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U.S. CERTIFIED COFFEE STOCKS DOWN IN LATEST WEEK The amount of coffee stored in New York and New Orleans warehouses and certified for delivery against the New York Coffee "C" futures totalled 585,555 bags as of April 3, compared with 585,794 bags the previous week, a net decrease of 239 bags, the New York Coffee, Sugar and Cocoa Exchange said. The total comprised 392,845 bags in New York, an increase of 261 bags, and 192,710 bags in New Orleans, a drop of 500 bags. The exchange said there were nil bags pending classification. There were 56,578 bags pending certification, including 32,553 in New York and 24,025 in New Orleans, the exchange said.

TEXTRON <TXT> PLANS SALE OF AVCO DIVISION Textron Inc said it plans to sell its Avco Specialty Materials Division as part of its debt reduction and restructuring. The company said it will use proceeds from the sale to reduce the debt incurred by its acquisition of Ex-Cell-O Corp last year. Textron said Morgan Stanley and Co will represent it in the sale.

GREEN TREE ACCEPTANCE INC <GNT> 1ST QTR NET Shr 50 cts vs 40 cts Net 9,421,000 vs 9,312,000 Rev 37.7 mln vs 36.3 mln Avg shrs 17,049,920 vs 21,173,570 NOTE: Per-share results adjusted for two-for-one common stock split in June 1986

U.S. IMMIGRATION RULES SPARK CONGRESS OBJECTIONS New immigration rules relating to alien farm workers and reportedly being drafted by the U.S. Agriculture Department are meeting with objections in Congress, sources on Capitol Hill said. USDA is drafting regulations, required by a 1986 law, that would offer amnesty to illegal aliens if they worked in the cultivation of fruits, vegetables and other perishable commodities. The department is considering including in its definition of perishable commodities such farm products as tobacco, hops, Spanish reeds and Christmas trees, while excluding sugar cane, the New York Times reported yesterday. Rep. Howard Berman, D-Calif., would like to see the definition extended to include sugar cane, cultivation of which is "a breeding ground for one of the scandals of the nation," Gene Smith, a spokesman for Berman, said. Livestock, dairy and poultry producers have been lobbying USDA hard to have their products covered by the amnesty provision, farm industry sources said. Chuck Fields of the American Farm Bureau Federation said livestock producers were "desperate" because they fear they will be unable to retain the many illegal aliens who have joined that industry. A House staff member involved in drafting the landmark 1986 immigration law who asked not to be identified said Congress did not mean to extend special amnesty provisions to workers who helped cultivate tobacco, and that inclusion of hops and Spanish reeds was "marginal." In addition, lawmakers made it clear during consideration of the bill that lumber workers were not to be covered by the the amnesty provisions, making the inclusion of Christmas trees "a tough call," this source said. USDA officials declined to comment on the draft regulation except to say it was subject to change before it will be released, probably some time later this month. While lawmakers may object to the USDA rule under consideration relating to perishable commodities, Congress is not likely to reopen debate on the controversial immigration question, congressional sources said. The amnesty provision specially designed for farm workers was crucial to passage of the overall immigration bill. Congressional staff members estimate the special farm worker amnesty provision would apply to between 250,000 to 350,000 aliens. The law would allow eligible farm workers who worked for 90 days during the year ending May 1, 1986, to apply for temporary, then permanent, resident status.

CUBA CRUDE SUGAR HARVEST FAR BEHIND SCHEDULE Cuban president Fidel Castro told a Congress of the Union of Young Communists here that the production of crude sugar during the harvest still in progress is 800,000 tonnes behind schedule. In a speech Sunday, published in today's official paper GRANMA, Castro said unseasonable rains since January seriously interrupted harvesting and milling operations especially in the central and western parts of the island. The Cuban leader said the mechanical cane harvesters scheduled to cut over 60 pct of the cane this year were particularly "vulnerable," as muddy fields prevent operations. Neither Castro nor the Cuban press have given out figures to estimate tonnes of crude production during the present harvest or the goals for the sugar campaign. However, a cuban sugar official told Reuters that the country will be lucky if crude output reaches last year's 7.2 mln tonnes. Output of crude for the previous 1984-85 harvest was 8.2 mln tonnes. The harvest was scheduled to end April 30 but due to the present shortfalls it will be extended into May and June, the official said.

