC.O> 2ND QTR.
    GARDEN GROVE, Calif., Oct 19 - Period ended August 29.
    Shr profit one ct vs loss one ct
    Net profit 128,112 vs loss 30,170
    Sales 1,620,707 vs 1,325,406
    Avg shrs 9,306,031 vs 3,499,219
    Six Mths
    Shr nil vs loss nine cts
    Net profit 25,890 vs loss 322,675
    Sales 2,915,077 vs 1,845,003
    Avg shrs 9,283,631 vs 3,499,219


.I 20259
.C
coffee
.W
COLOMBIA OPENS COFFEE REGISTRATIONS - LDN TRADE.
    LONDON, Oct 19 - Colombia has opened export registrations
for November coffee shipments, trade sources said. No further
details were available.


.I 20260
.C
earn
.W
CATERPILLAR INC <CAT> 3RD QTR NET.
    PEORIA, Ill, Oct 19 -
    Shr profit 1.47 dlrs vs loss 26 cts
    Net profit 146 mln vs loss 26 mln
    Revs 2.25 billion vs 1.82 billion
    Nine mths
    Shr profit 1.82 dlrs vs profit 2.27 dlrs
    Net profit 180 mln vs profit 224 mln
    Revs 5.94 billion vs 5.55 billion


.I 20261
.C
earn
.W
CITYFED FINANCIAL CORP <CTYF.O> 3RD QTR LOSS.
    PALM BEACH, Fla., Oct 19 -
    Shr primary loss eight cts vs profit 49 cts
    Shr fully diluted loss eight cts vs profit 45 cts
    Net profit 681,000 vs profit 11.5 mln
    Nine mths
    Shr primary profit 33 cts vs profit 2.36 dlrs
    Shr fully diluted profit 33 cts vs profit 1.92 dlrs
    Net profit 12.7 mln vs profit 47.5 mln
    Assets 10.53 billion vs 10.75 billion
    Deposits 5.98 billion vs 5.89 billion
    Loans 8.44 billion vs 9.09 billion
    NOTE: 1987 nine mth figures include gain of 2,470,000 dlrs
from cumulative effect of an accounting change.
    1987 3rd qtr and nine mth figures also include gain of 12.1
mln dlrs from sale of real estate investment property.
    1987 3rd qtr and nine mths earnings per share reflect
payment of dividends on company's two series of preferred stock
amounting to 2.2 mln dlrs.


.I 20264
.C
earn
.W
BENCH CRAFT INC <SOFA.O> 3RD QTR NET.
    BLUE MOUNTAIN, Miss., Oct 19 -
    Shr 23 cts vs 22 cts
    Net 1,293,000 vs 1,256,000
    Sales 39.7 mln vs 31.6 mln
    Nine mths
    Shr 72 cts vs 61 cts
    Net 4,099,000 vs 3,470,000
    Sales 115.9 mln vs 87.6 mln
    NOTE: Share adjusted for three-for-two stock split in
February 1987.


.I 20265
.C
dlr;money-fx;
.W
******FED'S JOHNSON SAYS LOWER DOLLAR WOULD EXACERBATE MARKET CONDITIONS.
Blah blah blah.

.I 20269
.C
grain
.W
******U.S. SENATE PANEL VOTES TO LIMIT COUNTY LOAN RATE  CHANGES STARTING WITH 1988 CROPS.
Blah blah blah.

.I 20271
.C
earn
.W
IRWIN MAGNETIC SYSTEMS INC <IRWN> 1ST QTR NET.
    ANN ARBOR, Mich, Oct 19 - Period ended Sept 27
    Shr nine cts vs 24 cts
    Net 474,000 vs 880,000
    Sales 11.2 mln vs 11.8 mln
    Avg shrs 5,369,555 vs 3,654,986
    Note: 1986 figures include tax credits of 113,000 dlrs or
three cts a share.


.I 20272
.C
earn
.W
CITIZENS FINANCIAL GROUP INC <CITN.O> 3RD QTR.
    PROVIDENCE, R.I., Oct 19 -
    Shr 43 cts vs 55 cts
    Net 6,262,000 vs 7,948,000
    Nine mths
    Shr 1.30 dlrs vs 1.54 dlrs
    Net 18.8 mln vs 22.3 mln
    Assets 2.4 billion vs 2.1 billion
    NOTE: Prior year amounts restated to reflect 2-for-1 stock
split effective May 15, 1987.


.I 20273
.C
earn
.W
PIONEER-STANDARD ELECTRONICS INC <PIOS.O>2ND QTR.
    CLEVELAND, Oct 19 - Periods ended September 30
    Oper shr 24 cts vs six cts
    Oper net 1,297,881 vs 312,295
    Sales 60.5 mln vs 52.2 mln
    First half
    Oper shr 39 cts vs 13 cts
    Oper net 2,099,679 vs 711,530
    Sales 118.1 mln vs 103.7 mln
    NOTE: 1986 operating net excludes losses from discontinued
operations of 154,661 dlrs, or three cts a share, in quarter
and 409,476 dlrs, or seven cts a share, in half.


.I 20274
.C
money-fx
.W
****** Balladur urges G-7 to respect pledges on monetary policy in Louvre accord.
Blah blah blah.

.I 20280
.C
dlr;money-fx;
.W
FED'S JOHNSON WARNS AGAINST LOWER DOLLAR.
    WASHINGTON, Oct 19 - Federal Reserve Board Vice-Chairman
Manuel Johnson cautioned against seeking "quick-fix solutions" to
persistent U.S. trade and federal budget deficits.
    In particular, he told an American Stock Exchange
conference, a decline in the dollar below current levels would
exacerbate financial market conditions.
    "Trying to artificially depress the dollar severely below
current levels ... would exacerbate financial market conditions
and lead to further potential for financial problems."
    Nowhere, Johnson said, are Fed officials hearing that U.S.
businesses cannot compete at current exchange rates.
    He acknowledged the U.S. trade deficit was persisting
despite a decline in the dollar's value of 40 to 50 pct in the
past two years.
    But the deficit is improving in volume terms and will soon
begin showing improvement.
    "The stage I think is being set for a healthy, constructive
expansion without inflationary instability," he said.


.I 20285
.C
veg-oil;grain;
.W
U.S SENATE PANEL VOTES TO LIMIT COUNTY LOAN DROP.
    WASHINGTON, Oct 19 - The Senate Agriculture committee voted
to limit changes in county loan rate differentials starting
with the 1988 crop as part of a budget deficit reduction
package.
    The panel also approved measures that could trigger larger
corn and wheat acreage reduction requirements, increase
farmer-held reserve storage payments, reduce a potential milk
support price cut, and require advance deficiency payments for
producers of major crops.
    A proposal to require imported tropical oils be labeled on
U.S. food products failed by a 10-8 vote.


.I 20286
.C
money-fx
.W
******FED'S JOHNSON SAYS LOUVRE ACCORD ALIVE, BUT CITES U.S.-GERMAN DIFFERENCES.
Blah blah blah.

.I 20288
.C
ship;crude;
.W
IRAN VOWS REPRISAL FOR U.S. ATTACK ON OIL RIG.
    NICOSIA, Oct 19 - Iran said several people were injured in
Monday's U.S. Attack on an Iranian offshore oil site and vowed
retaliation, Tehran radio reported.
    It quoted President Ali Khamenei as saying, "We will
definitely retaliate and will not leave this American move
unanswered."
    A broadcast monitored in Nicosia said several civilian
personnel on the Rashadat oil platforms in the Gulf east of
Qatar were injured when U.S. Warships bombarded them this
afternoon. It described damage as "severe."
    Washington said four American frigates shelled and
destroyed two Iranian platforms at the Rashadat (formerly
Rostam) field at 1100 GMT on Monday in response to Friday's
missile attack on a U.S.-flag ship in Kuwaiti waters.
    The U.S. Said Iranians used the platforms for military
pruposes and had fired on an American helicopter from the rigs
earlier this month.
    Khamenei denied that the platforms had military gear or
personnel and said the U.S. Attack lacked miltary value.
    "With this move Mr. Reagan has committed a big mistake and
has definitely increased his problems...


.I 20289
.C
earn
.W
MARINE CORP <MCOR.O> 3RD QTR NET.
    SPRINGFIELD, Ill., Oct. 19 -
    Shr 30 cts vs 30 cts
    Net 1,804,000 vs 1,800,000
    Nine mths
    Shr 89 cts vs 79 cts
    Net 5,334,000 vs 4,496,000


.I 20291
.C
earn
.W
NORTHEAST SAVINGS F.A. <NSB> 2ND QTR NET LOSS.
    HARTFORD, Conn., Oct 19 -
    Shr loss 1.39 dlrs vs profit 1.20 dlrs
    Net loss 5,306,000 vs profit 7,246,000
    Six mths
    Shr loss 18 cts profit 2.23 dlrs
    Net profit 3,259,000 vs profit 14.2 mln
    Assets 6.79 billion vs 5.42 billion
    Deposits 3.99 billion vs 3.38 billion
    Loans 4.92 billion vs 4.53 billion
    NOTE: 1987 six mths per share includes preferred stock
dividend payments.


.I 20294
.C
acq
.W
ALLWASTE <ALWS.O> TO ACQUIRE FIRM.
    HOUSTON, Oct 19 - Allwaste Inc said it entered into an
agreement in principle to buy Tank Cleaning Co, a
privately-held company that cleans tank trailers, in exchange
for about 1.3 mln shares or Allwaste common.
    Allwaste said that Tank Cleaning earned about one mln dlrs
before taxes last year and had about 1.5 mln dlrs in pre-tax
income for the nine months ended September 30.


.I 20295
.C
earn
.W
TALMAN HOME FEDERAL <TLMN.O> 3RD QTR OPER NET.
    CHICAGO, Oct 19 -
    Oper shr 17 cts vs not available
    Oper net 1,619,000 vs 6,354,000
    Nine Mths
    Oper shr 80 cts vs not available
    Oper net 7,675,000 vs 22,669,000
    Assets 6.06 billion vs 5.74 billion
    Loans 3.11 billion vs 3.33 billion
    Deposits 4.57 billion vs 4.83 billion
   
    NOTE: 1987 operating net excludes tax credits of 3.9 mln
dlrs or 40 cts a share in the quarter and 8.1 mln dlrs or 85
cts in the nine months period.
    1986 nine months operating net excludes prepayment
penalties on early retirement of loans of 736,000 dlrs.
    Talman Home Federal Savings and Loan Association, Chicago
is full name of company.


.I 20297
.C
acq
.W
BANCTEXAS <BTX> TO SELL AFFILIATE.
    DALLAS, Oct 19 - BancTEXAS Group Inc said it has signed a
definitive agreement to sell its BancTEXAS Sulphur Springs
affiliate to a group of local investors led by Gene Watson for
a cash amount equal to book value at the time of the sale,
subject to regulatory approvals.
    The unit had assets of 18.2 mln dlrs as of September 30.
    BancTEXAS said it plans to concentrate on its primary
market, the Dallas area.


.I 20299
.C
money-fx
.W
BALLADUR URGES G-7 TO RESPECT LOUVRE ACCORD.
    PARIS, Oct 19 - French Finance Minister Edouard Balladur
said the Group of Seven (G-7) industrial countries should
respect pledges on monetary policy made in the February Louvre
accord on currency stability.
    "We have to strengthen the cooperation between the seven
major industrial countries and remind ourselves of the pledges
we made at the Louvre," he told journalists.
    "They were not simply pledges to maintain currency
stability, but also to conduct a certain type of economic and
monetary policy," he added.
    Balladur's comments came after U.S. Treasury Secretary
James Baker said on Sunday that the U.S. Would have to
re-examine the Louvre accords in the light of the rise in West
German short-term interest rates.
    Balladur was one of the main architects of the Louvre
accord and has invested considerable political capital in
defending them.


.I 20301
.C
earn
.W
BEN AND JERRY'S HOMEMADE INC <BJIC.O> EIGHT MTHS.
    WATERBURY, Vt., Oct 19 -
    Shr 42 cts vs 32 cts
    Net 1,076,572 vs 826,939
    Sales 20.5 mln vs 12.5 mln
    NOTE: Company released results in connection with filing
for Class A common stock offering.


.I 20302
.C
earn
.W
GENDEX CORP <XRAY.O> 2ND QTR SEPT 30 NET.
    MILWAUKEE, WIS., Oct 19 - 
    Shr nine cts vs six cts
    Net 242,000 vs 135,000
    Sales 4,003,000 vs 2,968,000
    Six Mths
    Shr 17 cts vs 14 cts
    Net 414,000 vs 297,000
    Sales 7,54,000 vs 5,912,000
    Avg shrs 2.4 mln vs 2.1 mln
    NOTE: 1986 net includes tax credits equal to one cent in
the quarter and two cts in the six months.


.I 20303
.C
acq
.W
BALTEK <BTEK.O> BUYS ECUADORIAN PLANT.
    NORTHVALE, N.J., Oct 19 - Baltek Corp said it has acquired
a shrimp packing plant in Ecuador for undisclosed terms.
    The company said the acquisition will result in a tripling
of its Ecuadorian shrimp sales to about three mln pounds
annually by 1988.


.I 20304
.C
acq
.W
COMMUNICATIONS AND CABLE <CCAB.O> BUYS STAKE.
    WEST PALM BEACH, Fla., Oct 19 - Communications and Cable
Inc said it acquired about 21 pct of the outstanding shares of
Imnet Corp, a privately owned company that designs, makes and
services proprietary image storage and retrieval systems. Terms
were not disclosed.


.I 20305
.C
earn
.W
<TOTAL RESEARCH CORP> FISCAL 1987 NET.
    PRINCETON, N.J., Oct 19 - June 30 end
    Shr 0.3 ct vs four cts
    Net 18,463 vs 174,486
    Revs 5,074,686 vs 4,181,978
    Avg shrs 5,624,041 vs 4,860,000


.I 20306
.C
crude
.W
AMPLE SUPPLIES LIMIT U.S. STRIKE'S OIL PRICE IMPACT.
    By Ian Jones
    LONDON, Oct 19 - Ample supplies of OPEC crude weighing on
world markets helped limit and then reverse oil price gains
that followed the U.S. Strike on an Iranian oil platform in the
Gulf earlier on Monday, analysts said.
    December loading rose to 19.65 dlrs, up 45 cents before
falling to around 19.05/15 later, unchanged from last Friday.
    "Fundamentals are awful," said Philip Lambert, analyst with
stockbrokers Kleinwort Grieveson, adding that total OPEC
production in the first week of October could be above 18.5 mln
bpd, little changed from September levels.
    Peter Nicol, analyst at Chase Manhattan Bank, said OPEC
production could be about 18.5-19.0 mln in October. Reuter and
International Energy Agency (IEA) estimates put OPEC September
production at 18.5 mln bpd.
    The U.S. Attack was in retaliation of last Friday's hit of
a Kuwaiti oil products tanker flying the U.S. Flag, the Sea
Isle City. It was struck by a missile, believed to be Iranian,
in Kuwaiti waters, and was the first hit on a U.S. Flag
commercial vessel in the seven year Iran/Iraq war.
    The U.S. Owned Liberian flag tanker Sungari was hit in the
area on Thursday, also believed struck by an Iranian missile.
    Refiners were not significant purchasers of physical oil on
Monday as a result increased Gulf tension following the U.S.
Attack, analysts said.
    They said a closure of the Strait of Hormuz, through which
around eight mln bpd passes, isnlikely because it is not in
the interests of the U.S. Or Iran, they said.
    Any threat to oil supplies would stem from an increase in
the number of tanker attacks as part of a widening of Gulf
hostilities, analysts said.
    But they saw the U.S. Strike as a limited reply to Iranian
missile attacks, with some describing it as responsible.
    Geoffrey Pyne, analyst at stockbrokers Phillips and Drew,
said he was impressed by the sensible U.S. Response.
    "The U.S. Has thought carefully about what would correspond
to Iranian agression. They have proved to the Iranians that any
further action will be met with a like-for-like response.
Today's action by the U.S. Was not escalatory," Pyne said.
    Kleinwort Grieveson's Lambert said the U.S. Strike was "a
responsible retaliation," with the U.S. Apparently indicating to
Iran that it could increase the severity of its attacksf Iran
chose to raise the level of conflict.
    Chase Manhattan's Nicol took a different view, however.
    He said he was unable to see what the U.S. Had achieved as
Arab states such as Kuwait and Saudi Arabia, whose interests
the U.S. Is supposedly defending, will feel less secure as a
result of the U.S. Attack and fear some sort of Iranian
retaliation.
    The initial upward market move this morning reflected a
strong speculative reaction to rumours of a U.S. Attack which
was thought at one stage to have been against Iranian missile
launchers on the Faw Peninsula, close to Kuwait, analysts said.
    The later downtrend followed confirmation of a U.S. Navy
attack on an Iranian oil platform by the U.S. Defence Secretary
Caspar Weinburger.
    Market operators were able to evaluate the situation in the
Gulf on the basis of confirmed fact, and finding it less
serious than first thought, took profits, taking prices lower,
analysts and traders said.


.I 20307
.C
cpi
.W
FED'S JOHNSON SEES EASING OF INFLATIONARY FEARS.
    WASHINGTON, Oct 19 - Federal Reserve Board Vice-Chairman
Manuel Johnson said the inflationary expectations in the
financial markets have eased since the Fed's last half-point
increase in its discount rate to 6.0 pct.
    "We have seen the kind of expectational forces develop I
think that we've been satisfied with since our last discount
rate move," Johnson said.
    Fed Chairman Alan Greenspan has said the most recent
discount rate increase on September 4 was largely aimed at
quelling inflationary fears in financial markets which he said
were largely unfounded.


.I 20308
.C
acq
.W
M.A. HANNA CO <HNM> TO ACQURE <PMS CONSOLIDATED>.
    CLEVELAND, Oct 19 - M.A. Hanna Co said it has reached 
definitive agreement to purchase PMS Consolidated, a privately
owned manufacturer of colorants for the plastics industry.
    M.A. Hanna said the purchase, which is subject to certain
conditions, is scheduled to close around the end of October.
Hanna announced last August that it was in negotiaitons to
purchase the company.
    Headquartered in Somerset, N.J., PMS reported over 70 mln
dlrs in revenues in its last fiscal year, which ended May 1987.


.I 20309
.C
money-fx
.W
FED'S JOHNSON SAYS LOUVRE ACCORD STILL VITAL.
    WASHINGTON, Oct 19 - Federal Reserve Board Vice Chairman
Manuel Johnson said the Louvre Accord is still healthy, but
said the United States and West Germany must work out
differences over their respective roles in fulfilling the
accord.
    "The Louvre Accord has worked very well in terms of
stabilizing exchange rates," he said in response to a question
during an American Stock Exchange conference here.
    He said exchange rates have been stable so far in 1987 as a
result of the accord.


.I 20313
.C
interest
.W
*****CANADA 750 MLN DLR T-BILL ISSUE YIELD AVERAGE 8.60 PCT - OFFICIAL           .
Blah blah blah.

.I 20314
.C
grain
.W
SOVIET 1988 GRAIN TARGET INDICATES 1987 OUTPUT.
    WASHINGTON, Oct 19 - Recent announcements from Moscow of
next year's grain production targets indicate that the Soviets
are estimating this year's grain crop at 205 to 213 mln tonnes,
Agriculture Department analysts said.
    USDA is projecting the Soviet crop at 210 mln tonnes, but
some earlier estimates from Soviet officials were that the 1987
grain crop could match the 1978 record of 237 mln tonnes.
    Moscow outlined its economic targets for 1988 on Monday,
putting the grain harvest goal at 235 mln tonnes. An analyst of
Soviet agriculture at USDA noted that a recent article in
Izvestia said Soviet grain production in 1988 is planned to be
"25 to 30 mln tonnes more than expected this year."
    "This indicates that their own estimate is for a 205 to 213
mln tonne (grain) crop," the analyst said.
   
    In calculating Moscow's crop estimate, USDA used the 235
mln tonne production goal, as well as a 238 mln tonne figure
published in a Soviet economic journal this month.
    USDA's production estimate of 210 mln tonnes reflects a
range of 207 to 212 mln tonnes, a USDA source said.
    Late season rains damaged Soviet crops, slowed harvest
progress and lowered Soviet production, analysts said.
    While in the U.S. earlier this month, Soviet agriculture
official Viktor Nikonov predicted that the grain crop would be
as good or better than last year's 210 mln tonne harvest.
    A member of Nikonov's party commented that although 230 mln
tonnes of grain were in the fields, harvest problems would
bring the final crop down to around 210 mln tonnes.


.I 20315
.C
money-fx
.W
BALLADUR URGES G-7 TO RESPECT LOUVRE ACCORD.
    PARIS, Oct 19 - French Finance Minister Edouard Balladur
said the Group of Seven (G-7) industrial countries should
respect pledges on monetary policy made in the February Louvre
accord on currency stability.
    "We have to strengthen the cooperation between the seven
major industrial countries and remind ourselves of the pledges
we made at the Louvre," he told journalists.
    "They were not simply pledges to maintain currency
stability, but also to conduct a certain type of economic and
monetary policy," he added.


.I 20320
.C
earn
.W
TRW INC <TRW> 3RD QTR NET.
    CLEVELAND, Oct 19 -
    Shr 1.04 dlrs vs 67 cts
    Shr diluted 1.01 dlrs vs 66 cts
    Net 63.2 mln vs 40.5 mln
    Sales 1.70 billion vs 1.43 billion
    Nine mths
    Shr 2.91 dlrs vs 2.88 dlrs
    Shr diluted 2.85 dlrs vs 2.82 dlrs
    Net 176.5 mln vs 172.7 mln
    Sales 5.08 billion vs 4.49 billion
    Avg shrs 60.3 mln vs 59.6 mln 
    Avg shrs diluted 62.0 mln vs 61.3 mln


.I 20323
.C
earn
.W
ST. JOSEPH LIGHT <SAJ> 3RD QTR NET.
    ST. JOSEPH, MO., Oct 19 - 
    Shr 84 cts vs 86 cts
    Net 3,893,000 vs 4,054,000
    Revs 21.0 mln vs 21.2 mln
    Nine Mths
    Shr 1.88 dlrs vs 1.87 dlrs
    Net 8,707,000 vs 8,848,000
    Revs 57.9 mln vs 59.1 mln
    NOTE: 1986 per share adjusted for three for two stock split
effective June 1, 1987.
    St. Joseph Light and Power Co is full name of company.


.I 20324
.C
earn
.W
COMERICA INC <CMCA.O> 3RD QTR NET.
    DETROIT, Oct 19 -
    Shr 2.17 dlrs vs 1.42 dlrs
    Net 24,907,000 vs 16,117,000
    Nine mths
    Shr 4.05 dlrs vs 3.75 dlrs
    Net 47,105,000 vs 42,874,000
    Assets 9.66 billion vs 9.25 billion
    Deposits 8.06 billion vs 7.80 billion
    Loans 842.5 mln vs 711.1 mln


.I 20325
.C
earn
.W
RTE CORP <RTE> 3RD QTR NET.
    BROOKFILED, Wis., Oct 19 -
    Shr profit 55 cts vs loss 12 cts
    Net profit 3,998,000 vs loss 915,000
    Sales 93.8 mln vs 80.9 mln
    Nine mths
    Shr profit 1.71 dlrs vs profit 95 cts
    Net profit 12,641,000 vs profit 7,282,000
    Sales 260.9 mln vs 249 mln
    Note: 1986 figures include a five mln dlr or 65 cts a share
charge for electronics restructuring and 1.7 mln dlr charge
from early retirement of 12 mln dlrs in long-term notes


.I 20328
.C
earn
.W
BELLSOUTH CORP <BLS> 3RD QTR NET.
    ATLANTA, Oct 19 -
    Shr 87 cts vs 84 cts
    Net 418.6 mln vs 399.2 mln
    Revs 3.12 billion vs 2.89 billion
    Nine mths
    Shr 2.61 dlrs vs 2.62 dlrs
    Net 1.25 billion vs 1.23 billion
    Revs 9.10 billion vs 8.62 billion
    Avg shrs 481.4 mln vs 473.6 mln
    NOTE: Share adjusted for three-for-two stock split in
February 1987.


.I 20331
.C
earn
.W
WASHINGTON WATER POWER <WWP> 3RD QTR LOSS.
    SPOKANE, Wash., Oct 19 -
    Shr loss 12 cts vs profit two cts
    Net loss 2,669,000 vs profit 528,000
    Revs 79.8 mln vs 74.9 mln
    Nine mths
    Shr profit 64 cts vs profit 1.63 dlrs
    Net profit 14.3 mln vs profit 35.7 mln
    Revs 280.0 mln vs 288.8 mln



.I 20332
.C
earn
.W
PROGRESSIVE BANK INC <PSBK.O> 3RD QTR NET.
    PAWLING, N.Y., Oct 19 -
    Shr 88 cts vs 73 cts
    Net 2,580,000 vs 2,147,000
    Nine mths
    Shr 2.48 dlrs vs 2.33 dlrs
    Net 7,266,000 vs 5,948,000


.I 20334
.C
earn
.W
SOCIETY FOR SAVINGS BANCORP <SOCS.O> 3RD QTR.
    HARTFORD, Conn., Oct 19 -
    Shr 75 cts vs 55 cts
    Net 8,031,000 vs 5,819,000
    Nine mths
    Shr 2.16 dlrs vs 1.42 dlrs
    Net 23.2 mln vs 15.1 mln
    Assets 3.41 billion vs 2.84 billion
    Deposits 2.54 billion vs 2.19 billion
    NOTE: 1987 nine mths includes gain 1,008,000 dlrs, or nine
cts per share, from utilization of prior year's net operating
loss carryforwards.
   
    NOTE: 1986 qtr and nine mths include loss 131,000 dlrs, or
one cent per share, from unspecified extraordinary item.
    1986 qtr and nine mths includes gain 2,281,000 dlrs, or 22
cts per share, and 6,393,000 dlrs, or 60 cts per share,
respectively, from utilization of net operating loss
carryforwards.
    full name of company is society for savings bancorp inc.


.I 20337
.C
earn
.W
TRAVELERS REALTY INCOME <TRIIS.O> 3RD QTR NET.
    BOSTON, Oct 19 -
    Shr 22 cts vs 57 cts
    Net 504,808 vs 1,281,781
    Revs 633,119 vs 1,396,703
    Nine mths
    Shr 87 cts vs 1.32 dlrs
    Net 1,959,385 vs 2,986,379
    Revs 2,342,322 vs 3,346,555
    NOTE: Full name of trust is Travelers Realty Income
Investors


.I 20340
.C
acq
.W
WILLIS FABER NOT SELLING MORGAN GRENFELL STAKE.
    LONDON, Oct 19 - <Willis Faber Plc> said its 20.8 pct
holding in stockbrokers Morgan Grenfell Group Plc <MGFL.L> was
not up for sale.
    The insurance broker issued a statement in reply to recent
press speculation which it said was in part "inaccurate and
undesirable."
    "Willis Faber has not received any offers for its stake in
Morgan Grenfell," it said, adding that an offer would have to be
considered on its merits.
    "Willis Faber's stake in Morgan Grenfell has been a very
successful investment," it said.


.I 20341
.C
bop
.W
ITALY SHOWS SEPTEMBER OVERALL PAYMENTS SURPLUS.
    ROME, Oct 19 - Italy's overall balance of payments showed a
919 billion lire surplus in September against a deficit of
1,026 billion in August, provisional Bank of Italy figures
showed.
    The September surplus compared with a shortfall of 1,697
billion lire in September 1986. For the first nine months of
1987, the overall balance of payments showed a deficit of 1,921
billion lire against a 1,725 billion deficit in the same 1986
period.
    The central bank said Italy's one billion dlr Eurobond
launched last month contributed to September's surplus.


.I 20342
.C
earn
.W
FIRST BOSTON INC <FBC> 3RD QTR NET.
    NEW YORK, Oct 19 -
    Shr primary 1.15 dlrs vs 76 cts
    Shr fully diluted 1.15 dlrs vs 76 cts
    Net 40.8 mln vs 27.1 mln
    Revs 369.6 mln vs 263.2 mln
    Nine mths
    Shr primary 2.95 dlrs vs 3.44 dlrs
    Shr fully diluted 2.95 dlrs vs 3.33 dlrs
    Net 103.8 mln vs 119.0 mln
    Revs 1.06 billion vs 897.8 mln



.I 20344
.C
acq
.W
CCR VIDEO <CCCR.O> IN TALKS ON BEING ACQUIRED.
    LOS ANGELES, Oct 19 - CCR Video Corp said it has received
an offer to enter into negotiations for <Intercep Investment
Corp> to acquire a controlling interest through a tender offer.
    The company said "The negotiations would determine the
terms under which the CCR board of directors could support the
INTERCEP tender offer."
    It gave no further details.


.I 20346
.C
oilseed;wheat;grain;corn;soybean;
.W
******U.S. EXPORT INSPECTIONS, IN THOUS BUSHELS,  SOYBEANS 16,333 WHEAT 30,917 CORN 36,781.
Blah blah blah.

.I 20355
.C
acq
.W
NATIONAL GUARDIAN <NATG.O> ACQUIRES ALARM FIRM.
    GREENWICH, Conn., National Guardian Corp said it acquired
Pacific Fire Extinguisher Co, which specializes in installation
of fire and burglar alarms.
    The operations acquired in the transaction have total
revenues in excess of 2.3 mln dlrs, the company said.
    In a separate announcement, the company said it expects to
record revenues of approximately 150 mln dlrs for 1987.
    For 1986, the company had revenues of 98.3 mln dlrs.
    National Guardian's revenues for the first six months of
1987 were approximately 72 mln dlrs, compared to about 42 mln
dlrs the year-ago period.


.I 20356
.C
earn
.W
KAUFEL GROUP LTD (KFL.TO) 4TH QTR AUG 31 NET.
     MONTREAL, Oct 19 -
     Shr 17 cts vs 13 cts
     Net 2.1 mln vs 1.03 mln
     Revs 15.6 mln vs 12 mln
     Nine mths
     Shr 58 cts vs 37 cts
     Net 6.9 mln vs 3.7 mln
     Revs 56.2 mln vs 27.5 mln
     Avg shrs 11.9 mln vs 10.0 mln


.I 20357
.C
oilseed;soybean;
.W
U.S. DRAFTS SANCTIONS IN ARGENTINA SOY CASE.
    WASHINGTON, Oct 19 - The U.S. is drafting options including
possible trade retaliation against Argentina in a dispute over
the differential between soybean and product  taxes which
Buenos Aires levies on exports.
    The drafting of retaliation options follows the failure
of high-level talks earlier this month to resolve a case filed
by the U.S. National Soybean Processors Association, U.S.
officials said. The NSPA charged that Argentina's differential
export taxes implicitly subsidize soyproduct exports in
competition with the U.S.
    "Our only option is some sort of retaliation to restrict
(Argentine) access to our market," said one U.S. source.
   
    The U.S. shelved the NSPA case earlier this year after
Trade Representative Clayton Yeutter said Argentina agreed to
end the differential.
    But when Argentina announced export taxes for the 1987/88
year in July, the differential was narrowed only one pct.
    Deputy trade representative Michael Smith met Agriculture
minister Ernesto Figuerras and Economy minister Juan Sourroille
on September 29 and the Argentine officials said they could not
narrow the differential further for 1987/88.
    As a result of the impasse, the U.S. is considering
restrictions on imports of items such as Argentine corned beef
and finished leather, the U.S. sources said.
    A decision on reprisals is likely to be made by the Reagan
administration soon, they said.


.I 20359
.C
acq
.W
NORTHEAST SAVINGS <NSB> ADOPTS RIGHTS PLAN.
    HARTFORD, Conn., Oct 19 - Northeast Savings F.A. said its
board adopted a shareholder rights plan designed to protect the
company from coercive takeover tactics and bids not fair to all
sharholders.
    Under the plan, the board declared a dividend of one share
purchase right for each of the Northeast common shares held of
record as of November two, the company said.
    Initially, the rights are not exerciseable, rights
certificates are not distributed, and the rights automatically
trade with Northeast's shares, the company said.
    However, 20 days following the acquisition of 20 pct or
more of Northeast's common shares shares or 20 days following
the commencement of a tender offer for 30 pct or more of
Northeast's shares, the rights will become exerciseable and
separate rights certificates will be distributed, the company
said.
    The rights will entitle holders of Northeast's common
shares to purchase additional shares at an exercise price of 60
dlrs a share, the company said.
    The company said that in the event of certain triggering
events described in the rights plan, holders of the rights,
other than an acquiring person, will be entitled to acquire
Northeast's common shares having a market value of twice the
then-current exercise price of the rights. Also, in the event
Northeast enters into certain business combination
transactions, holders of the rights will be provided a right to
acquire equity securities of the acquiring entity having a
market value of twice the then-current exercise price of the
rights, the company said. Northeast said it will be entitled to
redeem the rights at one cent per right until the occurence of
certain events.


.I 20360
.C
earn
.W
<EUROPEAN AMERICAN BANCORP> 3RD QTR NET.
    NEW YORK, Oct 19 -
    Net 13,185,000 vs 6,715,000
    Nine mths
    Net 26.2 mln vs 15.3 mln
    NOTE: Company is owned by a consortium of European banks.


.I 20361
.C
crude
.W
VENEZUELA SEES OIL STABILITY DESPITE GULF ATTACK.
     CARACAS, Oct 19 - Venezuelan Energy Minister Arturo
Hernandez Grisanti said he foresaw market stability in the
price of crude, despite growing tension in the Gulf augmented
by the U.S. military attack on an Iranian oil platform.
    He told a news conference the market continues to be stable
despite all the military action in the Gulf.


.I 20364
.C
acq
.W
ORION <OC> HAS 5.2 PCT TWIN DISC <TDI> STAKE.
    WASHINGTON, Oct 19 - Orion Capital Corp said it acquired
163,000 shares of Twin Disc Inc common stock, or 5.2 pct of the
company's common stock outstanding.
    In a filing with the Securities and Exchange Commission,
Orion Capital said the stock represents "a favorable investment
opportunity at current market prices."
    In open market transactions between August 21 and October
16, an Orion Capital subsidiary bought 56,200 Twin Disc common
shares at 21.06 dlrs to 22.43 dlrs a share. The entire 5.2 pct
stake was purchased at a cost of 3.2 mln dlrs, Orion Capital
told the SEC.
    


.I 20366
.C
acq
.W
GROUP SELLS MOST OF STAKE IN CCX INC <CCX>.
    WASHINGTON, Oct 19 - A shareholder group including Far
Hills, N.J. attorney Natalie Koether said it reduced its stake
in CCX Inc common stock to 10,000 shares, or less than one pct
of the company's common stock outstanding, from a previous
stake of about ten pct.
    In a filing with the Securities and Exchange Commission,
the group said it sold 380,000 CCX common shares on October 15
at four dlrs a share.
    The group gave no reason for the sales.


.I 20370
.C
crude
.W
SOUTHLAND <SLC> UNIT RAISES CRUDE OIL PRICES.
    New York, Oct 19 - Citgo Petroleum Corp, a subsidiary of
Southland Corp, said it raised the contract price it will pay
for all grades of crude oil by 50 cts a barrel, effective Oct
16
    The increase brings Citgo's postings for the West Texas
Intermediate and West Texas Sour grades to 19.00 dlrs/barrel,
while Light Louisiana SWeet is now priced at 19.35 dlrs.
    Citgo last changed it crude oil postings on Sept 9.


.I 20372
.C
acq
.W
RENTA INMOBILIARIA SEEKS CANNON GROUP <CAN> ASSETS.
    MADRID, Oct 19 - Spanish property firm <Renta Inmobiliaria
SA> is negotiating to buy the property assets of U.S. media
company Cannon Group Inc <CAN>, Renta's finance director Jose
Luis Sanchez said.
    Sanchez told Reuters that Renta's chairman Juan Antonio
Robles was currently in the U.S. to negotiate the deal but
declined to give other details.
    Interpart, a Luxembourg-based holding company chaired by
Italian financier Giancarlo Paretti, payed around 12.2 billion
pesetas in July to acquire a 63.5 pct stake in Renta
Inmobiliaria.
    The Spanish daily newspaper El Pais said the Cannon
property assets sought by Renta included the Elstree film
studios in Britain and a chain of movie-theaters in Europe and
the U.S.
   


.I 20374
.C
acq
.W
******HENLEY GROUP SAID IT ENDED TALKS ON BUYING SOUTHERN PACIFIC FROM SANTA FE SOUTHERN .
Blah blah blah.

.I 20376
.C
acq
.W
******HENLEY GROUP REVIEWING INVESTMENT IN SANTA FE SOUTHERN PACIFIC.
Blah blah blah.

.I 20377
.C
acq
.W
DYNASCAN <DYNA.O> COMPLETES MANAGEMENT BUYOUT.
    CHICAGO, Oct 19 - Dynascan Corp said it completed the sale
of its industrial electronic products group and expects to 
recognize about a 3.0 mln dlr pretax gain on the transaction in
the fourth quarter.
    It said the group was sold October 15 for 13.5 mln dlrs to
Maxtec International Corp, a privately held company created by
the company's management team.
    It said the purchase price was 12 mln dlrs in cash and 1.5
mln dlrs in five-year notes plus warrants to buy 7.0 pct of the
stock of Maxtec.
    Dynascan said the group was projected to provide about 12
pct of its consolidated sales in 1987.


.I 20378
.C
acq
.W
****ATLANTIS GROUP TELLS SEC IT SEEKS NEGOTIATED PURCHASE OF CHARTER-CRELLIN.
Blah blah blah.

.I 20379
.C
crude
.W
VENEZUELA SAYS OPEC OIL OUTPUT 0VER 18 MLN BPD CARACAS, Oct 19.
- The current OPEC oil production is above 18 mln barrels per
day (bpd) and this level threatens the precarious equilibrium
of the of oil market, Venezuelan Energy and Mines Minister
Arturo Hernandez Grisanti said on Monday.
    He told reporters three or four countries out of OPEC's 13
members were mainly responsible for the overproduction, but
declined to identify them.
     OPEC's production ceiling for the second half of 1987 is
16.6 mln bpd. The Venezuelan minister said OPEC's production
reached a peak this year when it went over 19 mln bpd in
August.
    Hernandez Grisanti, together with the oil ministers of
Nigeria and Indonesia, met the heads of state of six Mideast
Gulf countries earlier this month to urge OPEC members to
comply with assigned production quotas.
    He said some of the countries which were complying as
Venezuela, Indonesia, Libya, Algeria, Ecuador, Saudi Arabia and
Iran.
    Hernandez declined to say whether the three or four
countries he said were overproducing bordered the Mideast Gulf.


.I 20382
.C
earn
.W
PAINEWEBBER GROUP INC <PWG> 3RD QTR NET.
    NEW YORK, Oct 19 -
    Shr 44 cts vs 71 cts
    Net 14.8 mln vs 21.1 mln
    Revs 628.6 mln vs 605.6 mln
    Avg shrs 30,743,000 vs 26,969,000
    Nine mths
    Shr 2.01 dlrs vs 1.93 dlrs
    Net 65.0 mln vs 57.4 mln
    Revs 1.89 billion vs 1.81 billion
    Avg shrs 30,782,000 vs 26,619,000


.I 20384
.C
earn
.W
ERC INTERNATIONAL INC <ERC> 3RD QTR NET.
    FAIRFAX, Va., Oct 19 -
    Shr 31 cts vs nine cts
    Net 1,345,000 vs 368,000
    Revs 31.9 mln vs 26.4 mln
    Nine mths
    Shr 91 cts vs 40 cts
    Net 3,890,000 vs 3,556,000
    Revs 89.3 mln vs 71.7 mln
    NOTE: 1986 qtr and nine mths include loss 831,000 dlrs, or
19 cts per share, and loss 1,872,000 dlrs, or 44 cts per share,
respectively, from discontinued operations.


.I 20386
.C
acq
.W
SUPERMARKETS GENERAL <SGL> SELLS 11 DRUG STORES.
    CARTERET, N.J., Oct 19 - Supermarkets General Corp said it
agreed to sell 11 super drug stores to <F and M Distributors>.
    The nine existing and two unopened stores are located in
Maryland, Virginia and upstate New York and are operated under
the Pathmark Super Drug trade name, the company said.
    Terms of the transaction were not disclosed.
    The nine existing stores generated approximately 34.8 mln
dlrs of Supermarkets General's total sales of 2.9 billion
during the six-month period ended Aug One, 1987.
    F and M Distributors operates 42 discount drug stores in
Michigan, Ohio, Illinois, Indiana and Wisconsin.


.I 20387
.C
acq
.W
TEXAS AMERICAN BANCSHARES <TXA> TO SELL UNIT.
    FORT WORTH, Texas, Oct 19 - Texas American Bancshares Inc
said it agreed to sell its Texas American Bank/Levelland unit
to <First American Bancorp Inc> for about 12 mln dlrs in cash.
    Texas American said regulatory approval ofthe transaction
is expected in December, and the sale will close shortly
thereafter.
    Once the sale is completed, the unit's name will change to
First American Bank of Texas. The unit reported total assets of
196.7 mln dlrs on Juen 30, 1987.


.I 20388
.C
earn
.W
BURNHAM SERVICE CORP <BSCO.O> 3RD QTR NET.
    COLUMBUS, Ga., Oct 19 -
    Shr 45 cts vs 36 cts
    Net 2,554,000 vs 1,954,000
    Revs 44.4 mln vs 32.5 mln
    Nine mths
    Shr 1.00 dlrs vs 75 cts
    Net 5,461,000 vs 3,756,000
    Revs 109.5 mln vs 89.9 mln


.I 20390
.C
earn
.W
MERCURY SAVINGS AND LOAN <MSL> 3RD QTR LOSS.
    HUNTINGTON BEACH, Calif., Oct 19 -
    Shr loss 39 cts vs profit 44 cts
    Net loss 2,169,000 vs profit 2,417,000
    Nine Mths
    Shr profit 56 cts vs profit 1.68 dlrs
    Net profit 3,111,000 vs profit 9,317,000
    Note: Full name Mercury Savings and Loan Association
'


.I 20391
.C
acq
.W
HENLEY <HENG.O> ENDS TALKS WITH SANTE FE.
    LA JOLLA, Calif., Oct 19 - Henley Group Inc said it ended
talks with Sante Fe Southern Pacific Corp concerning the
possible acquisition of Sante Fe's Southern Pacific
Transportation Co subsidiary.
    The company also said it is reviewing its investment in
Santa Fe Southern Pacific in light of Sante Fe's announcement
that it recieved several bids ranging from 750 mln dlrs to more
than one billion dlrs for its Southern Pafific Transportation
subsidiary.
   
    Henley said it held discussions with Sante Fe concerning
the acquisition by Henley of Bankers Leasing and Financial Corp
and certain Sante Fe transportation and real estate assets.
    Henley said it began talks with Sante Fe after it announced
its restructuring program in August 1987.
    As previously disclosed, Henley made necessary filings
under the Hart-Scott-Rodino Antitrust Improvement Acts to
permit Henley to increase its investment in Sante Fe to 24.9
pct of the outstanding common stock from 5.03 pct.
   
    Henley said that depending on prevailing conditions,
including price and availability of Sante Fe stock, substantial
developments affecting Sante Fe, other investment and business
opportunities available to Henley, Henley may additional Sante
Fe shares, or sell all or part of its investment in Sante Fe.


.I 20392
.C
earn
.W
SAFEGUARD HEALTH <SFGD.O> 3RD QTR NET.
    ANAHEIM, Calif., Oct 19 -
    Shr 11 cts vs five cts
    Net 806,000 vs 384,000
    Revs 18.0 mln vs 15.6 mln
    Nine Mths
    Shr 28 cts vs 17 cts
    Net 2,105,000 vs 1,320,000
    Revs 51.9 mln vs 46.1 mln
    Note: Full name Safeguard Health Enterprises Inc.


.I 20393
.C
earn
.W
NEW YORK TIMES CO <NYT> 3RD QTR NET.
    NEW YORK, Oct 19 -
    Shr 40 cts vs 33 cts
    Net 32.6 mln vs 26.7 mln
    Revs 406.5 mln vs 370.1 mln
    Nine months
    Shr 1.44 dlrs vs 1.20 dls
    Net 117.8 mln vs 97.5 mln
    Revs 1.2 billion vs 1.1 billion


.I 20395
.C
earn
.W
TRAVELERS REAL ESTATE <TRAT.O> 3RD QTR NET.
    BOSTON, Oct 19 -
    Shr 18 cts vs 27 cts
    Net 444,387 vs 676,593
    Revs 549,437 vs 764,901
    Nine mths
    Shr 67 cts vs 81 cts
    Net 1,690,670 vs 2,031,937
    Revs 1,986,938 vs 2,302,278
    NOTE: Full name is Travelers Real Estate Investment Trust


.I 20396
.C
acq
.W
ALLWASTE <ALWS.O> TO MAKE ACQUISITION.
    HOUSTON, Oct 19 - Allwaste Inc said it has agreed in
principle to acquire a privately-held firm that performs
interior cleaning services for tank-trailers for 1,300,000
common shares.
    It said the firm, which it did not name, earned about
1,500,000 dlrs pretax for the first nine mons of 1987.
    The company said closing is expected by October 31.


.I 20397
.C
acq
.W
ATLANTIS <AGH> MAY BID FOR CHARTER-CRELLIN<CRTR.O>.
    WASHINGTON, Oct 19 - Atlantis Group Inc said it bought
100,000 shares of Charter-Crellin Inc common stock, or 6.3 pct
of the total outstanding, and may seek control in a negotiated
transaction.
    In a filing with the Securities and Exchange Commission,
Atlantis said it has informally discussed a business
combination with Charter-Crellin management.
    But the company said it has not held negotiations with
Charter-Crellin and does not intend to initiate further
discussions.
    Pending development of specific proposals, Atlantis said it
will continue to purchase additional Charter-Crellin shares in
private or open market transactions depending on a range of
factors including the market price of the stock.
    Atlantis said it bought its Charter-Crellin common stock in
open market transactions between September 22 and October 7 at
14.91 dlrs to 15.62 dlrs a share, or for a total of about 1.51
mln dlrs.


.I 20398
.C
acq
.W
DURAKON <DRKN.O> TO MAKE ACQUISITION.
    LAPEER, Mich., Oct 19 - Durakon Industries Inc said it has
entered into a definitive agreement to acquire DFM Corp, a
maker of bug and gravel protective shields for trucks and cars,
for an undisclosed amount of cash and debentures, retroactive
to September One.


.I 20399
.C
earn
.W
TERMIFLEX CORP <TFLX.O> 1ST QTR SEPT 30 NET.
    MERRIMACK, N.H., Oct 19 -
    Shr five cts vs seven cts
    Net 64,652 vs 96,157
    Sales 1,205,321 vs 1,499,591
    NOTE: Backlog three mln dlrs vs 2,600,000 as of June 30,
1987.


.I 20400
.C
earn
.W
QUANTUM CORP <QNTM.O> 2ND QTR SEPT 27 NET.
    MILPITAS, Calif., Oct 19 -
    Shr 44 cts vs 30 cts
    Net 4,057,000 vs 2,716,000
    Sales 49.5 mln vs 29.6 mln
    Six Mths
    Shr six cts vs 55 cts
    Net 518,000 vs 5,167,000
    Sales 89.7 mln vs 54.9 mln


.I 20401
.C
earn
.W
ERIE LACKAWANNA INC <ERIE.O> 3RD QTR NET.
    CLEVELAND, Oct 19 -
    Shr 1.32 dlrs vs 1.59 dlrs
    Net 1,217,649 vs 1,471,824
    Total income 1,896,018 vs 2,278,642
    Nine mths
    Shr 4.92 dlrs vs 5.38 dlrs
    Net 4,553,380 vs 4,979,626
    Total income 6,918,266 vs 8,134,313


.I 20403
.C
earn
.W
MONITERM CORP <MTRM.O> 3RD QTR OPER NET.
    MINNETONKA, MINN., Oct 19 -
    Oper shr profit 13 cts vs nil
    Oper net profit 612,806 vs profit 2,363
    Sales 8,317,933 vs 2,823,243
    Nine mths
    Oper shr profit 32 cts vs loss four cts
    Oper net profit 1,464,338 vs loss 161,315
    Sales 20.3 mln vs 8,241,463
    NOTE: 1987 earnings exclude gains from utilization of tax
loss carryforwards of 321,980 dlrs, or seven cts a share in the
quarter and 772,285 dlrs, or 17 cts a share for the nine months


.I 20405
.C
earn
.W
WATTS INDUSTRIES INC <WATTA.O> 1ST QTR SEPT 27.
    ANDOVER, Mass., Oct 19 -
    Shr 36 cts vs 27 cts
    Net 4,538,000 vs 3,160,000
    Sales 41.8 mln vs 32.8 mln
    Avg shrs 12.6 mln vs 11.9 mln


.I 20406
.C
trade
.W
REAGAN CALLS FOR VIGILANCE ON CERTAIN EXPORTS.
    WASHINGTON, Oct 19 - President Reagan said the Commerce
Department should be vigilant in preventing the flow of
strategic technology from reaching the the Soviet Union and
other communist countries.
    He was speaking at the swearing in of C. William Verity as
Secretary of the Commerce Department.
    Verity said the U.S. should make certain that militarily
sensitive high technology does not wind up in communist
nations. But he also said the U.S. must reduce the list of
products of a nontechnological nature, thereby allowing
manufacturers to increase exports and jobs.


.I 20407
.C
acq
.W
CALMAT <CZM> SUES INDUSTRIAL EQUITY.
    LOS ANGELES, Oct 19 - CalMat Co said it filed suit in Los
Angeles Superior Court against Industrial Equity (Pacific) Ltd,
against certain of its affiliates and against Ronald Langley,
president of Industrial Equity's North American operations.
    The company said its sut charges that Langley
missapropriated material non-public information acquired in his
capacity as a CalMat director and used the information for the
benefit of Industrial Equity.
    According to its more recent amendment to its Schedule 13D,
Industrial Equity owned about 19.17 pct of CalMat's stock at
October 14, CalMat said.
    It said Industrial has also stated that it intends to
pursue a possible business combination in the near future.


.I 20409
.C
earn
.W
THE BANKING CENTER <TBCX.O> 3RD QTR NET.
    WATERBURY, Conn., Oct 19 -
    Shr 25 cts
    Net 3,081,000 vs 2,063,000
    Nine months
    Shr 86 cts
    Net 10.5 mln vs 6,966,000
    Assets 1.43 billion vs 1.30 billion
    Deposits 912.5 mln vs 875.8 mln
    NOTE: Company converted to a stock savings bank on Aug 13,
1986.
    1986 results include operations of Realtech Realtors, which
was acquired in 1986.
    1987 results include operations of Burgdorff Realtors,
acquired in December 1986; Cornerstone Mortgage Co, acquired in
July 1987; Centerbank Mortgage Co, acquired in July 1987; and
Center Capital Corp, formed in August 1987.


