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HUTCHISON SEES HIGHER PAYOUT, SATISFACTORY PROFITS Hutchison Whampoa Ltd <HWHH.HK> expects satisfactory profits in 1987 and will pay a higher dividend for the year, chairman Li Ka-shing said. He did not make any specific projections for the company's earnings this year but he said the firm will pay a dividend of not less than 32.5 cents per share after a proposed four-for-one stock split and a one-for-four bonus issue. It paid total dividends of 1.30 dlrs per share last year, equal to 26 cents per share, adjusting for the bonus and share split. Hutchison, which has operations ranging from trading to property and container terminals, earlier reported after-tax profits of 1.62 billion dlrs against 1.19 billion dlrs in 1985. The 1986 total excluded extraordinary gains of 563 mln dlrs, partly from the sale of some of its stake in the South China Morning Post, the leading English language newspaper, compared with 369 mln dlrs the previous year. It said it expects another 277 mln dlr gain in 1987 from the sale of the remaining shares. Li said Hong Kong's property market remains strong while its economy is performing better than forecast with its largely export-led growth. Gross domestic product grew by nearly nine pct last year against an initial government projection of 4.5 pct. But he said Hong Kong's large trade deficit with the U.S. May result in protectionist measures that will adversely affect the British colony. He said all of the company's major operations showed improved results in 1986. Hutchison said earlier it will sell its entire 23.5 pct interest in Hongkong Electric Holdings Ltd <HKEH.HK> to <Cavendish International Holdings Ltd>, itself a spin-off from Hongkong Electric. Under a reorganisation announced separately, Hongkong Electric will spin off all its non-electricity related activities into Cavendish, which will be listed on the local stock exchange. Hongkong Electric shareholders will receive one share in Cavendish for every Hongkong Electric share. Cavendish will buy the 348.2 mln Hongkong Electric shares from Hutchison by issuing 975 mln new shares. The spin-off and the sale of Hongkong Electric shares will give Hutchison a 53 pct stake in Cavendish. Li said the decision to spin-off Cavendish is to relieve Hongkong Electric of public criticism of the power company for making risky investments. But he denied there was pressure from the government for the spin-off. He said Cavendish will have seven billion dlrs of assets and will be almost debt free, with 340 mln dlrs of liabilites. Its major assets are the Hong Kong Hilton Hotel, property development, and interests in Husky Oil Ltd <HYO.TO> of Canada and Pearson Plc <PSON.L> of Britain.

AMERICAN EXPRESS <AXP> VIEWING SHEARSON OPTIONS American Express Co, rumored to be considering a spinoff of part of Shearson Lehman Brothers Inc, said it is studying a range of options for its brokerage unit that could improve Shearon's access to capital and help it meet broadening international competition. In a joint statement, American Express and Shearson said the actions under consideration are an integral part of American Express' worldwide financial services strategy and that the two companies have been having both internal and external discussions on the matters. American Express said no decision has been reached on the strategic options and that it and Shearson could ultimately decide to follow growth plans already in place. Last week, rumors circulated on Wall Street that the financial services giant was considering a spinoff of part of Shearson and there was speculation it may be considering selling a stake to a Japanese firm. Analysts said the speculation also focused on American Express selling 20 pct of the profitable brokerage firm to the public. There was some speculation that American Express had also considered a total spinoff of Shearson, but the plan was considered highly unlikely, analysts said. American Express said in the statement on Sunday that it will not comment on rumors and speculation and a spokesman would not go beyond the statement. The company also remained silent last Thursday and Friday, as rumors drove American Express stock up a total of 5-1/2 dlrs in two days to bring it to a Friday close at 74. It said it issued the statement on Sunday because a similar statement was being circulated to employees. Analysts have been divided on whether it makes sense for American Express to give up a stake in the wholly-owned brokerage, which improved its after-tax earnings by about 50 pct in the last year. Some analysts said American Express may consider spinning off part of Shearson because it is concerned that its stock price does not fully reflect the value of the brokerage firm. Shearson contributed 316 mln dlrs of American Express' 1.25 billion dlr net in 1986. American Express' ambitious plans for international growth may be also enhanced by the added cash that spinning out part of Shearson would bring. Analysts speculated that all of Shearson would have a market value of about 3.5 billion dlrs. To some however, the need for added capital is puzzling. "(American) Express is in a position where they can raise capital if they need to," said Larry Eckenfelder of Prudential-Bache Securities. Analysts said rumors were fed by the reorganization of Shearson management Wednesday. Chief operating officer Jeffrey Lane got the added, previously vacant, post of president. The reorganization also created four new positions for chairmen of Shearson's operating divisions, a move analysts speculated would allow Shearson to be a stand alone company. Analysts, contacted on Sunday said the statement does little to clarify last week's market speculation. It does confirm, however, that the financial services firm, which unsuccessfully attempted to expand Shearson with a major acquisition last year, is looking beyond its own walls for growth and positioning in the global market competition. Late last year, Shearson's takeover offer to the E.F. Hutton Group Inc was rejected by Hutton, and analysts said there had been speculation that Shearson also was rebuffed when it approached another major Wall Street brokerage.

PHILADELPHIA PORT CLOSED BY TANKER CRASH The port of Philadelphia was closed when a Cypriot oil tanker, Seapride II, ran aground after hitting a 200-foot tower supporting power lines across the river, a Coast Guard spokesman said. He said there was no oil spill but the ship is lodged on rocks opposite the Hope Creek nuclear power plant in New Jersey. He said the port would be closed until today when they hoped to refloat the ship on the high tide. After delivering oil to a refinery in Paulsboro, New Jersey, the ship apparently lost its steering and hit the power transmission line carrying power from the nuclear plant to the state of Delaware.

PENRIL <PNL> SEEKS TO SELL TWO UNITS Penril Corp said it is seeking to sell its Triplett Electrical Instrument Corp subsidiary in Bluffton, Ohio, and Triplett's Alltest division in Hoffman Estates, Ill., as part of a plan to concentrate on its three profitable division and reduce its debt load. The company also said it is evaluating a plan to satisfy its obligations under its 10-7/8 pct subordinated notes but gave no details. Interest on the notes is due today. Penril further said director Clifford L. Alexander Jr. has resigned from the board. It gave no reason. Penril said shareholders at the annual meeting approved the limitation of directors' liability.