AVON SAYS IT TO BUY GIORGIO INC, A FRAGRANCE COMPANY, FOR 185 MLN DLRS AVON SAYS IT TO BUY GIORGIO INC, A FRAGRANCE COMPANY, FOR 185 MLN DLRS

MAGMA LOWERS COPPER PRICE 0.50 CT TO 65.50 CTS Magma Copper Co, a subsidiary of Newmont Mining Corp, said it is lowering its copper cathode price by 0.50 cent to 65.50 cents a lb, effective immediately.

IRAQ CCC CREDIT GUARANTEES SWITCHED - USDA The Commodity Credit Corporation (CCC) has transferred 21.0 mln dlrs in credit guarantees previously earmarked for sales of U.S. corn and 5.0 mln dlrs for sales of oilseeds to increase available coverage on sales of U.S. poultry meat to Iraq, the U.S. Agriculture Department said. The department said the action was taken at the request of Iraq's State Trade Organization for Grains and Foodstuffs. The guarantee line for sales of corn has been reduced from 78.0 mln dlrs to 57.0 mln and the line for oilseeds from 5.0 mln dlrs to zero. The guarantee line for sales of frozen poultry has been increased from 30.0 mln dlrs to 56.0 mln dlrs, USDA said.

AVON PRODUCTS <AVP> TO BUY GIORGIO FOR 185 MLN Avon Products Inc said it reached an agreement in principle to purchase <Giorgio Inc>, a fragrance company, for 185 mln dlrs in cash. Giorgio's annual revnues are more than 100 mln dlrs, Avon said. The acquisition has been approved by Avon's board, with the closing set for May 7. The transaction would have no impact on Avon's current dividend rate, it said. Giorgio's boutique in Beverly Hills, Calif., will be sold back to Fred Hayman, one of the shareholders, who will continue to operate it independently, Avon said. Avon said it identified Giorgio more than a year ago as a preferred acquisition candidate. It said it is launching a prestige fragrance developed in conjunction with Catherine Deneuve this spring. Giorgio will be operated as a separate subsidiary, Avon said, and would not compete with Avon's direct selling beauty products business.

HONDURAS SEEKING PL-480 VESSELS FOR BULK WHEAT Honduras will tender April 13 under Public Law 480 for U.S. and non-U.S. flag vessels to deliver approximately 52,500 tonnes of various wheats in bulk, an agent for the country said. The agent said deliveries of northern spring/dns wheat will include laydays of July 1-10 for 7,500-9,500 tonnes, August 1-10 for 8,000-10,000 tonnes, and September 15-25 for 12,500-14,500 tonnes. Deliveries of hard red winter wheat will have laydays of June 20-30 for 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 1200 hrs EDT, April 13, and will remain valid until the close of business April 14, the agent said.

MAGMA LOWERS COPPER PRICE 0.50 CT TO 65.50 CTS Magma Copper Co, a subsidiary of Newmont Mining Corp, said it is lowering its copper cathode price by 0.50 cent to 65.50 cents a lb, effective immediately.

GENCORP <GY> SAYS BUYBACK BETTER THAN TAKEOVER GenCorp Inc said the decision by General Partners, comprised of AFG Industries and Wagner and Brown, to end its hostile offer for the company supports its belief that the buy back offer it announced yesterday was a "financially superior alternative." GenCorp said it would annouce details of its plans to buy back 54 pct of its stock for 1.6 billion dlrs, or 130 dlrs a share, later this week. GenCorp's buy back was made to fend off the hostile 2.3 billion dlr, 100-dlr-a-share, tender offer by AFG and Wagner and Brown. Earlier today AFG and Wagner and Brown said that without the benefit of additional information available to GenCorp's management, it cannot compete economically with GenCorp's proposal. The group said it is ending its tender offer for GenCorp and promptly return to tendering shareholders all shares tendered pursuant to its offer. The group owns 9.8 pct, or 2,180,608 shares, of GenCorp's outstanding shares.