.I 20414
.C
money-fx
.W
GERMAN BANKER CALLS FOR SPECIAL MONETARY MEETING.
    BONN, Oct 19 - Finance ministers from major industrial
nations should hold a special meeting to deal with the U.S.
Dollar's sharp decline, Helmut Geiger, president of the West
German savings bank association, said.
    Geiger told Reuters: "Finance ministers should meet soon to
take confidence-building measures to limit the damage caused by
the dollar's fall."
    Separately, Geiger told Bild newspaper in an interview
released ahead of publication on Tuesday that the lower dollar,
which had been artificially talked down by U.S. officials,
would damage West German exports and cost jobs.


.I 20415
.C
earn
.W
HARMAN INTERNATIONAL <HIII.O> 1ST QTR SEPT 30.
     WASHINGTON, Oct 19 -
    Shr 30 cts vs 26 cts
    Net 2,534,000 vs 1,695,000
    Revs 98.8 mln vs 67.1 mln
    Avg shrs 8,447,000 vs 6,563,000
    NOTE: full name of company is harman international
industries inc.


.I 20418
.C
acq
.W
U.K. TREASURY CONFIRMS BP SALE TO GO AHEAD.
    LONDON, Oct 19 - The British Treasury confirmed that the
sale of British Petroleum Co Plc will go ahead as planned,
despite Monday's stock market crash which forced BP below the
330p a share set for the 7.2 billion stg issue.
    "The government are not considering terminating the BP
offer. The offer has been fully underwritten," a Treasury
spokesman said.
    The issue, which remains open until October 28, was fully
underwritten last week when the issue price was set.
    BP shares closed down 33p at 317p as the FT-SE 100 share
index crashed a record 249.6 points, more than 10 pct.


.I 20419
.C
crude
.W
STATOIL AWARDS VESLEFRIKK OIL FIELD CONTRACTS.
    LONDON, Oct 19 - Norwegian state oil company Den Norske
Stats Oljeselskap (Statoil) signed contracts worth a total of
1.5 billion Norwegian crowns in connection with the development
of the Veslefrikk oil field, Statoil said.
    Moss Rosenberg Verft of Stavanger has been awarded a
contract to convert the the drilling platform West Vision to a
floating production platform. The work is to be completed in
the summer of 1989.
    Aker Verdal has been awarded a contract for the
engineering, purchasing and construction of the steel jacket
for the wellhead platform, also to be completed in 1989,
Statoil said.


.I 20420
.C
earn
.W
MARINE CORP <MCOR.O> 3RD QTR NET.
    SPRINGFIELD, Ill., Oct 19 -
    Shr 30 cts vs 30 cts
    Net 1,804,000 vs 1,800,000
    Nine mths
    Shr 89 cts vs 79 cts
    Net 5,334,00 vs 4,496,000
    NOTE: Earnings per share reflect initial public offering of
534,750 common shares in March 1986 and 2-for-1 stock splits in
January and June 1986.


.I 20421
.C
earn
.W
SOUTH CAROLINA NATIONAL CORP <SCNC.O> 3RD QTR.
    COLUMBIA, S.C., Oct 19 -
    Shr 64 cts vs 55 cts
    Net 14.0 mln vs 11.8 mln
    Nine mths
    Shr 1.83 dlrs vs 1.53 dlrs
    Net 39.7 mln vs 32.7 mln
    Assets 4.65 billion vs 4.53 billion
    Loans 3.24 billion vs 2.92 billion
    Deposits 3.32 billion vs 3.15 billion


.I 20423
.C
earn
.W
ROCHESTER TELEPHONE CORP <RTC> 3RD QTR NET.
    ROCHESTER, N.Y., Oct 19 -
    Shr 96 cts vs 87 cts
    Net 10.8 mln vs 9,671,000
    Revs 103.9 mln vs 97.5 mln
    Nine mths
    Shr 2.73 dlrs vs 2.62 dlrs
    Net 30.7 mln vs 29.3 mln
    Revs 325.7 mln vs 302.8 mln


.I 20424
.C
ship;crude;
.W
LATEST ATTACK SEEN POINTING UP DILEMMAS FOR US.
    By CHRISTOPHER HANSON
    WASHINGTON, Oct 19 - Military experts say the United States
faces a dilemma in the Gulf following U.S. destruction of an
Iranian oil platform in retaliation for an attack on a
U.S.-flagged tanker.
    The experts told Reuters Tehran holds the initiative and is
likely to control the tempo and direction of the conflict as
long as America simply reacts to Iranian attacks by launching
limited retaliatory strikes.
    But if Washington seizes the initiative with bolder steps
-- such as mining Iran's harbors, blockading its shipping, or
destroying key bases -- it could find itself in a major war.
    "Iran is in the driver's seat in an absolute sense as the
cycle of attack and retaliation continues," said Fred Axelgard,
a Gulf War expert with the private Center for Strategic and
International Studies (CSIS).
    "It's like a Greek tragedy," said retired Adm. Eugene Carroll
of Washington's private Center for Defense Information (CDI)
think tank.
    Some Middle East experts say the only way out is for
Washington to join forces with Moscow in pressing for an end to
the war between Iran and Iraq.
    They say it is not feasible for America to withdraw its
30-ship force from the Gulf area, where the Navy began
escorting U.S.-flagged Kuwaiti tankers in July. Withdrawal 
would give the appearance of being chased away by Iran, which
President Reagan could never accept.
    U.S. Defense Secretary Caspar Weinberger told a Pentagon
news conference the destroyers Kidd, Young, Leftwich and Hoel
fired about 1,000 rounds of five-inch shells at Iran's Rostam
oil rig 120 miles east of Bahrain beginning at about 1400 Gulf
time (0700 EDT) on Monday.
    Weinberger said the platform had been used as a military
base by Iran and that the attack responded to an Iranian
Silkworm missile strike on the U.S.-flagged Kuwaiti tanker Sea
Isle City on Friday.
    Iranians manning the platform were warned in advance and
allowed to escape.
    "We do not seek further confrontation with Iran, but we will
be prepared to meet any escalation of military action by Iran
with stronger countermeasures," Weinberger said.
    "We consider this matter closed," he said.
    Analysts ranging from the liberal CDI to conservatives
agreed the U.S. reaction was measured, reasonable and did not
escalate the conflict unduly. But they said the question was
whether Iran would consider the matter closed. It had not taken
this view after earlier clashes.


.I 20425
.C
earn
.W
CONSOLIDATED FREIGHTWAYS INC <CNF> 3RD QTR NET.
    PALO ALTO, Calif., Oct 19 -
    Shr 43 cts vs 63 cts
    Net 16,362,000 vs 24,325,000
    Revs 589.3 mln vs 549.1 mln
    Nine Mths
    Shr 1.40 dlrs vs 1.73 dlrs
    Net 54,011,000 66,591,000
    Revs 1.68 1.58 billion


.I 20430
.C
acq
.W
BROWN DISC TO BUY RHONE-POULENC <RHON.PA> UNIT.
    COLORADO SPRINGS, Colo., Oct 19 - Brown Disc Products Co
Inc, a unit fo Genevar Enterprises Inc, said it has purchased
the ongoing business, trademarks and certain assets of
Rhone-Poulenc's Brown Disc Manufacturing unit, for undisclosed
terms.
    Rhone-Poulenc is a French-based chemical company.
    Under the agreement, Rhone-Poulenc will supply magnetic
tape and media products to Brown Disc Products.


.I 20431
.C
ship;crude;
.W
DIPLOMATS CALL U.S. ATTACK ON OIL RIG RESTRAINED.
    By Ian MacKenzie
    BAHRAIN, Oct 19 - A U.S. attack on an Iranian oil platform
in the Gulf on Monday appeared to be a tit-for-tat raid
carefully orchestrated not to be too provocative or upset Arab
allies, Western diplomats in the region said.
    U.S. Defence Secretary Caspar Weinberger said Monday that
U.S. Warships destroyed the oil platform in the southern Gulf
in response to a missile strike on the American-registered
Kuwaiti tanker Sea Isle City in Kuwaiti waters on Friday.
    "We consider the matter closed," he said, a signal the U.S.
administration did not want the Gulf crisis to escalate.
    Iran had warned the United States earlier in the day
against exacerbating the Gulf crisis, saying military action
would endanger American interests.
    Following the raid, a okesman for Tehran's War
Information Headquarters vowed to avenge the attack with a
"crushing blow."
    "The United States has entered a swamp from which it can in
no way get out safely," Tehran Radio quoted him as saying.
    Diplomats noted, however, Iran was also seeking to avoid
ostracism by Arab states due to meet at a summit in Amman on
November 8 and discuss the Iran-Iraq war.
    Iranian Prime Minister Mir-Hossein Mousavi is currently in
Damascus, and diplomats said he would seek Syrian help in
preventing a total Arab breach with Tehran.
    Further escalation of the war threatening the Gulf Arab
states could work against Tehran at the Amman gathering, they
said.
    "The ball is in Iran's court now. It's up to Tehran to
respond one way or the other," a diplomat said.
    President Ronald Reagan warned Iran of stronger American
countermeasures if the military escalation continued.
    Western diplomats and military sources in the area said
shelling the platform appeared to be the least provocative act
the United States could have taken once it had decided to
retaliate for the tanker attack, blamed by both the Americans
and Kuwaitis on Iran.
    "It's interesting that they chose something in international
waters because it doesn't implicate any other nation," one
diplomat said. "This was better for U.S. Relations with the Gulf
Arab states, particularly Kuwait."
    Commented another diplomat: "Kuwait must be happy that the
U.S. Has done something, but relieved that Faw was not attacked
on its doorstep."
    One source said of the attack on the oil platform: "They
managed to warn off the crew and hit something that was the
least nuisance to everybody."
    A diplomat commented: "They were very clever in the place
they chose. It gets attention, but it hasn't devastated
anything because it wasn't working in the first place."
    A senior Arab banker in the area said after the news broke:
"This was a good, measured response without risking a flare-up
... It is a face-saving response (for the Americans)."


.I 20434
.C
acq
.W
******CCR VIDEO SAYST RECEIVED OFFER TO NEGOTIATE A TAKEOVER BY INTERCEP INVESTMENT CORP.
Blah blah blah.

.I 20435
.C
ship;crude;
.W
HUGE OIL PLATFORMS DOT GULF LIKE BEACONS.
    By ASHRAF FOUAD
    BAHRAIN, Oct 19 - Huge oil platforms dot the Gulf like
beacons -- usually lit up like Christmas trees at night.
    One of them, sitting astride the Rostam offshore oilfield,
was all but blown out of the water by U.S. Warships on Monday.
    The Iranian platform, an unsightly mass of steel and
concrete, was a three-tier structure rising 200 feet (60
metres) above the warm waters of the Gulf until four U.S.
Destroyers pumped some 1,000 shells into it.
    The U.S. Defense Department said just 10 pct of one section
of the structure remained.
    U.S. helicopters destroyed three Iranian gunboats after an
American helicopter came under fire earlier this month and U.S.
forces attacked, seized, and sank an Iranian ship they said had
been caught laying mines.
    But Iran was not deterred, according to U.S. defense
officials, who said Iranian forces used Chinese-made Silkworm
missiles to hit a U.S.-owned Liberian-flagged ship on Thursday
and the Sea Isle City on Friday.
    Both ships were hit in the territorial waters of Kuwait, a
key backer of Iraq in its war with Iran.
    Henry Schuler, a former U.S. diplomat in the Middle East
now with CSIS said Washington had agreed to escort Kuwaiti
tankers in order to deter Iranian attacks on shipping.
    But he said the deterrence policy had failed and the level
of violence and threats to shipping had increased as a result
of U.S. intervention and Iran's response.
    The attack on the oil platform was the latest example of a
U.S. "tit-for-tat" policy that gave Iran the initiative, said
Harlan Ullman, an ex-career naval officer now with CSIS.
    He said with this appraoch America would suffer "the death
of one thousand cuts."
    But for the United States to grab the initiative
militarily, it must take warlike steps such as mining Iran's
harbors or blockading the mouth of the Gulf through which its
shipping must pass, Schuler said.
    He was among those advocating mining as a means of bringing
Iran to the neogtiating table. If vital supplies were cut off,
Tehran could not continue the war with Iraq.
    Ullman said Washington should join Moscow in a diplomatic
initiative to end the war and the superpowers should impose an
arms embargo against Tehran if it refused to negotiate.
    He said the United States should also threaten to mine and
blockade Iran if it continued fighting and must press Iraq to
acknowledge responsibility for starting the war as part of a
settlement.
    Iranian and Western diplomats say Iraq started the war by
invading Iran's territory in 1980. Iraq blames Iran for the
outbreak of hostilities, which have entailed World War I-style
infantry attacks resulting in horrific casualties.
    Each side has attacked the others' shipping.


.I 20437
.C
acq
.W
CCR VIDEO<CCCR.O> GETS OFFER ON TAKEOVER TALKS.
    LOS ANGELES, Oct 19 - CCR Video Corp said it received an
offer to enter into negotiations for <Intercep Investment Corp>
of Vancouver, B.C., to acquire a controlling interest in the
company through a tender offer.
    CCR said the negotiations would determine the terms under
which the CCR board could support an Intercep tender offer.
    Additional details were not immediately available.


.I 20442
.C
acq
.W
******SIMON AND SCHUSTER TO ACQUIRE WOODHEAD-FAULKNER OF THE U.K. FOR UNDISCLOSED TERMS.
Blah blah blah.

.I 20446
.C
ship;crude;
.W
BRITAIN BACKS U.S. STRIKE ON IRAN OIL PLATFORM.
    LUXEMBOURG, Oct 19 - British Foreign Secretary Sir Geoffrey
Howe backed the United States' attack on an Iranian oil
platform on Monday and said it should not worsen the Gulf
crisis.
    "The United States is fully entitled to take military action
in exercise of rights of self-defense, in the face of the
imminent threat of further attacks," Howe said in a statement
issued in London.
    The United States said its forces destroyed the platform on
Monday in retaliation for an Iranian missile attack on a U.S.-
flagged Kuwaiti ship last Friday.
    Referring to that attack, Howe added, "I trust the Iranians
will fully understand that continued attacks of this kind will
only enhance justification for firm action in self-defense."
    At a press conferenced in Luxembourg during a meeting of
European Community (EC) ministers, Howe was asked about
statements from a senior Iranian official who said America was
now involved in a full-scale war.
    "It would be profoundly undesirable and quite unjustified
for Iran to react in that way," he said.


.I 20448
.C
trade
.W
EC, U.S. PLAN HIGH-LEVEL TRADE TALKS.
    LUXEMBOURG, Oct 19 - The European Community is willing to
offer limited concessions to the United States on one of two
major issues which threaten to poison their trade relations
next year, an EC commission spokesman said.
    He said the offer would be made at a meeting later this
month between U.S. Trade Representative Clayton Yeutter and EC
External Relations Commissioner Willy de Clercq.
    EC Farm Commissioner Frans Andriessen told agriculture
ministers meeting in Luxembourg that the EC is willing to make
some temporary arrangements to lighten the impact on U.S.
Exports of an EC plan to ban the sales of meat from animals fed
with growth hormones, the spokesman said.
    Washington has said it will take trade reprisals if the EC
proceeds with the ban from January 1 and if European countries
do not quickly cut back what it sees as unfair subsidies to the
makers of their Airbus airliner which are harming U.S.
Manufacturers.
    It claims the hormones ban has no scientific basis and will
rob it of 130 mln dlrs' worth of exports a year.
    Diplomatic sources said the Yeutter-de Clercq meeting will
take place in London and will also involve the aerospace
ministers of France, Britain, West Germany and Spain, the
countries involved in the Airbus project.


.I 20449
.C
earn
.W
EASTERN UTILITIES ASSOCIATES 3RD QTR NET.
    BOSTON, Oct 19 -
    Shr 86 cts vs 74 cts
    Net 11.1 mln vs 8.6 mln
    Revs 87.7 mln vs 80.5 mln
    Avg shrs 12,857,904 vs 11,578,259
    Nine mths
    Shr 2.61 dlrs vs 2.15 dlrs
    Net 32.6 mln vs vs 24.8 mln
    Revs 269.8 mln vs 257.8 mln
    Avg shrs 12,482,780 vs 11,502,035
    12 mths
    Shr 3.28 dlrs vs 2.80 dlrs
    Net 40.3 mln vs 32.1 mln
    Revs 355.4 mln vs 342.1 mln
    Avg shrs 12,271,220 vs 11,457,028


.I 20453
.C
earn
.W
NATIONAL SANITARY SUPPLY CO <NSSX.O> 3RD QTR.
    LOS ANGELES, Oct 19 -
    Shr 16 cts vs 14 cts
    Net 954,000 vs 777,000
    Revs 24.7 mln vs 21.5 mln
    Avg shrs 6,000,000 vs 6,000,000
    Nine mths
    Shr 39 cts vs 34 cts
    Net 2,314,000 vs 1,805,000
    Revs 69.2 mln vs 59.3 mln
    Avg shrs 6,000,000 vs 5,363,000


.I 20454
.C
earn
.W
CNB BANCSHARES INC <CNBE.O> 3RD QTR NET.
    EVANSVILLE, IND., Oct 19 -
    Shr 52 cts vs 45 cts
    Net 2,623,000 vs 2,256,000
    Nine mths
    Shr 1.55 dlrs vs 1.45 dlrs
    Net 7,744,000 vs 6,542,000


.I 20455
.C
acq
.W
GULF AND WESTERN <GW> TO ACQUIRE BRITISH COMPANY.
    NEW YORK, Oct 19 - Gulf and Western Inc's publishing unit,
Simon and Schuster, said it agreed in principle to acquire
<Woodhead-Faulkner (Publishers) Ltd>, a British-based publisher
of professional and consumer books, for undisclosed terms.
    Upon completion of the proposed transaction,
Woodhead-Faulkner will become part of Simon and Schuster's
International Group, which in the U.K. includes Simon and
Schuster trade books, and Prentice Hall academic texts.
    Simon and Schuster said that Woodhead-Faulkner will
continue to publish under that name.
    The company will continue to be under the direction of
Martin Woodhead, who will report to Henry Hirschberg, president
of Simon and Schuster's International Group.
    Woodhead-Faulkner, founded in 1972, publishes international
banking, finance, and investment books.


.I 20456
.C
ship;crude;
.W
U.S. FORCES DESTROYED OIL RIG, RAIDED ANOTHER.
    WASHINGTON, Oct 19 - U.S. warships destroyed an Iranian oil
platform in the Gulf on Monday and the Navy also raided a
second oil rig in retaliation for Friday's Iranian missile
attack on a U.S. flag tanker, the Pentagon said.
    President Reagan and Defense Secretary Caspar Weinberger
warned Iran of even stronger countermeasures if the military
escalation between the two countries continued in the volatile
waterway.
    Reagan said he ordered the strike on the first platform by
four U.S. destroyers, which fired about 1,000 five-inch shells
at the Rostam oil rig 120 miles east of Bahrain in the central
Gulf.
    A short time later, Navy personnel boarded a second Iranian
oil platform about five miles to the north and destroyed radar
and communications equipment before leaving the structure, the
Pentagon said.
     Defense Department spokesman Fred Hoffman told reporters
that the second platform had been abandoned by Iranian
personnel during the shelling and destruction of the first rig.
    The United States said both platforms were being used to
keep track of Gulf merchant shipping and to launch speedboat
attacks on such shipping by Iranian Revolutionary guards.


.I 20458
.C
earn
.W
STRATUS COMPUTER INC <STRA.O> 3RD QTR NET.
    shr 26 cts vs 18 cts
    net 5,281,000 vs 3,496,000
    rev 48.8 mln vs 32.1 mln
    nine mos
    shr 64 cts vs 51 cts
    net 12,852,000 vs 9,822,000
    rev 129.0 mln vs 89.2 mln            


.I 20461
.C
earn
.W
AUTOTROL CORP <AUTR.O> 3RD QTR NET.
    MILWAUKEE, WIS., Oct 19 -
    Shr profit 22 cts vs loss 22 cts
    Net profit 430,373 vs loss 433,395
    Sales 7,723,838 vs 6,219,157
    Nine mths
    Shr profit 49 cts vs loss 1.20 dlrs
    Net profit 960,008 vs loss 2,338,286
    Sales 23.2 mln vs 19.9 mln
    NOTE: 1986 data restated to reflect operations discontinued
in 1986
    1986 earnings exclude loss from discontinued operations of
319,055 dlrs, or 16 cts a share in the quarter and 906,962
dlrs, or 46 cts a share for the nine months


.I 20462
.C
earn
.W
EDAC TECHNOLOGIES CORP <EDAC.O> 3RD QTR NET.
    MILWAUKEE, Wis., Oct 9 -
    Shr three cts vs two cts
    Net 109,000 vs 67,000
    Sales 11.3 mln vs 11.3 mln
    Nine mths
    Shr seven cts vs 99 cts
    Net 221,000 vs 3,213,000
    Sales 30.6 mln vs 35.9 mln
    Order backlog 22.7 mln vs 13.5 mln
    Note: 1986 figures include life insurance proceeds of 2.5
mln dlr or 78 cts a share.


.I 20463
.C
earn
.W
NATIONAL BANC OF COMMERCE CO <NBCC.O> 3RD QTR.
    CHARLESTON, W. Va., Oct 19 -
    Shr 41 cts vs 47 cts
    Net 1,002,000 vs 931,000
    Avg shrs 2,452,171 vs 1,975,422
    Nine mths
    Shr 1.23 dlrs vs 1.41 dlrs
    Net 3,014,000 vs 2,776,000
    Avg shrs 2,444,591 vs 1,967,539


.I 20464
.C
earn
.W
WALTHAM CORP <WLBK.O> 3RD QTR NET.
    WALTHAM, Mass., Oct 19 -
    Shr 27 cts vs 21 cts
    Net 988,000 vs 784,000
    Nine mths
    Shr 82 cts
    Net 3,040,000 vs 2,089,000
    Assets 284.2 mln vs 244.0 mln
    Loans 203.7 mln vs 133.5 mln
    Deposits 211.7 mln vs 179.5 mln
    NOTE: 1986 nine mths per share not available because bank
did not convert to stock form until May 22, 1986.


.I 20465
.C
earn
.W
CHEMED CORP <CHE> 3RD QTR NET.
    CINCINNATI, Ohio, Oct 19 -
    Primary shr 68 cts vs 65 cts
    Diluted shr 62 cts vs 60 cts
    Net 6,053,000 vs 5,803,000
    Revs 101.4 mln vs 94.8 mln
    Primary avg shrs 8,955,000 vs 8,963,000
    Diluted avg shrs 11,031,000 vs 11,010,000
   
    Nine months
    Primary shr 1.74 dlrs vs 1.83 dlrs
    Diluted shr 1.64 dlrs vs 1.69 dlrs
    Net 15.6 mln vs 16.3 mln
    Revs 291.4 mln vs 266.7 mln
    Primary avg shrs 8,974,000 vs 8,936,000
    Diluted avg shrs 11,053,000 vs 10,994,000
    NOTE: 1986 third qtr results exclude extraordinary 811,000
dlr gain from termination of a pension plan. 1986 nine month
results include 1,804,000 dlr gain from June 1986 sale of
National Sanitary Supply common stock in an initial offering.


.I 20468
.C
earn
.W
BULCAN CORP <BUL> 3RD QTR NET.
    CINCINNATI, Oct 19 -
    Shr five cts vs seven cts
    Net 80,642 vs 115,222
    Revs 7,833,570 vs 5,739,443
    Nine mths
    Shr five cts vs 1.11 dlrs
    Net 80,773 vs 1,743,828
    Revs 21.6 mln vs 16.3 mln


.I 20469
.C
earn
.W
SPECIALTY COMPOSITES CORP <SPCM.O> 3RD QTR NET.
    NEWARK, Del., Oct 19 -
    Shr 11 cts vs nine cts
    Net 105,489 vs 88,929
    Revs 2,306,697 vs 2,066,636
    Nine mths
    Shr 17 cts vs 14 cts
    Net 167,960 vs 136,856
    Revs 6,714,468 vs 6,026,343
    NOTE: 1987 qtr and nine mths includes tax gain 64,200 dlrs
and 102,200 dlrs, respectively. 1986 qtr and nine mths includes
tax gain 78,000 dlrs and 107,000 dlrs, respectively.


.I 20478
.C
crude
.W
U.S. MILITARY LEADER PREDICTS IRANIAN RESPONSE.
    WASHINGTON, Oct 19 - William Crowe, chairman of the U.S.
Joint Chiefs of Staff, predicted Iran will retaliate for the
U.S. strike against its oil platform though he said Iranian
options were limited.
    "They will be determined. They will not be easily deterred,
and let me stress for you that our commitment there is not
going to be risk free or casualty free."
    He said the most likely Iranian response would involve
terrorism or the laying of mines.
    "They obviously will look for ways that are probably more in
line with the 'silent hand' than what they have tried thus far,"
Crowe told an American Stock Exchange conference.
    He declined comment on a reporter's query whether he
favored a stronger move against Iran than that ordered by the
president.
    "We carried out the operation that was decided upon and we
carried it out with enthusiasm and I think it was
professionally and well done," Crowe said.


.I 20479
.C
money-fx
.W
****German Finance Ministry confident of maintaining currency stability at around current levels - spokesman.
Blah blah blah.

.I 20483
.C
earn
.W
VALLEY CAPITAL CORP <VCCN.O> 3RD QTR NET.
    NEW YORK, Oct 19 -
    Shr 1.17 dlrs vs 80 cts
    Net 5,500,000 vs 3,500,000
    Nine months
    Shr 3.30 dlrs vs 2.10 dlrs
    Net 15.1 mln vs 9.2 mln
    Assets 1.6 billion vs 1.4 billion
    Deposits 1.3 billion vs 1.1 billion
    Loans 947.0 mln vs 822.0 mln


.I 20488
.C
earn
.W
AMCA INTERNATIONAL <AIL> 3RD QTR LOSS.
    TORONTO, Oct 19 -
    Shr loss two cts vs loss 1.79 dlrs
    Net profit 4,959,000 vs loss 56.2 mln
    Revs 290.3 mln vs 245.0 mln
    Nine mths
    Shr loss 75 cts vs loss 1.78 dlrs
    Net loss 9,390,000 vs loss 44.2 mln
    Revs 800.8 mln vs 838.6 mln
    NOTE: Full name is AMCA International Ltd. Results in U.S.
dlrs. Latest qtr earnings include pension refund of 10 mln
dlrs, representing loss of two cts per shr after payment of
preferred dividends.


.I 20489
.C
money-fx
.W
******German Finance Ministry confident of maintaining currency stability at around current levels - spokesman.
Blah blah blah.

.I 20490
.C
earn
.W
CTS CORP <CTS> 3RD QTR OPER NET.
    ELKHART, Ind., Oct 19 -
    Oper shr profit 62 cts vs profit seven cts
    Oper net profit 3,492,000 vs profit 401,000
    Revs 62.8 mln vs 62.0 mln
    Nine mths
    Oper shr profit 1.26 dlrs vs loss 42 cts
    Oper net profit 7,131,000 vs loss 2,344,000
    Revs 190.3 mln vs 180.0 mln
    NOTE: 1986 period ended September 28. Results exclude
extraordinary gain from net loss carryforward of 228,000 dlrs
or three cts a shr in the 1987 3rd qtr and 1,043,000 dlrs or 18
cts in the 1987 nine mths. 1986 nine mth results exclude
earnings from discontinued operations of 7,549,000 dlrs or 1.34
dlrs.


.I 20491
.C
acq
.W
MACYRO GROUP <MYO.M> BUYS COMPANIES.
     L'Ange-Gardien, Que., Oct 19 - Groupe Macyro Inc said it
agreed to buy two Quebec construction wholesalers, (Nap Dumont
(1982) Ltd) and (Nap Transport Cie Ltd) for 3.5 mln dlrs.
     Macyro said the two companies operate in the construction
material, electiricty, plumbing, hardware and locksmithing
sectors and had sales of 23.5 mln dlrs last year.              
 


.I 20492
.C
acq
.W
PEPSICO UNIT <PEP> LIFTS <CALNY.O> STAKE.
    WASHINGTON, Oct 19 - Taco Bell Corp, a unit of Pepsico Inc,
said it increased its stake in Calny Inc common stock to
1,349,884 shares, or 27.9 pct of the total outstanding, from a
previous figure of approximately 1,230,107 shares, or 25.4 pct.
    In a filing with the Securities and Exchange Commission,
Taco Bell said it bought 119,867 Calny common shares on October
15 and 16 at 10.75 dlrs a share.
    No reason was given for the recent purchases.


.I 20493
.C
crude
.W
******ARCO RAISES CRUDE OIL PRICES 50 CTS BARREL, TODAY, WTI TO 19.00.
Blah blah blah.

.I 20494
.C
earn
.W
WESTPORT BANCORP <WEBAT.O> 3RD QTR NET.
    WESTPORT, Conn., Oct 19 -
    Shr 19 cts vs 38 cts
    Net 397,000 vs 788,000
    Nine mths
    Shr 80 cts vs 1.19 dlrs
    Net 1,674,000 vs 2,455,000
    NOTE: Company would not provide assets, deposits, and loans
figures.


.I 20496
.C
money-fx
.W
******TREASURY'S BAKER MET WEST GERMANY'S STOLTENBERG TODAY, AGREED TO SUPPORT LOUVRE PACT.
Blah blah blah.

.I 20499
.C
earn
.W
MORRISON KNUDSEN CORP <MRN> 3RD QTR LOSS.
    BOISE, Idaho, Oct 19 -
    Oper shr loss 2.51 dlrs vs profit 94 cts
    Oper net loss 27.2 mln vs profit 10.3 mln
    Revs 464.2 mln vs 504.6 mln
    Nine mths
    Oper shr loss 1.33 dlrs vs profit 2.57 dlrs
    Oper net loss 14.4 mln vs profit 28.2 mln
    Revs 1.41 billion vs 1.55 billion
   
    NOTE: 1987 qtr and nine mths excludes loss 41.1 mln dlrs,
or 3.79 dlrs per share, and loss 41.8 mln dlrs, or 3.87 dlrs
per share, respectively, from discontinued real estate
operations.
    1986 qtr and nine mths include loss 126,000 dlrs, or one
cent per share, and gain 304,000 dlrs, or three cts per share,
respectively, from discontinued operations.


.I 20500
.C
earn
.W
POLAROID CORP <PRD> 3RD QTR SEPT 27.
    CAMBRIDGE, Mass., Oct 19 -
    Shr 39 cts vs 39 cts
    Net 24.4 mln vs 23.8 mln
    Revs 425.9 mln vs 396.2 mln
    Nine mths
    Shr 1.23 dlrs vs 1.04 dlrs
    Net 76.3 mln vs 64.1 mln
    Revs 1.26 billion vs 1.12 billion
    NOTE: Net adjusted to account for the recent 2-for-1 split
of the company's common.
   
    Qtr 1986 includes a seven cts per shr gain due to net
after-tax foreign currency exchange effect.


.I 20501
.C
crude
.W
ARCO <ARC> RAISES CRUDE OIL POSTINGS 50 CTS.
    NEW YORK, Oct 19 - Atlantic Richfield's Arco Oil and Gas Co
said it increased contract prices for crude oil by 50 cts a
barrel, effective today.
    Arco said the 50 cts increase brings its posted price for
West Texas Intermediate, the U.S. benchmark grade, to 19.00
dlrs a barrel.
    The price of West Texas Sour was increased to 18.10 dlrs.
Light Louisiana Sweet was raised to 19.35 dlrs.
    The price was last changed on September 30.


.I 20505
.C
earn
.W
KMW SYSTEMS CORP <KMWS.O> 1ST QTR SEPT 30.
    AUSTIN, Texas, Oct 19 -
    Shr five cts vs eight cts
    Net 100,000 vs 176,000
    Revs 4,027,000 vs 3,649,000
    NOTE: 1986 qtr includes gain 90,000 dlrs, or four cts per
share, from tax gain.


.I 20506
.C
earn
.W
GATEWAY FEDERAL SAVINGS <GATW.O> 3RD QTR NET.
    CINCINNATI, Oct. 19 -
    Shr 99 cts vs not given
    Net 1,943,000 vs not given
    Nine mths
    Shr 2.35 dlrs vs not given
    Net 4,602,000 vs not given
    NOTE: Full name is Gateway Federal Savings and Loan
Association. Latest qtr includes a tax credit of 909,000 dlrs
or 46 cents a share. Latest nine mths includes a tax credit of
2,330,000 dlrs or 1.19 dlrs. 1986 figures not given as company
went public on June 2, 1987.


.I 20507
.C
earn
.W
WESTPORT BANCORP <WEBAT.O> 3RD QTR NET.
    WESTPORT, Conn., Oct 19 -
    Shr 19 cts vs 38 cts
    Net 397,000 vs 788,000
    Nine mths
    Shr 80 cts vs 1.19 dlrs
    Net 1,674,000 vs 2,455,000
    NOTE: Company would not provide assets, deposits, and loans
figures.


.I 20510
.C
earn
.W
<ACC CORP> 3RD QTR NET.
    NEW YORK, Oct 19 -
    Shr profit three cts vs profit nine cts
    Net profit 102,136 vs profit 307,516
    Revs 8,549,182 vs 8,469,476
    Nine mths
    Shr loss 13 cts vs profit 28 cts
    Net loss 458,823 vs profit 1,014,969
    Revs 25.5 mln vs 24.6 mln


.I 20511
.C
earn
.W
SCICOM DATA <SCIE.O> 1ST QTR SEPT 30 NET.
    MINNETONKA, Minn, Oct 19 -
    Shr 23 cts vs 18 cts
    Net 249,920 vs 194,369
    Revs 3,752,641 vs 3,355,563
    NOTE: Full name is Scicom Data Services Ltd.


.I 20512
.C
money-fx
.W
U.S. TREASURY'S BAKER MEETS WEST GERMAN MINISTER.
    WASHINGTON, Oct 19 - U.S. Treasury Secretary James Baker
met West German Finance Minister Gerhard Stoltenberg and
Bundesbank President Karl Otto Poehl today in West Germany and
agreed to support the Louvre pact, the Treasury Department
said.
    The Treasury described the meeting as "a very positive,
private meeting in Frankfurt, West Germany which had been
agreed upon last week. "The parties agreed to continue economic
cooperation under the Louvre agreement and its flexible
application including cooperation on exchange rate stability
and monetary policies," the Treasury said.
    The Treasury said Baker and Stoltenberg "are consulting with
their G-7 colleagues and are confident that this will enable
them to foster exchange rate stability around current levels."
    The Louvre pact is an agreement between the Group of Seven
leading industrial countries including the United States and
West Germany to promote currency stability.
    Baker was scheduled to visit Scandinavia and Belgium this
week and the department earlier refused to release details of
his travel itinerary, citing security considerations.


.I 20515
.C
money-fx
.W
DELORS CALLS FOR G-7 MEETING.
    LUXEMBOURG, Oct 19 - European Community Commission
President Jacques Delors called for a swift convening of a
meeting of the G-7 countries following the instability in
today's trading on world money and stock markets.
    He told a press conference here: "G-7 should meet discreetly
and quickly."
    Delors said if the dollar were to fall further against the
mark to levels around 1.60, the European Monetary System would
undergo a "test by fire."
    Delors said the current problems in the markets had been
caused by excessive growth in financial trading, excessive
deregulation and the failure of the fundamentals of the world
economy to adapt themselves quickly enough to changing
circumstances.
    He said it was "profoundly unjust" to blame it on recent
increases in West Germany.


.I 20516
.C
acq
.W
******MEDIA GENERAL SAYS GIANT GROUP, AFFILIATES HAVE 9.8 PCT OF CLASS A COMMON STOCK.
Blah blah blah.

.I 20517
.C
earn
.W
AMERICAN MANAGEMENT SYSTEMS <AMSY.O> 3RD QTR NET.
    ARLINGTON, Va., Oct 19 -
    Shr 18 cts vs 14 cts
    Net 1,852,000 vs 1,488,000
    Revs 44.7 mln vs 35.9 mln
    Nine mths
    Shr 41 cts vs 34 cts
    Net 4,233,000 vs 3,512,000
    Revs 123.8 mln vs 98.4 mln
    NOTE: Full Name is American Management Systems Inc.


.I 20518
.C
crude
.W
UNOCAL <UCL> RAISES CRUDE OIL POSTED PRICES.
    LOS ANGELES, Oct 19 - Unocal Corp said it raised its posted
prices for most U.S. grades of crude oil by 50 cts a barrel,
effective October 16.
    The move brings the price the company will pay for the U.S.
benchmark grade, West Texas Intermediate, and West Texas Sour
to 19 dlrs a barrel.
    The price was last changed September 9, Unocal said.


.I 20519
.C
earn
.W
SIGNET BANKING CORP <SBK> 3RD QTR NET.
    RICHMOND, Va., Oct 19 -
    Shr 92 cts vs 91 cts
    Net 24.1 mln vs 22.7 mln
    Avg shrs 25.4 mln vs 24.8 mln
    Nine mths
    Shr 20 cts vs 2.58 dlrs
    Net 6,028,000 vs 62.7 mln
    Avg shrs 25.4 mln vs 24.3 mln
    Assets 10.3 billion vs 9.21 billion
    Deposits 7.10 billion vs 6.32 billion
    Loans 6.52 billion vs 5.60 billion


.I 20520
.C
acq
.W
PARTNERSHIP INCREASES GULL <GLL> HOLDINGS.
    WASHINGTON, Oct 19 - Gary Associates LP, which said
previously it may seek control of Gull Inc, said it increased
its stake in Gull common stock to 388,900 shares, or 7.7 pct of
the total outstanding, from a previous figure of approximately
318,000 shares, or 6.2 pct.
    In a filing with the Securities and Exchange Commission,
Gary Associates said it made net purchases of 70,900 Gull
common shares at 15 dlrs to 18.62 dlrs a share.
    Gary Associates made no mention of a possible takeover
attempt in its report to the SEC.


.I 20522
.C
earn
.W
ABITIBI-PRICE INC <AIB.TO> 3RD QTR OPER NET.
    TORONTO, October 19 -
    Oper shr 45 cts vs 42 cts
    Oper net 33.0 mln vs 31.1 mln
    Revs 749.8 mln vs 716.5 mln
    Nine mths
    Oper shr 1.23 dlrs vs 1.11 dlrs
    Oper net 91.1 mln vs 81.3 mln
    Revs 2.2 billion vs 2.1 billion
    NOTE: Prior nine mths and qtr excludes loss of 2.3 mln dlrs
due to discontinued operations.


.I 20524
.C
earn
.W
CADE INDUSTRIES INC <CADE.O> 3RD QTR NET.
    MILWAUKEE, Wis., Oct. 19 -
    Shr three cts vs two cts
    Net 456,000 vs 272,000
    Sales 15 mln vs 14.4 mln
    Nine mths
    Shr six cts vs 23 cts
    Net 992,000 vs 3,812,000
    Sales 41.1 mln vs 45.4 mln
    Order backlog 46 mln vs 24.3 mln
    Note: 1986 figures include a gain of 2.9 mln dlr or 17 cts
a share from life insurance proceeds.


.I 20526
.C
palm-oil;palmkernel;oilseed;veg-oil;soybean;
.W
US TROPICAL OIL LABELING PLAN SUFFERS DEFEAT.
    WASHINGTON, Oct 19 - A proposal to require imported
tropical oils to be labeled as saturated fats suffered a narrow
and possibly debilitating defeat in the U.S. Senate.
    The Senate Agriculture Committee rejected the proposal by a
10-8 vote, virtually snuffing out U.S. soybean producers' hopes
the plan would be adopted this year.
    A similar proposal has made no headway in the House.
    Sen. Tom Harkin (D-Iowa) offered the proposal as an
amendment to a farm spending reduction package.
    "I don't see this as a trade issue. I see it as giving
American consumers the information they need," he said.
    Proponents of the measure, including the American Soybean
Association, have claimed palm, palm kernel and coconut oils
are high in saturated fat and can contribute to heart disease.
    The U.S. soybean industry believes labels indicating
tropical oils are high in saturated fats would discourage
consumption of the oils, imported primarily from Malaysia,
Indonesia and the Philippines.
    But Sen. Richard Lugar (R-Ind.) read a letter from U.S.
Trade Representative Clayton Yeutter, who said the proposal
"blatantly discriminates" against imports, would be impossible to
defend under international trade law and would harm relations
with the Philippines, Malaysia and Indonesia.
    Yeutter's letter also said Americans derive most of their
saturated fats from meat and dairy products and relatively
little from tropical oils.
    The committee voted largely along party lines, with three
Democrats joining seven Republicans to oppose the measure.


.I 20527
.C
earn
.W
CLEVELAND-CLIFFS INC <CLF> 3RD QTR NET.
    CLEVELAND, Ohio, Oct 19 -
    Shr loss nine cts vs loss 1.03 dlrs
    Net profit 100,000 vs loss 11.6 mln
    Revs 125.2 mln vs 71.8 mln
    Nine mths
    Shr loss 2.46 dlrs vs loss 98 cts
    Net loss 26.9 mln vs loss 8.5 mln
    Revs 355.4 mln vs 215.6 mln
    NOTE: 1987 qtr includes loss 5.9 mln dlrs non-recurring
after-tax charges due almost entirely to the company's recent
buyout of its Tilden Mine debt obligations.
  
    1987 nine mths includes loss 23.7 mln dlrs pre-tax charge
to reduce the carrying value of the company's 17 land drilling
rigs.
    1987 nine mths includes pre-tax gain 1.2 mln dlrs on sale
of uranium reserves.
    1986 nine mths includes pre-tax gain 20.6 mln dlrs on sale
of iron ore interest in western Australia.


.I 20528
.C
crude
.W
IRAN FOREIGN MINISTER TELLS CUBA OF GULF SITUATION.
    HAVANA, Oct 19 - Iranian foreign minister ali akbar
velayati, here on a two-day official visit, informed cuban
foreign ministry officials on monday on the tense situation in
the gulf, diplomatic sources said.
    They said the envoy's trip, to be followed from tuesday by
a visit to nicaragua, could be linked to a possible mediation
of the non-aligned movement in the seven-year-old iran-iraq war
but they ruled out any prominent cuban role in it.
    Velayati could not be reached for comment on the U.S.
Attack on an abandoned iranian oil rig on monday which tehran
vowed to avenge.


.I 20530
.C
money-fx
.W
BONN CONFIDENT OF MAINTAINING CURRENCY STABILITY.
    BONN, Oct 19 - U.S. Treasury Secretary James Baker met West
German Finance Minister Gerhard Stoltenberg and Bundesbank
President Karl Otto Poehl in Frankfurt on Monday, a Bonn
Finance Ministry spokesman said.
    After the meeting the spokesman quoted Stoltenberg as
saying he was confident that foreign currencies could be
stabilised at around current levels.
    The meeting came after Baker criticised West Germany for
increasing short-term money market interest rates. He had said
the rise was not in line with the spirit of the Louvre accord
aimed at stabilizing the U.S. dollar last February.
    The meeting had been arranged last week, the spokesman
said. Baker, Stoltenberg and Poehl had agreed to pursue the
policies agreed under the Louvre pact with reference to
currency stability and monetary policy.
    Earlier on Monday the Bundesbnak injected liquidity into
the West German money market in a move which money market
dealers interpreted as an attempt by the West German monetary
authority to curb interest rate rises.
    The spokesman described Monday's talks, which he called
private, as very positive.


.I 20532
.C
acq
.W
MEDIA GENERAL <MEGA> FAMILY WONT SELL SHARES.
    RICHMOND, Va., Oct 19 - Media General Inc's chairman, D.
Tennant Bryant, said his family would not sell its controlling
share block, so it would be impossible for an investor group
led by <Giant Group Ltd> to gain control of the company.
    The investor group, which includes Barris Industries
<BRRS.O>, recently reported that it acquired a 9.8 pct stake of
Media General's class A shares and might seek control.
    Bryant said the company's class A stock elects only 30 pct
of the board, with the remaining 70 pct being elected by class
B shares, two-thirds of which are controlled by the Bryant
family trust, which has no intention of selling its shares.


.I 20533
.C
earn
.W
A.H. BELO CORP <BLC> 3RD QTR NET.
    DALLAS, Oct 19 -
    Shr 59 cts vs 27 cts
    Net 6,398,000 vs 2,979,000
    Revs 91.0 mln vs 94.1 mln
    Avg shrs 10.8 mln vs 11.2 mln
    Nine mths
    Shr 1.58 dlrs vs 1.06 dlrs
    Net 17.2 mln vs 12.2 mln
    Revs 279.7 mln vs 289.1 mln
    Avg shrs 10.9 mln vs 11.4 mln


.I 20535
.C
ship
.W
ITALY WORRIED AT RISING TENSION AFTER GULF ATTACK.
    ROME, Oct 19 - Italian Prime Minister Giovanni Goria told
the cabinet on Monday he was worried about the increased
tension in the Gulf, but said America's retaliation against
Iran had been limited.
    A statement issued after a cabinet meeting said Goria had
been informed by the United States that it would take action
against an Iranian target in the Gulf, but had not known
beforehand that the action would involve an attack on an oil
platform.
    "The prime minister expressed his concern over the possible
consequences of increased tension in the Gulf, at the same time
recognizing the limited character of the American military
reaction to the attacks it has suffered in the past few days,"
the statement said.
    Goria said Italy's own ships were far from the platform at
the time of the attack and the fleet had been advised to follow
events with caution.
    Italy has sent eight ships, including three frigates and
three minesweepers, to the Gulf to protect Italian merchant
shipping there.


.I 20536
.C
acq
.W
******GREAT ATLANTIC AND PACIFIC TEA CO SAID IT WITHDREW ITS OFFER TO BUY DELCHAMPS INC.
Blah blah blah.

.I 20537
.C
earn
.W
AMERICAN FRUCTOSE CORP <AFC> 3RD QTR NET.
    STAMFORD, Conn., Oct 19 -
    Shr 38 cts vs 52 cts
    Net 3,980,000 vs 5,524,000
    Revs 37.4 mln vs 44.8 mln
    Nine mths
    Shr 76 cts vs 99 cts
    Net 7,983,000 vs 10.5 mln
    Revs 100.4 mln vs 123.6 mln
    NOTE: 1987 qtr and nine mths includes loss 9,000 dlrs and
432,000 dlrs, or four cts per share, from repurchase and
retirment of debt.


.I 20539
.C
acq
.W
GREAT ATLANTIC <GAP> WITHDRAWS DECHAMPS BID.
    MONTVALE, N.J., Oct 19 - The Great Atlantic and Pacific Tea
Co Inc said it withdrew its offer to acquire Delchamps Inc
<DLCH.O> for 27 dlrs a share or about 175 mln dlrs, which was
made earlier this month.
    Michael Rourke, A and P vice president, said the company
withdrew the offer because Delchamps did not respond favorably
to it and because of market conditions.
    He would not comment on whether A and P would make another
offer to acquire Delchamps.


.I 20541
.C
earn
.W
CALIFORNIA WATER SERVICE CO <CWTR.O> 3RD QTR.
    SAN JOSE, Calif., Oct 19 -
    Shr 2.10 dlrs vs 1.83 dlrs
    Net 5,919,000 vs 5,168,000
    Revs 35.0 mln vs 34.3 mln
    Nine Mths
    Shr 5.09 dlrs vs 3.55 dlrs
    Net 14,391,000 vs 10,099,000
    Revs 88 mln vs 83.7 mln
    Note: Curent nine mth figures include 2.2 mln dlr, or 79
cts per share, gain resulting from change in accounting method
for unbilled revenues.


.I 20543
.C
earn
.W
SUN STATE SAVINGS <SSSL.O> 3RD QTR NET.
    PHOENIX, Ariz., Oct 19 -
    Shr 28 cts vs 46 cts
    Net 1,634,000 vs 2,007,000
    Avg shrs 5,850,000 vs 4,400,000
    Nine Mths
    Shr 82 cts vs 1.77 dlrs
    Net 4,788,000 vs 7,792,000
    Avg shrs 5,850,000 vs 4,400,000
    Loans 586.9 mln vs 481.5 mln
    Deposits 697.4 mln vs 606.2 mln
    Assets 797.2 mln vs 683.4 mln
    Note: Full name Sun State Savings and Loan Association.


.I 20544
.C
money-fx
.W
LAWSON WELCOMES REAFFIRMATION OF LOUVRE ACCORD.
    LONDON, October 19 - U.K. Chancellor of the Exchequer Nigel
Lawson welcomed on Monday the reaffirmation by the U.S. And
West Germany of the Louvre accord aimed at stabilising
currencies.
    His office said Lawson had welcomed the outcome of a
meeting between U.S. Treasury Secretary James Baker, Bundesbank
President Karl Otto Poehl, and West German Finance Minister
Gerhard Stoltenberg in Frankfurt.
    After the meeting, a Bonn finance ministry spokesman quoted
Stoltenberg as saying he was confident that foreign currencies
could be stabilised at around current levels.
    The meeting came after Baker criticised West Germany for
increasing key interest rates, saying they were not in line
with last February's Louvre accord.


.I 20547
.C
ship;crude;
.W
U.S. LAWMAKERS SUPPORT GULF ACTION.
    WASHINGTON, Oct 19 - American lawmakers rallied behind
President Reagan for the U.S. strike against Iranian targets in
the Gulf but the attack fueled a sharp new White House-Congress
debate over limits on his powers to make war.
    The Pentagon announced on Monday that U.S. warships
destroyed a non-producing oil platform used for monitoring Gulf
ship traffic and military operations, and also raided a second
Iranian oil rig in retaliation for an earlier Iranian attack on
a Kuwaiti ship flying the American flag.
    Many Democrats, who control Congress, and Republicans
expressed support for the attack and praised it as an
appropriate "measured response."
    But Democrats and liberal Republicans voiced new fears that
the growing confrontation between Tehran and the United States
could erupt into a major war, and demanded that Reagan comply
with the 1973 War Powers Act, which could lead to a pullout of
American forces from the waterway.
    "Those who contend the strike was necessary must realize
their words are easily construed as a tacit endorsement of war
with Iran," said Sen Mark Hatfield of Oregon, a Republican.


.I 20549
.C
earn
.W
BANKING CENTER <TBCX.O> 3RD QTR NET.
    WATERBURY, Conn., Oct 19 -
    Shr 25 cts vs NA
    Net 3,081,000 vs 2,063,000
    Nine mths
    Shr 86 cts vs NA
    Net 10.5 mln vs 6,966,000
    NOTE: Year-ago per share amounts not available as bank
converted to stock ownership August 13, 1986.
    1987 amounts include operations of Burgdoff Realtors
acquired during December 1986 and other operations.