PUROLATOR <PCC> IN BUYOUT WITH HUTTON <EFH> New Jersey-based overnight messenger Purolator Courier Corp said it has agreed to be acquired for about 265 mln dlrs by a company formed by E.F. Hutton LBO Inc and certain managers of Purolator's U.S. courier business. Analysts have said that Purolator has been for sale for some time. Purolator announced earlier it was mulling a takeover bid, but analysts wrongly predicted the offer was from another courier company. Hutton LBO, a wholly owned subsidiary of E.F. Hutton Group Inc, will be majority owner of the company. Hutton said the acquiring company, PC Acquisition Inc, is paying 35 dlrs cash per share for 83 pct of Purolator's stock in a tender offer to begin Thursday. The rest of the shares will be purchased for securities and warrants to buy stock in a subsidiary of PC Acquisition, containing Purolator's U.S. courier operations. If all the shares of Purolator are tendered, shareholders would receive for each share 29 dlrs cash, six dlrs in debentures, and a warrant to buy shares in a subsidiary of PC Acquisition containing the U.S. courier operations. Hutton said in the merger shareholders would get 46 mln dlrs aggregate amount of guaranteed debentures due 2002 of PC Acquisition and warrants to buy 15 pct of the common stock of the PC courier subsidiary. Hutton said the company has valued the warrants at two to three dlrs per share. Purolator's stock price closed at 35.125 dlrs on Friday. While some analysts estimated the company was worth in the mid 30s, at least one said it would be worth 38 to 42 dlrs. This follows sales of two other Purolator units. It agreed recently to sell its Canadian Courier unit to Onex Capital for 170 mln dlrs, and previously sold its auto filters business. Purolator retains its Stant division, which makes closure caps for radiators and gas tanks. A Hutton spokesman said the firm is reviewing its options on Stant. Purolator's courier business has been lagging that of its U.S. rivals because of the high price it paid in the past several years to add air delivery to its ground fleet. E.F. Hutton will provide 279 mln dlrs of its funds to complete the transaction. This so-called "bridge" financing will be replaced later with long-term debt most likely in the form of bank loans, Hutton said. Hutton LBO is committed to keeping the courier business, its president Warren Idsal said. "Purolator lost 120 mln dlrs over the last two years largely due to U.S. courier operations, which we believe the management is turning around. We belive it will be a very serious competitor in the future," said Idsal. William Taggart, chief executive officer of U.S. Courier division, will be chief executive officer of the new company. The tender offer will be conditioned on a minimum of two thirds of the common stock being tendered and not withdrawn to the expiration of the offer as well as certain other conditions. The offer will begin Thursday, subject to clearances from the staff of the Interstate Commerce Commission and will expire 20 business days after commencement unless extended.

PAKISTAN COTTON OUTPUT REACHES 7.7 MLN BALES Pakistan cotton production during the current crop season (Sept/March) reached 7.7 mln bales of 375 pounds each, up 500,000 from last season, Shafi Niaz, Chairman of the Agricultural Prices Commission, said. Official sources said Pakistan was likely to use 3.4 mln bales of cotton during the current financial year ending June after 2.96 mln in 1985/86 and 2.70 mln in 1984/85. They said consumption would increase due to a rise in demand for cotton yarn in domestic markets and abroad. Pakistan produced 540 mln kilos of yarn in fiscal year 1985/86 and exported 157 mln. The State-owned cotton export corporation was likely to export 3.8 mln bales of cotton during the current fiscal year compared with 3.86 mln last year, cotton traders said. The traders said there would be 1.3 mln bales of cotton carryover this fiscal year compared with just over a mln bales last year.

ALCAN TO CLOSE WEST GERMAN ALUMINIUM SMELTER <Alcan Aluminiumwerke GmbH>, a subsidiary of Alcan Aluminium Ltd <AL.N> of Canada, said it plans to close its aluminium smelter in Ludwigshafen at the end of June. A spokesman said Alcan was closing the smelter, with annual capacity of 44,000 tonnes and 320 employees, because of high electricity costs and the low world market price of aluminium. Alkan had said earlier this year it would close half the plant's capacity but decided to shut down completely when talks with potential cooperation partners failed, the spokesman said. He declined to name the other companies involved in the talks.

MARRIOTT <MHS> TO SELL HOTEL <Four Seasons Hotels> said it and <VMS Realty Partners> of Chicago have agreed to purchase the Santa Barbara Biltmore Hotel from Marriott Corp for an undisclosed amount. It said the venture will rename the hotel the Four Seasons Biltmore at Santa Barbara and invest over 13 mln dlrs in improvements on the 228-room property.

BROWN BOVERI OMITS DIVIDEND, PLANS WARRANT BOND BBC AG Brown Boveri und Cie <BBCZ.Z> said it will omit dividend in 1986 for the second consecutive year. It said it planned to invite shareholders and non-voting stockholders to subscribe to a warrant bond issue of around 150 mln Swiss francs to be made after the June 2 annual meeting. The value of the stock subscription rights should correspond roughly to the dividend of 30 francs per share paid in 1984. The company also plans to issue participation certificates with a par value of 70 mln Swiss francs, from which existing shareholders are excluded.

VIACOM SAID IT HAS NEW NATIONAL AMUSEMENTS, MCV HOLDINGS BIDS VIACOM SAID IT HAS NEW NATIONAL AMUSEMENTS, MCV HOLDINGS BIDS

CHEUNG KONG CHAIRMAN SEES STRONG RESULTS IN 1987 Cheung Kong (Holdings) Ltd <CKGH.HK> is expecting strong results this year after reporting better than expected profits in 1986, chairman Li Ka-shing said. He did not give a specific earnings projection but he told reporters the firm will pay total dividends of not less than 19 cents a share this year after a one-for-four bonus issue and a four-for-one stock split. The company earlier declared total dividends equal to 15 cents a share for 1986, adjusting for the stock split and bonus issue. Cheung Kong's earnings rose to 1.28 billion H.K. Dlrs in 1986, well above market expectations of 920 mln to one billion dlrs. They compared with profits of 551.7 mln dlrs in 1985. Cheung Kong also reported extraordinary gains of 983.6 mln dlrs mainly from the firm's sale of the Hong Kong Hilton Hotel to Hongkong Electric Holdings Ltd <HKEH.HK> for one billion dlrs. It had gains of 81.3 mln dlrs in 1985. Li attributed the surge in 1986 earnings to a buoyant local property market and substantial increases in contributions from associated companies. "Looking ahead, 1987 should be another year of stability for the property market," Li said. "The growth in (Hong Kong's) exports is expected to stimulate the demand for industrial buildings." Cheung Kong is cash rich and is looking for new projects in the British colony, Li said, noting the firm is interested in a land reclamation project along the Hong Kong harbour and is exchanging views with the government on a proposal to build a second airport.

VIACOM <VIA> RECEIVES TWO REVISED OFFERS Viacom International Inc said it received revised merger offers from <National Amusements Inc> and <MCV Holdings Inc>. The company said the special committee plans to meet later today to review both offers. Viacom said National Amusements' Arsenal Holdings Inc raised the value of its offer for the Viacom shares not held by National Amusements in three areas. National Amusements holds 19.6 pct of Viacom's stock. The cash value of the offer was raised to 42.00 dlrs from the 40.50 dlrs a Viacom share offered February 23 while the value of the fraction of a share of exchangeable preferred being offered was increased to 7.50 dlrs a share from six dlrs. The interest rate to be used to increase the cash value of the merger, if delayed beyond April 30, was raised to nine pct from eight pct and 12 pct after May 31. A Viacom spokesman said the Arsenal Holdings's offer continues to include a 20 pct interest in Arsenal for present Viacom shareholders. Viacom said MCV Holdings, a group which includes the company's senior management and the Equitable Life Assurance Society of the United States, raised the value of its offer by increasing the value of the preferred being offered to 8.50 dlrs from 8.00 dlrs a share and raising the ownership in the new company to be held by present Viacom shareholders to 45 pct from 25 pct. MCV called its previous offer, made February 26, the "final" proposed revision of its agreement with Viacom.

WASTE MANAGEMENT CORP VOTES TWO FOR ONE STOCK SPLIT AND BOOSTS QTLY DIVIDEND TO 18 CTS WASTE MANAGEMENT CORP VOTES TWO FOR ONE STOCK SPLIT AND BOOSTS QTLY DIVIDEND TO 18 CTS

DIAGNOSTIC/RETRIEVAL SYSTEMS INC MAKES 53 MLN DLR BID FOR ROSPATCH CORP DIAGNOSTIC/RETRIEVAL SYSTEMS INC MAKES 53 MLN DLR BID FOR ROSPATCH CORP

WASTE MANAGEMENT <WMX> VOTES SPLIT, UPS PAYOUT Waste Management Corp said its board voted a two-for-one stock split payable April 21, record March 30. In other action, Waste Management directors approved an increase in the quarterly dividend to 18 cts from 14 cts, payable April three, record March 18.