BERRY PETROLEUM, NORRIS OIL <NOIL> TO MERGE Berry Petroleum Co said its board and the Norris Oil Co board approved a merger agreement that calls for Norris to become a wholly-owned Berry subsidiary. Berry, a privately-owned company which already owns 80.6 pct of Norris Oil's stock, said the agreement calls for Norris' public shareholders to receive 0.0333 Berry common shares for each Norris share held.

CCC CREDITS FOR BANGLADESH AMENDED - USDA The Commodity Credit Corporation (CCC) has reallocated 5.0 mln dlrs in credit guarantees previously earmarked for sales of U.S. wheat to provide coverage for sales of U.S. vegetable oil to Bangladesh, the U.S. Agriculture Department said. USDA said the action was taken at the request of the Bangladesh government and reduces the guarantee line authorized for wheat sales from 25.0 mln dlrs to 20.0 and creates a new line of 5.0 mln dlrs for vegetable oils. To be eligible for coverage under the CCC's Intermediate Export Credit Program, credit terms must be in excess of three years, but not more than seven years. All sales covered by the credit guarantees must be registered and shipped by September 30, 1987, USDA said.

CCC SEED CREDIT GURANTEES FOR ALGERIA - USDA The Commodity Credit Corporation (CCC) has authorized 2.0 mln dlrs in credit guarantees to cover sales of seeds for planting to Algeria, the U.S. Agriculture Department said. The department said the additional guarantees increase the cumulative fiscal year 1987 program for sales of U.S. agricultural products to Algeria to 466.0 mln dlrs. To be eligible under the new seed credit guarantees, all sales must be registered by September 30, 1987, and shipped by December 31, 1987, USDA said.

USDA ANNOUNCES WORLD MARKET RICE PRICES The U.S. Agriculture Department announced the following prevailing world market prices of rice on a loan-rate basis, with previous prices -- -- Long grain whole kernels 5.87 cts per lb vs 5.70 -- Medium grain whole kernels 5.28 cts per lb vs 5.12 -- Short grain whole kernels 5.22 cts per lb vs 5.06 -- Broken kernels 2.94 cts per lb vs 2.85 The repayment rate for 1986-crop warehouse or farm-stored rice loans are the higher of the world price or 50 pct of the loan rate of 7.20 dlrs per cwt. The prices will remain in effect for a week, but new prices could be announced earlier if warranted, USDA said.

TOTAL SYSTEM SERVICES INC <TSYS> 1ST QTR NET Shr nine cts vs seven cts Net 1,356,000 vs 1,041,000 Revs 9.7 mln vs 8.4 mln

HUBCO INC <HCO> 1ST QTR NET Shr 38 cts vs 30 cts Net 1,356,754 vs 1,048,340 Assets 448.5 mln vs 407.4 mln

<WILDERNESS EXPERIENCE INC> 4TH QTR LOSS Period ended Jan 31 Shr loss three cts vs loss two cts Net loss 183,500 vs loss 163,800 Sales 608,800 vs 1,156,100 Year Shr loss 16 cts vs loss 21 cts Net loss 1,128,600 vs loss 1,081,600 Sales 3,811,200 vs 6,968,700

TOTAL SYSTEMS SERVICES <TSYS> 1ST QTR NET Shr nine cts vs seven cts Net 1,356,000 vs 1,041,000 Revs 9,729,000 vs 8,367,000

BERMUDA STAR <BSL> LEASES VESSEL Bermuda Star Line Inc said it has leased a 23,500 ton passenger vessel from Orley Shipping Co Inc, of Liberia for a term with options extending for 15 years. The vessel, SS Liberte, will be renamed the Canadian Star and will be used for cruises to Montreal from New York, beginning in June. Orley SHipping is partially owned by Common Brothers PLC, a U.K. maritime firm which owns 60 pct of Bermuda Star's shares and arranged debt financing for the ship's purchase. Orley acquired the vessel from Banstead Shipping Ltd. Terms were not disclosed.