.I 20550
.C
acq
.W
FIFTH THIRD <FITB.O> TO MERGE WITH C AND H.
    CINCINNATI, Oct 19 - Fifth Third Bancorp and <C and H
Bancorp> said they reached a preliminary agreement to merge.   
 C and H Bancorp has assets of 257 mln dlrs and is the parent
company of Citizens Heritage Bank N.A.
    The companies said the agreement calls for each of the
about one mln shares of C and H Bancorp to be exchanged for one
share of Fifth Third Bancorp. Based on its financial
expectations, Fifth Third said the dilution in per share
earnings for the merger will be negligible.


.I 20552
.C
earn
.W
JEPSON CORP <JEPS.O> 3RD QTR NET.
    CHICAGO, Oct 19 -
    Shr 22 cts vs 20 cts
    Net 4,033,000 vs 3,398,000
    Sales 125.3 mln vs 99.1 mln
    Avg shrs 18.4 mln vs 17.5 mln
    Nine mths
    Shr 89 cts vs 78 cts
    Net 15.9 mln vs 13.6 mln
    Sales 413.7 mln vs 345.0 mln
    Avg shrs 17.8 mln vs 17.5 mln
   
    NOTE:1987 3rd qtr per share reflects issuance of two mln
shares in initial public offering. 1986 nine mth results
include extraordinary gain of 3,843,000 dlrs or 22 cts


.I 20554
.C
earn
.W
<POTASH CO OF AMERICA INC> NINE MTHS LOSS.
    TORONTO, Oct 19 -
    Shr loss 1.73 dlrs vs nil
    Net loss 16.3 mln vs profit 2,206,000
    Sales 69.1 mln vs 29.1 mln
    Note: per share is after payment of preferred dividends.


.I 20555
.C
ship;crude;
.W
FRANCE SAYS U.S. HAD RIGHT TO STRIKE.
    PARIS, Oct 19 - France voiced its comprehension for a U.S.
Attack on an Iranian target while calling for a swift halt to
the Gulf War to avoid further escalation.
    "The French authorities reaffirm their attachment to the
freedom and security of navigation and to the right of all
states to take action under international law and the United
Nations charter to halt attacks such as that of October 16," the
Foreign Ministry spokesman said in a statement.
    The United States said its forces destroyed an Iranian oil
platform in the Gulf and struck at a second on Monday in
retaliation for a recent Iranian missile attack on a
U.S.-flagged Kuwaiti ship.
    Washington said the platforms were used to monitor shipping
and to launch small-boat attacks on shipping. The French
statement described the target as "an Iranian military platform."
    But the French statement added that "everything must be done
now to avoid that these military developments lead to a new
escalation of the conflict."


.I 20556
.C
ship;crude;
.W
U.S., AT U.N., CLAIMS SELF-DEFENSE FOR GULF ATTACK.
    UNITED NATIONS, Oct 19 -The United States invoked the right
of self-defense in destroying an Iranian oil platform in the
Gulf, the American delegation told the United Nations.
    Lieutenant General Vernon Walters sent letters about the
incident to Security Council President Maurizio Bucci, the
delegate of Italy, and Secretary General Javier Perez de
Cuellar.
    U.N. press secretary Francois Giuliani said the Secretary
General had no comment on the attack, which followed his appeal
last Friday for restraint in the crisis while he pursued
efforts to obtain a ceasefire between Iran and Iraq.
    In his explanation, Walters said the United States took
defensive action in response to an Iranian attack against
American ships in the Gulf.
    He cited an Iranian Silkworm missile strike last Friday in
Kuwait waters against the United States-flag ship Sea Isle
City.
    Walters said that military forces on the destroyed Iranian
platform had engaged in a variety of actions against United
States-flag and other nonbelligerent vessels and planes.
    "In accordance with Article 51 of the United Nations
(Charter), I wish, on behalf of my government, to report that
United States forces have exercised the inherent right of
self-defense under internation law by taking defensive action
in response to attacks by . . . Iran against United States
vessels in the Gulf," Walters said.
    Members of the Security Council met behind closed doors on
Monday to discuss developments in the Gulf war, but no
statement was issued afterwards.


.I 20558
.C
earn
.W
CAPITOL BANCORP <CAPB.O> 3RD QTR NET.
    BOSTON, Oct 19 -
    Shr profit 1.07 dlrs vs loss 1.19 dlrs
    Net profit 3,326,000 vs loss 3,446,000
    Nine mths
    Net profit 9,714,000 vs profit 3,665,000
    NOTE: Latest and prior nine month per share amounts not
given.


.I 20559
.C
crude
.W
VENEZUELA BACKS INCREASE IN ECUADOR OPEC QUOTA.
    CARACAS, Oct 19 - Venezuela will back Ecuador's bid to
raise its OPEC quota above 221,000 barrels per day (bpd)
because it is a justifiable demand, Venezuelan Energy Minister
Arturo Hernandez Grisanti said on Monday.
    He told reporters the country deserved a higher quota in
compensation for the five months it was forced to suspend oil
production when its main pipeline was destroyed by an
earthquake last March.
    "For this five-month period, Ecuador did not exercise its
right to produce 221,000 bpd," he said. "We should recognize
Ecuador's right to increase its quota ... There is a basis of
justice in that country's petition."
    He added however, the quota increase should be gradual to
avoid harming the market, he added.
    Hernandez Grisanti said he understood Ecuador would
formally submit the request for a higher quota at the next
ministerial conference of the Organization of Petroleum
Exporting Countries (OPEC) opening December 9 in Vienna.


.I 20568
.C
crude
.W
EX-ARCO <ARC> CHIEF SEES ENERGY CRISIS BY 1990.
    HOUSTON, Oct 19 - Dwindling global crude oil reserves and
the lack of any major new discoveries in recent years will send
the world into an energy crisis by 1990, the former Atlantic
Richfield Co chairman Robert O. Anderson said.
    "It's going to come sooner than anyone thinks," Anderson
told reporters after addressing a Houston business lunch. "I
believe we're going to see a change in the world oil markets in
two to three years because oil is becoming harder to find."
    Anderson, who retired from Arco last year to form Hondo Oil
and Gas Co, said world oil consumption is approaching 60 mln
barrels a day but a current excess capacity cushion of about
4.5 mln barrels a day will rapidly disappear.
    "If you looked around the world, you could not scrape up
one mln barrels a day in shut-in production outside the Middle
East," he said. "We're soon going to be right back where we
were in 1973 and 1979."
    Anderson predicted that world oil prices would end 1987 at
about 24 dlrs a barrel and continue a gradual climb.
    "There's no way prices can stay flat because there isn't
enough supply," he said. "There have been no major oil
discoveries for the past 15 to 20 years."
    Alaska's Prudhoe Bay oil reserves, the last major world
discovery, has already produced about five billion barrels of
oil or more than half of its estimated reserves, he said.


.I 20569
.C
dlr;money-fx;
.W
BAKER/STOLTENBERG MEETING SOOTHES MARKETS.
    By Jonathan Lynn and Anthony Williams
    FRANKFURT, Oct 19 - News of a meeting between U.S. Treasury
Secretary James Baker and West German Finance Minister Gerhard
Stoltenberg on Monday soothed currency markets, allowing the
dollar to recoup much of the day's losses, dealers said.
    News of the meeting, which took place in Frankfurt in great
secrecy, came after the dollar fell sharply on criticism by
Baker of West German monetary policy, which had provoked fears
that the Louvre pact on currency stability was in jeopardy.
    The dollar reacted immediately to the news, rising over two
pfennigs in after hours New York trading, dealers there said.
    The announcement of the meeting, also attended by
Bundesbank President Karl Otto Poehl, was made simultaneously
in Bonn and Washington, timed for after the closure of New York
markets.
    Baker, Stoltenberg and Poehl agreed to pursue the policies
accepted under the February Louvre accord, a finance ministry
spokesman in Bonn said.
    The dollar rose to 1.7970/90 marks from New York's close of
1.7730/40. It had closed there on Friday at 1.7975/85 marks.
    The dollar had tumbled nearly three pfennigs as the market
reacted to Baker's criticism of rising West German interest
rates, and stock markets crashed worldwide. Baker had said that
West Germany was apparently breaching the Louvre accord.
    Under the accord, leading industrial democracies pledged to
coordinate economic policies to foster currency stability, with
the surplus countries, West Germany and Japan, stimulating
their economies and the U.S. promising to cut its budget
deficit.
    West German government sources said rising West German
money market rates could not be seen as a breach of the Louvre
pact. They were rather a direct reaction to higher interest
rates in the United States. U.S. Bond yields have been rising
since May on inflationary fears and in early September the Fed
raised the discount rate to 6.00 pct from 5.50.
    German yields have also risen over this period, but less
markedly, and since late September the Bundesbank has nudged up
short-term rates by changing the terms on its security
repurchase pacts, its principal instrument for steering the
money market.
    The allocation rate on the last facility was 3.85 pct,
compared with 3.60 pct. This was partly due to West Germany's
inability to uncouple itself from U.S. interest rate trends,
but also reflected concern among monetary conservatives in the
Bundesbank central bank council about excessive monetary
growth, which raised fears of domestically produced inflation,
bank economists said.
    This monetary tightening reflected a switch from the
pragmatic line pursued by Bundesbank President Karl Otto Poehl
since early this year to stabilise the mark externally, to the
more cautious approach of Vice President Helmut Schlesinger.
    In an apparent gesture to Baker, coinciding with his visit,
the Bundesbank repeatedly added money market liquidity this
morning. Dealers said this was clearly a move to appease U.S.
anger over the most recent West German interest rate rises.
    "They (the Bundesbank) just don't want to come too much
under American fire," said Chris Zwermann, currency adviser at
Swiss Bank Corp here.
    "It seems to me that this is the Bundesbank beating quite a
significant retreat from its position," added Giles Keating,
economist at Credit Suisse First Boston Ltd in London.
    The significance that retreat will emerge from the terms of
the Bundesbank's next tender for a securities repurchase pact
on Tuesday, and its result on Wednesday, money market
economists said.
    Today's injection of liquidity shows that the Bundesbank
does not want a further strong rise in the tender allocation
rate, which is likely to turn out at between 3.80 and 3.90 pct,
little changed from the 3.85 pct on the last facility.
    The Bundesbank and Finance Ministry had given no indication
that the meeting would take place, although the Finance
Ministry spokesman said it had been arranged last week.
    Earlier on Monday the Finance Ministry spokesman, asked to
comment on the apparent U.S.-German clash over the Louvre
accord, went no further than quoting Stoltenberg as saying he
assumed monetary cooperation would continue.
    The spokesman said he believed Baker had already left West
Germany for Sweden on Monday. This week he is also due to visit
Denmark and Belgium.


.I 20572
.C
trade
.W
US SAYS CANADIAN, ISRAELI PACTS SHOULD SPUR TRADE.
    WASHINGTON, Oct 19 - Trade Representative Clayton Yeutter
said on Monday that the U.S. free trade agreements with Canada
and Israel should help to pave the way for liberalizing the
global trading system.
    He said the Canadian and Israeli pacts will not set back
worldwide reform efforts under the General Agreement on Tariffs
and Trade (GATT) as some critics feared but help them.
    The GATT talks began a year ago in Punta del Este, Uruguay
to liberalize the global trading system and to include in it
trade in agriculture and services such as banking.
    Yeutter made his remarks at a U.S.-Israeli trade meeting
marking the second year of their bilateral accord. The
Canadian-U.S. pact, signed by two sides two weeks ago, has yet
been approved by the U.S. Congress and Canadian Parliament.
    The two free trade agreements (FTA) would gradually remove
tariffs and other barriers to cross-border trade in goods and
many services.
    Yeutter said in the aftermath of the Canadian and Israeli
pacts "other countries have realized that if they want to
continue to have access to the world's largest market, they had
better get serious about improving the GATT."
    The pact with Israel, he said, is gradually increasing
shipments both ways and the Canadian pact will substantially
increase the gross national products in both countries.
    Yeutter also said the Canadian and Israeli pacts should
serve as important precedents for progress in GATT.
    Yeutter said, "increasing trade is one of the keys to
enhanced political and economic stability around the globe."
    He said, "a stronger GATT will enhance prosperity, not only
for advanced industrial nations, but also for other countries
that need to increase trade in order to better their standards
of living."
    Yeutter added it was important not to risk the progress
made in the Israeli and Canadian trade pacts by resorting to
protectionism.
    He was referring to trade legislation pending in Congress
that would force the United States to take retaliatory actions
against nations with large trade surpluses with the United
States if the countries practiced unfair trade.
    The legislation was prompted by a growing U.S. trade
deficit that hit 156 billion dlrs last year and is still
rising.
    Yeutter said the pressures for Congress to act were hard to
resist, but the pending legislation would undermine President
Reagan's efforts to liberalize the world trade.
    Yeutter renewed the threat of a White House veto.
    He said, "President Reagan will veto any bill that contains
serious flaws, and I believe that veto would be sustained."


.I 20575
.C
dlr;money-fx;yen;
.W
******Dollar opens sharply higher in Tokyo at 143.55 yen (Monday close 141.35).
Blah blah blah.

.I 20579
.C
money-fx
.W
******Miyazawa says G-7 still strongly supports Louvre Accord.
Blah blah blah.

.I 20584
.C
money-fx
.W
MIYAZAWA SAYS G-7 STILL SUPPORTS LOUVRE ACCORD.
    TOKYO, Oct 20 - Japanese Finance Minister Kiichi Miyazawa
said the Group of Seven (G-7) nations still support the Louvre
Accord to stabilise currencies.
    He also told a news conference following a cabinet meeting
that the Group of Five (G-5) and G-7 do not have any plans to
meet for talks.
    The Finance Minister further said that overseas stock
market plunges will not lead to a freefall in the Tokyo stock
market. "There is no special worry about the stock market in
Tokyo," he added.
    Miyazawa said the Tokyo stock market should not be gravely
affected by the downturns of markets in New York and London
because there is a clear sign of an economic recovery in Japan
and stability of exchange rates.
    Asked if the U.S. Had contacted Japan after the stock
market plunge in New York, Miyazawa said there was not any
contact.


.I 20586
.C
money-fx
.W
******Miyazawa says Baker's remarks were aimed at just reaffirming Louvre agreement.
Blah blah blah.

.I 20588
.C
money-fx
.W
BAKER REMARKS AIMED AT CONFIRMING ACCORD-MIYAZAWA.
    TOKYO, Oct 20 - Japan's Finance Minister Kiichi Miyazawa
said that remarks by U.S. Treasury Secretary James Baker on
Sunday that some nations were not abiding by the spirit of the
Louvre Accord were just aimed at reaffirming that agreement.
    The agreement, to cooperate in stabilising currencies, was
reached in Paris in February this year.
    The finance minister made the remark at a news conference
which followed a morning cabinet meeting.


.I 20591
.C
ship;crude;
.W
JAPAN UNDERSTANDS U.S. ATTACK ON IRAN OIL PLATFORM.
    TOKYO, Oct 20 - Japan said it understood why the U.S.
Attacked an Iranian oil platform on Monday.
    "Japan, deeply concerned over the increasing threat to the
ships navigating in the Gulf, understands the circumstances
that have led the United States government to take these
measures," the Foreign Ministry said in a statement.
    The statement added that the threat to free and safe
navigation had increased after the missile attack on a
U.S.-flagged tanker in Kuwaiti territorial waters last Friday.


.I 20593
.C
crude
.W
VENEZUELA SEES FLAT OIL PRICE DESPITE U.S. ATTACK.
    CARACAS, Oct 19 - World oil prices would remain stable
despite the U.S. Attack against Iranian oil platforms and
growing tension in the Gulf, Venezuelan Energy Minister Arturo
Hernandez Grisanti said on Monday.
    He described the situation as "extremely tense," but said
Gulf military activity would not significantly affect prices
because supply and demand were roughly equal.
    Demand for OPEC crude in the final quarter of 1987 was 18.5
mln barrels per day (bpd) and the group's members were now
pumping above 18 mln bpd, he told a news conference.
    Hernandez Grisanti said the supply/demand balance was
precarious and prices were in danger of falling from their
current average of about 18 dlrs per barrel if overproduction
continued.
    Three or four members of the 13-nation Organisation of
Petroleum Exporting Countries were "overproducing in an
exaggerated manner" above their assigned quotas, he said.
    OPEC's overall ceiling is 16.6 mln bpd.


.I 20596
.C
money-fx
.W
IF DOLLAR FOLLOWS WALL STREET JAPANESE WILL DIVEST.
    By Yoshiko Mori
    TOKYO, Oct 20 - If the dollar goes the way of Wall Street,
Japanese will finally move out of dollar investments in a
serious way, Japan investment managers say.
    The Japanese, the dominant foreign investors in U.S. Dollar
securities, have already sold U.S. Equities.
    But "if the dollar falls steeply, which did not happen
yesterday, Japanese investors will definitely try to withdraw
significant funds from U.S. Shares," said Akira Kawakami, deputy
manager of Nomura Investment Trust and Management Co Ltd's
international investment department.
    An unstable, lower dollar would also affect Japanese
investment in U.S. Bonds. "Japan-U.S. Interest rate
differentials, which currently look wide enough, mean nothing
in the absence of dollar stability," said Kawakami.
    U.S. Bonds could benefit due to a gloomy economic picture
following the estimated huge losses in stocks by major U.S.
Institutional and individual investors, he said. The effect
should be to rule out any U.S. Interest rate rise.
    But most Japanese investors in U.S. Bonds are still wiating
to see if the dollar really is stable, he said. The dollar was
holding firm at above 142 yen on Tuesday morning.
    "Although Japanese investors sold huge amounts of stocks in
New York yesterday, most are still looking for chances to
lighten their U.S. Stock inventories," Hiromitsu Sunada, manager
of Meiji Mutual Life Insurance Co's international investment
department said.
    Their sales helped send Wall Street stocks down 508 points
to 1,738, the market's biggest percentage drop since 1914.
    "Investment in U.S. Stocks and bonds is difficult,
considering the dangers," said Katsuhiko Okiyama, deputy general
manager and chief adviser of Yamaichi Securities Co Ltd's fixed
income securities marketing group.
    Japanese investment at home could start to pick up once
markets have stopped reacting to Wall Street, the managers
said. The Tokyo yen bond market is likely to stabilise in one
or two weeks, which is what investors have been waiting for.
The bottom for yen bonds should be around a 6.3 pct yield for
the 5.1 pct 89th bond, they said.
    "The basic background which has supported the stocks and
bonds markets has not changed," said Norio Okutsu, assistant
general manager of Nikko Securities' bond department. "But new
outflows of funds to the U.S. Will be decreasing."  However,
this was already evident three months ago, he said.


.I 20600
.C
cocoa
.W
ASIAN COCOA PRODUCERS EXPAND DESPITE CRITICS.
    By Jeremy Clift
    JAKARTA, Oct 20 - Asian cocoa producers are expanding
output despite depressed world prices and they dismiss
suggestions in the London market that their cocoa is inferior.
    "Leading cocoa producers are trying to protect their market
from our product," said a spokesman for Indonesia's directorate
general of plantations. "We're happy about our long-term future."
    Malaysian growers said they would try to expand sales in
Asia and the United States if Malaysian cocoa was not suitable
for European tastes.
    They were responding to comments by London traders that
large tonnages of unwanted cocoa beans from Malaysia, Indonesia
and Papua New Guinea (PNG) were helping to depress cocoa
prices.
    London traders said the Asian cocoa was considered
unsuitable for western palates because of an acrid odour and a
high level of free fatty acids.
    Ng Siew Kee, the chairman of Malaysia's Cocoa Growers'
Council, said Malaysia should expand its sales to Asia and the
United States if it did not produce a type suitable for Western
Europe.
    A spokesman for the PNG Cocoa Industry Board said the
London market was mistaken if it linked PNG cocoa with
high-acid Malaysian and Indonesian beans.
    "When the market is declining, buyers seize on anything to
talk down prices," the spokesman said.
    He said that PNG could sell whatever cocoa it produces.
    PNG exported 33,000 tonnes of cocoa in the 1986/87 cocoa
year ending September 30, of which nearly 50 pct was exported
to West Germany, 16 pct to the U.S. And the rest to the
Netherlands and Britain.
    The Indonesia spokesman, an Agriculture Ministry official
who wished not to be identified, said Indonesia had no problem
with quality and would continue to expand sales. He described
criticism of the quality of Indonesian beans as "trade politics"
and said Jakarta's traditional links with Dutch buyers meant it
did not have any difficulty with exports.
    Indonesia and Malaysia, Asia's two biggest commodity
producers, are expanding cocoa output and are both outside the
International Cocoa Organization (ICCO).
    Officials have said Malaysian production is expected to
total 150,000 to 155,000 tonnes in calendar 1987.
    This is up from 131,000 tonnes in 1986, partly because of
the end of a three-year drought in Sabah, the country's largest
cocoa growing area.
    Production of Indonesian cocoa beans tripled to 31,600
tonnes in calendar 1986 from 10,284 tonnes in 1980. Output is
projected to rise to 50,000 tonnes in 1988 from 38,000 tonnes
this year as young trees mature.
    Both Malaysia and Indonesia are low cost producers and
traders said they could last out low prices longer than West
African countries.
    According to one Kuala Lumpur trader, world prices would
have to fall another 1,000 ringgit per tonne (about 250 stg) to
make cocoa production in Malaysia uneconomic.
    Some traders believe the main quality problem is with
harvesting and fermentation techniques.
    One trader said Malaysian cocoa is virtually
indistinguishable from West African output if treated in the
same way but this is not possible on the larger Malaysian
estates.


.I 20603
.C
crude
.W
MALAYSIA ADVISED TO RAISE CRUDE OIL OUTPUT IN 1988.
    KUALA LUMPUR, Oct 20 - Malaysia's national oil company,
Petronas, has advised the government to raise crude oil output
to 540,000 barrels a day (bpd) in 1988 from a current 500,000
bpd, a senior company official said.
    "We have the capacity to produce the amount," Rastam Hadi,
Petronas's Vice-President for Upstream Sector said.
    The government will announce its decision on Friday when it
unveils the country's budget. Malaysia raised output this month
to current levels from 420,000 bpd after reviewing the world
oil market. In May, Malaysia cut output to 420,000 bpd from
459,000 in response to a call by OPEC to boost prices.


.I 20604
.C
money-fx
.W
******Sumita welcomes U.S.-West German joint confirmation of Louvre accord.
Blah blah blah.

.I 20607
.C
money-fx
.W
SUMITA WELCOMES U.S.-JAPAN AGREEMENT ON LOUVRE.
    TOKYO, Oct 20 - Bank of Japan governor Satoshi Sumita said
he welcomed Monday's U.S. And West German joint confirmation of
their commitment to the Louvre accord.
    Sumita said in a statement that world stockmarkets were
excessively concerned about the economic future.
    The Bank of Japan will continue to adhere to a system of
policy coordination based upon the Louvre accord of February,
he said. The accord called for stability in foreign exchange
rates. Exchange rates generally are regaining stability and the
economies of industrialised nations are heading for a steady
recovery, he said.


.I 20608
.C
money-fx
.W
NEW ZEALAND WILL CONTINUE FIRM MONETARY POLICY.
    WELLINGTON, Oct 20 - The Reserve Bank of New Zealand said
there was no evidence to suggest the fall in share prices had
affected financial stability and it would maintain its firm
monetary policy.
    Governor Spencer Russell said in a statement the central
bank did not accept arguments that the battle against inflation
should now take a low second priority after the sharemarket's
plunge.
    Russell said the bank had two statutory responsibilities --
to implement the government's monetary policy to bring down
inflation, and to ensure the financial sector's stability.
    "Unless the bank is directed otherwise, the firm monetary
policy will continue because it is very much in the national
interest that it do so," he said.
    "And there is yet no evidence available to the bank to
suggest that the fall in share prices has affected the
stability of the financial sector."
    The Barclays share index fell a record 504.75 points to
2,925,26 on Tuesday, a decline of 14.7 pct.


.I 20611
.C
money-supply
.W
******Japan September M-2 plus CD money supply rises 11.1 pct year on year (Aug 11.0).
Blah blah blah.

.I 20613
.C
grain;corn;
.W
TANZANIA SELLS MAIZE TO MALAWI, MOZAMBIQUE, ZAIRE.
    DAR ES SALAAM, Oct 20 - Tanzania has arranged to sell
53,000 tonnes of maize to Malawi, Mozambique and Zaire, radio
Tanzania said.
    The radio said the grain would be delivered soon, but gave
no details about the value of the sales.
    Tanzania is expecting a record maize harvest of 2.3 mln
tonnes in the 1987/88 financial year ending June, up from a
bumper crop of 2.1 mln in 1986/87.


.I 20614
.C
cotton
.W
TANZANIAN COTTON THREATENED BY LACK OF STORAGE.
    DAR ES SALAAM, Oct 20 - About 60,000 tonnes of harvested
raw cotton may be spoiled by rain in Tanzania's northern
Shinyanga region because it is stored in the open or in crude
village sheds, radio Tanzania reported.
    The cotton, worth one billion shillings, cannot be moved to
ginneries in the region because most mill warehouses are full.
Many mills are not working because of a lack of spare parts, it
added.
    Agriculture Ministry officials have forecast a 1987/88
cotton harvest of about 200,000 tonnes, down from 215,000 in
1986/87.


.I 20616
.C
interest
.W
AQUINO SAYS MANILA WATCHING INTEREST RATES CLOSELY.
    MANILA, Oct 20 - President Corazon Aquino said the
Philippines was closely monitoring interest rates in the wake
of Monday's record drop on Wall Street and steep declines in
Manila and other Asian stock markets.
    "We will monitor these developments closely and will
continue to hope that they do not precipitate large declines in
economic activity around the world," Aquino told a meeting of 13
major Philippine business groups.
    "The Philippines, as a trading country in the world economy,
depends on the continued health and growth of both the world
economy and the world trading system," she said.
    The Manila Stock Exchange composite index plunged 105.49
points or 11.79 pct by the midday close to 789.54, depressed by
the record 508 point fall of the Dow Jones industrial average
on Monday.
    "The Philippines, in addition, as a large borrower nation,
is affected by developments in interest rate levels around the
world and will carefully monitor the impact of these
developments on interest rates, on gold and on commodity
prices," Aquino said.
    "We welcome the statements from world leaders that urge calm
in the present difficult situation," she added.


.I 20620
.C
money-supply
.W
JAPAN MONEY GROWTH TO STAY AT 11-12 PCT - OFFICIAL.
    TOKYO, Oct 20 - Growth in Japan's M-2 plus certificates of
deposit (CD) money supply in the October to December period is
not expected to accelerate, but will remain at high levels
between 11 and 12 pct, a senior Bank of Japan official said.
    The central bank will keep a watch on high growth in
liquidity because this is a factor that may cause rises in
prices of goods, he said.
    The September growth of 11.1 pct year on year announced
earlier today should not be taken as implying that the money
supply has started to expand very rapidly, he said. In August
the rate of increase was 11.0 pct.


.I 20625
.C
ship;crude;
.W
WORLD COULD COPE WITH HORMUZ CLOSURE, SUBROTO SAYS.
    JAKARTA, Oct 20 - Oil prices would skyrocket for a time if
conflict in the Gulf closed the Strait of Hormuz, but oil
supplies could be adjusted to take care of world demand,
Indonesian Energy Minister Subroto said.
    He made no explicit reference to the latest U.S. Military
action in the Gulf.
    But in an address to a conference of the Indonesian
Petroleum Association, he said, "If worst comes to worst and say
the flow of oil through the Straits of Hormuz is completely
shut off, I believe the world oil supply, given time to adjust,
can take care of the situation."
    "But this is not to say that prices, at least for a short
duration, will not skyrocket as speculators take advantage of
the situation," he declared.
    Tensions in the Gulf, however, usually had a relatively
short-term impact on prices, he added.
    Assessing future price trends, he said, "Short-term spot
prices will probably still fluctuate, but they will most likely
hover around the official Opec price basket of 18 dlrs per
barrel.
    "The upward deviations, however, are likely to be greater
than the downward ones."
    "The balance between supply and demand in the short term
will still be delicate," he added. "Non-Opec production may still
go up, competing with Opec for the expected additional increase
in world demand."
    Subroto, a member of Opec's three-man quota committee which
has been touring cartel members, said speculation may play
havoc with spot prices, but Opec was trying to stabilize the
situation by urging cooperation by non-Opec producers.
    In the medium term, non-Opec production would reach a
plateau in the early 1990s, leaving Opec much stronger, he
said.


.I 20626
.C
jet
.W
BANGLADESH TENDERS FOR TWO MLN BARRELS PETROLEUM.
    DHAKA, Oct 20 - Bangladesh Petroleum Corp said it floated
an international tender for imports of two mln barrels of Jet
Kero, Superior Kero and High Speed Diesel for shipment during
January-June 1988.
    It said the offer for the petroleum products would be open
until 0600 gmt on November 19.


.I 20627
.C
interest
.W
****** Poehl says German and international interest rate rises are cause for concern.
Blah blah blah.

.I 20629
.C
ship
.W
IRANIAN TANKER REPORTS SIGHTING MINE IN GULF.
    BAHRAIN, Oct 20 - An Iranian shuttle tanker reported
spotting a floating mine in the central Gulf on Tuesday about
50 miles west of Lavan Island, regional shipping sources said.
    The Khark III, owned by the National Iranian Tanker Co,
gave the position of the mine as 27 degrees 14 minutes north,
52.06 east.
    There was no indication of measures being taken against the
mine, which is in Iranian territorial waters.


.I 20630
.C
acq
.W
FABER OPEN FOR OFFERS ON MORGAN GRENFELL STAKE.
    LONDON, Oct 20 - Willis Faber Plc <WIFL.L> chairman and
chief executive David Palmer said the company would consider
any bid for its 20.8 pct shareholding in Morgan Grenfell Group
Plc <MGFL.L> but had not yet received any offers.
    "We will entertain any approaches," he told Reuters in reply
to questions, following U.K. Press speculation.
    In an earlier statement, Faber said that if an offer were
to be received for its stake in the merchant banking group, "it
would be considered on its merits."


.I 20632
.C
acq
.W
CORBY DISTILLERIES TO EXPAND IN CANADA.
    LONDON, Oct 20 - <Corby Distilleries Ltd>, 52 pct owned by
Allied Lyons Plc <ALLD.L> subsidiary <Hiram Walker-Goodman &
Worts> is to buy the spirits business of <McGuinness Distillers
Ltd> of Toronto for 45 mln Canadian dlrs.
    McGuinness is a producer and marketer of spirits and also
has exclusive agencies for some imported wines and spirits.
    The sale is subject to the approval of the Bureau of
Competition Policy. Michael Jackaman, president and chief
executive officer of Hiram Walker and Allied Vintners, said,
"The acquisition is an excellent one both commercially and
financially."


.I 20633
.C
interest
.W
POEHL SAYS RATE RISES ARE CAUSE FOR CONCERN.
    FRANKFURT, Oct 20 - Rises in West German and international
interest rates are a cause for concern and the Bundesbank has
no interest in higher capital market rates, Bundesbank
President Karl Otto Poehl said.
    "We consider the interest rate increase that has occurred
here and internationally to be a problem and cause for concern,"
Poehl told an investment conference.
    "I would like to stress that the Bundesbank has no interest
in higher capital market rates," he said.
    Shortly after Poehl spoke, the Bundesbank announced a
tender for a securities repurchase pact at a fixed rate of 3.80
pct.
    Previous tenders over the last month by interest rate have
seen the allocation rate on these facilities rise to 3.85 pct
at last week's pact from 3.60 on the last fixed-rate tender in
late September.
    The Bundesbank's reduction of the key allocation rate to
3.80 from 3.85 pct was heralded Monday by repeated injections
of money market liquidity at between 3.70 and 3.80 pct.
    These moves to cap interest rates followed a meeting
between Poehl, Finance Minister Gerhard Stoltenberg and U.S.
Treasury Secretary James Baker Monday in Frankfurt.
    Officials said afterwards the three men had reaffirmed
their commitment to the Louvre accord on currency stability.
    Over the weekend, criticism by Baker of the tightening in
West German monetary policy had prompted a sharp fall of the
dollar on speculation that Louvre cooperation had ended.
    But the dollar rallied on news of Monday's meeting in
nervous trading to trade above 1.79 marks Tuesday.
    Poehl said that the recent rise in interest rates was not
due to central bank policy, but to markets' expectations, and
currency developments.
    Commenting on the inflationary expectations, Poehl said "You
have to get to the root of the problem, you have to pursue a
policy which reveals that there are no grounds for such fears."
 The inflationary fears were unjustified and exaggerated, he
said.
    Poehl rebuffed recent U.S. Criticism of West Germany,
saying the Bundesbank had made a substantial contribution to
international cooperation in interest and monetary policy.
    The Bundesbank has tolerated an overshooting of its money
supply target, arousing criticism from other quarters, he said.
    "Today we still have lower interest rates than at the end of
1986... Quite the contrary of other countries, where interest
rates have risen substantially more," Poehl said.
    This had to be taken into account when considering recent
rises in repurchase pact allocation rates, which were due to
rising international money market rates that had spilled over
into the German market, he said.
    Poehl expressed surprise that financial markets had so far
ignored improvements in the U.S. Deficits.
    "The adjustment process in the U.S. Trade balance is
definitely underway," he said, noting that this was not so
noticeable in absolute figures.
    The spectacular improvement in the budget deficit had also
attracted little attention, he said.


.I 20634
.C
acq
.W
LAWSON SAYS BP SHARE OFFER GOING AHEAD.
    LONDON, Oct 20 - U.K. Chancellor of the Exchequer Nigel
Lawson said the Government was going ahead with this month's
flotation of British Petroleum Co Plc <BP.L> shares despite the
collapse on international stock markets.
    "We are going ahead because the whole issue has been
underwritten - we had it underwritten because there is always a
risk of this sort of thing happening," Lawson said in a BBC
radio interview.
    Lawson's remarks came as renewed selling on the London
stock market took BP shares down a further 33p to 283, well
below the 330p price set for the around seven billion stg
issue.
    Lawson said the U.K. Economy is fundamentally sound and
added that stock markets had reflected that recently.
    "I profoundly believe in the market system as the best way
for securing economic prosperity (but) that does not mean to
say the markets are infallible."
    "My advice to small investors...Is to remain calm. There is
absolutely no reason not to do so," Lawson said.


.I 20640
.C
coconut
.W
PHILIPPINES APPLAUDS DEFEAT OF U.S. LABELLING BILL.
    By Diane Stormont
    MANILA, Oct 20 - The Philippine coconut industry has
greeted with relief the defeat in the U.S. Senate of a bill
requiring some edible oils to be labelled as saturated fats.
    The bill, which was defeated by the Senate Agriculture
Committee on Monday, could have cost about 60 mln dlrs a year
in lost exports, the Philippine Coconut Authority (PCA) said.
    "Naturally, we welcomed the defeat but there is a chance the
bill will be resurrected and attached as a rider to another
Senate bill," a spokesman for the United Coconut Association of
the Philippines (UCAP).
    PCA chairman Jose Romero noted the vote was close, with
eight senators voting for it, 10 against and one abstaining.
    The UCAP spokesman said the American Soybean Association
(ASA) had spent about 25 mln dlrs lobbying for the bill.
    He said the ASA also had obscured the health issue during
the debate.
    "Coconut oil is high in saturated fats, but unlike saturated
animal fats, they do not enter the blood and lymph systems
leaving fatty deposits connected to heart disease," he said.
    U.S. Soybean and cottonseed producers had argued that
saturated fats cause heart disease and that the labels would
discourage consumption by health conscious consumers in favour
of domestic unsaturated alternatives.
    Opponents of the bill said the proposal discriminated
against imports and would damage the Philippines, Malaysia and
Indonesia.
    The Philippines earned 488 mln dlrs from coconut products
in 1986, up from 477 mln in 1985, UCAP figures show.
    Exports to the United States for edible and non-edible use
account for about half of that total, PCA's Romero said.


.I 20643
.C
interest
.W
TOKYO STOCK PLUNGE COULD FORCE EASIER MONEY POLICY.
    By Rich Miller
    TOKYO, Oct 20 - Plunging Tokyo stock prices will prevent
the Bank of Japan from raising its discount rate and could even
force it to ease monetary policy if the collapse continues,
government and private economists said.
    A rise in interest rates now would only serve to spark
further selling of shares that could ultimately have a major
deflationary impact on the real economy, they said.
    Although Bank of Japan officials have consistently
maintained that they had no plans to raise the 2.5 pct discount
rate, many in the markets have thought otherwise. 
    Fears of a rise in the discount rate were fanned by the
central bank's apparent decision last week to countenance
higher rates on commercial bills, dealers said.
    But today's stock market collapse -- prices fell nearly 15
pct -- means that the Bank of Japan would be hard pressed to
raise the discount rate now, despite its concerns about a
renewed outbreak of inflation, dealers and economists said.
    Japanese government bond prices rose sharply today as the
markets concluded that the stock market's collapse precluded
the central bank from carrying out the widely-rumoured discount
rate increase.
    A senior government economist suggested that both the U.S.
And Japan needed to ease monetary policy now to prevent a
further drop in New York and Tokyo stock prices. "They need to
support the stock and security markets," he said.
    But Bank of Japan officials said they saw no need to change
policy for the moment, although one admitted that the central
bank may have to rethink its strategy if Tokyo stock prices
continue to plunge during the rest of the week.
    Both government and Bank of Japan economists agreed the
economy is better placed now to cope with the deflationary
impact of plunging stock prices than it was a few months ago.
    With the economy recovering strongly, the steep drop in
stock prices is not likely to put a major dent in consumer and
business confidence, one government economist said.
    "There will be some impact on the real economy, but it won't
be that big," said another.
    Individuals are not heavily invested in stocks on their
own, although they do participate through trust funds and other
investment vehicles. And while many manufacturing firms turned
to financial market investments for profits during last year's
economic downturn, the recent rebound has allowed them to
refocus their attention on their core businesses, he said.
    Paradoxically, it is the pick-up in the economy that is
partly to blame for the stock market collapse as companies have
shifted funds away from financial investments to increase
inventories and step up capital spending, one government
economist said.
    In deciding what response to make to the steep stock price
drop, the Bank of Japan must first determine whether prices
will continue to fall further and then decide if they pose a
greater economic danger than the threat of higher inflation,
one central bank official said. "That will at least take a
couple of days, if not weeks," he said.


.I 20647
.C
grain;rice;
.W
RICE RESEARCH INSTITUTE NAMES NEW HEAD.
    MANILA, Oct 20 - The Manila-based International Rice
Research Institute (IRRI) said West German agricultural
scientist Klaus Lampe will take over as its director-general in
early 1988, succeeding M.S. Swaminathan.
    An IRRI statement said Lampe, 56, is currently senior
adviser to the German Agency for Technical Cooperation at
Eschborn and was a former head of the agriculture section of
the Federal Ministry for Economic Cooperation.
    It said Swaminathan, who has headed IRRI since 1982, will
concentrate on environmental and agricultural issues.


.I 20650
.C
alum
.W
****** Sept daily ave primary aluminium output 34,900 tonnes, up 400 tonnes, IPAI.
Blah blah blah.

.I 20653
.C
alum
.W
GROUNDED BRITISH BAUXITE VESSEL REFLOATED IN ORINOCO.
    LONDON, Oct 20 - The British bulk carrier Envoy, which ran
aground in the Orinoco river on October 16, was refloated
without lightening on October 19, Lloyds Shipping Intelligence
service said.
    The Envoy, 75,453 tonnes dw, was carrying a cargo of 50,000
tonnes of bauxite from Brazil to Cuba.


.I 20657
.C
money-supply
.W
******U.K. SEPTEMBER M3 RISES 0.8 PCT, M0 UP 0.8 PCT - BANK OF ENGLAND.
Blah blah blah.

.I 20658
.C
money-supply
.W
******U.K. SEPTEMBER STERLING BANK LENDING UP 4.4 BILLION STG - OFFICIAL.
Blah blah blah.

.I 20663
.C
money-fx
.W
****** Stoltenberg says meeting with Baker underscored monetary cooperation.
Blah blah blah.

.I 20666
.C
money-fx
.W
STOLTENBERG SAYS BAKER MEETING UNDERSCORES ACCORD.
    BONN, Oct 20 - West German Finance minister Gerhard
Stoltenberg said the meeting on Monday with U.S. Treasury
Secretary James Baker underscored the determination of the U.S.
And West Germany to continue close cooperation to stabilise
foreign exchange rates.
    Stoltenberg told a news conference "The statement released
yesterday (Monday) after the private meeting .... Emphasized
our determination to continue the close economic cooperation
regarding foreign exchange stabilization and monetary policy."
    Stoltenberg said that he, Baker and Bundesbank President
Karl Otto Poehl had a very constructive discussion and had all
reached a positive evaluation of the Louvre accord during their
meeting on Monday.
    Stoltenberg said initial contacts with several European
counterparts showed that they shared this view. "We expect the
declaration of our unified position to have a positive effect,"
he said.
    He noted that the dollar firmed again in late U.S. Trading
after the outcome of the Baker meeting was published.


.I 20674
.C
rubber
.W
INRO COUNCIL MEETING ADJOURNED UNTIL THURSDAY.
    KUALA LUMPUR, Oct 20 - A Council meeting of the
International Natural Rubber Organization (INRO) has been
adjourned until Thursday as tomorrow is a Malaysian national
holiday, officials of the organisation said.
    The main issue at the talks, which opened here yesterday,
has been the INRO buffer stock and the manner in which the
buffer stock manager should continue to sell rubber after the
current international pact for the commodity expires on October
22, they said.
    The deadline for the start of the new pact is January 1989.
    Buffer stock manager Aldo Hofmeister has been mandated to
continue selling rubber during the interim period.
    Other issues discussed include ratification of the new
accord, the officials said.
    Only Malaysia of the pact's 32 producing and consuming
member countries had ratified the new agreement by the
beginning of this month.
    The meeting is due to end on Thursday.


.I 20675
.C
money-fx
.W
LOUVRE ACCORD VITAL TO W.GERMANY - STOLTENBERG.
    BONN, Oct 20 - West German Finance Minister Gerhard
Stoltenberg said the Louvre accord was vital to West Germany.
    Stoltenberg told a news conference "Given West Germany's
unusually high dependence on world trade and exports, it is
vital for West Germany ... To continue its constructive
contribution to trusting (international) cooperation on the
basis of the Louvre accord."
    Some monetary analysts have speculated that
inflation-conscious Bundesbank vice president Helmut
Schlesinger may have been leading the central bank to a course
of tighter monetary policy.
    Stoltenberg is due to attend a routine Bundesbank meeting
on Thursday in West Berlin. He declined to forecast what, if
any, policy decisions the Bundesbank might take.


.I 20676
.C
money-fx
.W
******Stoltenberg does not rule out central bank intervention to stabilize currencies.
Blah blah blah.

.I 20677
.C
money-fx
.W
******Further marked dollar fall would burden U.S. Trade deficit -Stoltenberg.
Blah blah blah.

.I 20678
.C
money-fx
.W
******Stoltenberg declines comment on possible changed targets for currencies.
Blah blah blah.

.I 20682
.C
money-fx
.W
STOLTENBERG DECLINES COMMENT ON CURRENCY ZONES.
    BONN, Oct 20 - West German Finance Minister Gerhard
Stoltenberg declined to comment on whether unpublished target
zones for currencies agreed at last February's Louvre accord
had been changed as a result of the meeting on Monday with U.S.
Treasury Secretary James Baker.
    He was asked about target zones at a news conference in
Bonn. Stoltenberg referred to a statement released after
Monday's meeting, which said continuing cooperation was aimed
at promoting currency stability at current levels. This was the
same formula used in the text of the Louvre accord, he noted.


.I 20684
.C
money-fx
.W
STOLTENBERG DOES NOT RULE OUT INTERVENTION.
    BONN, Oct 20 - West German Finance Minister Gerhard
Stoltenberg said he could not rule out the possibility of
central bank intervention to support currencies.
    Asked at a news conference whether central banks were
prepared to intervene to defend currencies, he said "We cannot
rule out the use of any instrument which leads to foreign
currency stability."
    However, he added that in the end, it was market forces
which prevailed.


.I 20685
.C
crude
.W
IRAN SAYS U.S. RAID CAUSED 500 MLN DLRS DAMAGE.
    NICOSIA, Oct 20 - U.S. Attacks on two Iranian oil platforms
in the Gulf -- both of which were still blazing -- caused
damage estimated at 500 mln dlrs, Tehran Radio quoted Iranian
Oil Minister Gholamreza Aqazadeh as saying.
    The rigs, one of which was heavily shelled by four American
destroyers on Monday, were still burning almost 24 hours after
the attack and could cause widespread pollution in the Gulf,
the minister told a news conference in Tehran. He said the
Reshadat rigs, 120 miles (200 km) east of Bahrain in
international waters, were in the final stages of
reconstruction after an attack by Iraqi jets last year.


.I 20687
.C
ship;crude;
.W
IRANIAN PREMIER REITERATES WARNING OF RETALIATION.
    DAMASCUS, Oct 20 - Iranian Premier Mir-Hossein Mousavi
reiterated his country would retaliate for U.S. Navy attacks on
Gulf oil platforms.
    "The U.S. Attack on Iran's oil platforms jeopardises our
national sovereignty ... And we will retaliate properly for
this perfidious American aggression," Mousavi told a news
conference in Damascus.  On Monday U.S. Navy warships blasted
the Rostam platform, and Navy personnel stormed a second
platform a few miles away. Washington said the operation was
aimed at destroying positions used by Iran to track and assault
neutral Gulf shipping.


.I 20688
.C
crude;nat-gas;
.W
INDONESIA FINDS NEW OFFSHORE OIL AND GAS RESOURCES.
    JAKARTA, Oct 20 - The Indonesian state-owned oil company
Pertamina has found new offshore oil and gas resources in East
Aceh, on the western tip of northern Sumatra, a company
spokesman said.
    The spokesman said the discovery was made at the GOS IA-1
offshore exploratory well about 38 kms east of Langsa in Aceh.
    "Oil and gas are found in sand layers at the depth of 2,300
metres within the Baong formation," he said.
    He said preliminary tests showed that the well could flow
oil at the rate of 1,320 barrels a day with 50 degrees API at
20 degrees centigrade through a 5/8 inch choke.
    "The well also flows natural gas at the rate of 12 mln
standard cubic feet a day," he added.
    GOS IA-1 well, located at a water depth of 41 metres, was
drilled under a production sharing contract between Pertamina
and Japex North Sumatra Ltd, each having 50 pct shares.
    "Petroleum operations are to be carried out by Pertamina as
operator through a joint operating body established by the two
companies," the Pertamina spokesman stated.
    The contract covers the Gebang block contract area. The two
companies have previously completed the drilling of GOS IIA-1
exploratory well, around 14 kms south of GOS IA-1.


.I 20690
.C
crude
.W
INDONESIA SAYS IT WILL EXTEND OIL CONTRACTS.
    JAKARTA, Oct 20 - Indonesia told the oil industry on
Tuesday it will extend contracts on producing blocks and
improve the investment climate, but wants to see increased
expenditure on exploration in return.
    President Suharto, in an opening speech to the Indonesian
Petroleum Association, said Indonesia was ready to extend
contracts held by foreign oil companies on producing areas.
    "In order to boost investment in the petroleum industry, the
government of Indonesia has basically approved of extending
production sharing contracts under the present laws," Suharto
said.
    "Apart from that, the government will keep improving the
investment climate in order to accelerate the development of
the petroleum industry," he said.
    Indonesian Energy Minister Subroto told the Association he
was aware that the oil industry needed to be assured that
contracts on blocks expiring within the next 10 years would be
renewed before they would invest in further exploration.
    "As we all have heard this morning, the President is fully
aware of this situation," Subroto said.
    "The government has already made the political decision to
entertain this time problem by inviting the existing producers
to continue their activities in Indonesia, albeit on a
selective basis."
    Indonesia, one of the 13 members of OPEC, must find new oil
reserves if it is to remain an exporter in the next decade, oil
industry sources say.
    Subroto said the government was also working to ease other
problems, including granting easier terms for remote areas or
deep water conditions.
    But Subroto said relations with oil companies were two-way
and that they should step up expenditure on oil exploration now
that the oil price had recovered.
    President Suharto said he wanted to see greater transfer of
technology to Indonesian companies, and more help from the oil
industry for the regions in which companies operated.
    Abdul Rachman Ramly, the President of state oil company
Pertamina, has said that budgeted exploration and production
expenditure for all oil companies in Indonesia was forecast to
fall to 3.1 billion dlrs in calendar 1987 from 3.4 billion in
1986.
    Pertamina has 69 production-sharing or joint operation
contracts with foreign oil companies.
    Subroto said speeding up necessary approvals for field
operations was a government priority. There had been
misunderstandings between the government and the oil industry
in certain areas, such as when a field is designated
commercial, and a thorough evaluation was being made.
    He said the government wanted to finalise contract
extensions as soon as practical, and urged the industry in the
meantime to maintain its exploration drive.
    Subroto said Indonesia needed the companies to maintain
exploration efforts, even if their contract was due to expire
within 10 years. "This need in itself is some sort of guarantee
that we will soon have to come up with an extension agreement."
    Eleven major contract areas are due to come up for renewal
between 1991 and 2001, industry sources said.
    Extension of the contracts on the blocks has involved
detailed negotiations but so far no extension has been granted.
    Subroto told reporters afterwards that contract extensions
would be selective, based on how much capital would be
invested.


.I 20691
.C
gold;copper;
.W
******COMEX RAISING MARGINS FOR GOLD AND COPPER  FUTURES EFFECTIVE AT TODAY'S OPENING - OFFICIAL.
Blah blah blah.

.I 20696
.C
ship;crude;
.W
IRAN PLANS TO FILE LAWSUITS OVER U.S. RAID.
    NICOSIA, Oct 20 - Iran is preparing lawsuits to file for
compensation from the U.S. Over the American raid on its Gulf
oil platforms, Tehran radio quoted Iranian Oil Minister
Gholamreza Aqazadeh as saying.
    The lawsuits would be filed with competent international
bodies once the exact damage was calculated, he was quoted
telling a news conference in Tehran. He earlier estimated the
damage from the U.S. Raid at about 500 mln dlrs.
    The rigs, one of which was heavily shelled by four American
destroyers on Monday, were still burning almost 24 hours after
the attack, he said.
    Aqazadeh said the half-billion-dollar damage estimate was
preliminary. Washington has said the attack was in response to
a missile strike against the American-flag tanker the Sea Isle
City in Kuwaiti waters on Friday.
    He denied that there was any military hardware on the rigs
"except a 23 mm machinegun for air defence." Reacting to
Weinberger's remark that Washington considered the case closed,
Aqazadeh said: "Iran will also consider the case closed after
its retaliatory measure." Iranian officials have said their
response would not be limited to the Gulf and U.S. Interests
around the world might come under attack.
    Aqazadeh said the U.S. Military presence in the Gulf
aggravated the regional crisis and made access to the region's
oil more difficult, but he did not see the U.S. Attack
significantly affecting oil prices.
    IRNA said he gave no explicit reply when asked if the
attack would prompt Iran to block the Hormuz Strait at the
entrance to the Gulf.
    "If Iran cannot use the Hormuz Strait, no other country can
either, and this would be to everyone's harm," the radio quoted
him as saying.