DAVIS WATER <DWWS> DECLARES STOCK DIVIDEND Davis Water and Waste Industries Inc said its board declared a 33-1/3 pct stock dividend, payable March 23 to holders of record March 12.

PITTSTON <PCO> AGREES TO ACQUIRE WTC <WAF> Pittston Co said it has tentatively agreed to acquire WTC International N.V. in a tax-free exchange of stock. Pittston said it agreed to exchange 0.523 common share for each of the about 8,612,000 WTC common shares outstanding. Pittston said WTC's three principal shareholders, who own 62 pct of its stock, are parties to this agreement. They have granted Pittston the right of first refusal to their shares. WTC has granted Pittston an option to buy WTC shares equal to 18.5 poct of its outstanding stock. The agreement is subject to approval of both boards and WTC shareholders. Pittston said described WTC as a fast growing air freight forwarding company with operations throughout the world. Its revenues totaled nearly 200 mln dlrs in the year ended November 30 and for the quarter ended on that date it earned 1.3 mln dlrs on revenues of 55.8 mln dlrs. Pittston said its Burlington Air Express subsidiary generates about two-thirds of its 450 mln dlrs in annual revenes with its domestic air freight services.

SDC SYDNEY COST REVIEW MAY ELIMINATE PRODUCTS <SDC Sydney Development Corp>, earlier reporting an increased nine month operating loss, said a cost control review now underway may result in cost reduction and elimination of unprofitable and non-strategic products and services. The company's operating loss for the nine months ended December 31, 1986 increased to 7.7 mln dlrs from a loss of 1.7 mln dlrs in the prior year, it said earlier. Revenues increased by 20 pct to 11.8 mln dlrs from year-earlier 9.8 mln dlrs.

SWISS SIGHT DEPOSITS RISE 3.10 BILLION FRANCS Sight deposits by commercial banks at the Swiss National Bank rose by 3.10 billion Swiss francs to 10.53 billion in the last 10 days of February, the National Bank said. Foreign exchange reserves fell 3.06 billion francs to 30.64 billion. Sight deposits are an important measure of Swiss money market liquidity. The decline in foreign exchange reserves reflected the dismantling of swap arrangements, the National Bank said. Banknotes in circulation rose by 834 mln francs to 24.79 billion while other deposits on call - mainly government funds - fell 1.60 billion francs to 1.04 billion.

2-MAR-1987 09:39:50.97 2-MAR-1987 09:39:50.97

WHITTAKER CORP <WKR> 1ST QTR JAN 31 NET Oper shr 17 cts vs 25 cts Qtly div 15 cts vs 15 cts prior Oper net 1,522,000 vs 3,501,000 Sales 98.0 mln vs 86.3 mln NOTE: Prior year net excludes loss from discontinued operations of 1,817,000 dlrs. Company said common shares outstanding down significantly to 7,814,000, reflecting retirement of about 5,200,000 shares since start of restructurining in August 1986. Dividend pay April 30, record April 16.

JIM WALTER CORP <JWC> REGULAR DIVIDEND Qtly div 35 cts vs 35 cts in prior qtr Payable April one Record March 14

DIAGNOSTIC <DRS> MAKES A BID FOR ROSPATCH <RPCH> Diagnostic Retrieval Systems Inc said it has made an offer to acquire, through a wholly owned unit, all outstanding shares of Rospatch Corp's common stock for 22 dlrs a share cash, or about 53 mln dlrs. DRS, a warfare systems producer, said it would make the transaction through a cash tender offer for all, but not less than 51 pct, of Rospatch's outstanding common stock followed by a merger with Rospatch, a labels, high technology and wood producer, at the same purchase price per share. DRS said the deal is subject to approval by the Rospatch board, and the tender offer expires on March 6, 1986.

RECORD N.Z. FUTURES VOLUMES TRADED IN FEBRUARY The volume of contracts traded on the New Zealand Futures Exchange (NZFE) reached a record 25,559 contracts in February, the International Commodities Clearing House (ICCH) said. The previous high was 22,583 contracts in December 1986. The ICCH said the value of the contracts traded in February was 2.90 billion N.Z. Dlrs. The seven contracts currently traded on the NZFE are: five-year government bonds, the share price index, 90-day bank bills, 90-day prime commercial paper, the U.S. Dollar, crossbred wool, and wheat.

<SAMSUNG CO> CALENDAR 1986 Div 50 won vs 50 won Net profit 6.91 billion won vs 6.10 billion Sales 4,275.4 billion vs 3,801,7 billion Note - Company has set 1987 sales target of 4,800 billion won.

CORNING TO OFFER 0.5165 SHARE FOR EACH HAZLETON SHARE UNDER EARLIER AGREEMENT CORNING TO OFFER 0.5165 SHARE FOR EACH HAZLETON SHARE UNDER EARLIER AGREEMENT

CORNING <GLW>, HAZLETON <HLC> SET EXCAHNGE RATIO Corning Glass Works said the exchange ratio for its previously announced acquisition of Hazleton Laboratories Corp has been established at 0.5165 Corning common share for each Hazleton common share. Corning said the prospectus regarding the merger is expected to be mailed tomorrow to all Hazleton holders of record February 18. Hazleton shareholders will vote on the proposed merger at a special meeting on March 31.

TURKISH RETAIL PRICES RISE 2.7 PCT IN FEBRUARY Turkish retail prices rose 2.7 pct in February after 2.9 pct in January and 1.7 pct in February 1986, the State Statistics Institute said. Prices in the year to February rose 31.6 pct, compared with 30.3 pct in the year to January and 38.8 pct in the 12 months to February 1986. The index (base 1978/79), covering 14 towns and five regions, was 1,886.8 in February, 1,837.2 in January and 1,434.0 in February 1986.

CONSOLIDATED TVX TO BUY BRAZIL GOLD MINE STAKES <Consolidated TVX Mining Corp> said it agreed to issue 7.8 mln treasury shares to acquire interests in three gold mining companies in Brazil and an option to increase the company's interest in a platinum property. The company said the transactions will bring immediate production and earnings to Consolidated TVX, enhance its precious metal potential and is expected to improve cash flow and earnings on a per share basis. The company did not give specific figures. Consolidated TVX said it will acquire 29 pct of CMP, a public gold mining company in which TVX already holds a 15 pct interest, making TVX the largest single shareholder. The company also agreed to acquire a 19 pct stake in Novo Astro, a private company, and a 16 pct interest in Teles Pires Mining, increasing the TVX's ownership to 51 pct. In addition, Consolidated TVX said it will acquire the right to add a 10 pct interest to a platinum property in which it already owns a 29.4 pct stake. CMP earned 11 mln Canadian dlrs in 1986 and expects to produce 42,000 ounces of gold in 1987 at a cost of 160 U.S. dlrs an ounce, Consolidated TVX said. Novo Astro operates Brazil's richest gold mine located in Amapa State, with an average grade of 0.8 ounces of gold a ton in a hardrock quartz vein, Consolidated TVX said. Mining of eluvial surface material produced 25,000 ounces in 1986 and is expected to produce 60,000 ounces in 1987. It also said Teles Pires Mining controls rights to a 350 kilometer section of the Teles Pires River, where one dredge is expected to produce 10,000 ounces of gold in 1987.