PREMDOR PLANS TWO-FOR-ONE STOCK SPLIT <Premdor Inc> said it planned a two-for-one common stock split, subject to shareholder approval at the May 4 annual meeting. It said the split, if approved, would take effect on May 20. Premdor manufactures and sells wood doors.

TELETRAK ADVANCED TECHNOLOGY 4TH QTR LOSS Shr loss two cts vs loss two cts Net loss 183,597 vs loss 136,990 Rev 36,600 vs 61,763 Avg shares 12,355,000 vs 9,205,000 Year Shr loss five cts vs loss five cts Net loss 571,336 vs loss 416,595 Rev 103,327 vs 61,763 Avg shares 12,355,000 vs 8,705,000 NOTE: Company's full name is <Teletrak Advanced Technology Systems Inc and it is a unit of Helm Resources <H>. 1985 net loss includes loss from discontinued operations of 278,156 dlrs.

CANNON <CAN> SELLS STAKE IN HBO/CANNON VENTURE Cannon Group Inc said it agreed in principle to sell its 50 pct interest in the HBO/Cannon Video joint venture to the Home Box Office unit of Time Inc <TL>. The company said it is making the sale because in the near future all of its video products will be licensed in the United States and Canada to either the Warner Brothers unit of Warner Communications Inc <WCI>, or to Media Home Entertainment.

HOUSTON OIL TRUST <HO> HALTS ROYALTIES Houston Oil Trust said there will be no royalty funds available for distribution to unit holders in April. It also said that based on recent independent petroleum engineers' estimates of Oct 31, 1986, there may be no amounts avialable for distribution the rest of the year.

UPPER PENINSULA POWER CO <UPEN> SETS PAYOUT Qtly dividend 52-1/2 cts vs 52-1/2 cts Pay May one record April 17

ITT CORP <ITT> DECLARES DIVIDEND Qtly div 25 cts vs 25 cts prior Pay July 1 Record May 7

PACIFIC LIGHTING CORP <PLT> QTLY DIVIDEND Shr 87 cts vs 87 cts prior qtr Pay May 15 Record April 20

STALEY CONTINENTAL <STA> REGULAR DIVIDEND SET Qtly div 20 cts vs 20 cts previously Pay June Eight Record May 22

ITT CORP <ITT> REGULAR QTRLY DIVIDEND Qtly div 25 cts vs 25 cts prior Payable July one Record May 7

SUN <SUN> RAISES HEATING OIL BARGE PRICE Sun Co's Sun Refining and Marketing Co subsidiary said it raised the price it charges contract barge customers for heating oil in New York harbor by 0.50 cent a gallon, effective today. The increase brings the contract barge price to 50.50 cts a gallon, Sun said.

SPORTSCENE ACQUIRES CHRISTOPHE VAN HOUTTE CHAIN (Sportscene Restaurants Inc) said it acquired (Cafe Christophe Van Houtte Inc), a cafe chain with ten franchises and one corporate restaurant, for an unspecified amount of cash and Sportscene shares.

U.S. CONSUMER CREDIT ROSE 1.77 BILLION DLRS IN FEB VS REVISED 789 MLN JAN GAIN U.S. CONSUMER CREDIT ROSE 1.77 BILLION DLRS IN FEB VS REVISED 789 MLN JAN GAIN

RONSON CORP <RONC> 4TH QTR DEC 31 Shr loss 21 cts vs loss seven cts Net loss 971,000 vs loss 318,000 Revs 8.3 mln vs 9.2 mln Year Shr loss 43 cts vs profit 14 cts Net loss 1.9 mln vs profit 606,000 Revs 32.5 mln vs 31.9 mln NOTE:1986 loss includes reserves of 329,000, 1985 includes tax benefit of 352,000, 96,000, and 570,000 dlrs.1986 4th qtr includes 850,000 dlrs writedowns, 499,000 dlr gain from sale. 1985 net includes extraordinary items of 108,000 and gain on sale of 1.6 mln dlrs , tax carryforward gain of 246,000 dlrs.