.I 20698
.C
ship;crude;
.W
IRANIAN PREMIER REITERATES WARNING OF RETALIATION.
    DAMASCUS, Oct 20 - Iranian Premier Mir-Hossein Mousavi
reiterated his country would retaliate for U.S. Navy attacks on
Gulf oil platforms.
    "The U.S. Attack on Iran's oil platforms jeopardises our
national sovereignty ... And we will retaliate properly for
this perfidious American aggression," Mousavi told a news
conference in Damascus.  On Monday U.S. Navy warships blasted
the Rostam platform, and Navy personnel stormed a second
platform a few miles away. Washington said the operation was
aimed at destroying positions used by Iran to track and assault
neutral Gulf shipping.



.I 20700
.C
earn
.W
MUSICLAND GROUP INC <TMG> 3RD QTR NET.
    MINNEAPOLIS, Oct 20 -
    Shr 28 cts vs 14 cts
    Net 3,110,000 vs 1,286,000
    Revs 112.7 mln vs 93.8 mln
    Avg shrs 11.2 mln vs 9,148,000
    Nine mths
    Shr 58 cts vs 15 cts
    Net 6,377,000 vs 1,332,000
    Revs 307.8 mln vs 233.8 mln
    Avg shrs 10.9 mln vs 9,148,000
    NOTE: Company 81.4 pct owned by Primerica Corp <PA>.


.I 20701
.C
housing
.W
******U.S. SEPT HOUSING STARTS ROSE 4.4 PCT TO 1.669 MLN, PERMITS FELL 0.6 PCT TO 1.493 MLN.
Blah blah blah.

.I 20707
.C
earn
.W
APPLIED BIOSYSTEMS INC <ABIO.O> 1ST QTR SEPT 30.
    FOSTER CITY, Calif., Oct 20 -
    Shr 22 cts vs 20 cts
    Net 2,963,000 vs 2,696,000
    Sales 26.5 mln vs 19.4 mln


.I 20709
.C
acq
.W
<PLUM HOLDING INC> STARTS HOILLY SUGAR <HLY> BID.
    NEW YORK, Oct 20 - Plum Holding Inc said it has started its
previously-announced offer to purchase 664,400 common shares of
Holly Sugar Corp at 95 dlrs each.
    In a newspaper advertisement, the firm said the offer,
proration period and withdrawal rights expire November 17
unless extended. The offer, which has been approved by the
Holly board and is to be followed by a merger in which
remaining shares are to be exchanged for cumulative redeemable
exchangeable preferred stock, is conditioned on receipt of at
least 664,400 shares, which would give Plum a two thirds
interest, and the receipt of financing.


.I 20711
.C
housing
.W
U.S. HOUSING STARTS ROSE 4.4 PCT IN SEPTEMBER.
    WASHINGTON, Oct 20 - U.S. housing starts rose 4.4 pct in
September to a seasonally adjusted annual rate of 1,669,000
units, the Commerce Department said.
    In August, housing starts were unchanged from July levels
at 1,598,000 units, instead of being down 1.5 pct as previously
reported.
    The increase in September housing starts was the largest
since a 10.8 pct gain in starts in December 1986, Commerce
Department officials said.
    The rate at which permits were issued for future
construction fell 0.6 pct in September to a seasonally adjusted
1,493,000 units from 1,502,000 units in August.
    Permits had risen 1.0 pct in August from July levels of
1,487,000 units.
    Before seasonal adjustment, permits rose to 135,500 in
September from 128,000 in August.
    Housing starts before adjustment rose to 150,200 in
September from 144,600 in August.
    The seasonally adjusted rise in starts included a 5.1 pct
increase in September single-family unit starts to 1,168,000 
from 1,111,000 in August.
    Single-family starts had fallen 2.8 pct in August from July
levels.
    Multi-family starts rose 2.9 pct in September to a
seasonally adjusted 501,000 units after a 7.0 pct increase in
August, the department said.
    Permits for single-family units fell 3.2 pct last month to
a seasonally adjusted 990,000 units after a 3.0 pct August
rise.
    Multi-family permits were up 5.0 pct in September to
503,000 units after falling 3.0 pct in August.
    Housing starts in September were down 1.2 pct from a
seasonally adjusted 1,689,000 units in September 1986.
    Permits were 11.5 pct below the September 1986 level of
1,687,000 units.


.I 20712
.C
earn
.W
NALCO CHEMICAL CORP <NLC> 3RD QTR NET.
    NAPERVILLE, Ill., Oct 20 -
    Shr 51 cts vs 42 cts
    Net 20.3 mln vs 16.7 mln
    Sales 216.9 mln vs 184.5 mln
    Nine mths
    Shr 1.47 dlrs vs 1.21 dlrs
    Net 58.2 mln vs 47.6 mln
    Sales 611.2 mln vs 547.0 mln


.I 20713
.C
earn
.W
STEPAN CO <SCL> 3RD QTR NET.
    NORTHFIELD, Ill., Oct 20 -
    Shr 87 cts vs 62 cts
    Net 2,604,000 vs 1,856,000
    Sales 72.7 mln vs 64.6 mln
    Nine mths
    Shr 2.71 dlrs vs 1.97 dlrs
    Net 8,121,000 vs 5,834,000
    Sales 215.7 mln vs 193.0 mln


.I 20714
.C
earn
.W
CONVERGENT INC <CVGT.O> 3RD QTR NET.
    SAN JOSE, Calif., Oct 20 -
    Shr profit four cts vs loss 56 cts
    Net profit 2,043,000 vs loss 25.7 mln
    Revs 111.3 mln vs 64.7 mln
    Avg shrs 48.3 mln vs 45.8 mln
    Nine mths
    Shr loss 18 cts vs loss 63 cts
    Net loss 8,695,000 vs loss 28.4 mln
    REvs 308.4 mln vs 228.4 mln
    Avg shrs 48.0 mln vs 44.8 mln
    NOTE: 1986 net includes tax credits of 1,646,000 dlrs in
quarter and 3,401,000 dlrs in nine mths.
    1987 nine mths results restated for pooled acquisition of
Bidtek Inc.


.I 20722
.C
reserves
.W
****** German net currency reserves rise 500 mln marks to 87.0 billion in week.
Blah blah blah.

.I 20724
.C
earn
.W
TRIBUNE CO <TRB> 3RD QTR NET.
    CHICAGO, Oct 20 -
    Shr 42 cts vs 1.53 dlrs
    Net 33,085,000 vs 123,450,000
    Revs 535.0 mln vs 496.7 mln
    Avg shrs 78,755,000 vs 80,666,000
    Nine mths
    Shr 1.24 dlrs vs 3.35 dlrs
    Net 98,322,000 vs 271,512,000
    Revs 1.58 billion vs 1.49 billion
    Avg shrs 78,999,000 vs 81,022,000
    NOTE: 1987 per-share earnings include Daily News severance
charges of 11 cts a share in the quarter and 13 cts a share for
the nine months
    1986 net income includes non-recurring gains of 1.11 dlrs a
share in the quarter and 2.23 dlrs a share in the nine months
and five cts a share Daily News severance charges


.I 20727
.C
earn
.W
GREAT WESTERN FINANCIAL CORP <GWF> 3RD QTR NET.
    BEVERLY HILLS, Calif., Oct 20 -
    Shr 45 cts vs 64 cts
    Net 57.8 mln vs 79.4 mln
    Nine mths
    Shr 1.53 dlrs vs 1.87 dlrs
    Net 195.8 mln vs 228.9 mln


.I 20730
.C
earn
.W
PRINTRONIX INC <PTNX.O> 2ND QTR SEPT 25 NET.
    IRVINE, Calif., Oct 20 -
    Shr profit 11 cts vs loss 28 cts
    Net profit 515,000 vs loss 1,328,000
    Sales 31.0 mln vs 32.1 mln
    Avg shrs 4,600,199 vs 4,815,062
    1st half
    Shr loss 23 cts vs profit 10 cts
    Net loss 1,033,000 vs profit 482,000
    Sales 58.5 mln vs 62.1 mln
    Avg shrs 4,565,752 vs 4,883,711
    NOTE: 1986 half net includes pretax gain 4,150,000 dlrs
from sale of option to buy facility.
    Backlog 28.1 mln dlrs vs 22.5 mln dlrs at end of previous
quarter and 21.0 mln dlrs at end of prior year's second quarter.


.I 20732
.C
acq
.W
GAF <GAF> TO PURCHASE UP TO 21 PCT OF STOCK.
    WAYNE, N.J., Oct 20 - GAF Corp said its board has
authorized the repurchase from time to time of up to seven mln
of its common shares, or about 21 pct, for cash in open market
purchases or private transactions.
    The company said it repurchased 2,100,000 shares under an
April authorization to buy back up to three mln shares and
authorization for further repurchases under the old program has
been withdrawn.
    Yesterday, GAF said a group led by chairman Samuel J.
Heyman has decided to reconsider its offer to acquire GAF. GAF
said a revised offer by the group is still possible.


.I 20733
.C
earn
.W
DOW CHEMICAL CO <DOW> 3RD QTR NET.
    MIDLAND, Mich., Oct 20 -
    Shr 1.72 dlrs vs 87 cts
    Net 330,000,000 vs 167,000,000
    Sales 3.36 billion vs 2.74 billion
    Avg shrs 192,200,000 vs 191,700,000
    Nine mths
    Shr 4.62 dlrs vs 2.95 dlrs
    Net 888,000,000 vs 564,000,000
    Sales 9.78 billion vs 8.31 billion
    Avg shrs 191,100,000 vs 191,500,000
    NOTE: Earnings include a loss of 3.0 mln dlrs, or one ct a
share in the 1986 quarter from early extinguishment of debt
    Earnings include losses in the nine months of 3.0 mln dlrs,
or two cts a share vs 8.0 mln dlrs, or four cts a share from
early extinguishment of debt


.I 20735
.C
earn
.W
THRIFTY RENT-A-CAR SYSTEM INC <TFTY.O> 4TH QTR.
    TULSA, Oct 20 - June 30 end
    Shr 33 cts vs 13 cts
    Net 1,687,623 vs 636,500
    Revs 18.7 mln vs 8,973,143
    Year
    Shr 96 cts vs 66 cts
    Net 4,821,637 vs 3,309,017
    Revs 58.8 mln vs 27.2 mln


.I 20737
.C
acq
.W
COMPUTER MEMORIES <CMIN.O> TO DELAY MERGER.
    CHATSWORTH, Calif., Oct 20 - Computer Memories Inc said its
board has decided to take additional time to evaluate the
impact of litigation on the proposed acquisition of <Hemdale
Film Corp>.
    Computer Memories said it plans to adjourn its annual
shareholders meeting, scheduled for October 23, after it is
convened. One purpose of the meeting is to consider the
transaction, the company explained.
    Computer Memories said Hemdale agrees with this course of
action.
   


.I 20740
.C
interest
.W
******CHEMICAL BANK CUTS PRIME RATE TO 9.25 PCT FROM 9.75 PCT, EFFECTIVE IMMEDIATELY.
Blah blah blah.

.I 20746
.C
earn
.W
SHEARSON LEHMAN BROTHERS HOLDINGS <SHE> 3RD QTR.
    NEW YORK, Oct 20 -
    Shr 51 cts
    Net 51 mln dlrs vs 65 mln dlrs
    Revs 1.3 billion vs 1.1 billion
    Nine mths
    Shr 2.07 dlrs
    Net 189 mln vs 215 mln
    Revs 3.9 billion vs 3.3 billion
    NOTE: Full name is Shearson Lehman Brothers Holdings Inc
    Company went public May 7, 1987


.I 20748
.C
interest
.W
******MARINE MIDLAND BANK CUTS PRIME RATE TO 9.25 PCT FROM 9.75 PCT, EFFECTIVE IMMEDIATELY.
Blah blah blah.

.I 20754
.C
interest
.W
CHEMICAL <CHL>, MARINE MIDLAND <MM> CUT PRIME.
    NEW YORK, Oct 20 - Chemical Bank and Marine Midland Banks
Inc said they are cutting their prime lending rate to 9-1/4 pct
from 9-3/4 pct, reversing an increase that they announced just
last week.
    The reduction is effective immediately.
    No other major U.S. bank had followed the lead of Chemical
and Marine Midland, preferring to keep their prime rates at
9-1/4 pct while they waited to see what course money market
rates would take.
    Following Monday's record fall in Wall Street stock prices,
money market rates fell sharply on Tuesday as investors
ploughed proceeds into short-term instruments and the Federal
Reserve said it is prepared to provide liquidity to support the
economy and the financial system.
    Eurodollar deposit rates in London fell by as much as 9/16
percentage point, Treasury bill rates fell by as much as half a
point (after falling between 59 and 84 basis points on Monday),
and the Fed funds rate dropped to 7-1/4 pct from Monday's
average of 7.61 pct. Speculation even surfaced of a discount
rate cut to calm the markets, dealers said.


.I 20756
.C
earn
.W
SEARS, ROEBUCK AND CO <S> 3RD QTR NET.
    CHICAGO, Oct 20 -
    Shr 1.08 dlrs vs 88 cts
    Net 409,000,000 vs 328,000,000
    Revs 12.19 billion vs 11.17 billion
    Avg shrs 378.2 mln vs 368.4 mln
    Nine mths
    Shr 2.86 dlrs vs 2.17 dlrs
    Net 1.09 billion vs 808.3 mln
    Revs 34.39 billion vs 31.31 billion
    Avg shrs 377.7 mln vs 366.2 mln


.I 20760
.C
earn
.W
PRIME COMPUTER INC <PRM> 3RD QTR SEPT 28.
    NATICK, Mass., Oct 20 -
    Shr 32 cts vs 25 cts
    Net 15.9 mln vs 12.1 mln
    Revs 236.2 mln vs 221.9 mln
    Nine mths
    Shr 88 cts vs 68 cts
    Net 43.5 mln vs 32.8 mln
    Revs 693.9 mln vs 629.2 mln


.I 20761
.C
earn
.W
RYDER SYSTEM INC <RDR> 3RD QTR NET.
    MIAMI, Oct 20 -
    Shr 65 cts vs 63 cts
    Net 52.7 mln vs 47.7 mln
    Revs 1.16 billion vs 976.6 mln
    Avg shrs 79.9 mln vs 74.3 mln
    Nine mths
    Shr 1.73 dlrs vs 1.54 dlrs
    Net 141.4 mln vs 117.9 mln
    Revs 3.39 billion vs 2.75 billion
    NOTE: Share after preferred dividends.


.I 20763
.C
earn
.W
SCHLUMBERGER LTD <SLB> 3RD QTR NET.
    NEW YORK, Oct 20 -
    Shr nil vs loss 14 cts
    Net 1,697,000 vs loss 41.9 mln
    Revs 1.2 billion vs 1.1 billion
    Avg shrs 276.4 mln vs 285.6 mln
    Nine mths
    Shr profit 13 cts vs profit 56 cts
    Net profit 36.8 mln vs 161.5 mln
    Revs 3.4 billoin vs 3.8 billion
    Avg shrs 278.2 mln vs 288.9 mln
    NOTE: 1987 3rd qtr includes 152.6 mln dlrs for continuing
operations, which includes a 69 mln dlrs after-tax gain on sale
of company's investment in Compagnie Luxembourgeoise de
Telediffusion.
    1987 3rd qtr and nine mths net includes a loss of 220 mln
dlrs or 79 cts a share for discontinued operations and 70 mln
dlrs or 25 cts a share for extraordinary gain.
    1986 3rd qtr and nine mths net includes a loss of 59 mln
dlrs or 20 cts a share from continuing operations mainly for
employee layoff costs in oilfied services, sale of small
electronic business and unfavorable lease comitments.
   
    1987 nine mths net also includes a loss of 220 mln dlrs
from discontinued operations due to completion of previously
announced sale of Fairchild Semiconductor business.
    1987 extraordinary item of 70.1 mln dlrs relates to award
from Iran-U.S. Claims Tribunal from Iran's seizure of SEDCO Inc
drilling business in 1979 prior to its acquisition by
Schlumberger.
    1986 3rd qtr and nine mths net also includes in
discontinued operations a loss of 36 mln dlrs from Fairchild
Semiconductor offset by a 53 mln dlrs gain from favorable
settlement of litigation with Data General.


.I 20765
.C
earn
.W
WELLS FARGO AND CO <WFC> 3RD QTR NET.
    SAN FRANCISCO, Oct 20 -
    Shr profit 2.77 dlrs vs profit 1.35 dlrs
    Net 155.0 mln vs 77.4 mln
    Nine mths
    Shr loss 1.43 dlrs vs profit 3.66 dlrs
    Net loss 60.4 mln vs profit 195.2 mln
    Assets 45.15 billion vs 42.69 billion
    Loans 36.33 billion vs 34.46 billion
    Deposits 29.7 billion vs 23.3 billion


.I 20769
.C
earn
.W
BAXTER TRAVENOL LABS <BAX> 3RD QTR SHR NET.
    DEERFIELD, ILL., Oct 20 - 
    Shr 31 cts vs 18 cts
    Net 90 mln vs 51 mln
    Sales 1.58 billion vs 1.42 billion
    Avg shrs 274 mln vs 269 mln
    Nine Mths
    Shr 79 cts vs 42 cts
    Net 233 mln vs 129 mln
    Sales 4.58 billion vs 4.22 billion
    Avg shrs 238 mln vs 267 mln
    NOTE: 1987 results include Caremark Inc from August 3.
Caremark acquisition reduced 1987 nine months net by five cts,
offset by a three ct gain from the sale of securities.
    1986 third quarter net excludes gains from discontinued
operations of 12 mln dlrs or four cts; a gain from sale of
discontinued operations of 285 mln dlrs or 1.06 dlrs; and a
charge from early repayment of debt of 58 mln dlrs or 22 cts.
    1986 nine months net excludes gains from discontinued
operations of 38 mln dlrs or 14 cts; a gain from sale of
discontinued operations of 285 mln dlrs or 1.06 dlrs; and a
charge from early repayment of debt of 58 mln dlrs or 22 cts.


.I 20771
.C
earn
.W
LAMSON AND SESSIONS CO <LMS> 3RD QTR NET.
    CLEVELAND, Oct 20 -
    Oper shr profit 20 cts vs loss 22 cts
    Oper net profit 2,111,000 vs loss 1,605,000
    Revs 89.6 mln vs 27.2 mln
    Nine mths
    Oper shr profit 47 cts vs loss 15 cts
    Oper net profit 4,116,000 vs loss 1,029,000
    Revs 252.1 mln vs 87.9 mln
    NOTE: 1986 net excludes losses from discontinued operations
of 791,000 dlrs in quarter and 1,168,000 dlrs in nine mths.
    1986 nine mths net excludes gain 4,726,000 dlrs from
cumulative effect of pension accounting change.
    1987 net excludes tax credits of 1,569,000 dlrs in quarter
and 2,894,000 dlrs in nine mths.


.I 20775
.C
earn
.W
KRAFT INC <KRA> 3RD QTR SEPT 26 NET.
    GLENVIEW, ILL., Oct 20 -
    Shr 91 cts vs 17 cts
    Net 124,100,000 vs 21,200,000
    Sales 2.83 billion vs 2.22 billion
    Nine mths
    Shr 2.47 dlrs vs 2.02 dlrs
    Net 337,400,000 vs 294,200,000
    Sales 7.98 billion vs 6.33 billion
    Avg shrs 136,700,000 vs 142,500,000
    NOTE: 1986 earnings include a loss from discontinuedoperations of 50.3 mln dlrs, or 35 cts a share in the quarter
and a gain of 21.2 mln dlrs, or 15 cts a share in the nine
months


.I 20776
.C
earn
.W
UST INC <UST> 3RD QTR NET.
    GREENWICH, Conn., Oct 20 -
    Shr 60 cts vs 48 cts
    Net 35.0 mln vs 27.8 mln
    Revs 147.2 mln vs 131.6 mln
    Nine mths
    Shr 1.67 dlrs vs 1.38 dlrs
    Net 97.3 mln vs 77.9 mln
    Revs 422.4 mln vs 385.5 mln
    Avg shrs 58.4 mln vs 56.5 mln


.I 20781
.C
coffee
.W
U.S. COFFEE IMPORT REPORTING SYSTEM QUESTIONED.
    BY Susan Zeidler
    NEW YORK, Oct 20 - A voluntary compliance system for
monitoring U.S. coffee imports under quotas is viewed
skeptically by many in the coffee industry, said analysts and
trade sources.
    "Many sectors of the trade, including large roasters and 
importers, are adamant against voluntary compliance because of
the past, which was subject to tremendous irregularities as it
became a matter of the trade monitoring each other," one
analyst said.
    On Monday, a National Coffee Association newsletter said
the Office of U.S. Trade Representative will implement a
voluntary compliance system temporarily because legislation to
monitor imports is tied up in the Congressional trade bill.
    Under the arrangement, milar to one in 1980, coffee
importers would voluntarily present needed documents to the
U.S. government until Congress approves the monitoring
authority, but if coffee arrives without valid certification,
it will still be allowed entry.
    While many believe producers will not seek to add to the
overburdened stock situation in the U.S., others believe some
will ship outside of the quota requirements in lieu of
monitoring controls, trade sources said.
    "Last time, there was a lot of false information submitted
to customs which resulted in a lot of indictments and fines," a
U.S. Customs spokesman said.
    "Customs can do a good job when given the tools, but when
its hands are tied, it doesn't have the authority to demand
Form O (documents tracking merchandise from source to
destination)," he said.
    Many see it as a true test of whether producers and
importers will abide by the quota system.
    "It is a key to seeing whether there are any teeth in the
quota agreement," said one major U.S. roaster.
     "Last time we had a gentleman's agreement, the trade did
not act as a gentleman," said another analyst adding, "without
the need to submit documents, the ball will be in the
producers' hands."
    Some feel that importers will take advantage of the
voluntary compliance due to development of a two-tier market,
in which non-member countries buy coffee at a big discount.
Many fear that dealers will buy coffee destined for non-member
countries at discounts and then bring it into the U.S. falsely
labelled.
    According to customs officials, several green coffee
importers confessed in 1985 that they had imported coffee
fraudulently after buying it for non-member destinations,
forging landing certificates and then relabelling it as navy
beans.
    "If there's that much of a discrepancy between prices for
one country and another, producers may be teted to get rid of
their stocks of coffee by selling to non-member nations and by
circumventing the quota provisions," said Paine Webber analyst
Bernie Savaiko.
    Still, others believe that producers will not be hard
pressed to aggravate the overburdened coffee stock situation in
the U.S. in the near term.
    "It would be naive to suggest that any agreement would not
have some share of connivance, but I think the voluntary system
seemed to suffice and, coupled with the fact that we have so
much coffee, I don't think that it poses that much of a
threat," one trader said.


.I 20782
.C
earn
.W
SMITHKLINE BECKMAN CORP <SKB> 3RD QTR NET.
    PHILADELPHIA, Oct 20 -
    Shr 1.18 dlrs vs 87 cts
    Net 149.6 mln vs 134 mln
    Revs 1.1 billion vs 956 mln
    Avg shrs 127.3 mln vs 154.5 mln
    Nine mths
    Shr 3.36 dlrs vs 2.42 dlrs
    Net 428.1 mln vs 373.7 mln
    Revs 3.1 billion vs 2.7 billion
   
    NOTE: 1987 3rd qtr and nine mths net includes a charge of
11 mln dlrs or nine cts a share and 31.8 mln dlrs or 25 cts a
share for the interest expense for share repurchases.
    1986 nine mths net includes a charge of 28.9 mln dlrs or 19
cts a share for early retirement program and withdrawal of
Contac cold remedy from the market due to tampering.


.I 20784
.C
earn
.W
UNION CAMP CORP <UCC> 3RD QTR Sept 30.
    WAYNE, N.J., Oct 20 -
    Shr 77 cts vs 50 cts
    Net 56.5 mln vs 36.4 mln
    Sales 583.3 mln vs 515.9 mln
    Nine months
    Shr 2.02 dlrs vs 1.19 dlrs
    Net 148.5 mln vs 87.1 mln
    Sales 1.69 billion vs 1.51 billion


.I 20786
.C
earn
.W
NEWELL CO <NWL> 3RD QTR NET.
    FREEPORT, ILL., Oct 20 -
    Shr 75 cts vs 64 cts
    Net 11,174,000 vs 7,408,000
    Sales 218.8 mln vs 106.3 mln
    NIne Mths
    Shr 1.80 dlrs vs 1.54 dlrs
    Net 23,762,000 vs 16,603,000
    Sales 414.8 mln vs 295.9 mln
    NOTE: 1987 net income excludes preferred dividends
of 2.4 mln dlrs in the quarter and 2.7 mln dlrs in the nine
months compared with 188,000 dlrs and 563,000 dlrs in 1986.


.I 20788
.C
acq
.W
******CIRCLE EXPRESS TERMINATES PLANNED ACQUISITION OF OVERLAND EXPRESS.
Blah blah blah.

.I 20790
.C
earn
.W
FIRST VALLEY CORP <FIVC.O> 3RD QTR NET.
    BETHLEHEM, Pa., Oct 20 -
    Shr 69 cts vs 62 cts
    Net 4,401,000 vs 3,808,000
    Nine mths
    Shr 1.99 dlrs vs 1.77 dlrs
    Net 12.6 mln vs 10.8 mln


.I 20801
.C
earn
.W
AVON PRODUCTS INC 3RD QTR NET.
    NEW YORK, Oct 20 -
    Shr 37 cts vs 42 cts
    Net 26.6 mln vs 30.0 mln
    Sales 805.4 mln vs 690.6 mln
    Avg shrs 70.6 mln vs 71.0 mln
    Nine mths
    Shr 1.23 dlrs vs 1.23 dlrs
    Net 86.8 mln vs 88.5 mln
    Sales 2.30 billion vs 2.01 billion
    Avg shrs 70.3 mln vs 72.2 mln


.I 20802
.C
earn
.W
SPRINGS INDUSTRIES INC <SMI> 3RD QTR OCT THREE.
    FORT MILL, S.C., Oct 20 -
    Shr 99 cts vs 42 cts
    Net 17.6 mln vs 7,528,000
    Sales 424.2 mln vs 376.8 mln
    Nine mths
    Shr 2.21 dlrs vs 94 cts
    Net 39.3 mln vs 16.8 mln
    Sales 1.20 billion vs 1.10 billion
    NOTE: Share adjusted for two-for-one stock split in April
1987.


.I 20803
.C
oilseed;meal-feed;rapeseed;soybean;sunseed;soy-meal;
.W
OILMEAL DEMAND STILL STRONG IN U.S., SOVIET UNION.
    HAMBURG, Oct 20 - Oilmeal demand remained strong in the
United States in July and August and six pct up on levels seen
in the same months last year, with most of the rise coming in
soymeal, the Hamburg based publication Oil World said.
    Total U.S domestic usage of the nine major oilmeals rose to
a record 19 mln tonnes in October 1986/August 1987, up 4.2 pct
on the same year-ago period, with the increase in soymeal at
seven pct, it said.
    Soviet soymeal demand rose by 310,000 tonnes in July and
330,000 tonnes in August over the respective year-ago months
following a huge increase in soymeal imports.
    Oil World presumed some imports were not used immediately
but went into stocks. With imports again large in September, it
estimated Soviet soymeal stocks sharply up at 800,000 tonnes by
October 1 from around 130,000 at the same time last year.
    EC oilmeal demand rose 100,000 tonnes in August from a year
earlier, with soymeal up 45,000 tonnes. Crushings of rapeseed,
sunseed and soybeans will probably rise from last year due to
bumper EC crops. It estimated the EC rapeseed crop at a record
5.9 mln tonnes, up from 3.7 mln last year. Rapeseed disposals
were reported at 2.1 mln tonnes by September 20 against 1.4 mln
at that time last year.


.I 20805
.C
acq
.W
CIRCLE EXPRESS<CEXX.O> ENDS OVERLAND<OVER.O> BUY.
    INDIANAPOLIS, Oct 20 - Circle Express Inc said negotiations
on its proposed acquisitions of Overland Express Inc and
privately-held Continental Training Services Inc have been
terminated by mutual agreement.
    The company said the recent declines in stock prices have
made it unlikely that the transactions could qualify as
tax-free reorganizations.


.I 20808
.C
earn
.W
MARSH AND MCLENNAN COS INC <MMC> 3RD QTR NET.
    NEW YORK, Oct 20 -
    Shr 1.04 dlrs vs 87 cts
    Net 77.7 mln vs 64.2 mln
    Revs 533.7 mln vs 461.8 mln
    Avg shrs 74.7 mln vs 73.9 mln
    Nine mths
    Shr 3.35 dlrs vs 2.63 dlrs
    Net 249.5 mln vs 193.9 mln
    Revs 1.63 billion vs 1.36 billion
    Avg shrs 74.5 mln vs 73.8 mln


.I 20809
.C
earn
.W
CENTRAL ILLINOIS PUBLIC <CIP> 3RD QTR NET.
    SPRINGFIELD, Ill., Oct 20 
    Shr 89 cts vs 89 cts
    Net 30,406,000 vs 30,504,000
    Revs 163.8 mln vs 172.0 mln
    Nine Mths
    Shr 1.89 dlrs vs 2.14 dlrs
    Net 64,489,000 vs 73,149,000
    Revs 603.4 mln vs 646.5 mln
    NOTE: Central Illinois Public Service Co is full name of
company.


.I 20810
.C
earn
.W
SUNDSTRAND CORP <SNS> 3RD QTR NET.
    ROCKFORD, ILL., Oct 20 - 
    Shr 77 cts vs 1.07 dlrs
    Net 14,455,000 vs 20,083,000
    Sales 334.4 mln vs 348.5 mln
    Nine Mths
    Shr 2.40 dlrs vs 3.04 dlrs
    Net 45,00,000 vs 56,928,000
    Sales 987.4 mln vs 1.04 billion


.I 20811
.C
acq
.W
CRAZY EDDIE <CRZY.O> AMENDS SHAREHOLDER RIGHTS.
    EDISON, N.J., Oct 20 - Crazy Eddie Inc said its board of
directors amended the company's shareholder rights plan in
moves it said were designed to preserve stockholder protection
and provide flexibility to the plan.
    Yesterday, Crazy Eddie agreed not to oppose a slate of
candidates to its board proposed by the Committee to Restore
Stockholder Value, a shareholder group led by the
<Oppenheimer-Palmieri Fund L.P.> and Entertainment Marketing
Inc <EM>, that has been seeking to oust current management.
    Crazy Eddie said the new amendments limit future amendments
to the plan, modify the definition of "continuing directors"
and permit amendment or termination of the plan with the
consent of the company's shareholders if there are no
continuing directors in office or the approval of at least
three such directors cannot be obtained.
    The company also said it approved a certificate of
designation with respect to its 4.5 mln shares of authorized,
but previously undesignated and unissued shares of preferred
stock and adopted an employee stock ownership plan.
    Crazy Eddie also that it requested that the shareholder
group make a commitment not to take the company private until
Crazy Eddie has had a chance to recover from current financial
difficulties, a committment that the group rejected.
    Crazy Eddie said it will hold its annual shareholders
meeting on November 6.


.I 20812
.C
earn
.W
HUNTINGTON BANCSHARES INC <HBAN.O> 3RD QTR NET.
    COLUMBUS, Ohio, Oct 20 -
    Shr 68 cts vs 61 cts
    Shr diluted 66 cts vs 60 cts
    Net 18.6 mln vs 16.5 mln
    Avg shrs 27.5 mln vs 26.6 mln
    Nine mths
    Shr 1.40 dlrs vs 1.76 dlrs
    Shr diluted 1.38 dlrs vs 1.71 dlrs
    Net 38.9 mln vs 46.9 mln
    Avg shrs 27.4 mln vs 25.8 mln
    NOTE: Share adjusted for July 1987 10 pct stock dividend.
    Results restated for pooled acquisitions.
    Net includes loan loss provisions of 5,765,000  dlrs vs
4,252,000 dlrs in quarter and 43.3 mln dlrs vs 15.4 mln dlrs in
nin mths.


.I 20815
.C
earn
.W
WEIRTON STEEL CORP 3RD QTR.
    WEIRTON, W.Va., Oct 20 -
    Net 33.6 mln vs 11.1 mln
    Revs 319.6 mln vs 295.1 mln
    Nine mths
    Net 97.3 mln vs 30.0 mln
    Revs 997.8 mln vs 860.0 mln
    NOTE: Company does not report per share earnings as it is a
privately-owned concern.
    Net amounts reported are before taxes, profit sharing, and
contribution to employee stock ownership trust.


.I 20816
.C
earn
.W
DOMTAR INC <DTC> 3RD QTR NET.
    MONTREAL, Oct 19 -
    Shr 37 cts vs 41 cts
    Net 35 mln vs 38 mln
    Revs not given
    Nine mths
    Shr 1.32 dlrs vs 1.18 dlrs
    Net 123 mln vs 106 mln
    Revs not given


.I 20818
.C
earn
.W
GENERAL SIGNAL CORP <GSX> 3RD QTR NET.
    STAMFORD, Conn., Oct 20 -
    Shr 67 cts vs 65 cts
    Net 18.9 mln vs 18.6 mln
    Revs 399.0 mln vs 391 mln
    Nine mths
    Shr 1.70 dlrs vs 1.98 dlrs
    Net 48.2 mln vs 56.9 mln
    Revs 1.18 billion vs 1.2 billion


.I 20821
.C
earn
.W
MELLON BANK CORP <MEL> 3RD QTR NET.
    PITTSBURGH, Oct 20 -
    Shr profit 47 cts vs profit 1.78 dlrs
    Net profit 16 mln vs profit 53 mln
    Avg shrs 27.7 mln vs 27.4 mln
    Nine mths
    Shr loss 22.51 dlrs vs profit 5.78 dlrs
    Net loss 610 mln vs profit 168 mln
    Avg shrs 217.6 mln vs 27.3 mln
    Assets 33.14 billion vs 33.89 billion
    Deposits 22.01 billion vs 19.86 billion
    Loans 21.76 billion vs 22.70 billion
    NOTE: Net includes loan loss provisions of 40 mln dlrs vs
48 mln dlrs in quarter and 748 mln dlrs vs 217 mln dlrs in nine
mths.
    Net includes pretax gains on sale of securities of 11 mln
dlrs vs 29 mln dlrs in quarter and 13 mln dlrs vs 130 mln dlrs
in nine mths.


.I 20823
.C
earn
.W
MUSICLAND GROUP INC <TMG> 3RD QTR NET SEPT 25.
    MINNEAPOLIS, MINN., Oct 20 -
    Shr 28 cts vs 14 cts
    Net 3,110,000 vs 1,286,000
    Sales 112.7 mln vs 93.8 mln
    Avg shrs 11.2 mln vs 9.1 mln
    Nine Mths
    Shr 58 cts vs 15 cts
    Net 6,377,000 vs 1,332,000
    Sales 307.8 mln vs 233.8 mln
    Avg shrs 10.9 mln vs 9.1 mln
    NOTE: Effective September 25, 1987, Primerica Corp <PA>
owned 81.4 pct of Musicland's common shares.


.I 20825
.C
rubber
.W
REAGAN SENDS INT'L RUBBER AGREEMENT TO SENATE.
    WASHINGTON, Oct 20 - President Reagan sent the five-year
International Natural Rubber Agreement to the Senate for
approval.
    Reagan said the accord is designed to stabilize rubber
prices without disturbing long-term market trends and to foster
expanded natural rubber supplies at reasonable prices.
    It continues a buffer stock of not more than 550,000 tonnes
established by a 197agreement. This will be used to defend a
regularly adjusted price range and will be financed equally by
importing and exporting members of the agreement.


.I 20826
.C
wheat;grain;
.W
NO PRESSING NEED FOR SOVIET WHEAT SUBSIDY - LYNG.
    WASHINGTON, Oct 20 - The Soviets have not indicated an
urgent need for a U.S. wheat subsidy offer, and it is unlikely
that such an offer will be ma during the U.S./Soviet summit
expected to be held next month, Agriculture Secretary Richard
Lyng told Reuters.
    In an exclusive interview with Reuters, Lyng said he did
not know if the United States will offer Moscow another wheat
subsidy offer this year or when that offer will be made.
    "Last year it was well into the year before we offered it.
There's been nothing that's taken place to indicate to me that
there's a pressing need on their part for that sort of deal (a
wheat subsidy)."
    When asked if a subsidy would be offered at a U.S./Soviet
summit, Lyng said, "No, I don't think so. I don't think that."
    The Agriculture Secretary said a U.S. wheat subsidy deal to
Moscow would not be the kind of topic appropriate for
discussion at a summit.
    "It would not be the kind of issue that the President or the
Chairman would get into specific negotiations or discussions
about," Lyng said.
    "When Mr. Nikonov (communist party secretary for
agriculture) was here ... he indicated that trade in wheat was
not something that would be discussed with the President of the
United States. He said it's not presidential," Lyng said.
    Lyng said uncertainties about wheat quality in some major
producing areas of the world, volatile wheat prices and the
still unfinished Soviet grain harvest could delay any final
decision on the timing of another wheat subsidy to Moscow.
    The future of the U.S./Soviet long-term grains agreement
will be discussed the first of next year, Lyng said, but the
Agriculture Secretary questioned the benefits of the
long-standing agreement.
    "We've had three years in a row in which the Soviets have
failed to live up to their end of the agreement ... We would
love to continue to keep doing busines with the Soviet Union,
but do we need a long-term agreement. Who benefits from that.
These are some of the questions we need to discuss."
    When asked if he felt the United States has benefitted from
the agreement, Lyng said, "I don't know. It certainly hasn't
been what we had hoped it would be. For three years running
they've (Moscow) failed to live up to what we considered was an
agreement."


.I 20827
.C
veg-oil
.W
LYNG SAYS INDIA FOOD AID PACKAGE NOT READY.
    WASHINGTON, Oct 20 - The United States and India have
not yet agreed on a food aid package to help the
drought-stricken Asian country, Agriculture Secretary Richard
Lyng said.
    Lyng told Reuters in an interview that the two countries
have been discussing a package but that he did not expect the
specifics of the offer to be announced during Indian Prime
Minister Rajiv Gandhi's visit here this week.
    "We have been talking about the potential needs that India
might have for both their commercial market and purchases needs
as well as the possibilities of assistance," Lyng said.
    "At this point, there is no detailed plan or program. The
amounts of what commodities are uncertain. But we have
indicated to the Indians that we stand ready to assist in
whatever way they deem most valuable," he said.
    There has been speculation in trade circles that USDA would
offer India subsidized vegetable oil under the export
enhancement program and donate surplus corn under Section 419
of an amended 1949 law.
    Lyng indicated the two countries have been unable to agree
on the mix of concessional and commercial aid, and that
Washington would prefer the package include something other
than donated food.
    "The Indians are capable of purchasing a lot, of taking care
of themselves. India is a country that has come a long way in
its ability to produce food and they have a great pride in
that," Lyng said.
    "We (the United States) obviously, with the surpluses we
still have of many commodities..., would like to share in the
import business the Indians do, and then we have some, as we
always do, compassion for the people of India and would like to
cooperate with them," he said.
    Lyng said he had no plans to meet with Indian officials
during Gandhi's visit here, adding, "I just don't know of
anything that might be announced specifically."
    Asked if "the ball was in the Indians' court," he said, "Yes."
    Gandhi is to leave Washington Tuesday evening.


.I 20828
.C
earn
.W
MELVILLE CORP <MES> 3RD QTR NET.
    HARRISON, N.Y., Oct 20 -
    Shr 95 cts vs 87 cts
    Net 51.6 mln vs 47.3 mln
    Revs 1.39 billion vs 1.26 billion
    Nine mths
    Shr 2.27 dlrs vs 1.93 dlrs
    Net 123.5 mln vs 104.6 mln
    Revs 3.92 billion vs 3.53 billion


.I 20829
.C
earn
.W
BOLT BERANEK AND NEWMAN INC <BBN> 1ST QTR NET.
    CAMBRIDGE, Mass., Oct 20 - ended sept 30
    Shr 22 cts vs 18 cts
    Net 4,127,000 vs 3,177,000
    Sales 70.2 mln vs 48.6 mln
    NOTE: Share adjusted for July 1987 two-for-one stock split.


.I 20830
.C
earn
.W
DOMINION RESOURCES INC <D> 3RD QTR NET.
    RICHMOND, Va., Oct 20 -
    Shr 1.52 dlrs vs 1.37 dlrs
    Net 144.5 mln vs 127.3 mln
    Revs 909.8 mln vs 824.7 mln
    Avg shrs 95.1 mln vs 92.9 mln
    12 mths
    Shr 4.62 dlrs vs 4.05 dlrs
    Net 435.9 mln vs 372.1 mln
    Revs 3.28 billion vs 2.94 billion
    Avg shrs 94.3 mln vs 91.8 mln


.I 20832
.C
earn
.W
INTER-REGIONAL FINANCIAL<IFG> 3RD QTR OPER NET.
    MINNEAPOLIS, Oct 20 -
    Oper shr 30 cts vs 26 cts
    Oper net 2,360,000 vs 2,018,000
    Revs 74.4 mln vs 70.1 mln
    Nine mths
    Oper shr 92 cts vs 92 cts
    Oper net 7,101,000 vs 7,116,000
    Revs 218.8 mln vs 209.2 mln
    NOTE: Earnings exclude a gain from utilization of tax loss
carryforwards of 978,000 dlrs, or 13 cts a share vs a loss of
4,967,000 dlrs, or 66 cts a share in the quarter and gains of
2,895,000 dlrs, or 37 cts a share vs 4,944,000 dlrs, or 64 cts
a share in the nine months
    1986 earnings exclude losses from discontinued operations
of 9,000,000 dlrs, or 1.19 dlrs a share in the quarter and
387,000 dlrs, or five cts a share in the nine months


.I 20834
.C
wheat;grain;
.W
ALGERIA BUYS 75,000 TONNES EEP WHEAT - TRADE.
    KANSAS CITY, Oct 20 - Indications are that USDA accepted
Algeria's bid for 75,000 tonnes of hard red winter wheat, but
rejected bids for the remaining 225,000 tonnes under its export
bonus tender, U.S. exporters said.
    USDA accepted Algeria's bid of 94.00 dlrs per tonne, c and
f, for 50,000 tonnes for Nov 10-25 shipment and 25,000 for Nov
20-Dec 10, the sources said. It rejected bids for wheat for
later shipment dates, they said.


.I 20836
.C
earn
.W
GTE CORP <GTE> 3RD QTR NET.
    STAMFORD, Oct 20 -
    Shr 86 cts vs 96 cts
    Net 297 mln vs 325 mln
    Revs 2.95 billion vs 2.86 billion
    Nine mths
    Shr 2.30 dlrs vs 2.74 dlrs
    Net 785 mln vs 916 mln
    Revs 11.3 billion vs 11.1 billion
    NOTE: 1986 share results restated for 3-for-2 stock split
in January 1987
   
    1987 net in both periods includes business repositioning
gains of 16 mln dlrs, or five cts a share, and gains from early
retirement programs of 65 mln dlrs, or 20 cts a share
    1987 nine months net also includes pre-tax charge of 175
mln dlrs for GTE's share of a special write-off at U.S. Sprint
which reduced after tax net by 104 mln dlrs, or 31 cts a share
    1986 net in both periods includes business repositioning
gains of 32 mln dlrs, or 10 cts per share


.I 20842
.C
cpi
.W
S. AFRICAN CONSUMER INFLATION FALLS IN SEPTEMBER.
    PRETORIA, Oct 20 - South African year-on-year consumer
price inflation in September fell to 15.5 pct from 16.3 pct in
August, Central Statistics Office figures show.
    The monthly rise in the all items index (base 1980) was 1.3
pct to 273.4 in September after edging up to 270.0 in August.
    A year ago the index stood at 236.7 and year-on-year
consumer price inflation at 19.7 pct.


.I 20843
.C
trade;jobs;
.W
SHULTZ SAYS U.S. ECONOMY IS STRONG LONDON, Oct 20 - U.S.
Secretary of State George Shultz, after discussing Monday's
record selling spree on the world's stock markets with British
Foreign Secretary Sir Geoffrey Howe, said the American economy
"is in very strong shape." Shultz, a former economics professor
and former Treasury Secretary, said "the underlying fact ... If
you look at the U.S. Economy, is that we continue to have a
very strong economic performance." He cited as positive factors
declining U.S. Unemployment and low inflation.
    Shultz said he did not know to what extent the stock
selling frenzy reflected concerns about U.S. Trade and budget
deficits.


.I 20844
.C
earn
.W
U S WEST <USW> 3RD QTR NET.
    DENVER, COLO., Oct 20 - 
    Shr 1.46 dlrs vs 1.41 dlrs
    Net 277.5 mln vs 268.3 mln dlrs
    Revs 2.13 billion vs 2.14 billion
    Nine Mths
    Shr 3.95 dlrs vs 3.78 dlrs
    Net 750.5 mln vs 718.4 mln
    Revs 6.28 billion vs 6.22 billion


.I 20846
.C
earn
.W
KELSEY-HAYES CANADA LTD <KEL.TO> NINE MTHS NET.
    WINDSOR, Ontario, Oct 20 -
    Shr 44 cts vs 1.23 dlrs
    Net 2,889,010 vs 8,105,462
    Sales 105.8 mln vs 119.6 mln


.I 20847
.C
earn
.W
ROCKEFELLER CENTER PROPERTIES INC <RCP> 3RD QTR.
    NEW YORK, Oct 20 -
    Shr 30 cts vs 31 cts
    Net 11.3 mln vs 11.7 mln
    Revs 26.5 mln vs 26.3 mln
    Nine mths
    Shr 92 cts vs 95 cts
    Net 34.3 mln vs 35.5 mln
    Revs 78.8 mln vs 78.2 mln


.I 20850
.C
earn
.W
ARITECH CORP <ARIT.O> 3RD QTR OCT TWO.
    FRAMINGHAM, Mass., Oct 20 -
    Shr 34 cts vs 33 cts
    Net 1,031,000 vs 972,000
    Revs 27.9 mln vs 26.9 mln
    Nine mths
    Shr 93 cts vs 76 cts
    Net 2,802,000 vs 2,267,000
    Revs 86.1 mln vs 77.7 mln
    NOTE: 1987 3rd qtr and nine mths revs includes sales to ADT
Inc of 3.0 mln dlrs and 10.9 mln dlrs. 1986 3rd qtr and nine
mths includes sales of 3.5 mln dlrs and 10.7 mln dlrs.


.I 20851
.C
earn
.W
SOUTHOLD SAVINGS BANK <SDSB.O> 3RD QTR NET.
    SOUTHOLD, N.Y., Oct 20 -
    Shr 50 cts
    Net 2,751,000 vs 2,094,000
    Nine mths
    Net 6,993,000 vs 5,577,000
    Assets 603.1 mln vs 504.3 mln
    Loans 448.5 mln vs 358.1 mln
    Deposits 467.9 mln vs 447.7 mln
    NOTE: Per share figures for 1986 and 1987 nine mths not
available as bank converted to stock form of company in April
1987.


.I 20852
.C
earn
.W
CONSTELLATION BANCORP <CSTL.O> 3RD QTR NET.
    ELIZABETH, N.J., Oct 20 -
    Shr 78 cts vs 61 cts
    Net 4,774,000 vs 3,683,000
    Nine mths
    Shr 2.14 dlrs vs 1.77 dlrs
    Net 13.1 mln vs 10.7 mln


.I 20853
.C
wheat;grain;
.W
SRI LANKA POSTPONES EEP WHEAT TENDER - TRADE.
    KANSAS CITY, Oct 20 - Sri Lanka has postponed until
November its tender for 75,000 tonnes of wheat under the export
bonus program, originally scheduled for today, U.S. exporters
said.


.I 20854
.C
money-fx
.W
LOUVRE REAFFIRMATION NOT ENOUGH - U.K. ANALYSTS.
    By Rowena Whelan
    LONDON, Oct 20 - U.S. And West German reaffirmation of
support for the Louvre Accord cannot cure the fundamental
problems bedevilling the world economy which lie behind the
current collapse in stock markets, London economists said.
    "There's going to have to be some acknowledgement that the
dollar is going to be allowed to slip," said Richard Jeffrey of
Hoare Govett. "If not, there is going to be continued fear that
when pressure emerges on the dollar, the Fed will be forced to
tighten. This throws up the economic abyss of recession in the
U.S. With obvious knock on effects on the rest of the world."
    But some economists added that Wall Street's crash, which
dragged other major markets down with it, may help curb the
very problems that sparked the turmoil - namely world inflation
fears and the massive and persistent U.S. Trade deficits.
    "If there is a benefit from a 23 pct fall in Wall Street
...It's some sort of resistance to inflation worldwide," said
Geoffrey Dennis of brokers James Capel, echoing comments from
other London and Tokyo analysts.
    Lower personal wealth from lower stock prices and fears of
further falls should dampen credit growth, curbing inflationary
pressures and import demand in the U.S., They say.
    Such considerations may be helping bond markets resist the
equity crash, according to Mike Osborne of Kleinwort Grieveson.
    "It would be suicidal for any government in the context of
what happened in the last couple of days to jack up their
interest rates," he added.
    Stocks surged after news Chemical Bank cut its prime
lending rate half a point to 9.25 pct Tuesday and U.S. Fed
chairman Alan Greenspan pledged support for the financial
system.
    The news eroded the most immediate fears that the stock
collapse would spill over into the economy, via a banking
crisis for example, thus precipitating recession.
    It also helped the dollar rally sharply, to a high of
1.8200 marks from a European low of 1.7880. But economists said
today's whiplash moves do not have long term significance and
that markets should try to keep the underlying fundamentals in
mind.
    "The United States has been able to live on borrowed time.
If the effect of this (crash) is to produce slower economic
growth not recession...It contains good news (and) provides a
more realistic assessment of the U.S. Economy," said Capel's
Dennis. But he added that markets are still very much in
danger.
    "The liquidity doesn't disappear...All it's doing is
disappearing from the equity markets," Dennis noted.
    David Morrison of Goldman Sachs International said world
market turbulence will be exacerbated if the Group of Seven
(G-7) leading western nations confirms a base for the dollar,
as implied by West German Finance Minister Gerhard
Stoltenberg's remarks that intervention to support currencies
is still on.
    Last week's dollar fall was partly triggered by
expectations that the Germans were more worried about the money
supply impact of such intervention than maintaining currency
stability.
    But rigid adherence to dollar ranges would be bad, said
Morrison. "The Louvre Accord is fundamentally misconceived. To
stabilise the dollar at too high a level is wrong," he said.