WARWICK INSURANCE MANAGERS INC <WIMI> 4TH QTR Oper shr 17 cts vs 19 cts Oper net 636,000 vs 358,000 Revs 10.6 mln vs 7,024,000 Avg shrs 3,808,000 vs 1,924,000 Year Oper shr 73 cts vs 65 cts Oper net 2,467,000 vs 1,199,000 Revs 31.5 mln vs 22.9 mln Avg shrs 3,372,000 vs 1,785,000 NOTE: Net excludes investment gains 20,000 dlrs vs 86,000 dlrs in quarter and 586,000 dlrs vs 195,000 dlrs in year. 1985 year net excludes 304,000 dlr tax credit. Share adjusted for one-for-two reverse split in November 1985.

CANADA INDUSTRIAL PRICES UP 0.2 PCT IN MONTH Canada's industrial product price index rose 0.2 pct in January after falling 0.2 pct in each of the two previous months, Statistics Canada said. The rise was led by price gains for papers, pharmaceuticals and petroleum and coal products. Price declines were recorded for meat products, lumber and motor vehicles. On a year over year basis, the federal agency said the index fell 0.9 pct in January, the largest yearly decline on record.

STROBER ORGANIZATION INC <STRB> 4TH QTR NET Shr 22 cts vs 17 cts Net 1,232,000 vs 834,000 Sales 24.1 mln vs 20.9 mln Avg shrs 5,609,000 vs five mln Year Shr 97 cts vs 69 cts Net 4,985,000 vs 3,426,000 Sales 92.4 mln vs 77.9 mln Avg shrs 5,153,000 vs five mln

SHELL CANADA CUTS CRUDE OIL PRICES BY UP TO 1.27 CANADIAN DLRS/BBL EFFECTIVE MARCH ONE SHELL CANADA CUTS CRUDE OIL PRICES BY UP TO 1.27 CANADIAN DLRS/BBL EFFECTIVE MARCH ONE

MASSACHUSETTS INVESTORS GROWTH STOCK FUND PAYOUT Qtly div from income 5.1 cts vs 3.035 dlrs in prior qtr including capital gains of 2.978 dlrs Payable March 27 Record February 27

AMERICAN NURSERY <ANSY> BUYS FLORIDA NURSERY American Nursery Products Inc said it purchased Miami-based Heinl's Nursery Inc, for undisclosed terms. Heinl's Nursery has sales of about 4.5 mln dlrs and owns 100 acres, of which 75 are in shade houses and about 58,300 square feet cover greenhouses, shipping and office facilities.

MFS MANAGED SECTORS TRUST DIVIDEND INCREASED Semi-annual div from income of 7.3 cts vs 1.0 cent in prior period Payable March 27 Record February 27

MULTI-STEP TO SELL LADDER UNIT, CANCEL SHARES <Multi-Step Products Inc>, earlier reporting an initial six month loss, said it agreed to sell wholly owned Multi-Step Manufacturing Inc for 100,000 dlrs cash, subject to shareholder and regulatory approval. Multi-Step also said it will pay 900,000 dlrs to cancel 711,192 of its own shares, which will be acquired from Michael Penhale and his benficiaries. Penhale will control and manage Multi-Step Manufacturing, following the transactions. Multi-Step had a 739,146 dlr loss for the six months ended December 31. The company received its initial public listing in December. The company said its ladder-making unit has been losing 300,000 dlrs quarterly. The sale, expected to close in April, also calls for retirement of the unit's 400,000 dlr bank debt, Multi-Step said. The unit also has agreed to pay a debt of 400,000 dlrs to Tarxien Company Ltd, which is 40 pct owned by Multi-Step. Multi-Step previously said it agreed to acquire the remaining 60 pct of Tarxien it does not already own.

FED EXPECTED TO ADD TEMPORARY RESERVES The Federal Reserve is expected to enter the U.S. Government securities market to add temporary reserves, economists said. They expect it to supply the reserves indirectly by arranging a fairly large round, two billion dlrs or more, of customer repurchase agreements. The Fed may add the reserves directly instead via System repurchases. Federal funds, which averaged 6.02 pct on Friday, opened at 6-1/8 pct and traded between there and 6-1/16 pct. Funds are under upward pressure from settlement of recently sold two-year notes and from a Treasury tax and loan call on banks.

FOUR SEASONS BUYING MARRIOTT <MHS> HOTEL <Four Seasons Hotels Inc> and VMS Realty Partners said they agreed to acquire the Santa Barbara Biltmore Hotel in California from Marriott Corp, for undisclosed terms. Closing was expected by March 31, they added. The companies said they would jointly own the hotel and rename it the Four Seasons Biltmore at Santa Barbara. They said they would spend more than 13 mln U.S. dlrs "to enhance the Biltmore's position as one of the finest resort hotels in North America." Chicago-based VMS Realty is a real estate and development firm.

S-K-I LTD <SKII> 2ND QTR JAN 25 NET Shr 81 cts vs 57 cts Net 3,660,273 vs 2,437,914 Rev 28.5 mln vs 23.1 mln Six months Shr 29 cts vs 12 cts Net 1,325,755 vs 483,559 Rev 31.7 mln vs 26.4 mln

CARGILL U.K. STRIKE TALKS POSTPONED Talks due today between management and unions to try to end the strike at Cargill U.K. Ltd's Seaforth oilseed crushing plant have been rescheduled for Thursday, a company spokesman said. Oilseed processing at the plant has been halted since December 19 when mill workers walked out in protest at new contract manning levels.

AMAX <AMX> IN GOLD, SILVER FIND AMAX Incx said it has identified additional gold and silver ore reserves at its AMAX Sleeper Mine near Winnemucca, Nev.. It said as a result of recent drilling, reserves at thhe mine are now estimated at 2,470,000 short tons of ore grading 0.24 ounce of gold and 0.50 ounce of silver per ton that is treatable by conventional milling techniques. AMAX said additional reserves amenable to heap leaching are estimated at 38.3 mln tons averaging 0.025 ounce gold and 0.24 ounce silver per ton. Further drilling is being conducted, it said.

K-TRON INTERNATIONAL INC <KTII> 4TH QTR NET Oper shr profit 36 cts vs loss 1.48 dlrs Oper net profit 1,353,000 vs loss 5,551,000 Revs 11.3 mln vs 8,142,000 Year Oper shr profit 31 cts vs loss 1.58 dlrs Oper net profit 1,165,000 vs loss 5,919,000 Revs 38.0 mln vs 31.6 mln NOTE: Net includes pretax unusual gain 64,000 dlrs vs loss 4,744,000 dlrs in quarter and losses 3,0077,000 dlrs vs 4,744,000 dlrs in year. 1986 items include settlement of patent suit and provision for investment writeoff and 1985 item provision for loss on sale of scale business. 1986 net both periods excludes 400,000 dlr tax credit.

MONTEDISON CONCLUDES TALKS WITH ANTIBIOTICOS Montedison Spa <MONI.MI> said it has concluded its negotiations with Spanish pharmaceuticals company <Antibioticos SA>. A company spokesman told Reuters "We have concluded the talks and we are now awaiting authorization from Spanish authorities." He declined to comment further. Earlier today the Italian company postponed a scheduled press conference on its talks with Antibioticos. An Italian press report today said Montedison has agreed to acquire Antibioticos for 500 billion lire.