WESTMIN TO RAISE MYRA FALLS CAPACITY BY 33 PCT Westmin Resources Ltd said it plans to increase capacity at its Myra Falls, British Columbia, base and precious metal mine and mill complex by 33 pct to 4,400 short tons of ore a day, subject to regulatory approvals. The company said the expansion will cost about 24 mln dlrs and could be in operation by 1988. Economies of scale from the expansion should pay back net expansion cost in less than one year, Westmin said. The Myra Falls complex processed 3,257 tons of ore a day during 1986. Myra Falls 1986 production was 44,000 ounces of gold, 966,266 ounces of silver, 45.5 mln lbs of copper, 96.2 mln lbs of zinc and 777,000 lbs of lead, a company spokesman said. Myra Falls 1986 production was 44,000 ounces of gold, 966,266 ounces of silver, 45.5 mln pounds of copper, 96.2 mln pounds of zinc and 777,000 pounds of lead, a company spokesman said.

TREASURY BALANCES AT FED ROSE ON APRIL 6 Treasury balances at the Federal Reserve rose on April 6 to 4.262 billion dlrs from 3.876 billion dlrs on the previous business day, the Treasury said in its latest budget statement. Balances in tax and loan note accounts fell to 4.950 billion dlrs from 5.004 billion dlrs on the same respective days. The Treasury's operating cash balance totaled 9.212 billion dlrs on April 6 compared with 8.880 billion dlrs on April 3.

MANUFACTURERS <MHC> IN BUILDING FORECLOSURE Manufacturers Hanover Corp said its OFP Inc unit acquired a Dallas office building through foreclosure. The company said it foreclosed on the Allied Bank Tower, a 1.2 mln-square-feet office building at One Fountain Place, Dallas.

HI-SHEAR INDUSTRIES INC <HSI> SETS PAYOUT Qtrly div 11 cts vs 11 cts prior Pay April 28 Record April 20

COCA-COLA BOTTLING <COKE> TERMINATES TALKS Coca-Cola Bottling Co Consolidated said it terminated negotiations with the proposed purchaser of its wholly owned subsidiary headquartered in Vancouver, B.C. The company said it is vigorously continuing its efforts to sell its Canadian operations, substantially on the terms and conditions previously announced.

JAPANESE CRUSHERS BUY CANADIAN RAPESEED Japanese crushers bought 5,000 tonnes of Canadian rapeseed in export business overnight for late May/early June shipment, trade sources said.

CAREPLUS <CPLS> SEEKS APPROVAL IN ACQUISITION CarePlus Inc said it will seek shareholder approval of its proposed acquisition of certain assets and assumption of certain liabilities of Professional Care Inc <PCI>. In connection with the acquisition, shareholders will be requested to approval the merger of CarePlus into its newly formed Delaware subsidiary, CarePlus said. CarePlus said its board has tentatively determined that its stock would be exchanged for common stock of the new corporation at the rate of seven for one.

U.S. FEB CONSUMER CREDIT ROSE 1.77 BILLION DLRS U.S. consumer instalment credit rose a seasonally adjusted 1.77 billion dlrs in February after a revised rise of 789 mln dlrs in January, the Federal Reserve Board said. The annual rate of growth in February was 3.7 pct, up from 1.6 pct in January. Previously the Fed said consumer credit rose 536 mln dlrs in January. Among the credit categories, auto credit rose in February by 717 mln dlrs after increasing 416 mln dlrs in January, the Fed said. Revolving credit in February rose 1.04 billion dlrs after falling by 23 mln dlrs in January. Mobile home credit was down by 59 mln dlrs in February after rising 141 mln dlrs in January. The category referred to as "other," covering bank and credit union loans, increased by 74 mln dlrs in February after rising by 255 mln dlrs in January, the Fed said. Before seasonal adjustment, consumer credit outstanding totaled 576.05 billion dlrs at the end of February, compared with 530.41 billion dlrs at the end of February, 1986.