.I 20856
.C
ship
.W
NEW CONTAINER CRANES ARRIVE AT TANZANIA PORT.
    DAR ES SALAAM, Oct 20 - Two large container cranes donated
by the Danish International Development Agency (DANIDA) have
arrived in Dar es Salaam where they will help to increase the
port's cargo handling capacity, port officials said.
    The two new container cranes join one Danish container
crane already installed in the port, which is an important
trade outlet for Tanzania, Zambia, Malawi and eastern Zaire.
    Five more cranes from Finland are due to arrive soon,
increasing the container terminal's handling capacity to
120,000 units per year from 30,000 at present, the officials
said.


.I 20857
.C
interest
.W
U.K. CREDIT POLICY SEEN STEADY, DESPITE BANK DATA.
    By Sandy Critchley
    LONDON, Oct 20 - An unexpectedly heavy 4.4 billion stg
surge in U.K. September sterling bank lending is unlikely to
nudge the Bank of England towards tightening monetary policy as
long as sterling remains in its present robust state,
economists said.
    An acute crisis of confidence in equity markets over the
past two days will in any case subdue personal consumer credit
demand which has largely been behind growth in lending.
    "In the normal course of events the markets would have been
extremely worried about that figure," noted Peter Spencer, U.K.
Economist with Credit Suisse First Boston.
    After an initial dip in reaction to the bank lending data,
which compared won stg August rise, U.K.
Government bonds (gilts) soared as investors continued to flee
from plummetting equities into the relative security of
government securities.
    Equity markets dropped sharply on the news, touching a
day's low of 1,766.7 on the FTSE 100 index after the data,
before staging a recovery. Sterling held its buoyant tone
throughout.
    U.K. Money market rates, in a similarly calm response,
resumed the slightly easier trend of earlier in the morning
after little more than a token blip as the figures came out.
    Noting that such a huge rise in credit extended by banks
would under other circumstances have prompted market fears of a
rise in clearing bank base rates from the current 10 pct, "With
the financial markets doing what they're doing, that's the last
thing the Bank of England would want to do," Spencer said.
    "The monetary situation is clearly very bad but as long as
sterling is firm, the authorities are unlikely to put rates up,"
said Kevin Boakes, chief U.K. Economist at Greenwell Montagu
Gilt Edged. Boakes pointed to a rise in the narrow money
measure M0 to 5.2 pct year-on-year from August's 4.5 pct
growth, which he said must cause some concern at the Treasury.
    But "The fact that overall broad money growth has slowed
down is a rather encouraging sign," noted Paul Temperton, U.K.
Economist with Merrill Lynch Capital Markets. He pointed to a
fall in the year-on-year growth rate of the M3 broad money
aggregate to 19.5 pct in September from August's 22 pct.
    It was concern about credit growth which prompted the Bank
of England to engineer a one point rise in U.K. Bank base rates
to 10 pct in early August, caution endorsed subsequently by
news of a massive 4.9 billion stg July rise in bank lending.
    Temperton noted that a particular focus of bank worry in
that period had been the behaviour of U.K. Asset markets.
    Housing and equities were the key two asset markets in
influencing consumer behaviour, he said.
    In the light of the precipitous falls on U.K. Equity
markets in the past few days, "There will almost certainly be a
straightforward impact on consumer spending and on retail
sales," Temperton said.
    "Almost certainly we can look forward to slower growth in
consumer borrowing if the equity shakeout continues," he added.
    "I think the stock market has decided that the bank lending
figure is a thing of the past...We are talking about a very
serious panic and a flight to quality," Spencer said.
    A U.K. Treasury official said that it was important to look
at all the monetary information, not just the bank lending,
adding that monetary aggregates were growing much more slowly
than bank lending.
    Senior banking sources noted that the surge in bank lending
was evidence of the continuing recent trend of fairly heavy
personal sector borrowing.
    Figures from the Banking Information Service showed
personal sector lending by U.K. Clearing banks rose by 1.66
billion stg in September after a 978 mln stg August rise. Much
of the rise reflected quarterly interest payments.


.I 20858
.C
money-fx;interest;
.W
FED EXPECTED TO ADD RESERVES VIA CUSTOMER RPS.
    NEW YORK, Oct 20 - The Federal Reserve is expected to enter
the government securities market to add reserves via customer
repurchase agreements, economists said.
    They expected the amount to total around 1.5 billion to two
billion dlrs.
    Economists added that the low rate on federal funds
indicates the Fed is unlikely to add funds agressively through
overnight system repurchases, unless it feels the need to calm
volatile financial markets.
    Federal funds were trading at 7-1/8 pct, down from
yesterday's average of 7.61 pct.


.I 20859
.C
reserves
.W
TAIWAN FOREIGN EXCHANGE RESERVES HIT RECORD HIGH.
    TAIPEI, Oct 20 - Taiwan's foreign exchange reserves, bouyed
by rising exports, have hit a record high and are likely to
soar to 72 billion U.S. Dlrs by the year end, central bank
officials said Tuesday.
    Central Bank Governor Chang Chi-cheng told reporters the
reserves totalled about 69 billion U.S. Dlrs, compared with
about 42 billion at the same time last year and 68 billion on
October 5. He declined to elaborate.
    A senior bank official, who declined to be named, told
Reuters the reserves were likely to reach 72 billion dlrs at
the end of the year.
    "The surge in reserves is the result of our trade surplus
and recent purchases of U.S. Dollars on the local interbank
market," Chang said.
    Taiwan's trade surplus hit a record 14.95 billion U.S. Dlrs
in the first nine months of 1987 compared with 11.05 billion a
year earlier, official figures show.
    Vice Economic Minister Wang Chien-hsien said the surplus
will rise to about 20 billion dlrs by the end of the year.
About 80 pct of the surplus will come from the island's trade
with the United States. 
    Chien said Taiwan's trade will reach 80 billion U.S. Dlrs
this year compared with 63.96 billion last year.
    Its exports are expected to total 50 billion and imports 30
billion against exports of 39.79 billion and imports of 24.17
billion last year.


.I 20860
.C
interest
.W
****** Bank of France says it leaves intervention rate unchanged at 7-1/2 pct.
Blah blah blah.

.I 20861
.C
earn
.W
LOUISIANA-PACIFIC CORP <LPX> 3RD QTR NET.
    PORTLAND, Ore., Oct 20 -
    Shr 1.11 dlrs vs 59 cts
    Net 42.6 mln vs 22.2 mln
    Sales 531.8 mln vs 407.4 mln
    Nine mths
    Shr 2.45 dlrs vs 1.27 dlrs
    Net 93.7 mln vs 48.1 mln
    Sales 1.44 billion vs 1.12 billion


.I 20862
.C
rubber
.W
SCRAP CREPE RUBBER PRICES FIRAT COLOMBO AUCTION.
    COLOMBO, Oct 20 - Scrap crepe prices firmed on good
shortcovering demand at the Colombo rubber auction, brokers
said.
    One-X brown was traded at 19.75 rupees per kg, up 15 cents
from last rates while other grades also showed improvements.
The rise was attributed to a shortage of rubber available to
manufacture this type.
    Latex crepe prices were unchanged with the best one-X
selling at 20.92 rupees. Crepe one was traded at 20.68 and
crepe two at 20.45 rupees.
    Sheet was firm as in previous weeks with RSS1 averaging
22.05 rupees against 22 previously. The total quantity of
rubber offered at the sale was 320 tonnes.


.I 20864
.C
earn
.W
OLIN CORP <OLN> 3RD QTR NET.
    STAMFORD, Conn., Oct 20 -
    Shr 64 cts vs 40 cts
    Net 14.9 mln vs 8,600,000
    Revs 468.5 mln vs 411.7 mln
    Nine mths
    Shr 2.64 dlrs vs 2.96 dlrs
    Net 61.6 mln vs 67.0 mln
    Revs 1.43 billion vs 1.32 billion


.I 20865
.C
crude
.W
NORWAY BOOSTS OIL OUTPUT BY 22 PCT IN SEPTEMBER.
    OSLO, Oct 20 - Norway's September oil output rose by 22.2
pct to 1.07 mln barrels per day (bpd) from 830,492 bpd in
August, according to a Reuter survey of firms operating here.
    Operators said the sharp rise reflected higher output at
several of Norway's biggest fields and resumed production at
fields shut down for 27 days in August for the Ekofisk field
rescue project.
    Industry analysts said the increase did not exceed Norway's
voluntary move to curb by 7.5 pct planned growth in its oil
output, a move designed to back OPEC-led efforts to stabilise
oil prices by limiting supplies to world crude markets.
    Norway, not an OPEC member, decided in June to extend the
production restraints, enforced since February 1 1987, on all
its North Sea fields for the rest of the year.
    Oil Minister Arne Oeien said last month he expected Norway
would extend into 1988 its policy of slowed production growth.
    The biggest increase was seen on the Ekofisk field, which
pumped 168,023 bpd in September against 48,195 bpd in August,
field operator Phillips Petroleum Norway Inc said.
    Ekofisk and the nearby Valhall and Ula fields, which use
the Ekofisk pipeline, were shut down for most of August while
Phillips raised Ekofisk platforms to counter seabed subsidence.
    BP Petroleum Development Norway Ltd, operator of the Ula
field, said September output rose to 86,727 bpd after dropping
to 27,237 bpd in August because of the shutdown.
    Valhall, operated by Amoco Norway A/S, flowed 74,694 bpd
last month compared with 69,748 bpd in August, the company
said.
    September production was also sharply higher at the
Statfjord field. Norway's 84 pct share of Statfjord, which
extends into the British North Sea sector, was 611,138 bpd
against 552,646 bpd in August, operator Den Norske Stats
Oljeselskap A/S (Statoil) said.
    Norway's 22.2 pct share of the Murchison field which, like
Statfjord, extends into the British sector, yielded 15,388 bpd
in September, a slight 920 bpd decrease from the previous
month, Norwegian partners on the British-operated field said.
    Statoil boosted output at its Gullfaks field to 109,670 bpd
in September, compared with 100,188 in August.
    Norsk Hydro, operator of the Oseberg field, said test
output at the field from the mobile production ship Petro Jarl
totalled 1,719 bpd last month, down sharply from 16,170 bpd in
August.
    Hydro said the drop was caused by failure to bring on
stream a second well, cutting September production to just two
days.


.I 20868
.C
earn
.W
BRISTOL-MYERS CO <BMY> 3RD QTR NET.
    NEW YORK, Oct 20 -
    Shr 70 cts vs 61 cts
    Net 200.2 mln vs 173.9 mln
    Sales 1.38 billion vs 1.26 billion
    Nine mths
    Shr 1.87 dlrs vs 1.54 dlrs
    Net 535.6 mln vs 437.8 mln
    Sales 4.04 billion vs 3.63 billion
    NOTE: Share adjusted for two-for-one stock split.


.I 20869
.C
earn
.W
XYVISION INC <XYVI.O> 2ND QTR SEPTEMBER 26.
    WAKEFIELD, Mass., Oct 20 -
    Shr 14 cts vs 15 cts
    Net 867,000 vs 956,000
    Revs 9,203,000 vs 5,304,000
    Six mths
    Shr 18 cts vs 34 cts
    Net 1,111,000 vs 1,747,000
    Revs 16.7 mln vs 10.4 mln
    NOTE: 1987 2nd qtr and six mths net includes 279,000 dlrs
and 432,000 dlrs for tax credits. 1986 2nd qtr and six mths net
includes 361,000 dlrs and 1,747,000 dlrs for tax credits.


.I 20870
.C
interest
.W
******FIRST REPUBLIC BANK DALLAS CUTS PRIME RATE TO 9.25 PCT FROM 9.75 PCT, EFFECTIVE TODAY.
Blah blah blah.

.I 20873
.C
earn
.W
PERKINS FAMILY RESTAURANTS LP <PFR> 3RD QTR.
    MEMPHIS, Tenn., Oct 20 -
    Shr 30 cts vs 12 cts
    Net 3,059,000 vs 1,258,000
    Revs 36.2 mln vs 29.1 mln
    Nine mths
    Shr 67 cts vs 24 cts
    Net 6,855,000 vs 2,442,000
    Revs 100.9 mln vs 77.8 mln


.I 20874
.C
earn
.W
FIRST AMERICAN BANK FOR SAVINGS <FAMB.O> 3RD QTR.
    BOSTON, Oct 20 -
    Shr 35 cts vs 30 cts
    Net 3,997,000 vs 3,442,000
    Nine mths
    Shr 1.04 dlrs vs not given
    Net 12.0 mln vs 8,161,000
    NOTE: Company went public in July 1986.
    Net includes loan loss provisions of 500,000 dlrs vs
105,000 dlrs in quarter and 1,100,000 dlrs vs 105,000 dlrs in
nine mths.
    Net includes pretax gains on sale of assets of 162,000 dlrs
vs 400,000 dlrs in quarter and 877,000 dlrs vs 1,229,000 dlrs
in nine mths.


.I 20879
.C
earn
.W
ARKANSAS BEST CORP <ABZ> 3RD QTR NET.
    FORT SMITH, Ark., Oct 20 -
    Shr diluted 31 cts vs 60 cts
    Net 3,276,776 vs 6,846,367
    Revs 187.7 mln vs 181.3 mln
    Nine mths
    Shr diluted 52 cts vs 1.51 dlrs
    Net 5,301,876 vs 16.4 mln
    Revs 535.7 mln vs 513.0 mln


.I 20881
.C
earn
.W
FIREMAN'S FUND CORP <FFC> 3RD QTR NET.
    NOVATO, Calif., Oct 20 -
    Shr 3.71 dlrs vs 95 cts
    Net 233.8 mln vs 62.8 mln
    Revs 997.8 mln vs 938.0 mln
    Nine mths
    Shr 5.06 dlrs vs 2.24 dlrs
    Net 327.2 mln vs 148.0 mln
    Revs 3.00 billion vs 2.70 billion
     NOTE: Realized investment gains net of taxes for 1987 3rd
qtr and nine mths were 147.0 mln dlrs and 271.0 mln dlrs,
respectively. Realized investment gains for 1986 3rd qtr and
nine mths were 18.6 mln dlrs and 33.6 mln dlrs, respectively.
    Company repurchased 1.2 mln shares of its stock during the
1987 3rd qtr.


.I 20886
.C
earn
.W
E.F. HUTTON GROUP INC <EFH> 3RD QTR NET.
    NEW YORK, Oct 20 -
    Shr 26 cts vs 11 cts
    Net 8,700,000 vs 3,600,000
    Revs 988.9 mln vs 674.5 mln
    Nine mths
    Shr 3.65 dlrs vs 1.38 dlrs
    Net 120.6 mln vs 43.6 mln
    Revs 2.7 billion vs 2.1 billion
   
    NOTE: Net for 1987 includes 4.4 mln from discontinued
opers, 51.6 mln after tax gain on sale of E.F. Hutton Insurance
Group, and 36.6 mln on extraordinary gains from utiliazation of
loss carryforward.
    Net in 1986 included 10.8 mln from discontinued opers and
an extraordinary credit of 5.2 mln from utilization of loss
carryforwards.


.I 20892
.C
acq
.W
******BASTIAN TECHNOLOGIES SAYS IT HAS FIVE PCT OF COSMO COMMUNICATIONS, MAY SEEK CONTROL.
Blah blah blah.

.I 20893
.C
acq
.W
SERVICE CORP <SRV> DUMPS CAPITAL SOUTHWEST STAKE.
    WASHINGTON, Oct 20 - Service Corp International said its
Investment Capital Corp unit sold its entire 14.8 pct stake in
Capital Southwest Corp <CSWC.O> common stock, and no longer
holds any Capital Southwest shares.
    In a filing with the Securities and Exchange Commission,
Investment Capital said it sold 280,000 shares of Capital
Southwest common stock since September 21 at 19.56 dlrs to
21.50 dlrs a share.
    No reason was given for the recent sales.


.I 20894
.C
earn
.W
MANUFACTURERS HANOVER CORP <MHC> 3RD QTR NET.
    NEW YORK, Oct 20 -
    shr profit 2.73 dlrs vs 2.29 dlrs
    net 129.1 mln vs 105.8 mln
    nine mths
    shr loss 28.33 dlrs vs profit 6.42 dlrs
    net loss 1.16 billion vs profit 301.8 mln
    NOTE: 3rd qtr includes previously reported gain of 55.0 mln
dlrs, or 29.4 mln after-tax, by capturing excess pension funds.
    Nine mths include 1.7 billion dlr addition to loan loss
reserves in 2nd qtr, mostly for shaky LDC debts.


.I 20895
.C
earn
.W
COCA COLA ENTERPRISES INC <CCE> 3RD QTR NET.
    ATLANTA, Oct 20 -
    Shr 23 cts vs 23 cts
    Net 31.9 mln vs 15.7 mln
    Revs 876.9 mln vs 401.2 mln
    Avg shrs 140.1 mln vs 68.6 mln
    Nine mths
    Shr 53 cts vs 42 cts
    Net 74.0 mln vs 28.9 mln
    Revs 2.55 billion vs 1.17 billion
    Avg shrs 140.1 mln vs 68.6 mln
    NOTE: Results include acquired bottling companies from
dates of acquisition.
    On pro forma basis, as if all acquisitions had been in
place from the start of the period, company earned 5,704,000
dlrs or four cts per share on 140.0 mln shares outstanding with
revenues of 826.2 mln dlrs for quarter and earned 14.1 mln dlrs
or 10 cts per share on same number of shares and revenues of
2.41 billion dlrs for nine mths.


.I 20897
.C
earn
.W
BALL CORP <BLL> 3RD QTR NET.
    MUNCIE, IND., Oct 20 -
    Shr 80 cts vs 72 cts
    Net 18,900,000 vs 17,100,000
    Sales 267.4 mln vs 288.6 mln
    Nine mths
    Shr 2.26 dlrs vs 2.04 dlrs
    Net 53,600,000 vs 48,200,000
    Sales 839.3 mln vs 836.3 mln


.I 20899
.C
earn
.W
BANKERS TRUST <BT> 3RD QTR NET.
    NEW YORK, Oct 20 -
    Shr 2.03 dlrs vs 1.53 dlrs
    Net 146.4 mln vs 110.3 mln
    Nine months
    shr loss 3.99 dlrs vs profit 4.62 dlrs
    net loss 283.3 mln vs profit 330.5 mln
    Avg shrs 71.08 mln vs 69.26 mln
    Assets 56.9 billion vs 50.7 billion
    Deposits 30.4 billion vs 25.9 billion
    Loans 26.3 billion vs 25.7 billion
    Note : Nine month loss reflects 700 mln dlr increase in
loan loss provisions.
    Without the tax benefit, third-quarter net income would
have been 127.6 mln dlrs, up 16 pct or 17.4 mln dlrs from the
third quarter of 1986.
    Non-interest income totaled 342.6 mln dlrs in the third
quarter, up 47 pct or 109.7 mln dlrs, largely due to increased
income from foreign exchange trading, fees and commissions.
    Foreign exchange trading income totaled 71.3 mln dlrs, up
44.3 mln from a year ago. Provision for loan losses in the
third quarter was 20 mln dlrs versis 40 mln a year previously.
    At September 30, the provision for loan losses jumped to
1.30 billion dlrs from 455 mln at the same time last year.


.I 20901
.C
acq
.W
******TRANS WORLD AIRLINES SAID CARL ICAHN WITHDRAWS ACQUISITION OFFER.
Blah blah blah.

.I 20903
.C
earn
.W
U.S. TELECOMMUNICATIONS INC <UT> 3RD QTR NET.
    KANSAS CITY, Oct 20 -
    Shr profit 23 cts vs profit 49 cts
    Net profit 24.1 mln vs profit 49.6 mln
    Revs 755.4 mln vs 708.3 mln
    Nine mths
    Shr loss 84 cts vs profit 1.53 dlrs
    Net loss 80.7 mln vs profit 152.3 mln
    Revs 1.19 billion vs 2.32 billion
    NOTE: Per shr reflects payment of preferred dividends.
    Results include loss of 7,435,000 or eight cts shr in prior
nine mths from discontinued operations.
    Latest nine month results include one-time charge of 1.09
dlrs share relating to US Sprint.
    Revenues exclude those for US Sprint, a joint venture with
GTE Corp <GTE>.


.I 20904
.C
earn
.W
BRISTOL-MYERS CO <BMY> 3RD QTR NET.
    NEW YORK, Oct 20 -
    Shr 70 cts vs 61 cts
    Net 200.2 mln vs 173.9 mln
    Sales 1.38 billion vs 1.26 billion
    Nine mths
    Shr 1.87 dlrs vs 1.54 dlrs
    Net 535.6 mln vs 437.8 mln
    Sales 4.04 billion vs 3.63 billion
    NOTE: Share adjusted for two-for-one stock split.


.I 20905
.C
earn
.W
GANDER MOUNTAIN INC <GNDR.O> 1ST QTR SEPT 30 NET.
    MILWAUKEE, Oct 20 -
    Shr 25 cts vs 19 cts
    Net 687,000 vs 514,000
    Sales 20.7 mln vs 13.2 mln


.I 20906
.C
acq
.W
BASTIAN TECHNOLOGIES MULLING COSMO <CSMO.O> BID.
    WASHINGTON, Oct 20 - New York-based Bastian Technologies
Corp said it acquired a five pct stake in Cosmo Communications
Corp, and is considering a move to seek control of the company
or to secure a role in its affairs.
    "Bastian Technologies believes that with the appropriate
management policies and business strategies, the company can
once again become profitable and maximize for all shareholders
the underlying value of their company," Bastian said in a
filing with the Securities and Exchange Commission.
    Bastian said alternatives being considered include an
attempt to acquire Cosmo through a merger, tender or exchange
offer, seeking to influence the company's management and
policies, and seeking representation on Cosmo's board of
directors through a proxy contest or otherwise.
    Bastian said it may contact third parties regarding its
intentions toward Cosmo, adding it intends to request a meeting
with Cosmo representatives to discuss its investment in Cosmo
stock.
    Bastian currently holds 253,700 Cosmo common shares, or
five pct of the total outstanding.
    The shares were purchased from Nasta International Inc
<NAS> on October 16 for about 1.15 mln dlrs, Bastia said.


.I 20909
.C
earn
.W
SNAP-ON TOOLS CORP <SNA> 3RD QTR NET.
    KENOSHA, WIS., Oct 20 -
    Shr 53 cts vs 38 cts
    Net 22,249,000 vs 15,356,000
    Sales 189.1 mln vs 166.5 mln
    Nine mths
    Shr 1.56 dlrs vs 1.21 dlrs
    Net 64,707,000 vs 49,603,000
    Sales 559.2 mln vs 492.4 mln


.I 20913
.C
iron-steel
.W
******BETHLEHEM STEEL SAYS IT IS RAISING STEEL SHEET PRICES BY UP TO 30 DLRS/short ton.
Blah blah blah.

.I 20914
.C
earn
.W
NYCOR INC <NYCO.O> 3RD QTR NET.
    PEAPACK, N.J., Oct 20 -
    Shr loss two cts vs profit two cts
    Net profit 253,000 vs profit 356,000
    Revs 17.5 mln vs 12.3 mln
    Nine mths
    Shr profit one cent vs profit 21 cts
    Net profit 628,000 vs profit 2,921,000
    Revs 54.9 mln vs 36.0 mln
    NOTE: 1987 qtr and nine mths includes gain 106,000 dlrs, or
one cent per share, and 846,000 dlrs, or six cts per share,
respectively, from utilization of tax loss carryforward.
   
    1986 qtr and nine mths includes gain 178,000 dlrs, or one
cent per share, and gain 810,000 dlrs, or six cts per share,
respectively, from utilization of tax loss carryforward.
    1987 nine mths includes loss 1,519,000 dlrs,  or 11 cts per
share, from early extinguishment of debt.


.I 20916
.C
acq
.W
ICAHN DROPS BID FOR TWA <TWA>.
    NEW YORK, Oct 20 - Trans World Airlines Inc said chairman
Carl C. Icahn has withdrawn his proposal to acquire the TWA
shares he does not already own due to the deterioration in
market conditions.
    Under the proposal Icahn would have paid for each TWA share
20 dlrs in cash and 25 dlrs face amount of 12 pct subordinated
debentures due 2007.
    TWA said Icahn reserves the right to make a subsequent
proposal at some future date on the same terms or different
terms.


.I 20919
.C
earn
.W
AMERICAN SAVINGS BANK FSB <ABNY.O> 3RD QTR NET.
    NEW YORK, Oct 20 -
    Shr primary 1.79 dlrs vs 1.72 dlrs
    Shr diluted 1.39 dlrs vs 1.34 dlrs
    Net 12.1 mln vs 11.7 mln
    Nine mths
    Shr primary 5.56 dlrs vs 4.41 dlrs
    Shr diluted 4.30 dlrs vs 3.74 dlrs
    Net 37.3 mln vs 29.1 mln
    Assets 3.92 billion vs 3.83 billion
    Loans 3.05 billion vs 2.99 billion
   
    NOTE: 1987 qtr and nine mths includes gain 6,016,000 dlrs
and 18.7 mln dlrs, respectively, from utilization of net
operating loss carryforward.
    1986 qtr and nine mths includes gain 6,233,000 dlrs and
15.5 mln dlrs, respectively, from utilization of net operating
loss carryforward.
    Full name of company is american savings bank fsb of new
york.


.I 20923
.C
acq
.W
A/W BRANDS <SODA.O> COMPLETES ACQUISITION.
    WHITE PLAINS, N.Y., Oct 20 - A and W Brands Inc said it
completed the acquisition of Vernors Inc from United Brands Co
<UB> in a cash and stock transaction worth valued at about 10
mln dlrs


.I 20927
.C
earn
.W
WASHINGTON POST CO <WPO> 3RD QTR NET.
    WASHINGTON, Oct 20 -
    Shr 4.77 dlrs vs 1.65 dlrs
    Net 61.3 mln vs 21.1 mln
    Revs 312.9 mln vs 291.5 mln
    Nine mths
    Shr 9.51 dlrs vs 4.98 dlrs
    Net 122.3 mln vs 63.9 mln
    Revs 950.4 mln vs 881.8 mln
    NOTE: 1987 net in both periods includes gains of 24.2 mln
dlrs, or 1.88 dlrs a share, from sale of interest in Detroit
Cellular telephone company and 6.1 mln dlrs, or 47 cts a share,
from sale of interest in sportschannel Cable programing
network.


.I 20928
.C
ship;crude;
.W
IRAN LEADER VOWS REVENGE ON US RAID IN COMING DAYS.
    NICOSIA, Oct 20 - Iran's top war spokesman Ali Akbar
Hashemi Rafsanjani on Tuesday called the U.S. Attacks on two of
its Gulf oil platforms an escalation and promised retaliation.
    "God willing, we will carry out our duty in the coming days
and make them sorry," said Rafsanjani in a speech to Parliament
later broadcast by Tehran Radio.
    The Tehran leadership have been quick to threaten vengeance
after the U.S. Raids on the rigs, one of which was destroyed.
    President Ali Khamenei, Prime Minister Mir-Hossein Mousavi
and now Rafsanjani within 24 hours of the U.S. Action have all
vowed retaliation.
    Rafsanjani, the parliamentary speaker, said, "It is not a
threat or an attempt at intimidation when we say we will
respond to aggression -- it is a reality and we have proved it
in practice." He added that the American attack "squares neither
with its superpower image nor its claim of concern with
security, nor reason and wisdom."
    U.S. Warships shelled an Iranian offshore oil platform and
American special forces boarded another, destroying equipment.
    The U.S. Government said the attack was a measured response
to an Iranian missile attack on the American-flagged Kuwaiti
tanker Sea Isle City in Kuwaiti waters last Friday.


.I 20929
.C
earn
.W
BANC ONE CORP <ONE> 3RD QTR NET.
    COLUMBUS, Ohio, Oct 20 -
    Shr 66 cts vs 57 cts
    Net 64.0 mln vs 52.9 mln
    Nine mths
    Shr 1.49 dlrs vs 1.64 dlrs
    Net 142.2 mln vs 153.3 mln
    Assets 18.04 billion vs 16.63 billion
    Deposits 13.97 billion vs 12.78 billion
    Loans 12.54 billion vs 10.81 billion


.I 20930
.C
veg-oil;soybean;trade;
.W
LYNG PLEASED EC TO OFFER GATT FARM PROPOSAL.
    WASHINGTON, Oct 20 - U.S. Agriculture Secretary Richard
Lyng said he is pleased the European Community plans to offer a
global farm reform plan at GATT later this month, although the
United States opposes key parts of the proposal.
    "We're pleased that they have moved in tabling a proposal.
It will help us in getting the negotiations underway," Lyng
told Reuters in an interview Tuesday.
    Lyng's comment came after EC ministers in Luxembourg
endorsed a farm reform package drafted by the EC Commission.
The EC plan will be presented at the next meeting of Uruguay
round agriculture negotiators in Geneva on October 26.
    Lyng said the United States would oppose parts of the plan
seeking a market sharing agreement for grains, and proposing
curbs on U.S. soybean and cereal substitute exports to Europe.
    The U.S. in July proposed to GATT the elimination of all
farm subsidies affecting trade within ten years, and has
pressed the EC to make a counter-offer with the aim of reaching
a global farm subsidy agreement by the end of 1988.
    However, the EC and some U.S. domestic groups have said the
Reagan administration plan to end all farm trade subsidies is
unrealistic.
    Asked about such criticism, Lyng said "The alternative to
doing that is to say that we preserve them and maintain them. I
think that is the unrealistic position."
    "I would suggest that they (EC) listen to what we are
trying to say."
    Lyng also rejected suggestions the U.S. and EC agree a
freeze in export subsidies to get the GATT negotiations 
started.
    "All that some countries would like to have would be a
wheat agreement where we would stop export subsidies on wheat.
That doesn't do a thing for us," Lyng said.
    The United States wants an end to subsidies in a range of
agricultural products from dairy products to vegetable oils, he
said.
    At the GATT negotiators meeting next week Canada is
expected to offer a proposal as well as the EC.
    The United States will be represented at the meeting by
former agriculture undersecretary Daniel Amstutz, recently
appointed special U.S. negotiator on agriculture.


.I 20932
.C
earn
.W
WARNER COMMUNICATIONS INC <WCI> 3RD QTR NET.
    NEW YORK, Oct 20 -
    Shr 41 cts vs 28 cts
    Net 66.2 mln vs 41.8 mln
    Revs 824.1 mln vs 693.3 mln
    Nine mths
    Shr 1.50 dlrs vs 87 cts
    Net 236.1 mln vs 123.8 mln
    Revs 2.38 billion vs 2.02 billion


.I 20934
.C
earn
.W
ARISTECH CHEMICAL CORP <ARS> 3RD QTR NET.
    PITTSBURGH, Oct 20 -
    Shr 72 cts vs 56 cts
    Qtly div 18 cts vs 18 cts prior
    Net 18.7 mln vs 14.4 mln
    Revs 239.7 mln vs 187.1 mln
    Nine mths
    Shr 1.87 dlrs vs 1.26 dlrs
    Net 48.3 mln vs 32.5 mln
    Revs 676.9 mln vs 574.8 mln
    NOTE: Dividend payable December 1 to shareholders of record
October 30.


.I 20935
.C
earn
.W
APPLE BANK FOR SAVINGS <APPL.O> 3RD QTR NET.
    NEW YORK, Oct 20 -
    Shr 1.54 dlrs vs 1.27 dlrs
    Net 7,065,000 vs 5,812,000
    Nine mths
    Shr 4.25 dlrs vs 3.40 dlrs
    Net 19.5 mln vs 15.6 mln
    Assets 2.84 billion vs 1.87 billion
    Deposits 2.51 billion vs 1.67 billion
   
    NOTE: 1987 qtr and nine mths includes gain 2,500,000 dlrs,
or 54 cts per share, from utilization of tax loss carryforward.
    1986 qtr and nine mths includes gain 2,158,000 dlrs, or 47
cts per share, and 5,567,000 dlrs, or 1.22 dlrs per shr,
respectively, from utilization of tax loss carryforward.


.I 20936
.C
iron-steel
.W
BETHLEHEM STEEL <BS> SETS STEEL PRICE INCREASES.
    BETHLEHEM, Pa., Oct 20 - Bethlehem Steel Corp said prices
for steel sheet products will be increased up to 30 dlrs a ton
effective January 3.
    The increases will affect certain non-contract or spot
transactions and will be achieved through reductions in
competitive discounts.
    The company said transaction prices for contract accounts,
which have a duration of six months or more, will also be
increased to commensurate levels.
    Percentage increases were not immediately available.
    Prices for flat-rolled steel sheet, used in automobiles,
appliances and other products, vary widely between about 350
and 800 dlrs a ton.
    The company said it was taking the actions to restore sheet
transaction prices to more equitable levels. In many cases,
prices are still lower than those attained in 1984, it said.
    Bethlehem also said that in response to changing market
conditions and potential inflationary pressures, efforts will
be made to mininize the number and the duration of firm price
contracts.


.I 20938
.C
money-fx;interest;
.W
******FED SAYS IT SETS TWO-DAY SYSTEM REPURCHASE AGEEMENTS.
Blah blah blah.

.I 20939
.C
earn
.W
KELLOGG CO <K> 3RD QTR NET.
    BATTLE CREEK, Mich., Oct 20 -
    Shr 96 cts vs 83 cts
    Net 119.3 mln vs 102.8 mln
    Revs 1.01 billion vs 869.9 mln
    Nine mths
    Shr 2.53 dlrs vs 2.01 dlrs
    Net 313.6 mln vs 248.5 mln
    Revs 2.83 billion vs 2.52 billion
    NOTE: 1986 nine month earnings include nonrecurring loss of
9.9 mln dlrs, or eight cents a share, from purchase of 123.7
mln dlrs principal amount of the company's 150 mln dlr 12-1/4
pct debentures due February 15, 2015.


.I 20942
.C
money-fx
.W
****** Poehl says chances for exchange rate stability are good.
Blah blah blah.

.I 20943
.C
money-fx
.W
BALLADUR HAS HAD CONTACT WITH G-7 MINISTERS.
    PARIS, Oct 20 - French Finance Minister Edouard Balladur
has been in contact with several Finance Ministers from the
Group of Seven leading industrial countries, in particular West
German Finance Minister Gerhard Stoltenberg, to discuss the
crisis on world markets, Finance Ministry sources said.
    They did not say whether the contacts had led to concerted
action on the markets or merely an exchange of views.
    But they added that French ministry officials were
continuing the contacts to exchange views on market
performance.


.I 20947
.C
acq
.W
LASMO CANADA TO MERGE WITH ONYX PETROLEUM.
    LONDON, Oct 20 - LASMO Exploration (Canada) Ltd, a
subsidiary of London & Scottish Marine Oil Plc <LSML.L>, is
merging with <Onyx Petroleum Exploration Co Ltd>, LASMO said.
    The merger is to be made by Onyx buying LASMO Exploration,
in a share swap. A new company, LASMO Canada Inc, will be
formed. LASMO will control 70 pct of the equity, worth some 76
mln Canadian dlrs based on the current Onyx share price.
    The new company will have proven reserves of 9.5 mln
barrels of oil and 20.9 billion cubic feet of gas, LASMO said.


.I 20948
.C
earn
.W
REGAL-BELOIT CORP <RBC> 3RD QTR NET.
    SOUTH BELOIT, Ill., Oct. 20 -
    Shr 31 cts vs 26 cts
    Net 1,858,000 vs 1,388,000
    Sales 27.1 mln vs 18.7 mln
    Nine mths
    Shr 87 cts vs 76 cts
    Net 5,126,000 vs 3,798,000
    Sales 70.6 mln vs 57.2 mln


.I 20952
.C
earn
.W
BURNDY CORP <BDC> 3RD QTR OCT 2 NET.
    NORWALK, Conn., Oct 20 -
    Shr 21 cts vs 19 cts
    Net 2,560,000 vs 2,359,000
    Revs 70.0 mln vs 56.0 mln
    Nine mths
    Shr 54 cts vs 42 cts
    Net 6,574,000 vs 5,100,000
    Revs 207.7 mln vs 174.0 mln


.I 20953
.C
earn
.W
FIRST FLORIDA BANKS <FFBK> 3RD QTR NET.
    TAMPA, Fla., Oct 20 -
    Shr 72 cts vs 74 cts
    Net 11.9 mln vs 11.9 mln
    Nine mths
    Shr 2.18 dlrs vs 2.18 dlrs
    Net 35.0 mln vs 34.6 mln
    Assets 4.6 billion vs 4.3 billlion
    Loans 3.1 billion vs 2.8 billion
    NOTE: 1986 3rd qtr includes securities after tax gain of
1,519,000 dlrs or 10 cts a share.


.I 20958
.C
earn
.W
J.W. MAYS INC <MAYS.O> 4TH QTR JULY 31 NET.
    NEW YORK, Oct 20 -
    Shr profit seven cts vs profit 32 cts
    Net profit 154,398 vs profit 694,521
    Revs 17.7 mln vs 19.5 mln
    Year
    Shr profit 86 cts vs loss 50 cts
    Net profit 1,862,986 vs loss 1,078,535
    Revs 78.2 mln vs 81.4 mln
    NOTE: 1987 year results include extraordinary credit of
459,000 dlrs or 21 cts per shr due to utilization of tax loss
carryforward.
   
    Fiscal 1987 nonrecurring income items totaled 4,322,342 vs
1,393,187 in 1986.
    Qtr 1987 includes 446,000 dlrs or 20 cts per shr
extraordinary charge due to duction in utilization of tax
loss carryforward.
    Nonrecurring income items totaled 2,564 in three mths
1987 vs 1,211,196 in three mths 1986.
    Nonrecurring income for year 1987 included pretax gain of
4,307,180 dlrs on sale of company's leasehold of Glen Oaks
store on Dec 16, 1986.
   
    The company discontinued operations in that unit on Jan.
17, 1987.
    Nonrecurring income for three and 12 months 1986 included 
575,000 for settlement of litigation and a gain of 618,719 dlrs
on surrender of leaseholds.
    The 12 month period also included refund of prior year's
real estate tadxes of 136,964.


.I 20959
.C
earn
.W
ALLIANCE FINANCIAL CORP <ALFL.O> 3RD QTR NET.
    DEARBORN, Mich., Oct 20 -
    Shr 45 cts vs 61 cts
    Net 504,000 vs 683,000
    Nine mths
    Shr 1.83 dlrs vs 2.42 dlrs
    Net 2,043,000 vs 2,183,000


.I 20960
.C
earn
.W
METROPOLITAN FEDERAL <MFTN.O> 1ST QTR NET.
    NASHVILLE, Tenn., Oct 20 - Qtr ended September 30.
    Shr 83 cts vs 75 cts
    Net 3,053,000 vs 2,775,000
    Assets 1.2 billion vs 1.0 billion
    Deposits 851.8 mln vs 754.1 mln
    Loans 912.5 mln vs 798.1 mln


.I 20961
.C
grain;corn;
.W
RUMORS THAT USSR BUYS U.S. CORN - TRADERS.
        KANSAS CITY, Oct 20 - Rumors circulated among the trade
this morning that the USSR may have purchased between one and
two mln tonnes of U.S. corn, but there was no confirmation.
    One dealer said he felt some business had been done, but
that the amount probably was on the low end of trade estimates.


.I 20962
.C
earn
.W
ALTOS COMPUTER SYSTEMS <ALTO.O> 1ST QTR NET.
    SAN JOSE, Calif., Oct 20 - Period ended September 30.
    Shr 17 cts vs 10 cts
    Net 2.2 mln vs 1.3 mln
    Sales 40.6 mln vs 32.6 mln


.I 20963
.C
earn
.W
JANNOCK LTD <JN.TO> 3RD QTR NET.
    TORONTO, Oct 20 -
    Shr 65 cts vs 47 cts
    Net 17.7 mln vs 11.9 mln
    Revs 131.9 mln vs 128.4 mln
    Nine mths
    Shr 1.77 dlrs vs 1.02 dlrs
    Net 49.0 mln vs 27.0 mln
    Revs 341.7 mln vs 269.5 mln


.I 20965
.C
earn
.W
YELLOW FREIGHT SYSTEM <YELL.O> 3RD QTR NET.
    OVERLAND PARK, Kan., Oct 20 -
    Shr 40 cts vs 75 cts
    Qtly div 15-1/2 cts vs 15-1/2 cts prior
    Net 11.7 mln vs 21.4 mln
    Revs 447.5 mln vs 445.2 mln
    Nine mths
    Shr 1.04 dlrs vs 1.99 dlrs
    Net 29.9 mln vs 56.8 mln
    Revs 1.30 billion vs 1.28 billion
    NOTE: Full name is Yellow Freight System Inc. Dividend is
payable November 23, record November 9.


.I 20966
.C
earn
.W
RALEIGH FEDERAL SAVINGS BANK <RFBK.O> 3RD QTR.
    RALEIGH, N.C., Oct 20 -
    Shr 38 cts
    Net 1.3 mln vs 668,000
    Nine mths
    Shr 84 cts
    Net 2,892,000 vs 2,200,000
    NOTE: Company converted to stock ownership in July


.I 20967
.C
earn
.W
FLORIDA EMPLOYERS INSURANCE <FLAEF.O> 3RD QTR.
    NEW YORK, Oct 20 -
    Shr 32 cts vs 26 cts
    Net 722,000 vs 597,000
    Nine mths
    Shr 92 cts vs 69 cts
    Net 2,100,000 vs 1,500,000
    NOTE: full name of company is florida employers insurance
co.


.I 20968
.C
earn
.W
FIRST OAK BROOK <FOBBA.O> 3RD QTR NET.
    OAK BROOK, ILL., Oct 20 -
    Shr 61 cts vs 55 cts
    Net 726,000 vs 669,000
    Nine mths
    Shr 1.78 dlrs vs 1.63 dlrs
    Net 2,133,000 vs 1,960,000
    NOTE: Full name is First Oak Brook Bancshares Inc


.I 20969
.C
earn
.W
UNITED SERVICE ADVISORS INC <USVSP.O> 1ST QTR.
    SAN ANTONIO, Texas, Oct 20 -Qtr ends Sept 30
    Shr profit seven cts vs loss two cts
    Net profit 228,691 vs loss 54,115
    Revs 2,415,419 vs 1,389,579
    Avg shrs 3,056,787 vs 2,933,058


.I 20971
.C
earn
.W
WOLOHAN LUMBER CO <WLHN.O> 3RD QTR NET.
    SAGINAW, MICH., Oct 20 -
    Shr 46 cts vs 33 cts
    Net 2,731,000 vs 1,928,000
    Sales 66.2 mln vs 58.8 mln
    Nine mths
    Shr seven cts vs 61 cts
    Net 6,310,000 vs 3,579,000
    Sales 171.8 mln vs 141.9 mln


.I 20972
.C
money-fx
.W
POEHL SEES GOOD CHANCES FOR CURRENCY STABILITY.
    FRANKFURT, Oct 20 - Bundesbank president Karl Otto Poehl
said there were good chances for exchange rate stability.
    "The chances for exchange rate stability are good," he told
reporters.


.I 20973
.C
earn
.W
TAUNTON SAVINGS BANK <TSBK.O> 3RD QTR NET.
    TAUNTON, Mass., Oct 20 -
    Shr 37 cts vs 41 cts
    Net 1,214,000 vs 1,316,000
    Nine mths
    Shr 1.06 dlrs
    Net 3,408,000 vs 2,809,000
    Assets 204.8 mln vs 176.6 mln
    Deposit 154.0 mln vs 131.2 mln
    Loans 125.3 mln vs 100.7 mln
    NOTE: 1986 nine mths per share figures not available
because bank converted to stock form in June of 1986.


.I 20974
.C
acq
.W
GORDON TO MAKE BID TO ACQUIRE PAGECORP <PGOA.TO>.
    TORONTO, Oct 20 - <Gordon Investment Corp> said it plans to
make an offer to acquire all of Pagecorp Inc's class A and
Class B shares for 9.25 dlrs cash per share.
    The bid is conditional upon an examination by Gordon of the
business and affairs of Pagecorp during the 45 days ending
December 3, 1987.
    The proposed offer would be condition upon ainimum number
of shares being tendered, Gordon said. It did not say what the
minimum will be.
   
    Meanwhile, Pagecorp said it agreed to grant Gordon an
option to purchaser 900,000 class A shares at 9.25 dlrs per
share, which is exercisable only if Gordon makes the
acquisition bid before December 4, 1987 or if any third party
begins a takeover before December 31, 1987.
    Pagecorp also said all Class B shareholders have agreed to
deposit their class B shares, if Gordon proceeds with its
offer.


.I 20975
.C
earn
.W
TRILLIUM TELEPHONE <TLM.TO> 2ND QTR NET.
    OTTAWA, Oct 2-
    Shr profit seven cts vs loss 1.77 dlrs
    Net profit 446,000 vs loss 9,370,000
    Revs 15.0 mln vs 13.3 mln
    Six mths
    Shr profit eight cts vs loss 1.87 dlrs
    Net profit 523,000 vs loss 9,883,000
    Revs 27.1 mln vs 27.1 mln
    Avg shrs 5,324,464 vs 5,324,350
    Note: Trillium Telephone Systems Inc


.I 20976
.C
earn
.W
TRANS-NATIONAL LEASING INC <TNLS.O> YEAR LOSS.
    DALLAS, Oct 20 -
    Shr loss 39 cts vs profit 19 cts
    Net loss 433,424 vs profit 216,117
    Revs 6,469,001 vs 8,221,549


.I 20977
.C
coffee
.W
IBC SEEKS EXPORT DETAILS TO SET COFFEE QUOTAS.
    RIO DE JANEIRO, Oct 20 - The Brazilian Coffee Institute
(IBC) has given shippers until close of business on Thursday to
submit details of past export performance in order that
individual quotas can be allocated, an IBC spokesman said.
    He told Reuters IBC President Jorio Dauster has confirmed
acceptance of National Coffee Policy Council (CNPC) proposals
to establish individual export quotas based 65 pct on export
performance, 25 pct on stocks and 10 pct by auction.
    Shippers can choose their best period of 12 consecutive
months between April 1, 1985, and September 30, 1987, to be
used for calculating the export performace portion.
    The IBC will total all the figures, calculate each shippers
participation and use this as a basis for allocation of
individual quotas, the IBC spokesman said.
    He said the IBC has already settled with the Sao Paulo
Mercantile Exchange how the auction system will operate.
Shippers can bid a premium over the contribution quota payable
on coffee exports and the succesful bidder will add this
premium to the contribution quota when he submits his export
sales declaration form.
    Auctions will not start until after the opening of export
registrations. The spokesman could not say when this might be
but trade sources said an announcement could come at the end of
the week, opening registraions from Monday.
    A meeting has been set for tomorrow in Brasilia of the
CNPC's export marketing committee to establish a system for
allocating the 25 pct of export quotas based on stock levels,
the spokesman added.
    A system of individual export quotas is being reestablished
in Brazil - a previous system was abandoned in 1985 - to ensure
shipments are kept in line with the country's ICO quota.


.I 20979
.C
earn
.W
ELMIRA SAVINGS BANK FSB <ESBK.O> 3RD QTR NET.
    ELMIRA, N.Y., Oct 20 -
    Shr 55 cts vs 75 cts
    Net 218,000 vs 269,000
    Nine mths
    Shr 2.15 dlrs vs 3.45 dlrs
    Net 855,000 vs 920,000
    Assets 175.8 mln vs 166.9 mln
    Deposits 159.8 mln vs 154.3 mln
    Loans 155.7 mln vs 142.6 mln
   
    NOTE: 1987 nine mths includes gain 96,000 dlrs, or 24 cts
per share, from utilization of operating loss carryforward.
    1986 qtr and nine mths includes gain 128,000 dlrs, or 36
cts per share, and 445,000 dlrs, or 1.67 dlrs per share, from
utilization of operation loss carryforward.


.I 20980
.C
earn
.W
GOLDEN VALLEY MICROWAVE <GVMF.O> 3RD QTR NET.
    MINNEAPOLIS, Oct 20 - Period ended September 26
    Shr 28 cts vs 14 cts
    Net 3,300,000 vs 1,300,000
    Sales 24.7 mln vs 11.2 mln
    Avg shrs 11,871,751 vs 9,398,952
    Nine mths
    Shr 76 cts vs 35 cts
    Net 9,000,000 vs 3,200,000
    Sales 69.3 mln vs 32.0 mln
    Avg shrs 11,833,883 vs 9,059,692


.I 20981
.C
earn
.W
HOME FEDERAL SAVINGS/ROCKIES <HROK.O> 3RD QTR.
    FORT COLLINS, Colo., Oct 20 -
    Shr 77 cts vs nil
    Net 417,000 vs 1,000
    Nine mths
    Shr 2.39 dlrs vs 84 cts
    Net 1,298,000 vs 443,000
    Assets 290.7 mln vs 296.6 mln
    NOTE: full name of company is home federal savings and loan
association of the rockies.


.I 20983
.C
earn
.W
WESTPORT BANCORP INC <WBAT.O> 3RD QTR NET.
    WESTPORT, Conn., Oct 20 -
    Shr 19 cts vs 38 cts
    Net 397,000 vs 788,000
    Nine mths
    Shr 80 cts vs 1.19 dlrs
    Net 1,674,000 vs 2,455,000


.I 20984
.C
veg-oil
.W
COPA URGES TAX ON VEGETABLE PROTEINS.
    LUXEMBOURG, Oct 20 - The European Community's farmers'
pressure group Copa has urged EC farm ministers to agree a tax
on vegetable proteins similar to the oils and marine fats tax
which has already been proposed by the EC Commission.
    Copa president Hans Kjeldsen told a news conference on
Tuesday he had also urged ministers to seek a similar mechanism
for cereal substitutes.
    He was speaking after a meeting of farm leaders with the
Danish foreign and agriculture ministers, who currently chair
meetings of their EC colleagues.
    Kjeldsen said taxes on the products concerned would help
the EC's budget problems and would provide some price stability
for producers.
    This would in turn help the market position for certain
crops of which the EC is a net importer such as oilseeds, peas
and beans, but for which the Commission is now proposing severe
output restrictions.
    A minority of EC ministers opposed to an oils and fats tax
on imported and domestically produced oils and marine fats
succeeded in blocking the idea during this year's annual EC
price fixing.
    However, the EC Commission has said it maintains its
proposals for a tax.
    Kjeldsen said Copa had urged the ministers to pursue
international negotiations on farm trade with the aim of
bridging the gap between EC and world prices.