UTILICORP <UCU> COMPLETES ACQUISITION UtiliCorp United Inc said it completed the acquisition of West Virginia Power from Dominion Resources for about 21 mln dlrs. The sale was approved by the West Virginia Public Service Commission in January and became effective March one. West Virginia's management will continue to be responsible for operating the utility, it said.

TRADERS DETAIL FRENCH CEREAL EXPORT REQUESTS French operators last Friday requested licences to export 10,500 tonnes of free market maize, 11,950 tonnes of free market barley and 13,000 of soft wheat flour to non-EC countries, at prefixed daily (droit commun) rebates, French trade sources said. The latest requests for the maize were for export to Switzerland, Austria and Lichtenstein at a maximum daily rebate prefixed last Friday at 141 Ecus a tonne against a previous 20 Ecu daily rebate. The special daily rebate for maize was set in the context of a Commission commitment to grant this season rebates for the export of 500,000 tonnes of French maize to non-EC countries, in compensation for concessions to the U.S. in the recent dispute over grain sales to Spain. If the latest French requests are accepted as expected, this will bring the total of French maize exported in this context to 25,500 tonnes. The Commission last Thursday granted weekly rebates for the sale of 15,000 tonnes of free market maize to non-EC countries. Requests for barley were for export to Switzerland, Austria and Lichtenstein, Ceuta and Melilla at an unchanged pre-fixed restitution of 125 Ecus a tonne, while requests for soft wheat flour were for export to various non-EC countries at an unchanged 178 Ecus a tonne.

STUDY GROUP URGES INCREASED U.S. OIL RESERVES A study group said the United States should increase its strategic petroleum reserve to one mln barrels as one way to deal with the present and future impact of low oil prices on the domestic oil industry. U.S. policy now is to raise the strategic reserve to 750 mln barrels, from its present 500 mln, to help protect the economy from an overseas embargo or a sharp price rise. The Aspen Institute for Humanistic Studies, a private group, also called for new research for oil exploration and development techniques. It predicted prices would remain at about 15-18 dlrs a barrel for several years and then rise to the mid 20s, with imports at about 30 pct of U.S. consumption. The study cited two basic policy paths for the nation: to protect the U.S. industry through an import fee or other such device or to accept the full economic benefits of cheap oil. But the group did not strongly back either option, saying there were benefits and drawbacks to both. It said instead that such moves as increasing oil reserves and more exploration and development research would help to guard against or mitigate the risks of increased imports.

CORRECTED - BANKAMERICA NEGOTIATING SALE OF UNITS Bank of America NT and SA's <BAC.N> West German branch said it is negotiating the sale of Bankhaus Centrale Credit AG, a small local West German bank it acquired in 1965, and of its West German Visa credit card operation. Michael Seibel, Bank of America vice-president and regional manager, said the negotiations were proceeding well. He declined to give further details. Bank of America's West German branch lost some 32 mln marks in 1985. The result includes profit and loss transfers from Bankhaus Centrale Credit and the Visa organisation. The sale of the units is part of the bank's worldwide restructuring plan.

<FRANKLIN GOLD FUND> CUTS DIVIDEND Semi div 13 cts vs 18 cts prior Pay March 13 Record March Two

<FRANKLIN AGE HIGH INCOME FUND> SETS PAYOUT Mthly div 3.6 cts vs 3.6 cts prior Pay March 13 Record March Two

<FRANKLIN NEW YORK TAX-FREE INCOME FUND> PAYOUT Mthly div 7.3 cts vs 7.3 cts prior Pay March 13 Record March Two

FIRST MISSISSIPPI CORP <FRM> SETS PAYOUT Qtly div six cts vs six cts prior Pay April 28 Record March 31

ROTTERDAM PORT UNION AND EMPLOYERS TO MEET Dutch port and transport union, FNV, agreed to an employers' request to reconvene abandoned peace talks tonight to try to end strikes that have disrupted Rotterdam's general cargo sector for the past six weeks, a union spokesman said. Talks broke down Thursday when the union walked out after employers tabled their final offer to end the strikes which started January 19 in protest at planned redundancies of 800 from the sector's 4,000 workforce, starting with 350 this year. The employers' invitation to restart the talks comes on the day a deadline set by Minister of Social Affairs Louw de Graaf for a resolution of the dispute expires. De Graaf said if the dispute had not ended by today he would withdraw the 10 mln guilder annual labour subsidy to the sector. No comment was immediately available from the employers' organization.

FED ADDS RESERVES VIA CUSTOMER REPURCHASES 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 6-3/16 pct when the Fed began its temporary and indirect supply of reserves to the banking system.

JAPAN'S NTT FORECASTS PROFITS FALL IN 1987/88 <Nippon Telegraph and Telephone Corp> (NTT) expects its profits to fall to 328 billion yen in the year ending March 31, 1988 from a projected 348 billion this year, the company said. Total sales for the same period are expected to rise to 5,506 billion yen from a projected 5,328 billion this year, NTT said in a business operations plan submitted to the Post and Telecommunications Ministry. NTT said it plans to make capital investments of 1,770 billion yen in 1987/88, including 109 billion for research and development, as against a total of 1,600 billion this year.

<FRANKLIN UTILITIES FUND> SETS PAYOUT Qtly div 14 cts vs 14 cts prior Pay March 13 Record March Two

INTERNCHANGE FINANCIAL SERVICES <ISBJ> PAYOUT UP Qtly div 10 cts vs 8-1/3 cts prior Pay April 21 Record March 20 NOTE: Interchange Financial Services Corp.

KAPOK CORP <KPK> 1ST QTR DEC 31 LOSS Shr loss 14 cts vs loss 21 cts Net loss 353,000 vs loss 541,000 Revs 2,668,000 vs 2,525,000 Avg shrs 2,452,3000 vs 2,552,300

TRANZONIC COS <TNZ> SETS QUARTERLY Qtly div 11 cts vs 11 cts prior Pay April 17 Record March 20

MERCURY ENTERTAINMENT CORP <MCRY> YEAR NOV 30 Shr loss four cts vs loss one ct Net loss 413,021 vs loss 163,932 Revs 600,971 vs 665,800

UNOCAL <UCL> UNIT CUTS CRUDE OIL POSTED PRICES Unocal Corp's Union Oil Co said it lowered its posted prices for crude oil one to 1.50 dlrs a barrel in the eastern region of the U.S., effective Feb 26. Union said a 1.50 dlrs cut brings its posted price for the U.S. benchmark grade, West Texas Intermediate, to 16 dlrs. Louisiana Sweet also was lowered 1.50 dlrs to 16.35 dlrs, the company said. No changes were made in Union's posted prices for West Coast grades of crude oil, the company said.

PANHANDLE'S <PEL> TRUNKLINE REDUCES GAS RATES Panhandle Eastern Corp's Trunkline Gas Co pipeline subsidiary said it is reducing the commodity component of its wholesale natural gas rate four pct, effective immediately. In a filing with the Federal Energy Regulatory Commission, Trunkline said, it is reducing its commodity rate -- the portion of the total rate based on the price of gas -- to 2.58 dlrs per mln Btu from 2.69 dlrs per mln Btu. The company said the lower rate results from a reduction in the average price the pipeline is paying for gas, adding this reflects contract reformation agreemats with producers.