GROUP TO BUY MORE INTERMEDICS <ITM> SHARES An investor group including Bessemer Securities Corp and Cilluffo Associates told the Securities and Exchange Commission it asked federal antitrust regulators for advance clearance to hold more than 30 mln dlrs of Intermedics Inc common stock. The group said it currently holds 1.8 mln shares or 17.6 pct of the total outstanding following purchases of 84,300 shares March 18-April 1. A group spokesman would not disclose the total purchase price of its current holdings. The group has said it is accumulating Intermedics stock for investment purposes.

SEAGATE TECHNOLOGY <SGAT> 3RD QTR MARCH 3 NET Shr 81 cts vs 24 cts Net 40,453,000 vs 11,833,000 Sales 267.1 mln vs 127.0 mln Avg shrs 50,226,000 vs 48,337,000 Nine Mths Shr 2.07 dlrs vs 38 cts Net 102,564,000 vs 18,127,000 Sales 708.0 mln vs 318.3 mln Avg shrs 49,573,000 vs 48,024,000

GROUP RAISES TEXSTYRENE <FOAM> STAKE TO 11.7 PCT An investor group led by Dart Container Corp, a Sarasota, Fla., plastic utensil maker, told the Securities and Exchange Commission it raised its stake in Texstyrene Corp to 420,500 common shares or 11.7 of the total outstanding. The group said it bought the shares for investment and intends to continue to buy Texstyrene stock in the future. The group said its most recent purchases included 106,000 shares bought March 10-31 in ordinary brokerage transactions.

ENRO HOLDING BUYS ENRO SHIRT AND FOXCROFT Enro Holding Corp said it acquired Enro Shirt Co and Foxcroft Ltd from Wilson Bros for 30 mln dlrs. Enro Holding is owned 50 pct by investors and 50 pct by management and others. The investor group bought 50 pct of the common equity and supplied five mln dlrs in mezzanine financing. Management bought the other 50 pct. Congress Financial Group supplied 28 mln dlrs in senior financing and the seller took back a note for 12.1 mln dlrs. Enro Shirt has annual sales of about 42 mln dlrs and Foxcroft has sales of about 13 mln dlrs.

SPARTECH <SPTN> REVERSE STOCK SPLIT APPROVED Spartech Corp said shareholders at the annual meeting approved a reverse stock split of the common stock, on a one-for-five basis. The company said the split was necessary in preparation for an offering of 25 mln dlrs in convertible subordinated debentures, expected to be made soon through Kidder, Peabody and Co. It said the new common stock will begin trading April 8 under the symbol "SPTNd." Separately, Spartech said its board appointed Bradley Buechler as president, filling a vacancy. It said Lawrence Powers remains as chairman. Buechler, prior to his promotion, was executive vice president and chief operating officer. He will retain his duties as chief operating officer.

PEOPLE RIDESHARING SYSTEMS <RIDE> 1ST QTR NET Shr primary profit two cts vs loss nine cts Shr diluted profit one cent vs loss six cts Net profit 17,156 vs loss 89,594 Revs 2,360,220 vs 3,208,802 Avg shrs 870,000 vs 1,026,627 NOTE: full name of company is People Ridesharing Systems Inc.

DESJARDINS GROUP LOWERS VISA INTEREST RATE (La Confederation des Caisses Populaires et d'Economie Desjardins), the Quebec credit union group, said it is lowering the interest rate on unpaid balances on its Visa credit card to 15.9 pct from 18.0 pct, effective with June billing statements. The move follows cuts in credit card interest rate charges by several Canadian banks.