.I 20986
.C
earn
.W
OHIO EDISON CO <OEC> 3RD QTR NET.
    AKRON, Ohio, OCt 20 -
    Shr 60 cts vs 57 cts
    Net 103.7 mln vs 96.5 mln
    Revs 472.5 mln vs 434.1 mln
    Avg shrs 152.3 mln vs 147.0 mln
    12 mths
    Shr 2.60 dlrs vs 2.44 dlrs
    Net 393.1 mln vs 347.1 mln
    Revs 1.79 billion vs 1.76 billion
    Avg shrs 150.9 mln vs 142.2 mln


.I 20987
.C
earn
.W
NEW YORK STATE ELECTRIC/GAS CORP <NGE> 3RD QTR.
    BINGHAMTON, N.Y., Oct 20 -
    Oper shr 71 cts vs 78 cts
    Oper net 42.9 mln vs 46.6 mln
    Revs 294.0 mln vs 274.9 mln
    Avg shrs 55.5 mln vs 54.0 mln
    Nine mths
    Oper shr 2.88 dlrs vs 3.07 dlrs
    Oper net 169.2 mln vs 181.5 mln
    Revs 993.4 mln vs 961.4 mln
    Avg shrs 55.2 mln vs 54.0 mln
    12 mths
    Oper shr 3.67 dlrs vs 3.76 dlrs
    Oper net 216.2 mln vs 224.4 mln
    Revs 1.31 billion vs 1.26 billion
    Avg shrs 54.9 mln vs 53.9 mln
    NOTE: 1987 nine month and 12 month operating net excludes
charges of 269 mln dlrs and 25 mln dlrs reflecting disallowed
costs of utility's 18 pct share of Nine Mile Point Number two
nuclear power plant and the abandoned Jamesport nuclear
project, respectively. The charges resulted in nine month share
loss of 2.44 dlrs and 12 month share loss of 1.68 dlrs.


.I 20988
.C
earn
.W
CITICORP <CCI> 3RD QTR NET.
    NEW YORK, Oct 20 -
    Shr profit 3.64 dlrs vs profit 1.64 dlrs
    Net profit 541 mln vs profit 247 mln
    Nine mths
    Shr loss 13.30 dlrs vs profit 5.11 dlrs
    Net loss 1.78 billion vs profit 752 mln
    NOTE: Net in nine mths 1987 vs 1986 includes provision for
possible credit losses of 4.19 billion vs 1.32 billion.
    Net in qtr 1987 vs 1986 includes provision for possible
crit losses of 320 mln vs 431 mln.
    Assets 200 billion vs 186 billion
    Loans 129.3 billion vs 122.3 billion
    Deposits 118.1 billion vs 111.0 billion
    3rd qtr 1987 reflects previously announced aftertax gain of
163 mln from recognition of pension plan over funding and 139
mln of tax benefits from the three billion provision.
    Net write offs in qtr 1987 vs 1986 totaled 338 mln vs 342
mln and in year to date 1987 vs 1986 of 1.06 billion vs 988
mln.


.I 20990
.C
earn
.W
COLEMAN CO INC <CLN> 3RD QTR NET.
    WICHITA, KAN., Oct 20 -
    Shr 42 cts vs 34 cts
    Net 2,945,000 vs 2,400,000
    Sales 146.8 mln vs 117.2 mln
    Nine mths
    Shr 2.45 dlrs vs 2.35 dlrs
    Net 17,280,000 vs 16,366,000
    Sales 465.6 mln vs 387.8 mln
    Avg shrs 7,046,000 vs 6,961,000
    NOTE: 1986 data restated for changes in method of
accounting for pensions


.I 20991
.C
acq
.W
JACOBS SELLS STAKE IN GILLETTE <GS>.
    CHICAGO, Oct 20 - Minneapolis investor Irwin Jacobs said he
sold the stake he held in Gillette Co <GS> after deciding that
he could not force Gillette to accept a 47 dlr a share takeover
bid made by Revlon Group Inc <REV>.
    Revlon's bid expired last week after being repeatedly
rejected by Gillette. Jacobs had earlier considered waging a
proxy fight over Gillette.
    Jacobs told Reuters he sold the Gillette stake, which he
called "substantial" but under five pct, a few weeks ago over a
period of several days. He said he sold the stock at a profit,
but did not disclose the selling price.
    Gillette's stock was at 24-1/8, up 1/8, in morning trade,
off the high of 45-7/8 reached after Revlon announced its bid.
    Jacobs said he sold his Gillette stake based on an
"investment decision. I surely did not see this happening," he
said of Monday's stock market free-fall.
    A Gillette spokesman said the mpany had no comment.
    Jacobs said he and fellow investor Carl Pohlad continue to
hold a stake in Allegheny International Inc <AG>. In August
they disclosed in a Securities and Exchange Commission filing
that they had acquired 854,900 shares, or 7.9 pct, of Allegheny
and would consideer seeking control of the company.


.I 20993
.C
acq
.W
TRANSAMERICA <TA> TO BUY SEDGWICK <SDWK.L> UNIT.
    LOS ANGELES, Oct 20 - Transamerica Corp's Transamerica
Insurance Co said it signed a definitive pact to buy a 51 pct
interest in Sedgwick Group PLC's River Thames Insurance Co.
    Transamerica will buy 11 mln newly issued Class A shares of
River Thames for 2.23 dlrs per share.
    Sedgwick wil retain a 49 pct interest in River Thames,
which is a property liability reinsurer.
    The agreement, subject to shareholder approval, is expected
to close by the end of the year, the company said.
    In 1986, River Thames reported net premiums written of 36
mln dlrs.


.I 20995
.C
earn
.W
INTERMEC CORP <INTR.O> 2ND QTR SEPT 30 NET.
    LYNNWOOD, Wash., Oct 20 -
    Shr 16 cts vs 17 cts
    Net 988,000 vs 1,005,000
    Revs 19.7 mln vs 16.4 mln
    Avg shrs 6,206,487 vs 5,959,028
    Six Mths
    Shr 31 cts vs 28 cts
    Net 1,884,000 vs 1,662,000
    Revs 37.5 mln vs 30.8 mln
    Avg shrs 6,168,105 vs 5,950,842


.I 20996
.C
earn
.W
HOMESTEAD FINANCIAL CORP <HFL> 3RD QTR NET.
    BURLINGAME, Calif., Oct 20 -
    Shr 30 cts vs 73 cts
    Net 3,992,000 vs 8,526,00
    Nine Mths
    Shr 1.72 dlrs vs 1.74 dlrs
    Net 22,110,000 vs 20,379,000
    Avg shrs 13,459,000 vs 11,740,000
    Note: Prior nine month figures include extraordinary
after-tax loss of 10.9 mln dlrs, or 93 cts per share.


.I 21001
.C
fuel
.W
GLOBAL PETROLEUM <GNR> UPS HEAVY FUEL PRICES.
    NEW YORK, Oct 20 - Global Petroleum Corp said it had raised
the contract prices for heavy fuel oil from 25 cts to one dlr
per barrel, effective today.
    The company said 0.3 pct fuel oil is up one dlr a barrel to
22.25 dlrs a barrel. They said 0.5 pct fuel oil is up by 50 cts
to 21.95 dlrs a barrel.
    Global raised one pct fuel oil by 35 cts to 20.25 dlrs a
barrel. The company raised 2.2 pct fuel by 25 cts to 19.50 dlrs
a barrel. Global raised 2.5 pct fuel oil by 45 cts to 19.45
dlrs a barrel.


.I 21002
.C
earn
.W
SILVERCREST CORP <SLV> 1ST QTR SEPT 30 NET.
    SANTA ANA, Calif., Oct 20 -
    Shr 17 cts vs 15 cts
    Net 565,000 vs 502,000
    Revs 20.0 mln vs 14.5 mln
    Note: Current qtr figures include tax loss carryforward
credit of 194,000 dlrs vs credit of 197,000 dlrs.



.I 21004
.C
interest
.W
DONALD REGAN SAYS U.S. SHOULD EASE CREDIT SUPPLY.
    WASHINGTON, Oct 20 - Donald Regan, President Reagan's
former chief of staff, said the government should loosen the
money supply, try to keep interest rates down and try to reduce
the federal budget and trade deficits to avoid a recession.
    "I think what we have to face now is trying to preserve our
economy," the one-time chairman of Merrill Lynch and Co Inc
<MER> said in an interview on the ABC television network.
    "We've got to loosen money, we've got to keep interest rates
down. We can't afford to let them go up. That means we're going
to have to work on our twin deficits, both the budget deficit
and the trade deficit," Regan said.
     "I certainly wouldn't tighten money at this particular
moment," Regan said when asked about the prospects for a
recession following Monday's price drop on Wall Street.
    "I think that if they were to do that, they'd create the
same conditions that we did in '29...They choked off the money
supply and what happened? We went into a major recession. I
think that's the one thing we've got to avoid right now."
    Regan also called on the government to impose restrictions
on program trading. "I think that that's exacerbated,
exaggerated this decline, and I think it's something that they
must stop," he said.


.I 21007
.C
earn
.W
H.F. AHMANSON AND CO <AHM> 3RD QTR NET.
    LOS ANGELES, Oct 20 -
    Shr 41 cts vs 80 cts
    Net 40.3 mln vs 78.9 mln
    Nine mths
    Shr 1.58 dlrs vs 2.40 dlrs
    Net 155.0 mln vs 223.3 mln
    Avg shrs 98,353,350 vs 92,967,487
    Assets 27.48 billion vs 27.60 billion
    Loans 22.75 billion vs 19.00 billion
    Deposits 21.45 billion vs 21.31 billion


.I 21009
.C
earn
.W
JWP INC <JWP> 3RD QTR NET.
    LAKE SUCCESS, N.Y., Oct 20 -
    Shr 50 cts vs 37 cts
    Net 16.1 mln vs 9,390,000
    Revs 168.1 mln vs 111.3 mln
    Avg shrs 12.5 mln vs 11.6 mln
    Nine mths
    Shr 1.31 dlrs vs 86 cts
    Net 16.1 mln vs 9,390,000
    Revs 445.8 mln vs 244.6 mln
    Avg shrs 12.4 mln vs 10.9 mln


.I 21010
.C
earn
.W
PEOPLES SAVINGS BANK <PEBW.O> 3RD QTR NET.
    WORCESTER, Mass., Oct 20 -
    Shr 32 cts vs not given
    Net 1,041,000 vs 43,000
    Nine mths
    Shr 1.09 dlrs vs not given
    Net 3,586,000 vs 764,000
    NOTE: Company went public in October 1986.


.I 21014
.C
earn
.W
TEXAS EASTERN CORP <TET> 3RD QTR NET.
    HOUSON, Texas, Oct 20 -
    Shr profit three cts vs profit 36 cts
    Net profit 1,800,000 vs profit 19.2 mln
    Nine mths
    Shr profit 1.22 dlrs vs loss 44 cts
    Net 64.7 mln vs loss 23.5 mln
    NOTE: 1986 3rd qtr and nine months includes a profit of 2.8
mln dlrs and a loss of 66.7 mln dlrs from discontinued
operations.
    Earnings per share are reported after payment of preferred
stock dividends of subsidiaries.


.I 21015
.C
crude
.W
PHILLIPS <P> RAISES CRUDE OIL PRICES.
    NEW YORK, Oct 20 - Phillips Petroleum Corp said it raised
the contract price it will pay for all grades of crude oil by
50 cts a barrel, effective Oct 16.
    The increase brings the company's postings for the West
Texas Intermediate and West Texas Sour grades to 19.00 dlrs a
barrel.
    Phillips last changed it crude oil postings on Sept 9.


.I 21016
.C
earn
.W
MEDITRUST SBI <MT> 3RD QTR NET.
    WELLESLEY, Mass, Oct 20 -
    Shr 31 cts vs 26 cts
    Net 3,308,000 vs 1,512,000
    Revs 6,467,000 vs 2,590,000
    Avg shrs 10.7 mln vs 5,788,594
    Nine mths
    Shr 1.32 dlrs vs 1.17 dlrs
    Net 10.2 mln vs 3,041,000
    Revs 18.7 mln vs 5,682,000
    Avg shrs 10.7 mln vs 3,780,626


.I 21027
.C
earn
.W
HEALTH IMAGES INC <HIMG.O> 3RD QTR NET.
    ATLANTA, Oct 20 -
    Shr profit five cts vs loss four cts
    Net profit 378,000 vs loss 140,000
    Revs 4,226,000 vs 1,240,000
    Nine mths
    Shr loss 38 cts vs loss 16 cts
    Net loss 1,088,000 vs 538,000
    Revs 10.1 mln vs 2,963,000
   
    NOTE: 1987 nine mths includes charge 1,827,000 dlrs for
exchange by an officer and director of 554,000 shares of junior
subordinated stock for 443,000 shares of common stock and a
10-year warrant to purchase 250,000 shares of common stock at
4.50 dlrs per share.


.I 21033
.C
earn
.W
PRESTON CORP <PTRK.O> 3RD QTR NET.
    PRESTON, Md, Oct 20 -
    Shr four cts vs 36 cts
    Net 254,000 vs 2,063,000
    Revs 130.0 mln vs 107.8 mln
    Nine mths
    Shr 23 cts vs 1.16 dlrs
    Net 1,336,000 vs 6,659,000
    Revs 370.9 mln vs 313.7 mln


.I 21034
.C
acq
.W
U.S COMMERCE DEPT OPPOSES FOREIGN TAKEOVER BAN.
    WASHINGTON, Oct 20 - Commerce Undersecretary J. Michael
Farren opposed language in the trade bill before Congress to
limit foreign takeovers of U.S. companies.
    "Anything that would serve to have a chilling effect on
foreign investment is going to cost us jobs and economic
growth," Farren said before a congressional coittee.
    House and Senate negotiators are ironing out differences in
trade bills passed by both chambers. Once the negotiators reach
agreement, the bill will be sent to President Reagan for his
signature.


.I 21035
.C
earn
.W
CONTRANS CORP <CSS.TO> 4TH QTR AUGUST 31 NET.
    TORONTO, Oct 20 - 
    Shr 52 cts vs 47 cts
    Net 1,935,000 vs 1,495,000
    Revs 52.7 mln vs 43.1 mln
    Year
    Shr 83 cts vs 1.01 dlrs
    Net 3,775,000 vs 3,221,000
    Revs 172.7 mln vs 105.9 mln
    NOTE: Share figures for year are after payment of preferred
share dividend and include unspecified extraordinary items.


.I 21036
.C
carcass;trade;
.W
GATT CASE AGAINST JAPAN A MODEL FOR U.S. - LYNG.
    WASHINGTON, Oct 20 - Agriculture Secretary Richard Lyng
said the ruling of a GATT panel on a U.S. trade complaint
against Japan, expected soon, may influence the U.S. stance in
negotiations with Tokyo on beef and citrus import quotas.
    The ruling of a GATT tribunal on a U.S. demand that Japan
end quotas on 12 categories of food items is expected by the
end of the year. Lyng said he is optimistic the ruling will
favor the U.S.
    "These are quota items, and the principles that apply to
them, it seems to me, will have some bearing on the question of
whether you would have quotas or not on beef and citrus," Lyng
told Reuters in an interview.
    He repeated the U.S. demand that Japan lift the quotas on
beef and citrus after March 31, next year.
    The Japanese quotas on 12 food categories which the United
States has challenged include items such as tomato paste, some
cheeses and specialty fruit juices.
    U.S. officials had hoped a ruling against the quotas would
be issued earlier this year but the GATT panel decision has
been delayed by the illness of the tribunal's chairman.
    The U.S. has taken a hardline stance on the beef and citrus
quotas, which Tokyo says must remain in place to protect
Japanese farmers.
    "We will not negotiate new quotas or accept new quotas (on
beef and citrus). If they impose them we would consider that an
illegal action in the GATT, Lyng said.
    He declined to say what action the U.S. would take next
April if Japan continues to resist U.S. demands.
   


.I 21037
.C
earn
.W
STANADYNE INC <STNA.O> 3RD QTR NET.
    WINDSOR, Conn., Oct 20 -
    Shr 95 cts vs 30 cts
    Net 9,139,000 vs 2,894,000
    Revs 135.6 mln vs 118.5 mln
    Nine mths
    Shr 2.81 dlrs vs 1.95 dlrs
    Net 27.0 mln vs 18.8 mln
    Revs 406.5 mln vs 372.8 mln



.I 21038
.C
earn
.W
MERCANTILE BANKSHARES CORP <MRBK.O> 3RD QTR NET.
    BALTIMORE, Oct 20 -
    Shr 99 cts vs 77 cts
    Net 12.7 mln vs 9,736,000
    Avg shrs 12.8 mln vs 12.7 mln
    Nine mths
    Shr 2.67 dlrs vs 2.30 dlrs
    Net 34.0 mln vs 29.1 mln
    NOTE: Net includes pretax securities gains 16,000 dlrs vs
228,000 dlrs in quarter and 48,000 dlrs vs 1,673,000 dlrs in
nine mths.
    Net includes loan loss provisions 1,092,000 dlrs vs 790,000
dlrs in quarter and 3,089,000 dlrs vs 2,584,000 dlrs in nine
mths.   


.I 21039
.C
ship
.W
******PENTAGON SAYS U.S. WARSHIPS BEGIN ESCORTING GULF TANKER CONVOY SOUTH FROM KUWAIT.
Blah blah blah.

.I 21041
.C
earn
.W
ALLEGHENY LUDLUM CORP <ALS> 3RD QTR NET.
    PITTSBURGH, Pa., Oct 20 -
    Shr 38 cts vs not given
    Net 8,616,000 vs not given
    Revs 209.1 mln vs 169.8 mln
    Nine mths
    Shr 1.76 dlrs vs not given
    Net 34.5 mln vs not given
    Revs 632.0 mln vs 551.5 mln
    NOTE: Year ago per share and net income not available as
company recapitalized on December 28, 1986 after it became a
new reporting entity for financial reporting purposes.


.I 21043
.C
earn
.W
ATLANTIC RESEARCH CORP <ATRC.O> 3RD QTR NET.
    ALEXANDRIA, Va., Oct 20 -
    Shr primary 60 cts vs 42 cts
    Shr diluted 57 cts vs 41 cts
    Net 5,590,000 vs 3,721,000
    Revs 103.5 mln vs 91.8 mln
    Nine mths
    Shr primary 1.55 dlrs vs 1.41 dlrs
    Shr diluted 1.48 dlrs vs 1.34 dlrs
    Net 14.3 mln vs 12.7 mln
    Revs 300.5 mln vs 269.3 mln


.I 21045
.C
earn
.W
TW SERVICES INC <TW> 3rd qtr net.
    NEW YORK, Oct 20 -
    Shr 38 cts vs 28 cts
    Net 18.6 mln vs 14.5 mln
    Revs 574.2 mln vs 493.3 mln
    Avg shrs 48,602,000 vs 50,487,000
    Nine months
    Shr 85 cts vs 61 cts
    Net 41.5 mln vs 32.8 mln
    Revs 1.62 billion vs 1.40 billion
    Avg shrs 48,622,000 vs 51,670,000
    NOTE: 1987 results do not include September acquisiton of
Denny's Inc.


.I 21048
.C
earn
.W
SANTA FE ENERGY PARTNERS <SFP> 3RD QTR LOSS.
    HOUSTON, Oct 20 -
    Shr loss 18 cts vs loss 3.61 dlrs
    Net loss 5,600,000 vs loss 100.2 mln
    Revs 33.5 mln vs 22.3 mln
    Avg units 30.9 mln vs 27.5 mln
    Nine mths
    Shr loss 22 cts vs loss 4.20 dlrs
    Net loss 6,800,000 vs loss 113.6 mln
    Revs 97.3 mln vs 83.4 mln
    Avg units 30.0 mln vs 26.8 mln
    NOTE: full name is sante fe energy partners l.p.


.I 21050
.C
earn
.W
GENERAL DEVELOPMENT CORP <CDV> 3RD QTR NET.
    MIAMI, Oct 20 -
    Shr 66 cts vs 61 cts
    Net 5,928,000 vs 5,447,000
    Revs 126.0 mln vs 89.8 mln
    Avg shrs 8,948,000 vs 8,947,000
    Nine mths
    Shr 1.96 dlrs vs 1.96 dlrs
    Net 17.5 mln vs 16.3 mln
    Revs 343.9 mln vs 286.9 mln
    Avg shrs 8,948,000 vs 8,300,000


.I 21052
.C
acq
.W
GROUP LIFTS STAKE IN SMITH INTERNATIONAL <SII>.
    WASHINGTON, Oct 20 - A group of firms led by Hong
Kong-based Industrial Equity (Pacific) Ltd said it increased
its stake in Smith International Inc common stock to 3,997,100
shares, or 17.5 pct of the total outstanding, from about 14.9
pct.
    In a filing with the Securities and Exchange Commission,
the group said it bought 586,500 Smith common shares between
October 9 and 19 at 7.86 dlrs to 9.57 dlrs a share.
    No reason was given for the recent purchases.


.I 21053
.C
tin
.W
TIN COUNCIL ALLOWED APPEAL ON USE OF DOCUMENTS.
    LONDON, Oct 20 - Britain's highest court has decided the
International Tin Council (ITC) can appeal over the use of ITC
documents in court actions.
    On November 2 the House of Lords will decide if and to what
extent ITC documents, whether circulated or not, are admissible
as court evidence. Lawyers working in the legal tangle left
from the October 1985 collapse of the tin market said this
hearing is likely to last a few days.
    On Wednesday the Court of Appeal will link the outstanding
ITC cases that have so far reached it and a single set of
hearings could begin in early January, they added.
    The House of Lords ruling on the use of ITC documents will
be referred back to the action by two Shearson Lehman companies
against the London Metal Exchange although the underlying case
is not expected to be resumed until mid-1988.
    The Court of Appeal hearings include action between brokers
and cases by brokers and banks against the ITC and the member
governments of the tin council.
    Action taken by brokers seeking both the winding up of the
ITC or and placing it into receivership will also be covered by
the Court of Appeal legal schedule.


.I 21054
.C
crude
.W
IRAN, SOVIETS TO HOLD TALKS ON OIL EXCHANGE DEAL.
    MOSCOW, Oct 20 - Iran and the Soviet Union have
provisionally agreed to hold talks on a possible exchange of
Iranian crude oil for finished Soviet oil products, an official
spokesman said Tuesday.
    Gennady Gerasimov, chief of the Soviet Foreign Ministry's
Information Directorate, told reporters the agreement had been
reached during a visit to Moscow last week by Iran's Oil
Minister Gholamreza Aqazadeh.
    Gerasimov said no date had been set for the talks, which
would also study the possibility of Soviet technical assistance
for Iran's oil industry.


.I 21056
.C
oilseed;veg-oil;soybean;trade;
.W
ASA SAYS EC OILSEED POLICY ILLEGAL UNDER GATT.
        LONDON, Oct 20 - The American Soybean Association (ASA)
denounced European Community (EC) oilseed policies as illegal
under the General Agreement on Tariffs and Trade, and
threatened to make an unfair trade complaint if the EC does not
remedy the situation.
    ASA Vice President James Adams told an ASA-sponsored
Outlook 87 conference: "It will be filed unless the EC takes
drastic and immediate steps."
    "These subsidies are blatantly unfair and are GATT illegal,
since they were established after the zero soybean duty was
established in 1962," he said.
    The ASA's unfair trade petition against the EC would ask
for an investigation and modification of EC oilseed policies to
make the regime non-discriminatory.
    The EC in 1962 ruled all EC oilseed imports duty-free, in
an effort to fill its oilseed needs. But EC oilseeds production
has risen dramatically since then.
    The EC now guarantees oilseed prices to farmers above world
market levels and is considering implementing a controversial
oils and fats tax.
    The subsidies "are obvious attempts to circumvent the zero
duty binding and that makes U.S. Farmers mad as hell," Adams
said.
    The ASA is confident the U.S. Congress will support its
trade complaint, Adams said. The ASA also strongly opposes an
EC proposal to tax vegetable and marine oils consumed in the
EC, which will be considered by the EC Commission in December.
    U.S. Soybean world market share has declined 35 pct in
volume and 40 pct in value since 1982, primarily as a result of
EC policies, Adams added.
    Lord Plumb, European Parliament President and a speaker at
the conference, said the EC expanded oilseed production in 1973
when the U.S. Halted overseas sales of soy products.


.I 21057
.C
sugar;livestock;carcass;trade;
.W
U.S. TAKES TOUGH STAND ON GATT FARM ISSUES.
    By Lisa Vaughan
    LONDON, Oct 20 - The United States is prepared to "pull out
all the stops" to defend its agricultural trade rights under the
General Agreement on Tariffs and Trade (GATT), U.S. Ambassador
to GATT Michael Samuels said.
    Those rights are now being challenged by the European
Community's (EC) agricultural support policies, he told a
conference sponsored by the American Soybean Association.
    He reiterated Washington's firm intention to retaliate if
the EC goes ahead and bans imports of hormone-fed beef without
the issue being investigated by a GATT special committee.
    The U.S. claims the EC directive, due to come into effect
on January 1, threatens to cut 100 mln dlrs worth of U.S. meat
shipments into the EC.
    The U.S. also will oppose all EC efforts to impair U.S.
trade via the EC oilseeds regime, which supports EC oilseed
prices over the current market level and which may be extended
to include a hotly disputed oils and fats tax, Samuels said.
    Reduction of trade-distorting world agricultural subsidies,
an aim of most key participants in GATT multilateral trade
negotiations, "is meaningless if import barriers continue to be
erected," Samuels said.
    Samuels called the U.S. plan to eliminate world farm
subsidies by the year 2000, proposed at GATT in July, "visionary"
and "very serious."  The EC and Japan have said it is
unrealistic.
    The EC Commission this month announced its draft proposal
on farm trade reform, expected to be tabled at GATT formally
next week.
    The EC scheme involves emergency measures to reduce
tensions in troubled surplus sectors of cereals and cereals
substitutes, dairy and sugar. It also calls for reduction of
farm subsidies.
    The U.S. Is not opposed to short-term measures, as long as
they are directly linked to long-term commitments to end major
trade distortions, Samuels said.
    Washington will review the EC proposal when it is formally
submitted and respond to it officially then.
    "We will consider its relation to the Punta del Este
declaration to correct trade problems and expand market access,"
the U.S. Ambassador said.
    The U.S. can say no to the EC proposal if the EC ignores
the U.S. plan when it tables its own proposal, he added.
    The key difference between the two approaches is that the
U.S. wants farm subsidies eliminated, while the EC is pushing
only for a reduction in farm suppports, Samuels said.
    If the EC farm budget were protected by a subsidy freeze,
there would be little incentive for the Community to work to
correct the international trade situation, he added.
    Samuels cited the animal hormones complaint, the EC
oilseeds regime and an EC regulation concerning meat imports to
third countries as three crucial barriers to trade which the
U.S. wants to see resolved under the auspices of GATT.


.I 21058
.C
earn
.W
US WEST INC <USW> 3RD QTR NET.
    DENVER, Oct 20 -
    Shr 1.46 dlrs vs 1.41 dlrs
    Net 277.5 mln vs 268.3 mln
    Sales 2.13 billion vs 2.14 billion
    Avg shrs 189.8 mln vs 189.8 mln
    Nine mths
    Shr 3.95 dlrs vs 3.78 dlrs
    Net 750.5 mln vs 718.4 mln
    Sales 6.28 billion vs 6.22 billion
    Avg shrs 189.9 mln vs 190.2 mln


.I 21059
.C
ship;crude;
.W
US WARNS IRAN, BEGINS ESCORTING TANKER CONVOY.
    WASHINGTON, Oct 20 - The United States warned Iran again 
that it was ready to retaliate for any further hostile military
action in the Gulf as U.S. warships began escorting another
tanker convoy southward from Kuwait.
    U.S. Defense Secretary Caspar Weinberger said the U.S.
sought no further Gulf hostitilies but was ready to deal with
any Iranian response to Monday's attack on an Iranian oil rig.
    Several hours later, the Pentagon announced that U.S.
warships had begun escorting two U.S. flag Kuwaiti tankers --
the 80,000 ton product carrier Ocean City and 46,000 ton
liquified petroleum tanker Gas King -- southward from Kuwait.
    The Defense Department said the 12th such convoy of U.S.
flagged Kuwaiti tankers through the Gulf began at 0230 EDT
under the escort by the U.S. guided missile frigate Ford. It
did not say what oth U.S. warships were in the area.
    "It (the convoy) is now progressing uneventfully in the
central Gulf," the Pentagon statement said.
    Asked on NBC's "Today" program if the United States was
prepared for a major war with Iran, Weinberger said, "Well we
are prepared I think for whatever eventualities emerge from
this situation but we don't look on it as a war."


.I 21060
.C
coffee
.W
ICO EXECUTIVE BOARD TO MEET EARLY NOVEMBER.
    LONDON, Oct 20 - The International Coffee Organization
(ICO) Executive Board is to hold a meeting on November 3/4, its
first since export quotas were re-introduced early this month.
    An ICO spokesman said the session, for the first time under
the chairmanship of Bruno Caron of France, will review the
market situation and the operation of quotas.
    On November 5 the six exporters making up the ICO Board of
Management of the Promotion Fund will review its program for
the 1987/88 year (Oct/Sept) and items left over from 1986/87.
    On November 2 a six nation working group will consider
stock verification in Papua New Guinea.


.I 21062
.C
acq
.W
GUINNESS COMPLETES UNIT SALES WORTH 232.6 MLN STG.
    LONDON, Oct 20 - Guinness Plc <GUIN.L> said it has
completed the sale of subsidiaries <Martin CTN Group Plc> and
<Drummonds Pharmacy Group Plc>.
    Total consideration was 232.6 mln stg, subject to
adjustment on final audit, which is expected to add 12 mln stg,
Guinness said.
    Martins has been sold to <Panfida Ltd> an Australian
investment company, and Drummonds to <Macarthy Plc>.


.I 21063
.C
earn
.W
NORTH SIDE SAVINGS BANK <NSBK.O> 4TH SEPT 30.
    NEW YORK, Oct 20 -
    Shr 42 cts vs 35 cts
    Net 1,540,000 vs 1,289,000
    Year
    Shr 1.59 dlrs vs 63 cts
    Net 5,849,000 vs 3,980,000
    NOTE: 1987 year excludes 1,814,000 dlrs for tax credits.
1986 4th qtr and year excludes a gain of 995,000 dlrs and
2,928,000 dlrs, respectively, for tax credits. 1986 per share
amounts caclulted from April 15, 1986, to septebmer 30, the
date of bank's conversion to stock ownership.


.I 21064
.C
trade
.W
LYNG DEFENDS U.S. EXPORT SUBSIDY PROGRAM.
    WASHINGTON, Oct 20 - U.S. Agriculture Secretary Richard
Lyng said the United States will continue its policy of
subsidizing farm exports to regain lost markets until there is
a global agreement to end such subsidies.
    In an interview with Reuters, Lyng also acknowledged he was
troubled by the prospect that the export enhancement program
(EEP) could prove so indispensable to boosting U.S. exports
that the U.S. would have difficulty abandoning it.
    "Yes, I'm troubled with that a little bit," he said. "There's
no question about it, the longer you feed the calf on the cow,
the longer it is to wean it."
    In recent months, USDA has offered subsidies on a growing
list of commodities to an increasing number of countries.
    Lyng called U.S. and European Community export subsidies
"just plain nonsensical as a long-term policy" and said he saw an
end to the expansion of the EEP.
    "I'm sure there's an end to the expansion, but we are doing
this to accomplish our goal which is to regain the markets that
we've lost, to keep our products competitive and to let those,
particularly the European Community, who, we are convinced, are
the worst offenders in terms of the export subsidization, that
we are prepared to continue to do this until we can come to
some agreement to put an end to it," he said.


.I 21065
.C
earn
.W
ATHEY PRODUCTS CORP <ATPC.O> 3RD QTR NET.
    RALEIGH, N.C., Oct 20 -
    Shr 40 cts vs 23 cts
    Net 1,173,859 vs 672,824
    Revs 11.0 mln vs 9,857,707
    Nine mths
    Shr 1.03 dlrs vs 56 cts
    Net 2,986,823 vs 1,637,559
    Revs 31.5 mln vs 27.2 mln


.I 21066
.C
earn
.W
NATURE'S SUNSHINE PRODUCTS INC <AMTC.O> 3RD QTR.
    SPANISH FORK, Utah, Oct 20 -
    Shr 30 cts vs 10 cts
    Net 560,000 vs 177,000
    Revs 9,700,000 vs 7,700,000
    Avg shrs 1,877,203 vs 1,839,752
    Nine mths
    Shr 80 cts vs 28 cts
    Net 1,480,000 vs 524,000
    Revs 28.3 mln vs 22.8 mln
    Avg shrs 1,854,478 vs 1,899,769


.I 21068
.C
earn
.W
LEGG MASON INC <LM> 2ND QTR NET.
    BALTIMORE, Md, Oct 20 -
    Shr 35 cts vs 32 cts
    Net 3,033,000 vs 2,189,000
    Revs 56.2 mln vs 31.9 mln
    Avg shrs 8,649,000 vs 6,914,000
    Six mths
    Shr 63 cts vs 72 cts
    Net 5,450,000 vs 4,966,000
    Revs 108.6 mln vs 66.3 mln
    Avg shrs 8,655,000 vs 6,912,000


.I 21069
.C
crude
.W
SOVIET 1988 OIL OUTPUT TARGET AT 625 MLN TONNES.
    MOSCOW, Oct 20 - The Soviet oil production target for 1988
has been set at 625 mln tonnes, a rise of eight mln tonnes over
this year's planned output.
    Oil Minister Vasily Dinkov announced the figure on Tuesday
at the Supreme Soviet, the country's nominal parliament.
    He said a new development strategy, fuller use of oil
deposits and better housing and pay for oilmen had allowed an
upsurge in the oil industry after three years of stagnation
which began in late 1983.
    Last year the Soviet Union produced 615 mln tonnes of oil,
slightly short of the target of 616.7 mln.
    January-September figures released at the weekend showed
Soviet oil output in the first nine months of this year at 467
mln tonnes. The 1987 target is 617 million.
    Dinkov said the Soviet Union would develop 38 new oil
deposits in the coming year. He called for speedier geolog
prospecting across the country to spur the oil industry.
    The Supreme Soviet convened on Monday to endorse the 1988
budget and plan. The session is expected to end on Tuesday.


.I 21071
.C
earn
.W
DYNCORP <DYN> 3RD QTR NET.
    MCLEAN, Va., Oct 20 -
    Shr 32 cts vs 35 cts
    Net 3,446,000 vs 3,789,000
    Revs 220.9 mln vs 186.9 mln
    Nine mths
    Oper shr 77 cts vs 71 cts
    Oper net 8,301,000 vs 7,298,000
    Revs 634.3 mln vs 535.1 mln
    NOTE: 1987 nine mths net excludes 3,510,000 dlr charge from
antitrust litigation.


.I 21074
.C
earn
.W
FROZEN FOOD EXPRESS <FEXP.O> 3RD QTR NET.
    DALLAS, Oct 20 -
    Shr 54 cts vs 44 cts
    Net 706,111 vs 579,576
    Revs 21.7 mln vs 23.2 mln
    Nine mths
    Shr 1.26 dlrs vs 44 cts
    Net 1,657,634 vs 582,001
    Revs 63.1 mln vs 68.6 mln
    NOTE: Full name of company is Frozen Food Express
Industries Inc.


.I 21075
.C
earn
.W
ASTROCOM CORP <ACOM.O> 3RD QTR NET.
    ST. PAUL, Minn, Oct. 20 -
    Shr loss four cts vs profit four cts
    Net loss 93,574 vs profit 100,469
    Revs 3,125,532 vs 3,253,239
    Nine mths
    Shr loss three cts vs profit seven cts
    Net loss 67,184 vs profit 179,116
    Revs 9,125,965 vs 9,284,055


.I 21080
.C
acq
.W
ERICSSON SELLS OFFICE MACHINE DIVISION.
    STOCKHOLM, Oct 20 - Telefon AB L M Ericsson <ERIC.ST> said
it would sell its office machinery unit, with a turnover of two
billion crowns, to Norway's <Norska Design Funktion A/S>.
    Ericsson Information Systems, of which the unit is a part,
said in a statement a decision would be reached in November
about when the Norwegian firm would take over the operation.
    No price was given for the deal.
    EIS managing director Stig Larsson said the deal would
allow EIS to concentrate on voice and data communication
products.



.I 21083
.C
earn
.W
ARMOR ALL PRODUCTS CORP <ARMR.O> 2ND QTR SEPT 30.
    IRVINE, Calif., Oct 20 -
    Shr 14 cts vs 13 cts
    Net 2,867,.000 vs 2,723,000
    Revs 18.9 mln vs 19.1 mln
    1st half
    Shr 39 cts vs 32 cts
    Net 8,139,000 vs 6,709,000
    Revs 47.3 mln vs 44.5 mln
    NOTE: Affiliate of McKesson Corp <MCK>.


.I 21084
.C
acq
.W
GOODMAN FIELDER HAS 29.9 PCT OF RANKS HOVIS.
    LONDON, Oct 20 - Goodman Fielder Ltd <GOOW.S> of Australia
said in a statement that it had acquired 31 mln ordinary shares
in Ranks Hovis McDougall Plc <RHML.L> (RHM), bringing its stake
in the company to 29.9 pct or 101 mln ordinary shares.
    Goodman said it has no intention of making a full bid for
the company and would not contemplate doing so over the next
six months in the absence of a material change in the
circumstances of Ranks.
    RHM said it regards the stake build-up as a hostile move
which is unwelcome and not in the long term interest of
shareholders.


.I 21085
.C
earn
.W
MULTIBANK FINANCIAL CORP <MLTF.O> 3RD QTR NET.
    DEDHAM, Mass., Oct 20 -
    Shr 60 cts vs 54 cts
    Net 5,726,000 vs 4,623,000
    Avg shrs 9,538,260 vs 8,598,198
    Nine mths
    Shr 1.61 dlrs vs 1.35 dlrs
    Net 15.0 mln vs 11.5 mln
    Avg shrs 9,277,440 vs 8,486,590


.I 21088
.C
earn
.W
USP REAL ESTATE INVESTMENT TRUST <USPTS.O> 3RD.
    CEDAR RAPIDS, Iowa, Oct 20 -
    Shr eight cts vs 10 cts
    Qtly div 30 cts vs 30 cts prior
    Net 204,064 vs 245,931
    Nine mths
    Shr 1.14 dlrs vs 52 cts
    Net 2,850,042 vs 1,291,047
    NOTE: 1987 and 1986 nine mths includes a net gain on sale
of assets of 2,258,206 dlrs or 90 cts a share and 459,503 dlrs,
respectively. Dividend payable November 13 to shareholders or
record October 30.


.I 21089
.C
earn
.W
LINCOLN FINANCIAL CORP <LFIN.O> 3RD QTR NET.
    FORT WAYNE, Ind, Oct 20 -
    Shr 61 cts vs 64 cts
    Net 3,430,000 vs 3,091,000
    Nine mths
    Shr 1.81 dlrs vs 1.73 dlrs
    Net 10,185,000 vs 8,038,000
    Assets 1.64 billion vs 1.45 bilion
    Deposits 1.27 billion vs 1.15 billion
    Loans 1.03 billion vs 838.5 mln
    Note: 1986 figures restated to reflect pooling of interests
transactions with Angola State Bank and Shipshewana State Bank
and an October 1986 three-for-one stock split


.I 21091
.C
money-fx
.W
LAWSON SAYS U.S.-WEST GERMAN ROW WAS UNNECESSARY.
    LONDON, Oct 20 - U.K. Chancellor of the Exchequer Nigel
Lawson said the recent dispute between the United States and
West Germany over economic policy was responsible for much
financial turmoil and that it should never have happened.
    He said in a television interview the dispute had fanned
fears of a breakdown in the cooperation which is so important
between finance ministers of the major nations.
    He said the dispute was a row which should not have
happened and agreed that much of the blame lay with U.S.
Treasury Secretary James Baker who had publicly criticised West
Germany for having raised its key interest rates.


.I 21092
.C
earn
.W
REPUBLIC AMERICAN CORP <RAWC.O> 3RD QTR NET.
    ENCINO, Calif, Oct 20 -
    Oper shr 36 cts vs 25 cts
    Oper net 7,100,00 vs 5,700,000
    Avg shrs 20.0 mln vs 22.8 mln
    Nine mths
    Oper shr 1.03 dlrs vs 73 cts
    Oper net 21.3 mln vs 15.2 mln
    Avg shrs 20.7 mln vs 20.9 mln
    NOTE: 1986 net excludes realized capital gains of 2,300,000
dlrs in quarter and 22.6 mln dlrs in nine mths.


.I 21093
.C
earn
.W
KENT ELECTRONICS CORP <KEC> 2ND QTR SEPT 26 NET.
    HOUSTON, Oct 20 -
    Shr 14 cts vs seven cts
    Net 348,000 vs 135,000
    Revs 6,328,000 vs 4,117,000
    Avg shrs 2,558,400 vs 1,884,200
    Nine mths
    Shr 29 cts vs 20 cts
    Net 640,000 vs 313,000
    Revs 12.0 mln vs 8,719,000
    Avg shrs 2,226,600 vs 1,589,6000


.I 21094
.C
earn
.W
QMS INC <AQM> 4TH QTR OCT 2 NET.
    MOBILE, Ala., Oct 20 -
    Shr 34 cts vs 29 cts
    Net 3,188,000 vs 2,731,000
    Revs 37.2 mln vs 25.4 mln
    Avg shrs 9,474,000 vs 9,425,000
    Year
    Shr 92 cts vs 80 cts
    Net 8,671,000 vs 7,492,000
    Revs 119.4 mln vs 73.6 mln
    Avg shrs 9,450,000 vs 9,410,000


.I 21095
.C
money-fx;interest;
.W
BAKER SEEN WINNING GERMAN INTEREST RATES BATTLE.
    By Felix Dearden
    BONN, Oct 20 - The United States appears to have won a
transatlantic battle by forcing the Bundesbank to trim interest
rates, European economists said.
    But they added Washington set the stakes high by testing
the limits of the Louvre accord while global stock markets were
plunging.
    West German Finance Minister Gerhard Stoltenberg and U.S.
Treasury Secretary James Baker reaffirmed their commitment to
currency stability at a secret meeting yesterday in Frankfurt,
according to official statements released late Monday.
    Only 13 hours after the statements were released, the
Bundesbank reduced short-term interest rates by offering banks
liquidity at a fixed bid rate of 3.80 pct, down from a 3.85 pct
facility rate offered last week.
    While the two ministers were meeting with Bundesbank
president Karl Otto Poehl, the central bank had also added
money market liquidity repeatedly, signalling it did not want a
strong rise in the tender allocation rate on Tuesday.
     "It's round one to the Americans, " said Richard Reid,
senior European economist for brokers UBS/Philips and Drew in
London.
    But Reid added, "We shouldn't forget that it has taken one
of the biggest stock market crashes in decades to get the West
Germans to cut their security repurchase rate by a 0.05
percentage point."
    Over the weekend, criticism by Baker of earlier tightening
of West German monetary policy led to a sharp dollar fall and
fuelled speculation that the Louvre accord was no longer valid.
    Six leading industrial nations agreed under February's
Louvre Accord to stabilise currencies and coordinate monetary
policies. It has since been reaffirmed by the Group of Seven -
the US, Japan, West Germany, Britain, France, Italy and Canada.
    The Frankfurt meeting on Monday soothed currency markets
and the dollar gained over two pfennigs in after hours trading
in New York. At the Frankfurt fixing on Tuesday, the dollar was
quoted at 1.7918 marks compared with 1.7740 on Monday.
    Guenther Aschoff, chief economist at Deutsche
Genossenschaftbank in Frankfurt said massive declines on world
stock markets had been the main reason for the fall in West
German short-term interest rates on Tuesday.
    "The Bundesbank wanted to set a marker after stock market
losses... That was the responsible thing to do and if it fits
with Baker's wishes, then all the better," he said.
    No central bank wants to let interest rates rise, and the
Bundesbank had been forced to put its rates up following rises
in the U.S., Aschoff said.
    Poehl told a conference in Frankfurt on Tuesday the central
bank has no interest in higher capital market rates and he
thought the global rate increase was a cause for concern.
    Giles Keating, economist with Credit Suisse First Boston
Ltd in London said "The cautious Bundesbank has beaten a retreat
and Baker has won a battle...But he hasn't won the war as the
security repurchase rate is still 20 points higher than it was
before the IMF meeting last month in Washington."
    Before the IMF meeting, when the Louvre Accord was
reaffirmed, the Bundesbank was offering money market liquidity
at 3.60 pct, Keating noted.
    Economists said the United States now appeared to have
agreed to play by the rules of the Louvre Accord and support
the dollar in return for the German action on interest rates.
    Any further sharp decline of the dollar would hinder
Washington's efforts to reduce its trade deficit, Stoltenberg
told a news conference on Tuesday. He added he would not rule
out central banks of leading industrial countries intervening
on exchange markets to defend the dollar's value.
    Deutsche Genossenschaftbank's Aschoff stressed West
Germany's heavy dependence on exports and the need for currency
stability. In addition, both the U.S. And West German central
banks were keen to avoid a dollar slide which would force them
to again spend vast sums intervening to support the dollar.


.I 21097
.C
earn
.W
LA PETITE ACADEMY INC <LPAI.O> 3RD QTR NET.
    KANSAS CITY, Oct 20 -
    Shr 13 cts vs nine cts
    Net 2,062,000 vs 1,418,000
    Revs 33.1 mln vs 26.9 mln
    Nine mths
    Shr 45 cts vs 33 cts
    Net 7,053,000 vs 5,156,000
    Revs 95.5 mln vs 75.7 mln
    NOTE: Share adjusted for stock dividends.


.I 21102
.C
earn
.W
TELECONCEPTS CORP <TCC> 3RD QTR NET.
    NEWINGTON, Conn., Oct 20 -
    Shr profit 14 cts vs profit one ct
    Net profit 502,251 vs profit 22,012
    Sales 4,715,846 vs 3,731,900
    Avg shrs 3,489,342 vs 3,288,720
    Nine mths
    Shr profit 19 cts vs loss 20 cts
    Net profit 637,305 vs loss 658,398
    Sales 12.2 mln vs 9,806,301
    Avg shrs 3,439,065 vs 3,288,720
    Backlog 1,726,150 vs 739,540


.I 21106
.C
wheat;grain;livestock;carcass;trade;
.W
EC AGREES TRADE DEAL WITH ARGENTINA.
    LUXEMBOURG, Oct 20 - The European Community (EC) agreed a
trade deal with Argentina designed to compensate the country
following the entry of Spain and Portugal into the group, EC
officials said.
    Under the deal agreed by EC foreign ministers, Argentina
will gain additional trading rights on a series of products
including meat, fish and cereals by-products.
    But ministers failed to agree on new trade deals with
Canada and Japan and are due to study these again, the
officials said.
    The deal with Argentina was agreed by a majority of EC
states after West Germany withdrew objections to increased
quotas for Argentina on high-quality beef.
    Ireland and France continued to oppose the deal on meat,
saying that the main dispute was over sales of cereals
substitutes, but they were outvoted by the other states, the
officials said. Under the deal, Argentina will benefit from
improved quotas on exports of beef to the EC. In particular the
quota on high-quality Hilton beef will be raised by 4,500
tonnes to 34,300 tonnes and quotas on frozen boneless beef will
be increased by 3,000 tonnes to 53,000 tonnes.
    Argentina will also benefit from an additional quota of
5,000 tonnes of frozen hake fillets at 10 pct duty and reduced
levies on 550,000 tonnes of wheat bran, the officials said.
    The improved trade terms were offered after Argentina said
that Spain and Portugal's entry into the EC affected their
exports of cereals substitutes to these two countries. They
have been negotiated under the rules of GATT (General Agreement
on Tariffs and Trade).
    But officials said ministers had been unable to resolve
Canadian claims that its sales of certain fish to Spain had
been affected by the country's EC membership.
    Officials said the EC had asked GATT to arbitrate on the
fish dispute with Canada.
    Ministers also decided to continue talks with Japan. The EC
claims that Spain and Portugal's entry into the group has
improved trade conditions for Japan but has been unsatisfied
with Japanese offers of compensation.
    Japan's main offers were to improve inspection systems on
citrus fruits to aid EC exports, to improve tariffs for some
other farm produce, to increase tariffs for leather footwear
and to offer better trade terms for Spain and Portugal.
    EC External Trade Commissioner Willy De Clercq told
journalists: "We maintain our position that the (Japanese)
concessions were not enough."
    "We hope that there will be an improvement," he said.


.I 21109
.C
earn
.W
WELLS FARGO AND CO <WFC> RAISES QUARTERLY DIV.
    SAN FRANCISCO, Oct 20 -
    Qtly div 50 cts vs 39 cts
    Pay Jan 20
    Record Dec 31


.I 21110
.C
earn
.W
PETROLANE PARTNERS L.P. <LPG> 3RD QTR LOSS.
    LONG BEACH, Calif., Oct 20 -
    Shr loss five cts vs profit six cts
    Net loss 1.2 mln vs profit 1.4 mln
    Revs 114.9 mln vs 109.3 mln
    Nine months
    Shr profit one dlrs vs profit 84 cts
    Net profit 23.7 mln vs profit 19.9 mln
    Revs 430.9 mln vs 435.4 mln
    NOTE: Results are in pro forma form. Partnership became
public on March 19, 1987. Previous results reported from Texas
Eastern Corp's <TET> Petrolane Inc domestic division.


.I 21112
.C
earn
.W
VALERO ENERGY CORP <VLO> 3RD QTR LOSS.
    SAN ANTONIO, Texas, Oct 20 -
    Shr loss 1.31 dlrs vs loss 1.80 dlrs
    Net loss 31.2 mln vs loss 42.6 mln
    Revs 168.5 mln vs 147.3 mln
    Nine mths
    Shr loss 15 cts vs loss 4.32 dlrs
    Net profit 3.2 mln vs loss 101 mln
    REvs 446.1 mln vs 490.7 mln
    NOTE: All periods toher than 1987 3rd qtr are pro forma.
    NOTE: 1987 3rd qtr includes a 10.6 mln dlrs or 41 ct a
share after-tax loss from discontinued operations mainly from
sale of assets of oil and gas exploration and production
subsidiary on September 30.
    1987 3rd qtr also includes an extraordinary 11.4 mln dlrs
or 45 cts a share for planned redemtion of company's 16-1/4 pct
subordinated debentures.
    1987 nine mths net includes a loss of 56.6 mln dlrs or 2.26
dlrs a share for discontinued operations. 1987 per share loss
is after deducting for preferred stock dividends.
   
    1987 nine mths net also includes after-tax gain of 44.3 mln
dlrs or 1.74 dlrs per share for formation of Valero Natural Gas
Partners L.P.
    1986 3rd qtr includes after tax loss from discontinued
operations of 31.5 mln dlrs or 1.26 dl share.