INVESTOR GROUP HAS TALKS WITH PESCH ON AMI <AMI> WEDGE Group Inc, a Houston investment firm with a 5.5 pct stake in American Medical International Inc, said it has had talks with Pesch and Co, which is seeking control of the company. In a filing with the Securities and Exchange Commission, WEDGE, which is owned by Issam Fares, a Lebanese citizen living in Switzerland, also said it discussed the possibility of joining with others in its own bid to seek control of AMI. WEDGE stressed that it has no current plans to seek control of AMI, but refused to rule out a takeover try in the future. WEDGE said it has had discussions with AMI management, Pesch, the closely held health care and investment concern controlled by Chicago physician LeRoy Pesch, and other AMI shareholders. It did not specify in its SEC filing which issues -- selling its AMI stake or joining with others in a takeover try -- were discussed with which group. But it said the talks did not produce any agreements or understandings. WEDGE said it believes that "some form of restructuring of AMI and its business would be highly desirable and appropriate at this time." WEDGE, which holds 4.8 mln shares of AMI common stock, said it plans to hold further talks with company management, Pesch and other shareholders. Pesch last week sweetened his bid for the company to 22 dlrs a share in cash and securties, or 1.91 billion dlrs based on AMI's total outstanding, from an all-cash 20 dlr a share bid, which the company rejected.

I.M.S. INTERNATIONAL INC <IMSI> SETS QUARTERLY Qtly div four cts vs four cts prior Pay March 27 Record March 13

OSR <OSRC> TO MAKE ACQUISITION OSR Corp said it has agreed to acquire the properties and assets of Telcom International Group for 10.5 mln common shares, which would give former Telcom owners an 84 pct interest in the combined company. Telcom is an international film and television distributor. The assets being acquired consist mostly of distribution rights to films valued at over one mln dlrs, the company said. OSR said as part of the acquisition agreement is is required to sell its 80 pct interest in Standard Knickerbocker Ltd, which makes jeans in Canada. OSR said it expects to net about 150,000 dlrs on the sale of Standard Knickerbocker. The company said both transactions are subject to approval by shareholders at a meeting to be held in April or May, it said.

MERCURY ENTERTAINMENT <MCRY> SEES BETTER RESULTS Mercury Entertainment Corp said it expects improved results in 1987. The company today reported a loss for the year ended November 30 of 413,021 dlrs on revenues of 600,971 dlrs, compared with a loss of 163,932 dlrs on revenues of 665,800 dlrs a year before.

JACOBSON <JCBS> VOTES SPLIT, INCREASES PAYOUT Jacobson Stores Inc said its board voted a three-for-two stock split, payble March 30, record March 13. In other action, Jacobson's directors approved an increase in its quarterly dividend to 11 cts on a post split basis payable April 14, record March 30. The new dividend rate represents a 32 pct increase over the 12-1/2 cts paid quarterly on a pre-split basis.

<HOECHST AG> COMPLETES CELANESE <CZ> ACQUISITION Hoechst AG of West Germany said it has completed the acquisition of Celanese Corp. Hoechst acquired a majority of Celanese shares in a recent tender offer at 245 dlrs per common share.

MORSE SHOE INC <MRS> 4TH QTR NET Shr 59 cts vs 48 cts Net 3,244,000 vs 2,584,000 Revs 169.3 mln vs 156.0 mln 12 mths Shr 1.78 dlrs vs 1.32 dlrs Net 9,733,000 vs 7,164,000 Revs 585.6 mln vs 541.0

ICO QUOTA TALKS CONTINUE, OUTCOME HARD TO GAUGE Talks at the extended special meeting of the International Coffee Organization (ICO) on the reintroduction of export quotas continued, but chances of success were still almost impossible to gauge, delegates said. Producer delegates were meeting to examine a Colombian proposal to resume historical quotas from April 1 to September, with a promise to define specific new criteria by which a new quota system would be calculated in September for the new crop year, they said. Opinions among delegates over the potential for reaching a quota agreement varied widely. Some consumers said the mood of the meeting seemed slightly more optimistic. But Brazil's unwillingness to concede any of its traditional 30.55 pct of its export market share looks likely to preclude any accord, other delegates said. No fresh proposals other than the Colombian initiative had been tabled formally today, delegates said. A full council meeting was set for 1900 hours for a progress report, delegates said.

<PANTRY INC> INB TALKS ON BEING ACQUIRED Privately-held Pantry Inc, which operates 477 convenience stores in five Southeastern states, said it has engaged Alex. Brown and Sons Inc <ABSB> to explore a possbile sale of the company. It said it expects to start talks with prospective acquirers shortly. The company said it has been approached by a number of parties in recent months.

CUBA TELLS TRADERS SUGAR EXPORTS MAY BE DELAYED Cuba has told international sugar operators who have bought its sugar for shipment in March that these contracts will take second place to Cuba's direct shipments to its export markets, dealers here said. Some traders who have received telexes from Cuba said the language of the message was not totally clear and some believed shipments would be honoured if the traders declare the Soviet Union as the destination of their contracts. The telexes have fueled rising world prices in the last week and reflect a poor Cuban crop, worry over Brazil's export availability, and increasing Soviet demand, analysts said. Traders said signs of Cuba's shortage of immediately available raw sugar to supply its traditional martkets was probably the factor behind Syria calling a snap buying tender last month. Normally Syria calls white sugar buying tenders for forward delivery, and last month's spot requirement resulted in the sale of several cargoes. Cuba in its telex told operators they would not receive March shipments as Cuba has to meet its contracts to export markets, traders said.

THUNANDER CORP <THDR> YEAR NET Shr 73 cts vs 58 cts Net 1,101,000 vs 901,000 Sales 32.9 mln vs 29.1 mln Note: Results include operations of BMD of New England Inc, acquired Sept. 1, 1986.

(RPT) U.S. SAYS TIN DISPOSALS WILL NOT AFFECT ACCORD U.S. tin disposals should have little effect on an agreement reached last weekend by tin producing countries to limit group exports to 96,000 tonnes in the year started March 1, a government official said. The agreement by the seven-member Association of Tin Producing Countries (ATPC) aimed to cut the world surplus and boost prices. Following the accord, ATPC Chairman Subroto appealed to the United States to restrict its tin releases from its strategic stockpile. "We don't think that (the U.S. government) has a large influence in the (tin) market at this stage of the game," said Thomas O'Donnell, Director of International Commodities at the State Department. Last year the United States released about 4,900 tonnes of tin to two ferroalloy firms.

ROSPATCH TO RESPOND TO DIAGNOSTIC BID ROSPATCH TO RESPOND TO DIAGNOSTIC BID

FRANKLIN MINNESOTA INSURED SETS PAYOUT Mthly div 6.6 cts vs 6.6 cts prior Pay March 31 Record March 16 NOTE: Franklin Minneosta Insured Tax-Free Income Fund.

FRANKLIN MASSACHUSETTS INSURED CUTS PAYOUT Mthly div 6.5 cts vs 6.8 cts prior Pay March 31 Record March 16 NOTE: Franklin Massachusetts Insured Tax-Free Income Fund.