SEEQ TECHNOLOGY INC <SEEQ> 2ND QTR MARCH 31 Shr profit eight cts vs loss 1.84 dlrs Net profit 785,000 vs loss 4,279,000 Revs 10.4 mln vs 8,464,000 Avg shrs 9,649,000 vs 2,664,000 Six Mths Shr loss nine cts vs loss 4.09 dlrs Net loss 262,000 vs loss 9,689,000 Revs 19.2 mln vs 15.6 mln Avg shrs 2,874,000 vs 2,660,000

7-APR-1987 16:46:14.77 7-APR-1987 16:46:14.77

NACCO INDUSTRIES <NC> TO REPORT 2ND QTR GAIN Nacco Industries Inc said it will report a gain in the second quarter of about 11.5 mln dlrs or 1.25 dlrs a share from the sale of stock of a subsidiary. Nacco said its North American Coal Corp unit has received notice that Consolidation Coal Co, a unit of Du Pont Co <DD>, will exercise an option to buy all of the stock of Quarto Mining Co, a subsidiary of North American Coal. For the stock, North American Coal will receive about 15.2 mln dlrs, 5.2 mln of which will be paid at closing April 10 and the rest in installments, the company said. In addition, Quarto will pay a dividend to North American Coal of about 10 mln dlrs from retained earnings before closing. The funds were previously used to finance mining operations. Consolidation Coal got the option from the Capco Group of utilities, which received the option from Nacco in 1981. Nacco reported earnings of 10.8 mln dlrs or 1.11 dlrs a share in last year's second quarter. In 1986, Quarto generated 5.9 mln dlrs in net income, equal to 62 cts a share, of Nacco's total 1986 earnings of 3.48 dlrs a share. Quarto produced about 3.6 mln short tons of the 24.3 mln tons produced by North American Coal in 1986, Nacco said.

BUFFTON <BUFF> TO POST INVESTIGATION CHARGE Buffton Corp said it will conduct an investigation on a plant designated as a Superfund Site, which will result in a charge of about six cts per share in its second quarter. In the year ago second quarter, Buffton reported net income of 10 cts a share or 330,000 dlrs on sales of 10.3 mln dlrs. The study should be completed in nine months and will determine any clean-up or remedial action that may be required. Robintech Inc, the plant's former owner, will split the cost. Buffton said its share will cost 400,000 dlrs.

AMERICAN DYNAMICS <AMDC> TO SELL 51 PCT STAKE American Dynamics Corp and <Meridian Reserve Inc> said they signed a definitive agreement under which Meridian will buy 81.9 mln shares, or 51 pct, of American Dynamics' common stock. Under terms of the agreement, Santa Ana, Calif.-based Meridian said it will pay Columbus-based American Dynamics one mln dlrs in cash and notes over five years and about 500,000 shares of its common stock. Meridian said it has the option to issue an additional 1,500,000 shares of its common over the next two years in payment of certain of the notes. Meridian, an oil and gas company whose operations are primarily in Oklahoma, said the acquisition will increase its its consolidated assets to 30 mln dlrs and its contractually committed gas reserves to more than 40 mln dlrs at discounted present value. American Dynamics is engaged in gas gathering, transmission and liquids extraction, also in Oklahoma. The companies said they have five extracting plants and about 525 miles of transmission lines in five adjoining Oklahoma counties.

7-APR-1987 17:01:06.32 7-APR-1987 17:01:06.32

7-APR-1987 17:02:48.51 7-APR-1987 17:02:48.51

GRAIN SHIPS LOADING AT PORTLAND There were six grain ships loading and six ships were waiting to load at Portland, according to the Portland Merchants Exchange.