.I 21118
.C
earn
.W
AMERICAN FILTRONA CORP <AFIL.O> 3RD QTR.
    RICHMOND, Va., Oct 20 -
    Shr 31 cts vs 36 cts
    Net 1,156,000 vs 1,358,000
    Revs 31.2 mln vs 28.6 mln
    Nine mths
    Shr 1.10 dlrs vs 1.20 dlrs
    Net 4,064,000 vs 4,525,000
    Revs 91.3 mln vs 86.4 mln
    NOTE: 1987 3rd qtr includes a charge of 700,000 dlrs or 19
cts a share for relocation costs for phase out some operations.


.I 21120
.C
acq
.W
STANADYNE <STNA.O> PURCHASES AMBAC STAKE.
    WINDSOR, Conn., Oct 20 - Stanadyne Inc said it has acquired
a substnatial majority of AMBAC S.p.A.'s outstanding stock from
<AIL Corp>, the successor to United Technologies Corp's <UTX>
Diesel Systems Division for undisclosed terms.
    In addition to purchase a majority of the Brescia, Italy,
based company, Stanadyne said, it acquired a minority interest
in AMBAC's U.S. operation headquartered in Columbia, S.C.


.I 21122
.C
earn
.W
FAMILY STEAK HOUSES OF FLORIDA INC <RYFL.O> 3RD.
    NEPTUNE BEACH, Fla., Oct 20 -
    Shr four cts vs two cts
    Net 406,659 vs 210,575
    Revs 6,028,263 vs 3,654,810
    nine mths
    Shr 11 cts vs seven cts
    Net 1,151,988 vs 576,358
    Revs 16.9 mln vs 9,684,002
    Avg shrs 10.9 mln vs 8,632,800


.I 21124
.C
earn
.W
ECOLAB INC <ECL> 3RD QTR OPER SHR.
    ST PAUL, Minn, Oct 20 -
    Oper shr 16 cts vs 34 cts
    Oper net 4,255,000 vs 9,299,000
    Revs 294.4 mln vs 155.7 mln
    Nine mths
    Oper shr 1.24 dlrs vs 1.06 dlrs
    Oper net 33.0 mln vs 28.8 mln
    Revs 740.5 mln vs 457.5 mln
    NOTE: 1987 results include restructuring and non-recurring
charge of 89 cts a share to restructure ChemLawn, acquired in
April 1987, and other recent acquisitions. Results exclude gain
on sale of discontinued operations of 97 mln dlrs or 3.60 dlrs
a share in 1987 3rd qtr. Results also exclude income from
discontinued operations of 3,063,000 dlrs in 1987 nine mths, of
503,000 dlrs or two cts in 1986 3rd qtr, and 5,804,000 dlrs or
21 cts in 1986 nine mths.



.I 21126
.C
earn
.W
MERCHANTS NATIONAL CORP <MCHN.O> 3RD QTR NET.
    INDIANAPOLIS, Oct 20 -
    Shr 75 cts vs 64 cts
    Net 11.0 mln vs 9,379,000
    Nine mths
    Shr 44 cts vs 1.78 dlrs
    Net 6,411,000 vs 25.4 mln
    NOTE: 1987 nine mths net reflects 30 mln dlr addition to
Latin American loan loss provision.


.I 21127
.C
interest
.W
LAWSON SAYS UK INTEREST RATE PROSPECTS UNCHANGED.
    LONDON, Oct 20 - U.K. Chancellor of the Exchequer Nigel
Lawson said the collapse of British share prices this week held
no implication so far for domestic interest rates.
    He said in a television interview that "there is nothing in
the events of the past few days to increase the upward pressure
on (U.K.) interest rates."
    Sterling has so far stayed solid during the crisis, backed
by strong economic fundamentals and by 10 pct bank base lending
rates, analysts said. Lawson's comments followed another
frantic day in London's financial center, where British shares
closed 12.2 pct down on the day.


.I 21128
.C
earn
.W
LORAL CORP <LOR> 2ND QTR SEPT 30.
    NEW YORK, Oct 20 -
    Shr 70 cts vs 53 cts
    Net 17.3 mln vs 12.9 mln
    Revs 336.9 mln vs 157.5 mln
    Six mths
    Shr 1.34 dlrs vs 1.07 dlrs
    Net 33.0 mln vs 26.3 mln
    Revs 654.7 mln vs 310.1 mln
    Backlog 1.9 billion vs 851.8 mln
   
    NOTE: Year ago qtr and six mths included after net charge
of about four cts per shr representing the difference between a
gain on the sale of securities and the write-off of certain
nonrecurring costs.
    In addition, the six mths 1986 includes a 2.3 mln dlr gain
on the sale of a unit and a one mln dlr writedown of a minority
interest investment.
    Results for the qtr and the six mths in current year
include Loral Systems Group, formerly Goodyear Aerospace,
acquired in March 1987.


.I 21130
.C
earn
.W
CITIZENS AND SOUTHERN CORP <CSOU.O> 3RD QTR NET.
    ATLANTA, Oct 20 -
    Shr 75 cts vs 67 cts
    Qtly div 28 cts vs 25 cts prior
    Net 46.8 mln vs 39.8 mln
    Avg shrs 60.3 mln vs 57.7 mln
    Nine mths
    Shr 1.73 dlrs vs 1.95 dlrs
    Net 108.3 mln vs 114.7 mln
    Avg shrs 59.9 mln vs 56.8 mln
    NOTE: 1987 nine mths net includes special 15 mln dlr loan
loss provision.
    1987 nine mths net includes 16.6 mln dlr charge for
settlement of suit.
    Dividend pay Dec 15, record Nov 30.


.I 21140
.C
earn
.W
ALEX BROWN INC <ABSB.O> 3RD QET.
    BALTIMORE, Oct 20 - Sept 25 end
    Primary shr 31 cts vs 22 cts
    Diluted shr 30 cts vs 21 cts
    Net 5,019,000 vs 3,165,000
    Revs 80.1 mln vs 57.2 mln
    Primary avg shrs 16,306,000 vs 14,495,000
    Diluted avg shrs 17,266,000 vs 15,827,000
   
    Nine months
    Primary shr 1.27 dlrs vs 1.07 dlrs
    Diluted shr 1.23 dlrs vs 1.03 dlrs
    Net 20.2 mln vs 15.5 mln
    Revs 244.5 mln vs 181.5 mln
    Primary avg shrs 15,875,000 vs 14,495,000
    Diluted avg shrs 16,853,000 vs 15,280,000
    NOTE: Results are pro forma, assuming that company was
public throughout 1986. Company became public Feb 14, 1986.


.I 21141
.C
earn
.W
BANCTEXAS GROUP INC <BTX> 3RD QTR OPER LOSS.
     DALLAS, Oct 20 -
     Oper shr loss 1.23 dlrs vs loss 57.50 dlrs
     Oper net loss 17,154,000 vs loss 26,953,000
     Avg shrs 13,914,000 vs 476,000
     Nine mths
     Oper shr loss 12.74 dlrs vs loss 76.94 dlrs
     Oper net loss 63,774,000 vs loss 35,207,000
     Avg shrs 5,005,000 vs 474,000
     Assets 785.3 mln vs 1.27 billion
     Deposits 625.6 mln vs 938.8 mln
     Loans 565.6 mln vs 826.9 mln 
     NOTE: July 17, 1987, company completed recapitalization
with injection of 200 mln dlrs in cash, 150 mln from the
Federal Deposit Insurance Corp and 50 mln dlrs raised through a
stock rights offering.
     1987 qtr and nine mths exclude gain of 22 mln dlrs
realized primarily from early settlement of debt in connection
with the recapitalization and a three mln dlr loss on
investment securities.
     1986 qtr and nine mths exclude 3.6 mln dlr gain on
investment securities.     
     1986 nine mths excludes gain of 3.4 mln dlrs from sale of
subsidiary bank
     1986 and 1987 shr and avg shrs restated for one-for-50
reverse stock split. Number of shrs outstanding at Sept 30,
1987, was 16,744.        


.I 21143
.C
earn
.W
GOTAAS-LARSEN SHIPPING CORP <GOTLF.O> 3RD QTR.
    NEW YORK, Oct 20 -
    Shr 80 cts vs 62 cts
    Net 11.1 mln vs 8,545,000
    Revs 68.6 mln vs 41.9 mln
    Nine mths
    Shr 1.96 dlrs vs 1.88 dlrs
    Net 26.8 mln 24.1 mln
    Revs 180.1 mln vs 126.3 mln


.I 21145
.C
oilseed;wheat;grain;sunseed;
.W
ARGENTINA SETS NEW SUPPORT PRICES FOR GRAINS.
    BUENOS AIRES, Oct 20 - Argentina's agriculture secretariat
set new support prices for grains and oilseeds, an official
statement said.
    It said the support price for wheat was hiked to 300
Australs per tonne from 250 previously and for sunflowerseed
from northwestern Argentina to 450 Australs from 360
previously. It said the price went into effect Monday.
    The secretariat said the support price of sorghum was
increased to 210 Australs per tonne from 200 Australs
previously and for maize to 250 Australs from 220 Australs
previously.


.I 21147
.C
acq
.W
SCIENCE ACCESSORIES <SEAS.O> ENDS PURCHASE TALKS.
    SOUTHPORT, Conn., Oct 20 - Science Accessories Corp said it
has ended talks on acquiring privately-held Owl Electronics
Laborarories Inc because it could not reach satisfactory terms.


.I 21152
.C
earn
.W
GREATER NEW YORK SAVINGS BANK <GRTR.O> 3RD QTR.
    NEW YORK, Oct 20 -
    Shr 57 cts vs N/A
    Net 7,222,000 vs 6,959,000
    Nine mths
    Shr N/A vs N/A
    Net 17.6 mln vs 24.8 mln
    Assets 2.7 billion vs 2.3 billion
    NOTE: Year-ago per shr amts not available as bank converted
to stock ownership June 24, 1987. 1987 3rd qtr and nine mths
has 2.9 mln and 7.4 mln dlrs for tax credits. 1986 3rd and nine
mths 2.1 mln and 7.9 mln dlrs for tax credits.


.I 21153
.C
earn
.W
CONSOLIDATED FIBRES INC <CFIB.O> 1ST QTR NET.
    RICHMOND, Calif., Oct 20 - Qtr ended Sept 30
    Shr 40 cts vs 20 cts
    Net 797,000 vs 403,000
    Sales 30.8 mln vs 27.3 mln


.I 21156
.C
earn
.W
COMPUTER TASK GROUP INC <TSK> 3RD QTR NET.
    BUFFALO, N.Y., Oct 20 -
    Shr 17 cts vs 16 cts
    Net 1,315,000 vs 1,161,000
    Revs 43.2 mln vs 36.5 mln
    Avg shrs 7,916,000 vs 7,490,000
    Nine mths
    Shr 50 cts vs 51 cts
    Net 3,899,000 vs 3,821,000
    Revs 123.7 mln 104.6 mln
    Avg shrs 7,808,000 vs 7,491,000


.I 21157
.C
earn
.W
SIMPSON INDUSTRIES INC <SMPS.O> 3RD QTR NET.
    BIRMINGHAM, Mich., Oct 20 -
    Shr 18 cts vs 24 cts
    Net 1,175,000 vs 1,528,000
    Sales 34 mln vs 34.6 mln
    Nine mths
    Shr 56 cts vs 1.12 dlrs
    Net 3,578,000 vs 7,040,000
    Sales 109.3 mln vs 116.6 mln
    Note: 1986 figures include 508,000 dlr gain or
eight cts a share from discontinued operations



.I 21159
.C
earn
.W
NETWORK SYSTEMS CORP <NSCO.O> 3RD QTR NET.
    MINNEAPOLIS, Oct 20 -
    Shr 20 cts vs 16 cts
    Net 5,849,000 vs 4,630,000
    Revs 33.8 mln vs 27.1 mln
    Nine mths
    Shr 41 cts vs 40 cts
    Net 11.9 mln vs 11.5 mln
    Revs 84.6 mln vs 77.2 mln


.I 21161
.C
earn
.W
PITTSBURGH AND WEST VIRGINIA <PW> 3RD QTR NET.
    PITTSBURGH, Oct 20 -
    Shr 14 cts vs 14 cts
    Net 213,000 vs 210,000
    Revs 229 mln vs 229 mln
    Nine months
    Shr 42 cts vs 42 cts
    Net 630,000 vs 628,000
    Revs 689,000 vs 689,000
    NOTE: Full name Pittsburgh and West Virginia Railroad.


.I 21162
.C
earn
.W
NATIONAL MICRONETICS INC <NMIC.O> 1ST QTR.
    KINGSTON, N.Y., Oct 20 - 1st qtr ended September 26.
    Shr profit two cts vs loss 20 cts
    Net profit 156,000 vs loss 1,816,000
    Revs 8,751,000 vs 7,123,000


.I 21164
.C
earn
.W
PUBLIC SERVICE ENTERPRISE <PEG> 3RD QTR NET.
    NEWARK, N.J., Oct 20 -
    Shr 78 cts vs 87 cts
    Net 159.3 mln vs 174.9 mln
    Revs one billion vs 1.06 billion
    Avg shrs 204,335,958 vs 200,471,561
    Nine months
    Shr 2.18 dlrs vs 2.36 dlrs
    Net 443 mln vs 469.6 mln
    Revs 3.2 billion vs 3.4 billion
    Avg shrs 203,375,222 vs 199,108,842
    12 months
    Shr 1.73 dlrs vs 2.44 dlrs
    Net 351.9 mln vs 481.5 mln
    Revs 4.3 billion vs 4.5 billion
    Avg shrs 202,900,311 vs 197,320,979
    NOTE: Full name Public Service Enterprise Group Inc
    All results reflect three-for-two stock split, effective
July 1, 1987.


.I 21178
.C
earn
.W
P AND C FOODS INC <FOOD.O> 3RD QTR OCT 3 NET.
    SYRACUSE, N.Y., Oct 20 -
    Shr 40 cts vs 35 cts
    Net 3,149,000 vs 2,433,000
    Revs 225.4 mln vs 225.9 mln
    Avg shrs 7,800,000 vs 7,157,143
    Nine mths
    Shr 91 cts vs 63 cts
    Net 7,114,000 vs 4,540,000
    Revs 747.0 mln vs 728.2 mln
    Avg shrs 7,800,000 vs 6,767,143


.I 21179
.C
acq
.W
TOTAL CAPITAL ACQUIRES DUNHILL COMPACT.
    DENVER, Oct 20 - <Total Capital Corp> said it acquired
<Dunhill Compact Classics Inc> for an unspecified amount of
stock.
    The surviving company will be controlled by Dunhill's
principals, Total Capital said.
    Dunhill makes compact discs.


.I 21181
.C
earn
.W
AMERICAN BUSINESS PRODUCTS INC <ABP> 3RD QTR.
    ATLANTA, Oct 20 -
    Oper shr 40 cts vs 47 cts
    Oper net 2,292,000 vs 2,688,000
    Sales 81.9 mln vs 78.9 mln
    Nine mths
    Oper shr 1.20 dlrs vs 1.40 dlrs
    Oper net 6,842,000 vs 7,978,000
    Sales 244.7 mln vs 234.2 mln
    NOTE: 1986 net both periods excludes 2,223,000 dlr special
charge.


.I 21188
.C
earn
.W
BEMIS CO <BMS> 3RD QTR NET.
    MINNEAPOLIS, Oct 20 -
    Shr 61 cts vs 50 cts
    Net 8,273,000 vs 6,913,000
    Sales 226.0 mln vs 215.9 mln
    Nine mths
    Shr 1.60 dlrs vs 1.25 dlrs
    Net 21,771,000 vs 17,369,000
    Sales 688.3 mln vs 635.8 mln


.I 21191
.C
earn
.W
TOLLAND BANK FSB <TOBK.O> 2ND QTR NET.
    TOLLAND, Conn., Oct 20 - Sept 30 end
    Shr 27 cts
    Net 313,000 vs 323,000
    Six months
    Shr 53 cts
    Net 607,000 vs 636,000
    Assets 107.8 mln vs 77.1 mln
    NOTE: Company became public Dec 31, 1986



.I 21193
.C
earn
.W
WESTERN CO OF NORTH AMERICA <WSN> 3RD QTR LOSS.
    FORT WORTH, Texas, Oct 20 -
    Shr loss 39 cts vs loss 4.83 dlrs
    Net 16.3 mln vs loss 223.0 mln
    Revs 47.4 mln vs 30.7 mln
    Nine mths
    Shr loss 3.37 dlrs vs loss 7.30 dlrs
    Net loss 151.6 mln vs loss 340.3 mln
    Revs 118.9 mln vs 161.8 ml
   
    NOTE: 1987 qtr includes loss 1,500,000 dlrs for
mobilization costs associated with two offshore drilling rigs.
    1986 qtr includes charge 187 mln dlrs for write-down of
oilfield services equipment and offshore drilling rigs.


.I 21195
.C
earn
.W
COACHMEN INDUSTRIES <COA> 3RD QTR NET.
    ELKHART, IND., Oct 20 -
    Shr loss eight cts vs profit six cts
    Net loss 669,609 vs profit 530,641
    Sales 94.9 mln vs 83.9 mln
    Avg shrs 7,934,064 vs 8,220,797
    Nine mths
    Shr profit 19 cts vs profit 55 cts
    Net profit 1,494,218 vs profit 4,486,510
    Sales 289.1 mln vs 276.6 mln
    Avg shrs 7,930,961 vs 8,208,033


.I 21200
.C
earn
.W
DIAMOND CRYSTAL <DSLT.O> 2ND QTR SEPT 30 NET.
    ST CLAIR, Mich, Oct 20 -
    Shr 69 cts vs 39 cts
    Net 1,767,000 vs 1,007,000
    Sales 32.3 mln vs 29.2 mln
    Six mths
    Shr 53 cts vs 12 cts
    Net 1,348,000 vs 319,000
    Sales 62.2 mln vs 55.2 mln
    NOTE: Full name is Diamond Crystal Salt Co.


.I 21201
.C
earn
.W
KMW SYSTEMS CORP <KMW> 1ST QTR NET.
    AUSTIN, Texas, Oct 20 - Sept 30 end
    Primary shr five cts vs eight cts
    Diluted shr five cts vs eight cts
    Net 100,000 vs 176,000
    Revs 4,027,000 vs 3,649,000
    Primary avg shrs 2,212,281 vs 2,189,000
    Diluted avg shrs 2,212,281 vs 2,330,866
    NOTE: 1986 results includes a tax credit of 90,000 dlrs


.I 21206
.C
wheat;grain;
.W
CCC PREPARING WHEAT CATALOGUE.
    KANSAS CITY, OCT 20 - The Kansas City Commodity Credit Corp
office is preparing a wheat catalogue containing roughly 300
mln bushels, scheduled to be released in the next two to three
weeks, a CCC spokesman said.
    The catalogue should include all CCC stocks stored at
terminals and about 50 pct of the stocks stored at country
elevators, the spokesman said. Hard red winter wheat should
comprise the bulk of the stocks, followed by spring wheat, he
said.
    The release date is tentative in case there are snags in
the catalogue's preparation, the spokesman said.


.I 21213
.C
acq
.W
OWENS-ILLINOIS <OI> EXTENDS BROCKWAY <BRK> OFFER.
    TOLEDO, Ohio, Oct 20 - Owens-Illinois Inc said its
subsidiary's 60 dlr a share cash tender offer for all the
outstanding common shares of Brockway Inc has been extended to
midnight October 30.
    The offer had been scheduled to expire at midnight October
21.
    Owens-Illinois said that as of Oct 19, 1,598,789 common
shares, or about 13 pct of the outstanding shares of Brockway
have been tendered.
    It said it and Brockway are preparing responses to the
previously announced request for additional information from
the Federal Trade Commission under the Hart-Scott-Rodino Act.
    The Owens-Illinois subsidiary, which began the tender offer
on September 23, will not be able to buy Brockway's common
shares until 10 days following Owens-Illinois compliance with
the FTC request or other conditions.


.I 21215
.C
livestock
.W
WEST VIRGINIA FREE OF TWO MAJOR CATTLE DISEASES.
    WASHINGTON, Oct 20 - West Virginia has been declared free
of tuberculosis and brucellosis from its cattle population, the
U.S. Agriculture Department said.
    It said a state is recognized as tuberculosis-free if no
case of the disease is diagnosed for at least five years and if
the state complies with the uniform methods and rules of the
state-federal cooperative eradication program.
    To achieve brucellosis-free status, a state's cattle
population must remain uninfected for the previous 12 months.
    There are 33 states, plus the U.S. Virgin Islands,
classified as free of bovine tuberculosis and 24 states, plus
Puerto Rico and the U.S. Virgin Islands, which have eradicated
brucellosis. Only 20 states and the U.S. Virgin islands have
eradicated both diseases, it noted.


.I 21219
.C
ship
.W
US SENATE CUTS OFF STALL TACTICS ON GULF BILL.
    WASHINGTON, Oct 20 - Confronted by new hostilities
involving U.S. forces in the Gulf, the U.S. Senate voted to end
Republican stalling tactics and limit debate on a measure that
could give Congress a larger role in Gulf policy.
    The measure, however, does not require President Reagan to
comply with the 1973 War Powers Act as does a related Senate
bill. The controversial War Powers Act could require a pullout
of U.S. forces from the Gulf.
    The Senate voted 67-28 to stop a filibuster and limit
debate to 30 hours on a bipartisan measure that requires Reagan
to report to Congress on Gulf policy within 60 days and calls
for a resolution to be passed in the House and Senate on the
situation in the volatile waterway 30 days later.
    The resolution could be about any Gulf-related issue,
including an expression of support or of disapproval for
Reagan's policy of protecting 11 Kuwaiti tankers from Iran in
the waterway. The Pentagon said the 12th U.S.-protected convoy
began moving through the Gulf early Tuesday.


.I 21223
.C
earn
.W
INGERSOLL-RAND CO <IR> 3RD QTR NET.
    WOODCLIFF LAKE, N.J., Oct 20 -
    Shr 41 cts vs 39 cts
    Net 22.3 mln vs 20.4 mln
    Revs 631.1 mln vs 644.8 mln
    Avg shrs 51,551,000 vs 50,128,000
    Nine months
    Shr 1.16 dlrs vs 1.13 dlrs
    Net 64.3 mln vs 59.6 mln
    Revs 1.90 billion vs 2.03 billion
    Avg shrs 50,868,000 vs 50,028,000
   
    NOTE: All results reflect five-for-two common stock split
payable in the form of a stock dividend payable July 10, 1987.
    1986 results include gains from retroactive adoption of new
accounting rules for pension on Jan 1, 1986 of 2.6 mln and 7.7
mln dlrs for third quarter and nine month periods,
respectively.
     Company redeemed its outstanding preference stock, 2.35
dlrs convertible series on Sept 14, 1987.


.I 21225
.C
earn
.W
SJW CORP <SJW> 3RD QTR NET.
    SAN JOSE, Calif., Oct 20 -
    Shr 1.15 dlrs vs 1.22 dlrs
    Net 3,301,000 vs 3,466,000
    Revs 21.2 mln vs 20.8 mln
    Nine Mths
    Shr 2.38 dlrs vs 2.58 dlrs
    Net 6,873,000 vs 7,397,000
    Revs 51.6 mln vs 50.3 mln


.I 21226
.C
money-fx;interest;
.W
STOLTENBERG SAYS CRITICISM NOT "ONE-WAY STREET".
    BONN, Oct 20 - Finance Minister Gerhard Stoltenberg said he
was surprised by recent criticism of West German economic
policies voiced by U.S. Treasury Secretary James Baker but
added that the criticism was not purely one-sided.
    Stoltenberg told the West German Trade and Industry
Association (DIHT) that before a meeting with Baker on Monday,
"There had been surprising notes of criticism (from the United
States)." He added. "Criticism is not a one-way street."
    He did not elaborate, but Bonn has often called on the U.S.
To reduce its federal budget deficit.
    Over the weekend Baker had criticised West German economic
policies, saying that rises in domestic interest rates here
were not in the spirit of last February's Louvre pact to
stabilise currencies.
    Stoltenberg told the DIHT that his meeting on Monday with
Baker had resolved differences between the two countries.
    At a news conference earlier on Tuesday Stoltenberg had
declined to comment specifically on Baker's criticisms, but he
had said that after three hours of discussions on Monday, "one
remark or another has been clarified."


.I 21227
.C
crude
.W
US RULED OUT ATTACK ON IRANIAN SILKWORMS.
    WASHINGTON, Oct 20 - U.S. military planners ruled out
Iran's Silkworm missiles as a target in the retaliatory attack
mounted on Monday for fear of being drawn more deeply into the
Iran-Iraq war, defense and Middle East experts said.
    U.S. naval forces destroyed an offshore oil platform and
raided another in what the administration called a "measured and
appropriate response" to an Iranian Silkworm missile attack last
Friday on a U.S.-flagged tanker in Kuwaiti waters.
    Private analysts generally agreed that going after the rig
rather than an onshore economic or military target such as
Silkworm launch sites reflected a careful bid by Washington to
limit the political, military and diplomatic fallout both at
home and in the Gulf.
    "It simply demonstrated the United States will take military
action when they (Iran) take military action," Norman Polmar, a
defense analyst and author, said.
    He said hitting the platforms had spared Iran the
embarrassment of casualties on its own soil, possibly avoiding
an escalating spiral of attack and counterattack.
    In addition, it minimized the risk to U.S. forces and the
potential embarrassment of any losses, including aircraft that
could have been shot down had they taken part in an attack.
    Anthony Cordesman, author of a new book on the Iran-Iraq
war, said the United States apparently chose a limited target
to keep alive the possibility that U.N. Secretary General
Javier Perez de Cuellar might still persuade Iran to accept a
Security Council call for a ceasefire.
    "We want the U.N. peace initiative to work if there's any
chance at all," he said, adding that the action made it clear
tougher steps would follow if Iran to attack Gulf shipping.

   In targeting an oil rig -- albeit one said by the Pentagon
to have been turned into a military command post -- Washington
also sent a message that it might be willing to attack Iran's
economic lifeline. Pentagon officials said the platform had
been used as a base for Iranian raids against shipping in the
lower Gulf.
    "We have chosen a military target, but we also have shown
Iran that we are willing to interfere with its oil-exporting
capabilities," Cordesman said.
    He predicted the United States would respond to any future
major Iranian challenges by hitting Iran's naval base at Bandar
Abbas on the Straits of Hormuz, followed by mining the
approaches to Iran's oil export terminal on Kharg Island.
    Defense Secretary Caspar Weinberger said on Monday the
United States did not seek further confrontation with Iran, "but
we will be prepared to meet any escalation of military action
by Iran with stronger countermeasures." 


.I 21229
.C
earn
.W
ADOBE RESOURCES CORP <ADB> 3RD QTR NET.
    NEW YORK, Oct 20 -
    Shr loss two cts vs loss 41 cts
    Net profit 4,134,000 vs loss 3,682,000
    Revs 22.8 mln vs 23.5 mln
    Nine mths
    Shr profit 44 cts vs loss 1.99 dlrs
    Net profit 25.6 mln vs loss 26.8 mln
    Revs 73.4 mln vs 86.7 mln
    NOTE: 1987 qtr and nine mths includes gain 1,374,000 dlrs,
or five cts per share, and 10.2 mln dlrs, or 41 cts per share,
respectively, from net operating loss carryforward.
    1987 qtr and nine mths includes loss 4,850,000 dlrs, or 16
cts per share, and loss 14.6 mln dlrs, or 58 cts per share,
respectively, from payment of preferred dividends.
    1986 qtr and nine mths includes loss 4,850,000 dlrs, or 23
cts per share, and 14.6 mln dlrs, or 70 cts per share,
respectively, from payment of preferred dividends.


.I 21232
.C
grain;corn;
.W
******U.S. EXPORTERS REPORT 125,000 TONNES OF  CORN SOLD TO USSR FOR 1987/88.
Blah blah blah.

.I 21234
.C
earn
.W
KENNER PARKER TOYS INC <KPT> 3RD QTR OPER.
    BEVERLY, Mass., Oct 20 -
    Oper shr 1.22 dlrs vs 88 cts
    Oper net 13.5 mln vs 11.7 mln
    Revs 139.1 mln vs 160.5 mln
    Nine mths
    Oper shr 2.00 dlrs vs 1.15 dlrs
    Oper net 22.8 mln vs 15.4 mln
    Revs 348.8 mln vs 385.9 mln
    NOTE: 1987 3rd qtr and nine mths oper net excludes gains
from tax loss carryforwards of 3,067,000 dlrs and 8,548,000
dlrs respectively. 1986 3rd qtr and nine mths oper net excludes
tax carryforward gains of 7,446,000 dlrs and 9,814,000 dlrs,
respectively.


.I 21235
.C
earn
.W
TENNANT CO <TANT.O> 3RD QTR NET.
    MINNEAPOLIS, Oct 20 -
    Shr 50 cts vs 47 cts
    Net 2,646,000 vs 2,611,000
    Sale 41.4 mln vs 38.7 mln
    Nine mths
    Shr 1.13 dlrs vs 1.04 dlrs
    Net 6,038,000 vs 5,545,000
    Sales 117.2 mln vs 108.4 mln


.I 21236
.C
acq
.W
WELBILT <WELB.O> ACQUIRES FOOD HANDLING SYSTEMS.
    NEW HYDE PARK, N.Y., Oct 20 - Welbilt Corp said it acquired
<Food Handling Systems Inc> of Dallas, a producer of commercial
ovens, conveyers and proofer systems.
    Terms of the transaction were not disclosed.
    Food Handling, which also produces equipment for the
commercial baking industry, was privately owned by Richard
Shumway of Mesa, Ariz., and Vic Ferrara of Dallas, both of whom
will remain with the company.
    The company has manufacturing facilities in Dallas and
Phoenix.


.I 21240
.C
oilseed;wheat;grain;corn;soybean;
.W
USDA REPORTS CORN SOLD TO USSR.
    WASHINGTON, Oct 20 - Private exporters reported sales of
125,000 tonnes of U.S. corn to the Soviet Union for delivery
during the 1987/88 season and under the fifth year of the Long
Term Grain Supply Agreement.
    The department noted the sales are the first reported for
delivery during the fifth year of the Agreement, which began
October 1, 1987.
    Sales of wheat and corn to the USSR for delivery during the
fourth year of the agreement totaled 8,182,500 tonnes --
4,080,500 tonnes of wheat and 4,102,300 tonnes of corn. In
addition, sales of soybeans totaled 68,200 tonnes, it said.


.I 21241
.C
earn
.W
DE LAURENTIIS ENTERTAINMENT <DEG> 2ND QTR LOSS.
    LOS ANGELES, Oct 20 - Period ended August 31.
    Shr loss 52 cts vs profit 16 cts
    Net loss 4,987,000 vs profit 1,570,000
    Revs 18.0 mln vs 24.7 mln
    Six Mths
    Shr loss 2.14 dlrs vs loss seven cts
    Net loss 20,525,000 vs loss 557,000
    Revs 25.6 mln vs 30.8 mln
    Note: Full name De Laurentiis Entertainment Group Inc.


.I 21243
.C
earn
.W
ALBANY INTERNATIONAL CORP <AAICA.O> 3RD QTR NET.
    ALBANY, N.Y., Oct 20 -
    Shr 27 cts vs 17 cts
    Net 5,584,000 vs 4,276,000
    Revs 97.7 mln vs 83.9 mln
    Nine mths
    Shr 84 cts vs 39 cts
    Net 17.7 mln vs 9,848,000
    Revs 290.8 mln vs 241.8 mln
    Avg shrs 21.1 mln vs 25.1 mln


.I 21244
.C
grain;corn;trade;
.W
SPAIN APPEALS FOR EC HELP ON MAIZE IMPORTS.
    LUXEMBOURG, Oct 20 - Spanish farm minister Carlos Romero,
speaking at a meeting of EC farm ministers, called for action
to help the Spanish maize market, Spanish diplomatic sources
said.
    Spain is threatened with massive imports from third
countries by the end of the year, they said.
    They said the imports are due to come in as a result of the
accord by which the EC has promised the United States it will
import two mln tonnes of maize and 300,000 tonnes of sorghum
into Spain from third countries this year.
    Around a sixth of this tonnage has so far come in under a
reduced levy system and the EC cereals management committee may
decide this week to authorise the Spanish intervention board to
make direct purchases.
    The sources said Romero urged that other EC countries
should take some of the imports to prevent disturbance of the
Spanish market.
    They said he threatened to withhold support for the EC
Commission plan for new limits on farm output which if breached
would mean price cuts unless Spain received some help.
    The sources said no direct reply was given to Romero at the
meeting.


.I 21245
.C
earn
.W
AMERICAN BUSINESS PRODUCTS INC <ABP> 3RD QTR.
    ATLANTA, Oct 20 -
    Shr 40 cts vs eight cts
    Net 2,292,000 vs 465,000
    Revs 81.9 mln vs 78.9 mln
    Nine mths
    Shr 1.20 dlrs vs 1.01 dlrs
    Net 6,842,000 vs 5,755,000
    Revs 244.7 mln vs 234.2 mln
    NOTE: 1986 qtr and nine mths includes loss 2,223,000 dlrs,
or 39 cts per share, from unspecified extraordinary item.


.I 21246
.C
earn
.W
ALLIED BANCSHARES INC <ALBN.O> 3RD QTR LOSS.
    HOUSTON, Oct 20 -
    Shr loss 2.51 dlrs vs loss 1.12 dlrs
    Net loss 104.2 mln vs loss 46.4 mln
    Nine mths
    Shr loss 5.80 dlrs vs loss 52 cts
    Net loss 240.9 mln vs loss 21.7 mln
    NOTE: 1987 qtr and nine mths includes loss 123.6 mln dlrs
and 286.0 mln dlrs, respectively, for loan-loss allowance
provision. 1987 qtr includes gain 9.4 mln dlrs from tax
benefit.


.I 21247
.C
earn
.W
CENTRAL BANKING SYSTEM INC <CSYS.O> 3RD QTR NET.
    WALNUT CREEK, Calif, Oct 20 -
    Shr 39 cts vs 27 cts
    Net 1,713,000 vs 1,207,000
    Nine Mths
    Shr 1.13 dlrs vs 70 cts
    Net 4,935,000 vs 4,352,000
    Loans 843.2 mln vs 937.2 mln
    Deposits 954.1 mln vs 1.043 billion
    Assets 1.09 billion vs 1.19 billion


.I 21248
.C
crude
.W
OUTER CONTINENTAL SHELF SALE POSTPONED.
    ANCHORAGE, Oct 20 - Outer Continental Shelf oil and gas
lease sale number 97 in the Beaufort Sea, tentatively
schedualed for January 1988 has been postponed, the U.S.
Department of Interior said.
    Alan Powers, chief of the Minerals Maanagement Service for
the department, said the delay is to have more time to study
the effects of drilling noise on whale migrations.
    Powers said the state has asked for additional noise data
for the sale area off Alaska's North Slope. A new date has not
been set, but it will likely be no sooner than next March,
Powers said.
    Some 3,930 blocks encompassing about 21 mln acres are
involved in the proposed sale. The area is between three and
160 miles off the northern coast of Alaska in the Artic Ocean
between the Canadian border and 162 degrees west longitude.


.I 21249
.C
earn
.W
SEACOAST BANKING CORP OF FLORIDA <SBCF.O> 3RD.
    STUART, Fla., Oct 20 -
    Shr 44 cts vs 33 cts
    Net 1,026,000 vs 769,000
    Nine mths
    Shr 1.30 dlrs vs 1.06 dlrs
    Net 3,035,000 vs 2,472,000


.I 21250
.C
earn
.W
COEUR D'ALENE MINES CORP <COUR.O> 3RD QTR NET.
    COEUR D'ALENE, Idaho, Oct 20 -
    Shr profit 47 cts vs loss 38 cts
    Net profit 4,767,000 vs loss 2,623,000
    Revs 23.7 mln vs 3,629,000
    Avg shrs 11,242,166 vs 6,895,290
    Nine Mths
    Shr profit 89 cts vs loss 49 cts
    Net profit 7,726,000 vs loss 3,350,000
    Revs 38.8 mln vs 7,172,000
    Avg shrs 9,410,497 vs 6,895,290


.I 21252
.C
earn
.W
STRATHCONA RESOURCE <SRH.TO> 3RD QTR AUG 31 NET.
    EDMONTON, Alberta, Oct 20 -
    Shr profit two cts vs nil
    Net profit 403,000 vs loss 51,000
    Revs 9,609,000 vs 4,495,000
    Nine mths
    Shr loss one ct vs loss four cts
    Net loss 171,000 vs loss 799,000
    Revs 17.6 mln vs 13.3 mln
    NOTE: Full name is Strathcona Resource Industries Ltd.


.I 21253
.C
earn
.W
CORPORATE SOFTWARE INC <CSOF.O> 3RD QTR NET.
    WESTWOOD, Mass., Oct 20 -
    Shr 13 cts vs 12 cts
    Net 470,000 vs 311,000
    Revs 15.8 mln vs 8,176,000
    Avg shrs 3,723,000 vs 2,512,000
    Nine mths
    Shr 36 cts vs 43 cts
    Net 1,138,000 vs 993,000
    Revs 40.5 mln vs 21.9 mln
    Avg shrs 3,199,000 vs 2,283,000
   
    NOTE: 1986 includes extraordinary credit of 160,000 or six
cts per shr in qtr 1986 and 511,000 or 22 cts per shr in nine
mths 1986.


.I 21255
.C
earn
.W
SUSQUEHANNA CORP <SQN> 3RD QTR NET.
    DENVER, Colo., Oct 20 -
    Shr 17 cts vs seven cts
    Net 1,660,0009 vs 653,000
    Revs 21.0 mln vs 20.6 mln
    Nine mths
    Shr 34 cts vs 12 cts
    Net 3,320,000 vs 1,109,000
    Revs 60.1 mln vs 57.4 mln
    NOTE: Net includes loss from discontinued operations of
198,000 or two cts per shr in qtr 1986 and 1,425,000 or 15 cts
per shr in nine mths 1986.


.I 21257
.C
crude
.W
ECUADOR'S CEPE NAMES NEW HEAD.
    QUITO, Oct 20 - The state-run Ecuadorean State Oil
Corporation (CEPE) has named Jaime Sanchez Valdivieso as its
new general manager replacing Carlos Romo Leroux, a CEPE
spokesman said.
    The spokesman told Reuters Sanchez is a 46-year-old civil
engineer who formerly headed CEPE's administration and finances
division.
    Romo Leroux resigned last week for "personal and family"
reasons, the spokesman said.


.I 21261
.C
nat-gas
.W
BROOKLYN UNION <BU> TO BUY GAS FROM SHELL OIL.
    NEW YORK, Oct 20 - Brooklyn Union Gas Co said it has
contracted to purchase up to 60 mln cubic feet of natural gas
per day from Shell Oil Co, a Royal Dutch/Shell Group <RD> <SC>
subsidiary.
    Brooklyn Union said the long-term contract will cover about
15 pct of its total supplies.
    A spokesman said Shell and the utility agreed to not
disclose the length of the contract or the price of the gas,
which he described as competitive with a market sensitive
escalation formula.
   
    Brooklyn Union said the gas from Shell Oil will replace
about 25 pct of the gas previously supplied by Transco Energy
Inc's <E> Transcontinental Gas Pipe Line Corp subsidiary.
    The utility said Transcontinental will transport the gas
being purchased from Shell Oil, possibly beginning as soon as
November 1.


.I 21262
.C
acq
.W
AMEX SAYS BEAR STEARNS BOUGHT SPECIALIST UNIT.
    NEW YORK, Oct. 20 - The American Stock Exchange said, as
previously reported, that Bear Stearns and Co <BSC> has
purchased <W. Damm, M. Frank and Co>, a specialist unit on the
Amex trading floor.
    Amex said the unit, which trades stocks and options is
small in comparison to other specialist units. The personel and
operations remain the same, the exchange added.
    The price was not disclosed.
    A specialist unit is authorized by a stock exchange to deal
as an agent for other brokers to keep a stable market in one or
more particular stocks.


.I 21263
.C
earn
.W
DINNER BELL FOODS INC <DINB.O> 1ST QTR SEPT 26.
    DEFIANCE, Ohio, Oct 20 -
    Shr 4.41 dlrs vs seven cts
    Qtly div 10 cts vs 10 cts in prior qtr
    Net 2,955,000 vs 75,000
    Sales 72.7 mln vs 70.0 mln
    NOTE: Net includes pre-tax gain of 7,813,0000 dlrs from
termination of retirement plan for salaried employees and
875,000 dlrs charge for reorganization costs
    Dividend payable November 17 to holders of record November
two


.I 21264
.C
earn
.W
PETROLANE PARTNERS L.P. <LPG> 3RD QTR LOSS.
    LONG BEACH, Calif, Oct 20 -
    Shr loss five cts vs profit six cts
    Net loss 1,200,000 vs profit 1,400,000
    Nine mths
    Shr profit 1.00 dlrs vs profit 84 cts
    Net profit 23.7 mln vs profit 19.9 mln
    NOTE: Year ago results are pro forma since the company was
created in March by the transfer to a master limited
partnership of all domestic assets of Petrolane Inc's liquefied
petroleum gas division.


.I 21265
.C
earn
.W
EASTEK CORP <ESTK.O> 1ST QTR SEPT 30 LOSS.
    PINE BROOK, N.J., Oct 20 -
    Shr loss 24 cts vs loss four cts
    Net loss 874,986 vs loss 56,182
    Revs 402,855 vs not available
    NOTE: The company made its initial offering in March 1987
and before then had been a development stage company so no
sales were posted in 1986.


.I 21266
.C
earn
.W
AMERICAN CAPITAL MANAGEMENT <ACA> 3RD QTR NET.
    HOUSTON, Oct 20 -
    Shr 26 cts vs 36 cts
    Net 6,400,000 vs 8,700,000
    Revs 25.3 mln vs 28.2 mln
    Nine mths
    Shr 1.04 dlrs vs 1.20 dlrs
    Net 25.3 mln vs 29.1 mln
    Revs 84.6 mln vs 91.8 mln
    NOTE: Company's full name is American Capital Management
and Research Inc.


.I 21267
.C
earn
.W
P AND C FOODS INC <FOOD.O> 3RD QTR NET.
    SYRACUSE, N.Y., Oct 20 - Oct 3 end
    Shr 40 cts vs 35 cts
    Net 3,149,000 vs 2,433,000
    Revs 225.4 mln vs 225.9 mln
    Avg shrs 7,800,000 vs 7,157,143
    Nine months
    Shr 91 cts vs 63 cts
    Net 7,114,000 vs 4,540,000
    Revs 747 mln vs 728.2 mln
    Avg shrs 7,800,000 vs 6,767,143


.I 21268
.C
earn
.W
REGENCY ELECTRONICS INC <RGCY.O> 1ST QTR NET.
    INDIANAPOLIS, Oct 20 - Period ended September 30
    Shr profit one ct vs loss three cts
    Net profit 65,000 vs 292,000
    Sales 18.1 mln vs 16.7 mln


.I 21273
.C
money-fx;interest;
.W
SENATOR URGES ACTION TO STABILIZE STOCK MARKETS.
    WASHINGTON, Oct 20 - Sen. John Heinz, R-Pa, urged the
Administration to take steps to reduce volatility in the
financial markets, including suspending program trading and
limiting daily trading on stock index futures.
    Heinz said margin requirements for index futures, now six
pct, should be the same as for common stock and equities.
    He urged creation of a task force to be headed by former
Federal Reserve chairman Paul Volcker to coordinate
international credit and montary policies among major nations
and stabilize interest rates at the lowest possible levels.


.I 21274
.C
acq
.W
DINNER BELL <DINB.O> LEVERAGE BUY OUT DROPPED.
    DEFIANCE, Ohio, Oct 20 - Dinner Bell Foods Inc said the
talks concerning a proposed leveraged buy-out of the company
have been terminated.
    A spokesman said the group led by Joseph F. Grimes II, a
director of the company, and B. Rober Kill has withdrawn their
proposal to acquire the company's stock for 23.50 dlrs a share.
    The company also said its board determined the previously
postponed annual meeting will be held on January five.


.I 21275
.C
earn
.W
QUAKER OATS CO <OAT> 1ST QTR SEPT 30 NET.
    CHICAGO, Oct 20 -
    Shr 52 cts vs 42 cts
    Net 41.1 mln vs 33.2 mln
    Sales 1.27 billion vs 960.3 mln
    Avg shrs 79,800,000 vs 78,200,000
   


.I 21277
.C
trade
.W
ECUADOR POSTS 71.3 MLN DLR 8-MTH TRADE DEFICIT.
    QUITO, Oct 20 - Ecuador posted a trade deficit of 71.3 mln
dlrs in the first eight months of 1987, compared with a surplus
of 468.6 mln dlrs in the same period of 1986, central bank
figures show.
    Ecuador suspended oil exports, which made up 55 pct of the
value of its total exports in 1986, for five months this year
after an earthquake in March shattered the country's pipeline.
    The central bank said the value of exports from January to
August 1987 stood at 1.132 billion dlrs and imports 1.204
billion dlrs. Net international monetary reserves declined to
57.5 mln dlrs at end-September from 146.8 mln dlrs at end-
September 1986.


.I 21280
.C
earn
.W
NL INDUSTRIES INC <NL> 3RD QTR NET.
    HOUSTON, Oct 20 -
    Shr profit two cts vs loss 58 cts
    Net profit 18.2 mln vs loss 23.9 mln
    Revs 355.6 mln vs 308.2 mln
    Nine mths
    Shr loss 81 cts vs loss 5.52 dlrs
    Net profit 10.7 mln vs loss 290.3 mln
    Revs 1.01 billion vs 983.3 mln
    NOTE: Net income per share is after deductions for
mandatory preferred stock dividends and income from the
chemical operations not attributable to common stockholders.
    1987 qtr and nine mths includes gain of eight cts per share
for the partial redemption of series a preferred stock which
will be paid from the net earnings of the chemicals operations.
1986 nine mths includes loss 247.7 mln dlrs from write-down of
petroleum service assets and other restructuring costs.


.I 21287
.C
crude
.W
****AMOCO RAISES MOST CRUDE POSTINGS 50 CTS TODAY, WTI TO 19.00 DLRS.
Blah blah blah.

.I 21288
.C
acq
.W
PAN AM <PN> SETS PACIFIC SATELLITE STAKE SALE.
    NEW YORK, Oct 20 - <Johnson Geneva U.S.A.> said it has
agreed to buy Pan Am Corp's 50 pct holding in their joint
venture company, Pan Am Pacific Satellite Corp, for undisclosed
terms.
    Johnson Geneva said Pan Am divested owership in the project
as part of a corporate restructuring plan, but will continue to
provide engineering services on a contract basis.
    Johnson Geneva said the buy out was accomplished through
<Onpraise Ltd>, a Hong Kong company controlled by Johnson
Geneva Chairman Michael Johnson. Funds have been provided by
Onpraise to increase the satellite company's working capita.


.I 21290
.C
earn
.W
IFR SYSTEMS INC <IFRS.O> 1ST QTR SEPT 30 NET.
    WICHITA, KAN., Oct 20 -
    Shr 24 cts vs 13 cts
    Net 1,506,000 vs 824,000
    Sales 9,045,000 vs 7,845,000


.I 21293
.C
acq
.W
TELEX <TC> ADOPTS SHAREHOLDER RIGHTS PLAN.
    DALLAS, Oct 9 - Telex Corp said its board adopted a
shareholder rights plan which will allow shareholders to
purchase one common share for two dlrs if a hostile group
acquires 15 pct or more of the company.
    However, the company said the plan will not be triggered by
purchases pursuant to the 65 dlrs a share tender offer
commenced on October 9 by a unit of TLX Partners, a group
controlled by New York financier Asher Edelman.
    It said the rights will be distributed on a one for one
basis to all shareholders as of October 30 and may be redeemed
before they become exercisable at five cents per right.
    The company said the rights will expire on the later of
February 17 next year or 60 days from the date they become
exercisable. It said the plan was intended to protect
stockholders against any attempt to take unfair advantage of
the recent decline in stock prices or to use abusive tactics
such as market accumulations which would interfere with its
ability to maximize stockholder value.
    The rights become exercisable if any person or group
acquires 15 pct or more of the company's common stock other
than through an all cash tender offer for all outstanding
shares at 65 dlrs per share.
     It said the rights will also not become exercisable if the
company is acquired by a group under an agreement made with its
board.
     A spokeswoman told Reuters the company would have an
official response to Edelman's bid by Friday, Oct 23.          
  


.I 21294
.C
gold
.W
SPHINX MINING <SPNXF.O> FINDS GOLD.
    FORT SMITH, Ark., Oct 20 - Sphinx Mining Inc said leased
mining claims in Alaska could produce revenues between 322 mln
dlrs and 966 mln dlrs from gold reserves.
    The range of the value of the reserves is attributed to the
wide range of grade estimates of the ore, the company said.
    A 1984 feasibility study put the grade at 0.008 ounces per
cubic yard, while subsequent exploration work proved that areas
of higher-grade gravel of up to 0.027 ounces/yard do exist,
Sphinx said.
    The claims are located 80 miles northwest of Fairbanks.


.I 21301
.C
earn
.W
ALCAN ALUMINIUM LTD <AL.TO> 3RD QTR NET.
    MONTREAL, Canada, Oct 20 -
    Shr 72 cts vs 36 cts
    Net 122 mln vs 62 mln
    Revs 1.73 billion vs 1.49 billion
    Avg shrs 157.7 mln vs 149.8 mln
    Nine mths
    Shr 1.71 dlrs vs 1.28 dlrs
    Net 297 mln vs 216 mln
    Revs 4.98 billion vs 4.55 billion
    NOTE: Net for current qtr included non-operating costs of
12 mln vs income of 10 mln in qtr 1986.
    Net in nine mths included non operating costs of 12 mln in
nine mths 1987 vs income of 84 mln in nine mths 1986.
    Prior year's earnings per shr and average number of shrs
outstanding have been restated to reflect a 3-for-2 split which
became effective May 5, 1987.
    For purposes of comparability, following the reorganization
of July 1987, net figures including those for 1986, are
reported before preferred dividends.


.I 21303
.C
earn
.W
JOHN HANSON SAVINGS <JHSL.O> 1ST QTR NET.
    BELTSVILLE, Md., Oct 20 - Sept 30 end
    Shr profit 15 cts vs loss six cts
    Net profit 901,000 vs loss 368,000
    Assets 1.15 billion vs 773.8 mln


.I 21304
.C
crude
.W
AMOCO <AN> RAISES CRUDE PRICES.
    NEW YORK, Oct 20 - Amoco Corp said it raised the contract
price it will pay for most grades of crude oil by 50 cts a
barrel, effective today.
    The company said the increase brings its posting for West
Texas Intermediate to 19.00 dlrs a barrel. West Texas Sour, at
34 degrees API, was raised to 18.10 dlrs. The Light Louisiana
Sweet grade was also increased 50 cts to 19.35 dlrs a barrel.
    Amoco said Wyoming Southwest Sweet, Colorado Western, and
two Utah grades of oil, Black wax and yellow wax, were
unchanged. The company last changed its crude oil postings on
September 28.