U.S. EXPORT INSPECTIONS, IN THOUS BUSHELS SOYBEANS 20,349 WHEAT 14,070 CORN 21,989 U.S. EXPORT INSPECTIONS, IN THOUS BUSHELS SOYBEANS 20,349 WHEAT 14,070 CORN 21,989

DIAGNOSTIC PRODUCTS <DPCZ> SEES EARNINGS GROWTH Diagnostic Products Corp president and chief executive officer Sigi Ziering said he expects to maintain the same compound average annal net income growth in 1987 as the company has for the past five years. "We expect the same performance in net income over the next five years as we have had in the past," Ziering said. Over the past five years Ziering said the company has had average compound net income growth of 32 pct annually with a 27 pct per year growth in earnings per share. For 1986 the company had net income of 6.3 mln dlrs, or 1.07 dlrs per share, vs 3.9 mln dlrs, or 73 cts per share in 1985. Diagnostic manufactures medical immunological diagnostic test kits. Ziering said he expects the earnings growth to result from positive effect of the weaker dollar on the company's exports sales as well as accelerated market penetration. Ziering said he expected the Food and Drug Administration to approve three more of its drug abuse test kits by the end of the year, which, depending on approval, should also help earnings growth. Ziering said as a result of the new tax laws he expected the company's taxes to decrease by five pct to 31 pct of net income in 1987.

CCR VIDEO CORP <CCCR> 1ST QTR NOV 30 NET Shr profit two cts vs loss 12 cts Net profit 156,726 vs loss 776,000 Revs 1,157,883 vs 890,138

FRANKLIN OHIO INSURED TAX-FREE SETS PAYOUT Mthly div 6.1 cts vs 6.1 cts prior Pay March 31 Record March 16 NOTE: Franklin Ohio Insured Tax-Free Income Fund.

CONVERGENT TECHNOLOGIES <CVGT> TO BUY OAKLEAF Convergent Technologies Inc said it has reached an agreement in principle to buy Oakleaf Corp, which supplies finance, insurance and leasing computers to auto dealers. The transaction will involve an exchange of Oakleaf stock for cash and debt and is subject to a definitive agreement, the companys said. No other terms were disclosed. Oakleaf had 1986 sales of about 26 mln dlrs.

GREEN TREE ACCEPTANCE INC <GNT> SETS DIVIDEND Qtly dividend 12-1/2 cts vs 12-1/2 cts Pay March 31 Record March 16

ROSPATCH CORP REJECTS OFFER FROM DIAGNOSTIC RETRIEVAL SYSTEMS INC ROSPATCH CORP REJECTS OFFER FROM DIAGNOSTIC RETRIEVAL SYSTEMS INC

NORTH AMERICAN GROUP <NAMG> BUYS GEORGIA FIRM North American Group Ltd's North American Acquisition Corp said it has a definitive agreement to buy 100 pct of Pioneer Business Group Inc of Atlanta. Terms of the acquisition were not disclosed. Closing of the acquisition is scheduled for April. North American Acquisition said the agreement is subject to due diligence and a satisfactory review of Pioneer's operation. Pioneer makes business forms.

TALKS SHOW NEW CANADIAN CONFIDENCE, GROUP SAYS Canada's decision to raise the issue of a free trade pact with the U.S. was a sign of what many see as a new spirit of Canadian self-confidence, a public policy study group said "It suggests the Canada of the immediate post-war period, when it was a major player in the process of building a postwar world," the Washington-based Atlantic Council said. U.S. and Canadian negotiators opened talks last summer aimed at dismantling trade barriers between the two countries, the world's biggest trading partners with crossborder shipments of about 150 billion dlrs annually. The council's study said the trade talks, with a deadline of October for an agreement, are the biggest issue in U.S.-Canadian relations. The study said liberalized trade between the two countries would improve the competitiveness of their economies in world markets and lessen trade irritants which now mar their ties. The council said "in the past most Canadians have shied away from the notion of a free-trade arrangement, fearing to be overwhelmed economically and politically by a closer association with a country 10 times their size in population." But at the same time, it added, Canadians realized their domestic market was too small to permit the mass production and sales needed to raise productivity to the level demanded by an increasingly competitive world. The council said that in the talks, Canada is chiefly interested in minimizing the imposing of U.S. duties against allegedly subsidized exports. A recent example was the 15 per cent duty the U.S. imposed on Canadian lumber exports on grounds the shipments were being subsidized. The council said the chief U.S. concerns included ending curbs against U.S. banking, insurance, telecommunications, and the so-called "cultural industries" - publishing, broadcasting and films. It said other major U.S.-Canadian issues were defense cooperation, "acid rain" and the U.S. rejection of a Canadian assertion of sovereignty over waters of the Northwest Passage.

ALBERTSON'S INC <ABS> RAISES QTLY DIVIDEND Shr 24 cts vs 21 cts Pay May 25 Record May eight

WAVEHILL INTERNATIONAL TO MAKE ACQUISITION <Wavehill International Ventures Inc> said it has agreed to acquire Personal Computer Rental Corp of Coral Gables, Fla., in a transaction in which shareholders of Personal Computer will receive shares respresenting about a 25 pct interest in the combined company. The company said it will have about two mln shares outstanding on a fully-diluted basis after the transaction. It said after the acquisition it will infuse Perconal computer with cash for expansion. It said Personal Computer now has 26 franchised locations and plans to add over 30 in 1987, seeking eventually to expand into 420 markets in the U.S. and abroad.

INT'L HYDRON CORP <HYD> 4TH QTR OPER NET Oper shr profit six cts vs loss 20 cts Oper net profit 734,000 vs loss 2,312,000 Revs 16.8 mln vs 13.9 mln Year Oper shr profit 30 cts vs profit three cts Oper net profit 3,342,0000 vs profit 318,000 Revs 67.5 mln vs 52.6 mln NOTE: Excludes loss of 41,000 dlrs or nil vs gain 7,000 dlrs or nil in qtr and gain 247,000 dlrs or two cts vs gain 88,000 dlrs or one ct in year from net operating loss carryforwards.

ALBERTSON'S <ABS> ADOPTS STOCKHOLDER RIGHTS PLAN Albertson's Inc said its board has adopted a stockholder rights plan intended to protect them in the event of any proposed takeover of the company. Under the plan, stockholders will receive a dividend distribution of one right for each share of common stock held on March 23. The rights are exercisable ten days after a person or group acquires 20 pct or more of Alberston's common stock or announces a tender offer for 30 pct or more of the stock. Each right will entitle the shareholder to buy one newly issued share of Alberston's common stock for 150.00 dlrs.

JWT <JWT> NOT APPROACHED BY GROUP SEEKING SHARES JWT Group Inc has not been approached by former Ted Bates Worldwide Chairman Robert Jacoby about the possibility of a syndicate buying a 35 pct stake in JWT Group on a friendly basis, a company spokesman said. He said JWT would have no comment on an Advertising Age report that Jacoby is considering heading up a venture capital syndicate to purchase a 35 pct stake in JWT group. Jacoby was not immediately available for comment on the report. Ted Bates is now owned by <Saatchi and Saatchi>, the world's largest advertising agency.

COEUR D'ALENE MINES CORP <COUR> 4TH QTR LOSS Shr loss 18 cts vs loss one ct Net loss 1,343,000 vs loss 49,000 Revs 6,778,000 vs 1,976,000 Year Shr loss 67 cts vs loss ten cts Net loss 4,693,000 vs loss 672,000 Revs 14.0 mln vs 7,034,000 Note: 1986 loss included one-time loss of 3,624,000 dlrs on write-off of certain silver, oil and gas interests.

FOOTE MINERAL <FTE> SELLS CAMBRIDGE PLANT Foote Mineral Co said it signed a letter of intent with Shieldalloy Corp, a wholly-owned subsidiary of <Metallurg Inc>, for the sale of its Cambridge, Ohio, business. The company said the sale, which will be explained in greater detail after the definitive agreement has been signed, is part of Foote's previously-announced plan to sell the entire company.