.I 21305
.C
pet-chem
.W
OLIN <OLN>, DU PONT <DD> COMPLETE PLANT.
    STAMFORD, Conn., Oct 20 - Olin Corp said construction was
completed on a 150 mln dlrs chlor/alkali plant it owns jointly
with EI du Pont de Nemours Co.
    The company said the plant, which is located in Niagara
Falls, New York, will begin operations in December.
    The plant, which has a 660-ton per day capacity, will be
operated by du Pont, the company said.


.I 21306
.C
earn
.W
MINNETONKA CORP <MINL.O> 3RD QTR NET.
    MINNETONKA, MINN., Oct 20 - Periods end Sept 26
    Shr 31 cts vs 24 cts
    Net 5,449,000 vs 4,083,000
    Sales 60.3 mln vs 51.9 mln
    39 weeks
    Shr 47 cts vs 30 cts
    Net 8,249,000 vs 5,147,000
    Sales 145.0 mln vs 108.3 mln


.I 21307
.C
earn
.W
ELECTRONIC TELE-COMMUNICATIONS 3RD QTR LOSS.
    WAUKESHA, WIS., Oct 20 -
    Shr Class A loss three cts vs profit 12 cts
    Shr Class B loss seven cts vs profit eight cts
    Net loss 94,862 vs profit 264,607
    Sales 653,246 vs 1,300,515
    Nine mths
    Shr Class A profit five cts vs profit 44 cts
    Shr Class B loss three cts vs profit 36 cts
    Net profit 64,248 vs profit 975,329
    Sales 2,291,925 vs 4,235,914
    NOTE: Full name is Electronic Tele-Communications Inc
<ETCIA.O>



.I 21310
.C
earn
.W
SCHERING-PLOUGH CORP <SDG> 3RD QTR NET.
    MADISON, Oct 20 -
    Shr 63 cts vs 50 cts
    Net 73.8 mln vs 62.3 mln
    Sales 664.2 mln vs 600.6 mln
    Nine mths
    Shr 2.06 dlrs vs 1.67 dlrs
    Net 241.2 mln vs 205.9 mln
    Sales 2.04 billion vs 1.80 billion
    Avg shrs 117.1 mln vs 123.4 mln


.I 21314
.C
ship
.W
SAUDI ROLE IN GULF PRAISED BY U.S. OFFICIALS.
    WASHINGTON, Oct 20 - Saudi Arabian Crown Prince Abdullah
bin Abdul Aziz was thanked by the Reagan administration for his
country's close, and closed-mouthed, cooperation with
Washington in the Gulf, a senior U.S. official said.
    "The Saudis are being very cooperative. It would be nice if
the Saudis would go more public, but it's their real estate,"
said the official who asked not to be named.
    He declined to describe what sort of help the Saudis were
providing, saying that Saudi officials are reluctant to
acknowledge their role in the Gulf where the United States has
stationed forces to protect shipping lanes.
    The prince met Vice President George Bush on Monday after
U.S. naval forces attacked offshore Iranian oil platforms in
what Washington said was retaliation for an Iranian attack on a
ship moored off Kuwait and flying the U.S. flag.
    Asked at the start of the meeting how he felt about the
attack, the prince, who is here on an official visit, replied,
"I believe what the United States has done is their
responsibility as a superpower."
    The senior U.S. official said his remark was an endorsement
of the U.S. attack.


.I 21316
.C
crude
.W
TEXACO <TX> UNIT RAISES CRUDE OIL PRICES.
    New York, Oct 20 - Texaco Inc said it raised the contract
price it will pay for most grades of crude oil by 50 cts a
barrel, effective October 16.
    The company said the increase brings its posting for the
U.S. benchmark grade, West Texas Intermediate, to 19.00 dlrs a
barrel. The West Texas Sour and Light Louisiana Sweet grades
were also raised 50 cts to 18.10 and 19.35 dlrs a barrel,
respectively.
    Texaco last changed its crude oil postings on September 15.


.I 21318
.C
grain;meal-feed;corn;
.W
EL SALVADOR SEEKING PL-480 SOYMEAL, CORN.
    WASHINGTON, Oct 20 - El Salvador will tender October 26 for
approximately 26,000 tonnes soybean meal, valued at up to 5.6
mln dlrs, and about 24,500 tonnes bulk corn, with a value of
2.0 mln dlrs, under PL-480 financing, an agent for the country
said.
    It said the country is seeking soymeal with 48 pct protein
minimum, 12 pct moisture maximum, and 3.5 pct maximum crude
fiber for delivery from November 15-30.
    The U.S. no. 2 or better yellow corn, with 14.5 pct
moisture maximum, is for delivery from November 8-25.
    Offers on the soymeal and corn are due at 1530 hrs EDT
(1930 gmt) Oct 26, and will remain valid until 1000 hrs EDT the
next day, the agent said.


.I 21320
.C
acq
.W
CHASE ACQUIRES 370 MLN DLR REVOLVING CREDIT.
    NEW YORK, Oct 20 - The Chase Manhattan Bank, a unit of The
Chase Manhattan Corp <CMB>, said it acquired a portfolio of
about 190,000 consumer revolving credit accounts from Atlantic
Financial Federal <ATLF.O> valued at 370 mln dlrs.
    The company said the acquisition makes Chase the second
largest issuer of credit card and other unsecured consumer
credit loans.
    Outstandings now exceed 5.6 billion dlrs, the company said.
    The company said the portfolio, accessed by checks, is
similar to Chase's Advantage Credit product.


.I 21323
.C
earn
.W
REPUBLIC AMERICAN CORP <RAWC.O> 3RD QTR NET.
    ENCINO, Calif., Oct 20 -
    Shr 36 cts vs 35 cts
    Net 7,100,000 vs 8,000,000
    Net Premiums 61.2 mln vs 58.0 mln
    Avg shrs 19,950,000 vs 22,760,000
    Nine mths
    Shr 1.03 dlrs vs 1.81 dlrs
    Net 21.3 mln vs 37.8 mln
    Net Premiums 176.3 mln vs 141.8 mln
    Avg shrs 20,682,000 vs 20,920,000


.I 21325
.C
gas;crude;
.W
***API SAYS DISTILLATES OFF 1.95 MLN BARRELS, GASOLINE OFF 3.98 MLN, CRUDE UP 2.42 MLN.
Blah blah blah.

.I 21329
.C
acq
.W
<RESER'S FINE FOODS INC> TO GO PRIVATE.
    PORTLAND, Ore., Oct 20 - Reser's Fine Foods Inc said
certain directors and officers, who currently represent about
85 pct of the company's stock, plan to take Reser's private
through a cash buyout.
    The company said the group plans to offer 12.50 dlrs per
share for the 15 pct of its stock currently outstanding.


.I 21330
.C
earn
.W
LACLEDE STEEL CO <LCLD.O> 3RD QTR NET.
    ST. LOUIS, Oct. 20 -
    Shr 32 cts vs 40 cts
    Net 882,000 vs 1,109,000
    Sales 66.1 mln vs 60.3 mln
    Nine mths
    Shr 1.13 dlrs vs 90 cts
    Net 3,065,000 vs 2,446,000
    Sales 198.1 mln vs 178.5 mln


.I 21331
.C
earn
.W
<REDLAKE CORP> 2ND QTR SEPT 30 NET.
    MORGAN HILL, Calif., Oct 20 -
    Shr profit five cts vs loss nine cts
    Net profit 21,045 vs loss 34,238
    Revs 1,156,775 vs 963,890
    Six Mths
    Shr profit 12 cts vs loss five cts
    Net profit 48,711 vs loss 18,300
    Revs 2,124,157 vs 2,009,956


.I 21333
.C
wheat;grain;
.W
ALGERIA TENDERING FOR BALANCE EEP WHEAT - TRADE.
    KANSAS CITY, Oct 20 - Algeria is tendering tonight for
225,000 tonnes of hard red winter wheat at 94.00 dlrs per
tonne, c and f, the balance of its original tender under the
export bonus program, U.S. exporters said.
    Algeria bought 75,000 tonnes for November and early
December shipmet at that bid, but USDA rejected the bid on
wheat for later shipments, the sources said.


.I 21339
.C
acq
.W
BANK OF NEW YORK REAFFIRMS TERMS FOR IRVING <V>.
    NEW YORK, Oct 20 - The Bank of New York Corp <BK> said it
reaffirmed the terms of its offer for Irving Bank Corp despite
the drop in the Bank of New York's share price to 30-1/8, a
Bank of New York spokesman said.
    "The offer still stands, we have not changed our offer," a
Bank of New York spokesman said.
    Irving would not comment on how the drop in the market
affects its position on the bid or whether it would buy back
any of its own shares.
    Earlier this month, Irving rejected the bid as inadequate
and said it wanted to retain its independence.
    In late September, Bank of New York offered 80 dlrs per
share in cash for 47.4 pct of Irving. For the remaining 52.6
pct, it offered an exchange of 1.9 shares of its shares for one
Irving share.
    At that time, the stock purchase portion was worth close to
80 dlrs per share, but now that portion is worth 53 dlrs per
share for a net price of 68 dlrs, one analyst said.
    According to the prospectus offer, shareholders may tender
for all cash or all shares on a first come, first serve basis.
    Analysts were mixed about how the stock price drop would
affect the acquisition.
    "If it gets to the Irving shareholders, they would approve
it, but Irving hopes the offer won't go to the shareholders,"
said Mark Alpert, banking analyst with Bear Stearns Cos Inc.
    "And the market is saying the deal won't go through,"
Alpert said.
    "The transaction looks highly unlikely to be completed at
present. If Irving wouldn't go with the offer at 80 dlrs a
share, then they won't go at a lower price," another analyst
said.
    The analyst also doubted that Bank of New York could afford
to retain its original offer.
    However, industry sources were more uncertain about
prospects for the deal.
    "With Irving's price so low, Bank of New York's offer will
look good to Irving shareholders," said Michael Flores, a
consultant at Bank Earnings International, a consulting firm.
    The drop of Irving's share to 44 dlrs per share, which is
about a 26 dlr drop from the beginning of last week, increases
the chance that Bank of New York will succeed, Flores said.
    Analysts said that the drop in bank stock prices is likely
to depress the level of mergers and acquisition in the banking
industry.
    "Bank takeovers are less likely because banks can't use
their own stock to make acquisitions because their share price
is too depressed," Alpert said.
    Since only banks can buy another bank, the only other
possible acquirors would be a foreign bank, Alpert said.
    "In the market drop the stock of acquirors got clobbered
more than the acquirees," another analyst said.


.I 21341
.C
earn
.W
KOLLMORGEN CORP <KOL> 3RD QTR NET.
    STAMFORD, Conn., Oct 20 -
    Shr profit 15 cts vs loss 40 cts
    Net profit 1,538,000 vs loss 4,088,000
    Revs 70.6 mln vs 73.2 mln
    Nine mths
    Shr loss eight cts vs loss 57 cts
    Net loss 832,000 vs loss 5,821,000
    Revs 217.0 mln vs 248.4 mln
    NOTE: 1987 qtr and nine mths includes gain 265,000 dlrs, or
three cts per share, from utilization of tax loss carryforward.


.I 21342
.C
earn
.W
FARM FRESH INC <FFSH.O> 3RD QTR NET.
    NORFOLK, Va., Oct 20 -
    Shr one cts vs 20 cts
    Net 122,556 vs 2,627,205
    Revs 192.2 mln vs 193.3 mln
    Nine mths
    Shr 27 cts vs 56 cts
    Net 3,556,424 vs 7,531,664
    Revs 560.6 mln vs 542.3 mln


.I 21348
.C
earn
.W
FIRST REPUBLICBANK <FRB.N> CORP 3RD QTR LOSS.
    DALLAS, Oct 20 -
    shr diluted loss 46 cts
    net loss 6,300,000
    nine mths
    shr diluted loss 10.89 dlrs
    net loss 309,100,000
    NOTE: No comparisons because company was formed in June
1987 through merger of RepublicBank Corp and Interfirst Corp.
    Nine mths includes previously reported provision of 325 mln
dlrs in second quarter for possible losses on ldc loans.


.I 21349
.C
acq
.W
***DART GROUP SAID IT WILL NOT SOLICIT PROXIES OR ATTEMPT TO ACQUIRE DAYTON HUDSON.
Blah blah blah.

.I 21350
.C
acq
.W
***DART SAID IT SOLD 1.4 MLN DAYTON HUDSON SHARES, EXPECTS TO SELL REST OF HOLDING.
Blah blah blah.

.I 21351
.C
ship;crude;
.W
US DIPLOMATIC MISSIONS ON HIGH ALERT OVER GULF.
    WASHINGTON, Oct 20 - The State Department says many U.S.
diplomatic missions overseas are on high alert for possible
retaliation from Iran for Monday's attack on two Iranian oil
platforms by American forces in the Gulf.
    At the same time, the Pentagon announced on Tuesday that
U.S. forces have begun escorting another Kuwaiti tanker convoy
southward through the Gulf from Kuwait.
    The State Department renewed its warning to Americans not
to travel to Iran because of what spokeswoman Phyllis Oakley
called, "its virulent anti-American policies and support for
terrorism."
    "The threat to Americans has increased significantly," she
said in announcing that the department was reiterating advice
it last made in January. The department said about 2,600
American citizens live in Iran, the overwhelming majority dual
nationalities.
    Oakley said no specific warning has been issued to U.S.
diplomats and Americans living abroad in the aftermath of the
U.S. attack on the oil drilling platforms, but "many of our
missions are on a high state of alert."


.I 21352
.C
trade
.W
BRAZIL'S SEPT TRADE SURPLUS HIGHEST OF THE YEAR.
    RIO DE JANEIRO, Oct 20 - Brazil's September trade surplus
was the best so far this year, totalling 1.494 billion dlrs,
compared with 1.434 billion dlrs in August and 540 mln dlrs in
September last year, Banco do Brasil's Foreign Trade Department
(Cacex) director Namir Salek said in a news conference.
    September exports were 2.694 billion dlrs, slightly down
from 2.76 billion dlrs in August. Imports in September amounted
to 1.2 billion dlrs, against 1.32 billion dlrs in August.
    Salek said the accumulated surplus in the Jan-Sept period
was 7.857 billion dlrs, compared with 8.667 billion dlrs in a
similar 1986 period.
    Coffee accounted with 320 mln dlrs of exports, up from 222
mln dlrs in August and 212 mln in September 1986, Salek said.
    The Cacex director said he expected the country's trade
surplus to average 800 mln dlrs in the remaining three months
of the year, estimating the year's overall surplus to reach
10.2 billion dlrs, from 25.6 billion dlrs worth of exports and
15.4 billion dlrs of imports.
    He attributed the good surplus on exports of manufactured
and semimanufactured goods. He mentioned car exports, which
accounted alone with sales of 617 mln dlrs in the Jan-Sept
period, against 194 mln dlrs in a similar 1986 period.


.I 21354
.C
interest
.W
***REAGAN SAYS THERE IS ROOM FOR FURTHER DECLINES IN INTEREST RATES.
Blah blah blah.

.I 21358
.C
grain;corn;
.W
CANADA PANEL ADVISES CUTTING U.S. CORN DUTY.
    OTTAWA, Oct 20 - The Canadian Import Tribunal said the
countervailing duty on U.S. corn imports should be cut to 30
Canadian cts a bushel from 1.10 dlrs a bushel.
    In a report to the Canadian finance department, the
tribunal said the duty is hurting Canadian farmers and food
processors. The duty was imposed last year after the revenue
department found U.S. corn production was subsidized.
    It is now up to the government to decide whether to change
the duty.


.I 21359
.C
money-fx;interest;
.W
TREASURY'S BAKER UNDER FIRE FOR WALL STREET DROP.
    By Alver Carlson
    WASHINGTON, Oct 20 - As official Washington sought to
restore investor confidence after Monday's Wall Street
collapse, Treasury Secretary James Baker came under fire from
critics who claimed he helped to precipitate the crisis.
    Baker's weekend blast at the West German Bundesbank for
boosting interest rates seemed to signal an unraveling of an
international accord to stabilize currency values.
    Nigel Lawson, British Chancellor of the Exchequer, was
among those who said the treasury secretary's statements helped
spur a wave of stock sales by making already jittery investors
think that a clash between the two major economic powers would
damage the world economy.
    Lawson told a London television interviewer Tuesday, "I
think the scale of the (stock) fall was very great. That, I
think, was partly due to statements that have been made by
senior figures on the other side of the Atlantic." It was a
dispute that should never have happened, he added.
    Although Baker appeared to patch over the rift at a
hastily-called meeting with West German officials Monday, he  
still faced a storm of criticism on his return to the United
States on Tuesday. Baker cut short a long-planned trip to
Scandinavia to return here to deal with the economic crisis.
    Said one U.S. analyst of Baker's weekend remarks, "His
timing could not have been worse."
    One government bond salesman in New York said, "He actually
thought that yelling at the Germans, and threatening to smack
the dollar down would work. That doesn't show much
understanding of international monetary gamesmanship."
    However, some analysts said West Germany's stubborn march
toward higher interest rates may have forced Baker's hand.
    "On the surface Baker may look responsible for this, but if
you go back to see what caused it (unsettling of financial
markets), it was West German policy," said Robert Brusca of
Nikko Securities International in New York.
    "All Mr. Baker did was to mention the obvious in public, so
making him responsible for it was a little like killing the
messenger," he said.
    After Monday's talks, the U.S. and West German governments
made it clear that the Louvre currency accord, pieced together
in Paris in February, was still in effect.
    Wall Street feared that collapse of the agreement might be
a prelude to hyper-inflation and economic malaise similar to
the late 1970s. Analysts believe Monday's Wall Street crash
wiped out about 500 billion dlrs in stock values.
   Treasury sources said that Baker, already unhappy about
Bonn's refusal to stimulate its economy in order to keep the
global recovery moving, was angered by a Bundesbank interest
rate boost that seemed destined to do just the opposite.
    He felt that the U.S. recovery, inching along in its 59th
month, could no longer be the only engine of global economic
expansion. A growing U.S. economy has been serving as a huge
market for debtor country exports.
    Moreover, Baker, the consummate politician, was worried
that the Republican party might face next year's presidential
election with its main showpiece -- a vibrant economy -- badly
tarnished.
    A rise in global interest rates might worsen the debt
crisis and completely choke off U.S. economic growth that has
already slowed to a tepid 3.2 pct annual rate.
    "There's no doubt that it can have an adverse effect on the
economy, and it's important that the psychology turn around
quickly, or else obviously the panic will feed on itself, and
eventually there'll be a serious price to pay economically,"
former deputy Treasury Secretary Richard Darman said in a
television interview.
    In many ways, the official response was mild.
    Washington was stunned by the sudden Wall Street retreat,
with President Reagan speaking for most people by admitting
that he was "puzzled."
    U.S. government sources said the secretary immediately
returned to the Treasury to be briefed on market developments
and, presumably, their political impact.
    For all of this, it seems unlikely that Baker's status in
Washington will diminish because of the market fall.
    Asked by reporters if somebody's head should roll because
of the Wall Street retreat, Texas Democratic Senator Lloyd
Bentsen said with some irony, "Oh, I think it's much too late to
be doing that...You have an administration that's taken the
attitude that we can put the country on automatic pilot and ---
retire to the living room to take a nap. You just can't do
that."


.I 21361
.C
acq
.W
GROUP LIFTS AIRLEASE <FLY> STAKE TO 15.1 PCT.
    WASHINGTON, Oct 20 - A group of firms led by PS Group Inc
<PSG> said it increased its stake in Airlease Ltd depositary
units representing limited partners interest to 700,400 units,
or 15.1 pct of the total outstanding, from a previous figure of
approximately 651,000 units, or 14 pct.
    In a filing with the Securities and Exchange Commission,
the group said it bought 49,400 Airlease units between July 16
andf October 15 at 17.23 dlrs to 17.60 dlrs a share.
    No reason was given for the recent purchases.


.I 21362
.C
earn
.W
CONTINENTAL INFORMATION SYSTEMS CORP <CNY> 2ND.
    SYRACUSE, N.Y., Oct 20 -
    Shr 22 cts vs 24 cts
    Net 2,794,000 vs 2,993,000
    Revs 91.4 mln vs 66.4 mln
    Six mths
    Shr 45 cts vs 39 cts
    Net 5,677,000 vs 5,700,000
    Revs 174.6 mln vs 132.8 mln
    NOTE: 2nd qtr end August 31. Per share amounts adjusted for
10 pct stock dividend paid June two, 1987.


.I 21363
.C
earn
.W
TENERA LTD <TLPZZ.O> 3RD QTR NET.
    BERKELEY, Calif., Oct 20 -
    Shr 25 cts vs 26 cts
    Net 2,200,000 vs 2,100,000
    Revs 8,500,000 vs 9,600,000
    Nine mths
    Shr 77 cts vs 63 cts
    Net 6,900,000 vs 4,800,000
    Revs 27.9 million vs 25.3 million


.I 21364
.C
interest
.W
REAGAN SEES ROOM FOR INTEREST RATE DECLINES.
    WASHINGTON, Oct 20 - President Reagan said he was pleased
with the actions of some banks to reduce their prime lending
rates today and said he sees room for a further decline in
interest rates.
    "I believe there is room in the market for a further decline
in interest rates," Reagan said in a statement as he left the
White House to visit his wife Nancy at Bethesda Naval Hospital.
    Reagan's statement followed a meeting with his top economic
advisers.
    Reagan said he remains concerned about the market, but that
actions taken by the Federal Reserve have helped.
    "Interest rates are down across the spectrum," Reagan said.
    "Specifically, I am pleased that the bond market is strong
and that foreign exchange markets are stable," Reagan said.


.I 21365
.C
earn
.W
ATLANTIC AMERICAN CORP <AAME.O> 3RD QTR NET.
    ATLANTA, Oct 20 -
    Shr profit seven cts vs loss 24 cts
    Net profit 650,000 vs loss 2,327,000
    Revs 34.3 mln vs 37.0 mln
    Nine mths
    Shr profit 38 cts vs profit 67 cts
    Net profit 3,673,000 vs profit 6,474,000
    Revs 108.4 mln vs 110.0 mln
    NOTE: 1987 qtr and nine mths includes gain 5,360,000 dlrs,
or 55 cts per share, and 6,339,000 dlrs, or 65 cts per share,
respectively, from realized gains on investments.
   
    1986 qtr and nine mths includes gain 105,000 dlrs, or one
cent per share, and 342,000 dlrs, or three cts per share,
respectively, from realized gains on investments.
    1986 qtr and nine mths includes charge 4,860,000, or 50 cts
per share from strengthening reserve for casualty claims.


.I 21366
.C
earn
.W
TRINITY INDUSTRIES INC <TRN> 2ND QTR SEPT 30.
    DALLAS, Oct 20 -
    Shr six cts vs 17 cts
    Net 1,064,000 vs 2,676,000
    Revs 144.6 mln vs 129.4 mln
    Avg shrs 17.1 mln 16.1 mln
    Six mths
    Shr 13 cts vs 25 cts
    Net 2,167,000 vs 4,029,000
    Revs 248.0 mln vs 249.2 mln
    Avg shrs 17.1 mln vs 16.1 mln


.I 21368
.C
earn
.W
DART GROUP DROPS DAYTON HUDSON <DH> TAKEOVER BID.
    NEW YORK, Oct 20 - Dart Group Corp <DARTA.O> affiliate
Madison Partners said that given current market conditions it
has dropped its takeover bid for Dayton Hudson Corp.
    The company said it sold 1.4 mln of its 4.6 mln shares of
Dayton Hudson stock.
    It said it intends to sell the rest of its Dayton Hudson
shares. At current market levels, it would suffer a 70 mln dlr
aftertax loss on its holding, a spokesman said.
    Dart said it will not solicit authorization to call a
meeting of Dayton Hudson shareholders.
    Dart had offered to buy Dayton Hudson for 68 dlrs per
share, valuing the Minneapolis based retailer at 6.6 billion
dlrs. That offer was rejected by the company.
    Following the selloff in takeover stocks last week, and the
market's decline this week, Dayton Hudson stock closed at
27-1/2 today, off 2-1/2.
    Dart's holdings amounted to just under five pct of Dayton
Hudson.
    A Dart spokesman said the 1.4 mln shares were sold in the
market today.


.I 21369
.C
ship;crude;
.W
CONVOY RUNS GULF GAUNTLET, OTHER SHIPS STAY CLEAR.
    BAHRAIN, Oct 20 - A new convoy of tankers escorted by
American warships headed down the Gulf on Wednesday, towards
Iranian oil platforms still oozing smoke after having being
blasted by U.S. Navy raiders.
    Some Gulf sea captains were reported to be steering well
clear of Iran's Silkworm missiles, however, and frontline
emirate Kuwait redeployed air defences to counter the threat.
    "I think the predominant feeling ... Is of being scared this
conflict will escalate," a top West German Foreign Ministry
official, Helmut Schaefer, told reporters in Bahrain after a
tour of three Gulf states.
b
    Shipping sources said on Tuesday night at least six sea
captains had voiced fears that Iran would avenge Monday's U.S.
Raids by unleashing more Silkworm missiles at ships plying the
Gulf.
    Belgium decided two minesweepers en route for the Gulf
would stay out for the time being following Monday's U.S.
Action.
    But there was no sign that the prospect of more tit-for-tat
assaults had reduced the level of shipping activity in the
area.
    Iran, having vowed to react strongly after Monday's U.S.
Action, launched a barrage of threats and ridicule.
    For its part, Washington warned Iran again on Tuesday that
it was ready for any further hostile action.
    Pentagon officials then announced that a U.S. Guided
missile destroyer began escorting two Kuwaiti tankers flying
the U.S. flag southwards--the 80,000 tonne product carrier
Ocean City and 46,000 tonne petroleum tanker Gas King.


.I 21370
.C
acq
.W
METROPOLITAN <MONY.O> TO MAKE OFFER FOR METEX.
    NEW YORK, Oct 20 - Metropolitan Consolidated Industries Inc
said it will make a tender offer for all or any of the
outstanding shares of common stock of Metex Corp <MTX> not
currently held by or under option to Metropolitan for 7.75 dlrs
per share.
    The company said the offer will be subject ot securing
satisfactory financing.
    Metropolitan currently owns about 25.7 pct of Metex common
and holds options to purchase about an additional 16 pct of
Metex common stock.
   
    Metropolitan said the offer will be made no later than
October 27.


.I 21371
.C
earn
.W
BII ENTERPRISES <BII.TO> NINE MTHS AUG 31 NET.
    TORONTO, Oct 20 -
    Shr 22 cts vs 50 cts
    Net 1.2 mln vs 2.2 mln
    Sales 41.7 mln vs 38.3 mln
    Note: BII Enterprises Inc


.I 21373
.C
crude
.W
ARTILLERY SHELLS SAID TO FALL ON KUWAIT BORDER.
    KUWAIT, Oct 20 - Artillery shells from an exchange of fire
between Iran and Iraq fell on Kuwait's northern border on
Tuesday but caused no casualties, the Kuwait News Agency KUNA
said, quoting a Defense Ministry official.
    There were rumors in world oil markets on Tuesday that Iran
had fired shells at an oil camp in northern Kuwait in
retaliation for U.S. Attacks on Iranian oil platforms in the
Gulf on Monday. "Several shells fell in a random manner on the
northern border of the country," the official told KUNA. "It
seems these shells arose from an exchange of fire between Iran
and Iraq... No one was wounded and there were no losses."
    Diplomats said shells from the nearby Iran-Iraq warfront
had in the past fallen in the northern Kuwaiti desert.
    A senior Kuwait Petroleum Corporation official had earlier
told Reuters he was unaware of any attack against Kuwaiti oil
installations.


.I 21374
.C
earn
.W
ZERO CORP <ZRO> 2ND QUARTER NET.
    LOS ANGELES, Oct 20 -
    Shr 27 cts vs 20 cts
    Net 3,411,000 vs 2,487,000
    Revs 34.7 mln vs 31.9 mln
    Six mths
    Shr 51 cts vs 41 cts
    Net 6,372,000 vs 5,090,000
    Revs 68.1 mln vs 63.7 mln
    Avg shrs 12.6 mln vs 12.5 mln


.I 21379
.C
earn
.W
SEALED AIR CORP <SEE> 3RD QTR NET.
    SADDLE BROOK, N.J., Oct 20 -
    Shr 54 cts vs 53 cts
    Net 4,193,000 vs 4,052,000
    Revs 75.2 mln vs 63.9 mln
    Nine mths
    Shr 1.98 dlrs vs 1.75 dlrs
    Net 15.4 mln vs 13.5 mln
    Revs 223.4 mln vs 199.5 mln


.I 21382
.C
trade
.W
U.S. MAY END ADDITIONAL SANCTIONS AGAINST JAPAN.
    WASHINGTON, Oct 20 - The United States may lift an
additional 84 mln dlrs in trade sanctions against Japan later
this month, Reagan Administration officials said.
    President Reagan imposed 300 mln dlrs in sanctions on
Japanese goods last April for its failure to honor a 1986
agreement to end dumping semiconductors in the U.S. and third
country markets and to open its home market to U.S. goods.
    The move raised tariffs to 100 pct from about five pct on
Japanese color television sets, hand-held power tools and
portable computers.
    Reagan lifted 51 mln dlrs of the sanctions last June  after
Japan ended selling the semiconductors on the U.S. market at
below production costs.
    Semiconductors are the small silicon chips used for memory
and recall purposes in a wide variety of computers.
    The Administration officials said Commerce Department 
monitors showed that Japan was ending its dumping of the
semiconductors in third countries, where they had been taking
sales away from American-made semiconductors.
    They said it was likely the 51 mln dlrs in sanctions would
be lifted by the end of the month.
    The United States and Japan remain at odds over opening the
closed Japanese markets to U.S. goods.
    U.S. and Japanese officials reviewed Japan's compliance
with the agreement earlier this week.
    The periodic reviews are to continue and the remaining
sanctions to stay in force, the officials said, until Japan is
in full compliance with the semiconductor agreement.


.I 21385
.C
lumber
.W
CANADIAN PACIFIC (CP) UNIT STUDIES PULP MILL.
     MONTREAL, Oct 20 - CIP Inc, wholly-owned by Canadian
Pacific Ltd, is considering building a pulp mill in Texas which
would use kenaf fibre instead of wood, CIP president Cecil
Slenniken said in an interview.
     The kenaf plant is a member of the hibiscus family and was
artificially developed several years ago. The plant, which has
been grown in Southern Texas, reaches a height of 10 feet in
three months and is said to produce better quality newsprint
than wood pulp, a CIP official said.
     Slenniken said the company has commissioned studies for a
200,000 tonne capacity pulp mill which would use the fibre but
would need partners to begin the project.
    "We are not yet ready to commit the hundreds of millions of
dollars it would take for such a project," Slenniken said.
     He said CIP has been using the pulp on a trial basis to
make newsprint containing 90 pct kenaf fibre and 10 pct
softwood fibre at its Trois-Rivieres, Quebec plant.
    CIP, Canada's second largest newsprint producer, recently
launched a 366 mln Canadian dlr newsprint mill at Gold River,
British Columbia which is due begin producing 230,000 metric
tonnes per year by fall of 1989.


.I 21386
.C
earn
.W
CALIFORNIA FIRST BANK (CFBK.O) 3RD QTR NET.
    SAN FRANCISCO, Oct 20 -
    Shr 83 cts vs 67 cts
    Net 10,052,000 vs 7,929,000
    Avg shrs 12,161,000 vs 11,824,000
    Nine mths
    Shr 2.33 dlrs vs 1.91 dlrs
    Net 28,110,000 vs 22,386,000
    Avg shrs 12,078,000 vs 11,729,000
    Assets 5.9 billion vs 5.7 billion
    Deposits 5.3 billion vs 4.8 billion
    Loans and leases 4.2 billion vs 4.0 billion


.I 21387
.C
acq
.W
TRACE PRODUCTS <TRCE.O> MERGER AGREEMENT SUSPENDED.
    SAN JOSE, Calif., - Trace Products Inc said its stock-swap
merger agreement with privately held Central Point Software has
been suspended indefinitely because of uncertainty in the stock
market.
    Trace Products, which manufactures diskette and tape
duplication equipment for software publishers, had earlier
agreed to acquire Portland, Ore.-based Central Point for 5.5
mln shares of its common stock.


.I 21388
.C
earn
.W
RPC ENERGY SERVICES INC <RES> 1ST QTR SEPT 30.
    ATLANTA, Oct 20 -
    Shr profit one cent vs loss 29 cts
    Net profit 116,000 vs loss 4,195,000
    Revs 20.2 mln vs 6,393,000


.I 21389
.C
earn
.W
BRENTON BANKS <BRBK.O> 3RD QTR OPER NET.
    DES MOINES, Iowa, Oct 20 -
    Oper shr 38 cts vs 1.84 dlrs
    Oper net 973,000 vs 4,497,000
    Nine mths
    Oper shr 1.22 dlrs vs 1.31 dlrs
    Oper net 3,133,000 vs 3,410,000
    NOTE: Results exclude extraordinary gain from net loss
carryforward of 672,000 dlrs or 27 cts in 1987 3rd qtr, 918,000
dlrs 38 cts in 1986 3rd qtr, and 1,071,000 dlrs or 44 cts in
1987 nine months. 1986 results include 5.1 mln dlr gain from
termination of defined benefit pension plan.


.I 21390
.C
money-fx
.W
REAGAN SAYS U.S. COMMITTED TO LOUVRE ACCORD.
    WASHINGTON, Oct 20 - President Reagan said the United
States remains committed to the Louvre accord in which the
seven major industrial nations agreed to stabilize currency
exchange rates.
    "The United States remains committed to the Louvre
agreement," Reagan said in a statement following a meeting with
his top economic advisers.
    Reagan said the United States, Japan and West Germany had
all reaffirmed their commitment to coordinate economic
policies.
    Reagan said Japanese Prime Minister-designate Noboru
Takeshita said in a telephone conversation Tuesday morning that
"his (Takeshita's) top priority was to maintain stable economic
relations with the United States."
    Reagan noted that Treasury Secretary James Baker met with
West German financial officials and reaffirmed their commitment
to the Louvre agreement.
    They "reaffirmed our agreement to coordinate economic
policies to provide for non-inflationary growth and stable
exchange rates," Reagan said.


.I 21392
.C
acq
.W
GROUP LIFTS STAKE IN SUAVE SHOE<SWV> TO 11.5 PCT.
    WASHINGTON, Oct 20 - A shareholder group including
Entregrowth Interational Ltd, of Auckland, New Zealand, said it
lifted its stake in Suave Shoe Corp common stock to 319,600
shares, or 11.5 pct of the total outstanding, from a previous
figure of approximately 238,400 shares, or 8.6 pct.
    In a filing with the Securities and Exchange Commission,
the group said it bought 81,200 Suave Shoe common shares in
open market transactions between October 1 and 19 at 8.34 dlrs
to 10.07 dlrs a share.
    No reason was given for the purchases.


.I 21393
.C
earn
.W
BUDGET RENT A CAR CORP <BDGT.O> 3RD QTR NET.
    CHICAGO, Oct 20 -
    Shr 51 cts vs 36 cts
    Net 5,600,000 vs 4,000,000
    Revs 115.4 mln vs 91.2 mln
    Nine mths
    Shr 1.13 dlrs vs 61 cts
    Net 10.7 mln vs 5,800,000
    Revs 308.2  mln vs 249.5 mlln
    NOTE: 1986 resutls restated on pro forma basis to reflect
comparable treatment of Budget's leveraged buyout on September
30, 1986, and initial common stock offering on May 22, 1987.


.I 21395
.C
earn
.W
USPCI INC <UPC> 3RD QTR NET.
    OKLAHOMA CITY, Oct 20 -
    Shr 12 cts vs 10 cts
    Net 1,600,000 vs 1,314,000
    Revs 17.6 mln vs 12.2 mln
    Nine mths
    Shr 58 cts vs 43 cts
    Net 7,624,000 vs 5,336,000
    Revs 56.8 mln vs 40.1 mln


.I 21396
.C
earn
.W
SOMERSET BANCORP INC <SOMB.O> 3RD QTR NET.
    SOMERVILLE, N.J., Oct 20 -
    Net 1,137,000 vs 1,185,000
    Nine mths
    Shr 2.17 dlrs vs 2.03 dlrs
    Net 3,645,000 vs 3,384,000
    Assets 374.4 mln vs 355.4 mln
    NOTE: Per shr data in qtr not disclosed.


.I 21397
.C
earn
.W
CPT CORP <CPTC.O> 1ST QTR SEPT 30 LOSS.
    MINNEAPOLIS, Oct 20 -
    Shr loss 15 cts vs loss 19 cts
    Net loss 2,161,000 vs loss 2,873,000
    Revs 24.5 mln vs 22.6 mln


.I 21398
.C
earn
.W
THE CHARIOT GROUP INC <CGR> 3RD QTR NET.
    NEW YORK, Oct 20 -
    Shr 10 cts vs two cts
    Net 262,000 vs 38,000
    Revs 11.2 mln vs 5,858,000
    Avg shrs 2,589,045 vs 2,588,364
    Nine mths
    Shr 46 cts vs 26 cts
    Net 1,179,000 vs 601,000
    Revs 32.7 mln vs 18.7 mln
    NOTE: All per shr data adjusted to reflect 10 pct stock
dividend distributed in 2nd qtr 1987.


.I 21399
.C
earn
.W
COMSHARE INC <CSRE.O> 1ST QTR SEPT 30 LOSS.
    ANN ARBOR, Mich, Oct 20 -
    Shr loss 35 cts vs profit 18 cts shr
    Net loss 946,300 vs profit 502,500
    Revs 17.3 mln vs 16.8 mln


.I 21402
.C
earn
.W
MARINE CORP <MCRP.O> 3RD QTR NET.
    MILWAUKEE, Oct 20 -
    Shr 1.24 dlrs vs 1.16 dlrs
    Net 10.1 mln vs 8,910,000
    Nine mths
    Shr 2.42 dlrs vs 3.30 dlrs
    Net 19.8 mln vs 25.4 mln
    Assets 4.3 billion vs 3.8 billion
    Deposits 3.4 billion vs 3.1 billion
    Loans 2.6 billion vs 2.3 billion


.I 21406
.C
acq
.W
SOUTHLAND <SLC> TARGETED IN SEC INVESTIGATION.
    WASHINGTON, Oct 20 - Southland Corp said it was told the 
Securities and Exchange Commission ordered a private
investigation into Southland stock trading and statements made
by the company this year.
    "Southland has been advised that the Commission has issued
a private order of investigation concerning the trading of
Southland stock during various times in 1987 and the issuance
of various public statements by Southland," Southland said in a
proxy statement to shareholders.
    Southland did not elaborate on the SEC order of
investigation, and company officials could not be reached for
comment late Tuesday.
    The SEC has a long-standing policy against confirming or
denying the existence of investigations.
    The proxy statement, filed with the Securities and Exchange
Commission, is required for a November 5 shareholders meeting
called to approve the previously announced acquisition of
Southland by a company controlled by Southland chairman John
Thompson and members of his family.
    Earlier this year, a group led by Thompson acquired
majority ownership of Southland through a 77 dlrs a share
tender offer for 31.5 mln shares of Southland common stock.
    If the merger is approved, common stock still outstanding
will be converted into the right to receive 61.32 dlrs a share
in cash plus a fraction of a share of preferred stock.


.I 21407
.C
earn
.W
CONTINENTAL INFORMATION SYSTEMS <CNY> 2ND QTR.
    SYRACUSE, N.Y., Oct 20 -Qtr ends Aug 31
    Shr 22 cts vs 24 cts
    Net 2,794,000 vs 2,993,000
    Revs 91.4 mln vs 66.4 mln
    Six mths
    Shr 45 cts vs 45 cts
    Net 5,677,000 vs 5,700,000
    Revs 174.6 mln vs 132.8 mln
    NOTE: full name of company is continental information
systems corp.


.I 21408
.C
earn
.W
FAMILY DOLLAR STORES INC <FDO> 4TH QTR AUG 31.
    MATTHEWS, N.C., Oct 20 -
    Shr 15 cts vs 27 cts
    Net 4,358,947 vs 7,786,640
    Revs 140.8 mln vs 121.2 mln
    Year
    Shr 86 cts vs 1.06 dlrs
    Net 24.8 mln vs 30.5 mln
    Revs 560.3 mln vs 487.7 mln


.I 21409
.C
earn
.W
ALFA CORP <ALFA.O> 3RD QTR NET.
    MONTGOMERY, Ala., Oct 20 -
    Shr 28 cts vs 21 cts
    Net 4,653,815 vs 3,564,451
    Revs 34.0 mln vs 12.8 mln
    Nine mths
    Shr 61 cts vs 53 cts
    Net 10.4 mln vs 8,881,825
    Revs 61.8 mln vs 38.4 mln
    NOTE: Per shr amounts are after giving retroactive effect
for a 2-for-1 split effected as a 100 pct stock dividend which
was paid June 1, 1987.Net includes net realized investment
gains of 1,213,471 vs 937,801 in nine mths 1987 vs 1986, and
604,172 vs 474,556 in qtr 1987 vs 1986. Net includes net
investment income of 12.5 mln vs 11.2 mln in nine mths 1987 vs
1986, and 4,480,540 vs 3,781,245 in qtr 1987 vs 1986.


.I 21412
.C
earn
.W
INVITRON CORP <INVN.O> 1ST QTR SEPT 30 NET.
    ST LOUIS, Oct 20 -
    Shr eight cts vs 12 cts
    Net 1,016,552 vs 980,834
    Revs 6,786,579 vs 4,356,561
    NOTE: Invitron went public on October seven.


.I 21417
.C
earn
.W
SQUIBB CORP <SQB> 3RD QTR NET.
    PRINCETON, N.J., Oct 20 -
    Shr 1.04 dlrs vs 78 cts
    Net 109.2 mln vs 83.9 mln
    Revs 561.3 mln vs 460.5 mln
    Nine mths
    Shr 2.61 dlrs vs 1.91 dlrs
    Net 273.8 mln vs 206.6 mln
    Revs 1.56 billion vs 1.27 billion
    NOTE: Per shr amounts reflect the 2-for-1 split to
shareholders of record on June 1, 1987.
   
    For qtr and nine mths 1987, exchange rate fluctuations had
a favorable sales impact of 25.9 mln dlrs and 70.3 mln dlrs,
respectively.
    Net in nine mths 1986 includes income from discontinuing
operations of 10.1 mln or nine cts per shr, and income of 3.9
mln dlrs or four cts per shr in qtr 1986.


.I 21419
.C
acq
.W
EDELMAN GROUP COMMITTED TO TELEX <TC> BID.
    NEW YORK, Oct 20 - TLX Partners, a group led by Asher
Edelman, does not see any problems with its 65 dlr per share
bid for Telex Corp, a Shearson Lehman official advising the
group said.
    Several other takeover proposals have crumbled following
declines in financial markets, leading to speculation that
Edelman might also drop his offer. Telex fell 11 to 34-1/4.
    Earlier today, Carl Icahn dropped his bid to take Trans
World Airlines Inc <TWA> private and Dart Group Corp <DARTA.O>
said it abandoned plans to acquire Dayton Hudson Corp <DH>.
    Both cited market conditions.
    "Nothing fundamental has changed with the company. The
stock price has changed, but the company hasn't changed so
there's no reason for us to change," said Daniel Good, head of
Shearson Lehman merchant banking.
    "Things are proceeding as planned, and we fully expect that
at the time we have to pay for the shares the financing will be
in place," Good said.
    Shearson has agreed to provide bridge financing of up to 
600 mln dlrs for the Edelman group.


.I 21420
.C
earn
.W
CP NATIONAL CORP <CPN> 3RD QTR NET.
    SAN FRANCISCO, Oct 20 -
    Shr 46 cts vs 55 cts
    Net 3,532,000 vs 4,217,000
    Revs 54 mln vs 52.4 mln
    Nine mths
    Shr 1.97 dlrs vs 1.98 dlrs
    Net 15.0 mln vs 14.8 mln
    Revs 176.2 mln vs 176.9 mln


.I 21421
.C
earn
.W
GREAT AMERICAN FIRST SAVINGS <GTA> 3RD QTR NET.
    SAN DIEGO, Oct 20 -
    Shr primary 92 cts vs 1.09 dlrs
    Shr diluted 82 cts vs 97 cts
    Net 21.8 mln vs 26.1 mln
    Nine mths
    Shr primary 3.07 dlrs vs 2.96 dlrs
    Shr diluted 2.72 dlrs vs 2.44 dlrs
    Net 73.2 mln vs 65.3 mln
    Assets 14.29 billion vs 12.35 billion
    Deposits 9.52 billion vs 8.69 billion
    Loans 8.79 billion vs 8.69 billion


.I 21423
.C
ship;crude;
.W
SENATE BACKS U.S. RETALIATION IN GULF.
    WASHINGTON, Oct 20 - The U.S. Senate on Tuesday backed
President Reagan's retaliatory strike against Iranian targets
in the Gulf as it moved to take a greater role in making policy
in the volatile region.
    Senators voted 92-1 for a non-binding measure that endorsed
Monday's U.S. attack on two Iranian oil platforms in
retaliation for an Iranian attack last Friday on a Kuwaiti ship
flying the American flag.
    The measure said the attack was a firm indication of U.S.
resolve that Iran "cannot take military action against the
United States with impunity."
    Earlier, the Senate cut off Republican stalling tactics and
set a vote on a measure that could give Congress a larger role
in making Gulf policy. The measure, however, does not require
Reagan to comply with the 1973 War Powers Act, which could lead
to a pullout of U.S. forces from the Gulf.
    While Democrats and Republicans praised the U.S.
retaliatory strike, many voiced new fears about the growing
U.S. involvement in the Gulf and some demanded that Reagan
comply with the War Powers Act.


.I 21424
.C
trade
.W
CANADA SEEKS FIVE YEAR FARM REFORM PLAN.
    OTTAWA, Oct 20 - Canada will propose at the new round of
international trade talks that most trade-distorting farm
subsidies be phased out over a five year period, Trade Minister
Pat Carney said.
    "Agricultural subsidies and trade barriers have created a
vicious circle which continues to cause problems of
overproduction and low commodity prices," Carney told the House
of Commons.
    Carney was outlining the government's new position on the
farm trade problem that was tabled on Tuesday in Geneva in the
multilateral talks under the GATT (General Agreement on Tariffs
and Trade).
    While few details were released, Carney said the government
would also be pressing for an improvement in market access and
new measures to ensure countries do not erect artificial
barriers.
    "Under the Canadian proposal, all countries would have to
ensure that domestic policies and programs to address the
specific needs of their farm sectors do not distort trade," a
government background paper said.
    "Furthermore, in assessing the trade impact of programs,
credit could be given to countries which effectively control
the output of farm products," the papers said.


.I 21428
.C
earn
.W
SMITHKLINE BECKMAN CORP <SKB> 3RD QTR NET.
    PHILADELPHIA, Oct 20 -
    Shr 1.18 dlrs vs 87 cts
    Net 149.6 mln vs 134.0 mln
    Revs 1.10 billion vs 956.4 mln
    Nine mths
    Shr 3.36 dlrs vs 2.42 dlrs
    Net 428.1 mln vs 373.7 mln
    Revs 3.13 billion vs 2.70 billion
    Avg shrs 127.3 mln vs 154.5 mln
    NOTE: 1986 results include 25 mln dlr reduction of
operating income for the relaunch of Contac.


.I 21429
.C
acq
.W
FIRST COMMERCIAL <FCOB.O> TO ACQUIRE CITIZENS BANK.
    SACRAMENTO, Oct 20 - First Commercial Bancorp said it will
acquire the three-branch Citizens Bank of Roseville in a stock
swap.
    The value of the agreement will be based on Citizens'
adjusted book value at year end and the trading price of First
Commercial's stock.
    Citizens' book value was about 1.9 mln dlrs at the end of
the third quarter, according to the bank's counsel, Guy Gibson.
Under the agreement, Citizens shareholders could also trade
their stock for a five-year debenture issued by First
Commercial. Terms of the debenture have not been established.


.I 21430
.C
acq
.W
UNITED ARTISTS <UACI.O> SUSPENDS MERGER TALKS.
    DENVER, Oct 20 - United Artists Communications Inc and
<United Cable Television Corp> said they have indefinitely
suspended negotiations on a proposed merger of their companies
previously announced.
    The companies cited a combination of extraordinary market
conditions and unresolved terms of the merger as contributing
to the action.


.I 21431
.C
earn
.W
THE DEXTER CORP <DEX> 3RD QTR NET.
    WINDSOR LOCKS, Conn., Oct 20 -
    Shr 41 cts vs 33 cts
    Net 10.2 mln vs 8,309,000
    Revs 193.3 mln vs 157.7 mln
    Nine months
    Shr 1.29 dlrs vs 1.02 dlrs
    Net 32.1 mln vs 25.4 mln
    Revs 582 mln vs 486.5 mln


.I 21432
.C
earn
.W
WASHINGTON MUTUAL SAVINGS BANK <WAMU.O> 3RD QTR NET.
    SEATTLE, Wash., Oct 20 -
    Shr 56 cts vs 68 cts
    Net 8,327,000 vs 9,738,000
    Nine mths
    Shr 2.19 dlrs vs 1.67 dlr
    Net 32.8 mln vs 24.8 mln
    Avg shrs 15.0 mln vs 14.9 mln
    Assets 5.58 billion vs 4.34 billion
    Deposits 3.60 billion vs 3.27 billion
    Loans 2.96 billion vs 2.90 billion


.I 21433
.C
earn
.W
TRINITY INDUSTRIES INC <TRN> 2ND QTR NET.
    DALLAS, Oct 20 - Sept 30 end
    Shr six cts vs 17 cts
    Net 1,064,000 vs 2,676,000
    Revs 144.6 mln vs 129.4 mln
    Avg shrs 17,121,000 vs 16,065,000
    Six months
    Shr 13 cts vs 25 cts
    Net 2,167,000 vs 4,029,000
    Revs 248 mln vs 249.2 mln
    Avg shrs 17,121,000 vs 16,065,000


.I 21435
.C
acq
.W
SOUTHMARK <SM> TO PURCHASE <NATIONAL SELF>.
    WEST PALM BEACH, Fla., Oct 20 - National Self Storage said
has sold nine storage facilities to Southmark Corp for 37.1 mln
dlrs.
    National Self, a developer of storage space for business
records, said the purchase includes nine storage facilties.
National Self also said it and Southmark plan a two-year 100
facility expansion program in South Florida and across the
country.