U.S. WHEAT GROUPS CALL FOR GLOBAL ACTION All major grain producing countries must do their part to help reduce global surpluses and the recent Australian farm policy proposals are flawed, two U.S. wheat organizations said. The recent Australian proposals were a good starting point for discussions, "but we do not want the Australians to feel they are alone in developing an agenda for discussions" on world grain trade, the president of the National Association of Wheat Growers, NAWG, and the chairman of U.S. Wheat Associates said in a letter to U.S. Agriculture Secretary Richard Lyng and U.S. Trade Representative Clayton Yeutter. Future discussions on international wheat trade should include three topics -- a commitment to privatization of government-run export trading entities, a commitment to public disclosure of sales and other terms if government entities are involved, and a recognition that supply reductions by the U.S. have kept world prices higher than they otherwise would be, the two organizations said While the Australian proposals are welcome the two organizations said they are not in total agreement with their assessments. Australia's proposals, which aim to reduce U.S. target prices and "quarantine" U.S. wheat stocks, would continue to place the burden of supply adjustment and reform on U.S. farmers, they said. Other countries, including Australia, have benefitted from the higher world prices that have resulted from past U.S. acreage and crop reduction programs, the organizations said. "We will not continue to hurt ourselves economically -- and subsidize foreign wheat production -- by unilaterally stocking grain and changing programs which protect our growers," Jim Miller, president of NAWG said. "We sincerely hope for some type of agreement among the world's major grain producing nations to reduce stocks and restore profitability to agriculture," Miller said.

PESCH SEES SHAREHOLDER SUPPORT IN AMI <AMI> BID Chicago physician LeRoy Pesch said he has had discussions with several American Medical International Inc shareholders and sees support for a restructuring of the company. Pesch said he has discussed his sweetened, 1.91 billion dlr takeover bid for American Medical with several large shareholders, including the biggest investor, the Bass family of Texas. However, the Bass family has not indicated support one way or the other for his offer, he said. Pesch, in an interview with Reuters, said based on the conversations he held with shareholders, he could not guage whether he had majority support. He said, however, there is support for his offer. Pesch would not identify shareholders with whom he held discussions other than the Bass family and the Wedge Group Inc, the only other holder of more than five pct of American Medical stock. Earlier today, Wedge Group, which has a 5.5 pct stake, said it held discussions with Pesch, American Medical management and other American Medical shareholders. Wedge, in a filing with the Securities and Exchange Commission, said it believes a restructuring of American Medical and its business would be "highly desirable and appropriate at this time." "That's the sort of position that I find a large segment of shareholders of AMI really share," said Pesch. Pesch said he held discussions with Wedge about joining his takeover effort, in which he is offering 17 dlrs cash, four dlrs in preferred stock and one dlr in common stock for each American Medical share. Wedge said it has no plans to join in an effort to seek control of American Medical, but it would not rule out a future takeover try. Pesch said he did not discuss a joint takeover proposal with the Bass family. Some analysts saw the Wedge statement as a boost to Pesch's takeover effort and a further sign that there could be some shareholder dissatisfaction following American Medical's previous rejection of a 20 dlr per share all cash offer from Pesch. American Medical is expected to resist Pesch's latest bid. Larry Feinberg, an analyst with Dean Witter Reynolds Inc said a management-led leveraged buyout cannot be ruled out. An American Medical spokesman said the company will comment on the new Pesch offer by March 10. Analysts continue to view the Bass family as a factor in the outcome of the bid for control of American Medical. The Bass family holds an 11. 6 pct stake in American Medical, and the company has previously said the investors support management's internal plan to improve the company's performance. The Bass family would not comment on American Medical or Pesch. Pesch, who led the leveraged buyout of Republic Health Corp last year, continues to face a credibilty problem on Wall Street because of the long time it took to finish the Republic acquisition. Republic also has substantial debt, and has left wall street questioning whether financing can be completed for the much larger American Medical takeover proposal. Pesch's first offer for American Medical was made without an investment banking firm, another cause for concern to Wall Street. However, Pesch entered his second offer with representation from Donaldson, Lufkin, and Jenrette Securities and Security Pacific Merchant Banking Group. "I don't have any doubt that the current transaction can be worked out and completed, provided we get to the point where Ami management will sit down and talk in a friendly environment," Pesch said. Pesch would not elaborate on what type of financing arrangements are being made. He did say if he succeeds in acquiring American Medical he plans to keep much of American Medical management in place. He said he plans to combine the company with Republic to form an efficient network of hospitals. Analysts said they do not believe a much higher offer could be made for American Medical. Byron Nimocks of E.F. Hutton Group said improved second fiscal quarter earnings could make American Medical stock worth about 20 dlrs per share. Nimocks estimates American Medical earnings for the second quarter ended February 28 could be 35 cts, compared to a 95 ct loss last year. Nimocks said Pesch's revised offer is not worth much more than the 20 dlrs cash offered previously. But Feinberg said there is a better chance a transaction could be completed because of the revised structure of the offer. "I think it's much more doable," he said. Analysts have said American Medical has begun a turnaround by replacing some members of management and reducing costs.

GLAMIS GOLD LTD <GLGVF> SIX MTHS DEC 31 NET Shr 16 cts vs 22 cts Net 1,226,597 vs 1,327,016 Revs 6,598,580 vs 5,921,828

SCOTT'S HOSPITALITY ACQUIRES CAPITAL FOOD <Scott's Hospitality Inc> said it acquired Capital Food Services Ltd, Ottawa's largest catering and food service company, for undisclosed terms. Scott's said it would operate Capital Food as a separate unit under Capital's current name and management.

ANALYSTS SEE NO OTHER BIDDER FOR PUROLATOR<PCC> Several analysts said they do not believe another suitor will top the 265 mln dlr bid for Purolator Courier Corp by E.F. Hutton LBO Inc and a management group from Purolator's courier division. There had been speculation another offer might be forthcoming, but analysts mostly believe the 35 dlrs per share price being paid by Hutton and the managers' PC Acquisition Inc is fully valued. Analysts and some Wall Street sources said they doubted another bidder would emerge since Purolator had been for sale for sometime before a deal was struck with Hutton Friday. Purolator's stock slipped 3/8 today to close at 34-3/4. It had been trading slightly higher than the 35 dlr offer on Friday. At least one analyst Friday speculated the company might fetch 38 to 42 dlrs per share. analysts and wall street sources doubted a competitive offer would emerge since the company has been for sale for sometime before the deal with Hutton was struck Friday. Hutton had been in talks with Purolator's adviser, Dillon, Read and Co since late December, a Hutton spokesman said. Hutton is offering 35 dlrs cash per share for 83 pct of the shares. If all shares are tendered, shareholders would receive 29 dlrs cash, six dlrs in debentures, and warrants for stock in a subsidiary of PC Acquisition containing the Purolator U.S. courier operation. Hutton values the warrants at two to three dlrs per share. Wall Street sources also said today that a rival bidder might be discouraged by a breakup fee Purolator would have to pay if it ends its agreement with Hutton. The sources would not reveal the amount of the fee, which will be noted in documents on the transaction to be made public later this week.

WHITEHALL CORP <WHT> 4TH QTR NET Shr 15 cts vs 55 cts Net 557,000 vs 2,020,000 Revs 8,872,000 vs 13,908,000 Year Shr 60 cts vs 2.52 dlrs Net 2,198,000 vs 9,313,000 Revs 36.9 mln vs 55.7 mln

PEOPLES BANCORPORATION <PEOP> QUARTERLY DIVIDEND Qtly div 25 cts vs 25 cts Pay April 24 Record March 31