ITALY'S ENI TO INVEST IN VENEZUELAN PROJECTS Italy's state-owned Ente Nazionale Idrocarburi (ENI) will invest 197 mln dlrs in two joint ventures in coal and petrochemicals with Petroleos de Venezuela, S.A, ENI president Franco Reviglio said. Speaking at a news conference, Reviglio said the two projects will eventually bring in some 300 mln dlrs annually in foreign exchange to Venezuela and help diversify the country's export base. "Joint ventures are the principal instrument for allowing the resources of the industrialized countries to be channeled to the developing world so as to lead future growth for both," Reviglio said. ENI's subsidiary Ecofuel will join Pequiven, the petrochemical subsidiary of PDVSA in building a 160 mln dlr plant to produce mtbe, a gasoline additive used to increase octane levels. The 500,000 mt per year plant will be constructed at Jose in eastern Venezuela, and fed by butane produced at PDVSA's eastern cryogenic complex. ENI owns 48 pct of the joint venture company, Super Octanos, C.A., while Pequiven has 49 pct, with the remaining three pct to be sold to private investors. Production is set to begin in third quarter 1989. Ecofuel officials said the plant is modeled after one in Saudi Arabia. Another ENI subsidiary, Agip Carbone, will sign a letter of intent in Caracas tomorrow to enter a partnership with PDVSA to mine the coal deposits at guasare in western zulia state, he said. Feasibility studies are still being done on the carbozulia project, with a definitive accord slated for august, he added. Agip carbone and atlantic richfield coal, an arco subsidiary have formed a consortium which will own 48 pct of the carbozulia project, whose total cost is estimated at 500 mln dlrs, the company said. Agip carbone will invest 24 pct, or 120 mln dlrs, in the project, it said.

REPUBLICBANK <RPT> TO RECLASSIFY BRAZIL LOANS RepublicBank Corp said it has placed 182.6 mln dlrs of all intermediate and term loans to Brazil on a non-accrual basis as of March 31. It said the reclassification will reduce first quarter earnings by 2.8 mln dlrs after taxes, and 11 mln dlrs after taxes for all of 1987, if Brazil does not change its position of a moratorium on interest payments. RepublicBank also said its net income for the first quarter is expected to be about 10.4 mln dlrs or 30 cts a share on a fully diluted basis. In the year-ago first quarter the company earned 23.1 mln dlrs or 75 cts a share. The company also said its first quarter results are expected to include a provision for loan losses of 55 mln dlrs, about 20 mln dlrs over net loan-charge-offs of about 35 mln dlrs. It said the provision will increase loan losses to about 328 mln dlrs or 2.2 pct of loans. RepublicBank, with total assets of about 21 billion dlrs, announced in December an agreement with InterFirst Corp <IFC> to form First RepublicBank Corp. If the merger is approved by regulatory agencies and stockholders, it would create the 12th largest bank holding company in the United States.

SUPPLIES, MIDEAST TENSION FUEL GAINS IN OIL Petroleum futures rallied today in a market that was expecting declines in domestic supplies and became further unsettled by escalated Mideast fighting. Crude oil, gasoline and heating oil all posted gains on the New York Mercantile Exchange, with crude oil prices matching life-of-contract highs. Crude for delivery in May closed 17 cents higher at 18.84 dlrs a barrel. "Crude futures could jump above 19 dlrs a barrel but will not remain there long if products are not strong," Robert Murphy, account executive at E.F. Hutton, said. Traders said prices were supported by anticipation that the American Petroleum Institute would report a decline in domestic inventories of petroleum products in a weekly report. Traders said prices also were supported by an escalation in the Iran-Iraq war, with the Iranians reportedly launching a new offensive against Iraqi positions, and Iraq attacking offshore oil fields and an oil export depot. Buying by speculators continued to prompt gains in gold and silver futures on the Commodity Exchange in New York. Gold prices retreated at midday, but rallied before the close with support from the silver market, which was approaching two-year highs, traders said. Soybean futures posted strong gains on the Chicago Board of Trade, while corn and wheat were mostly higher. Traders said cash sales have been slow in the country, and the soybean harvest in Brazil has been delayed by rain, which is limiting supplies. In addition, the Agriculture Department last week projected a substantial drop in soybean acreage this year. Monday's report that the USDA inspected 46 mln bushels of corn for export last week was unexpectedly high and, coupled with a lack of farm sales, provided support for the corn market, traders said. Live hogs and frozen pork bellies rallied on the Chicago Mercantile Exchange, while cattle ended lower. Live hogs pushed ahead on a lack of supplies because many farmers are turning their attention to spring planting rather than marketing livestock, traders said, noting that cash sales have been lighter than expected this week. The lack of marketing also has supported pork bellies, but prices drifted lower for moderate losses in nearby months as speculators sold contracts to take profits, traders said. Cattle prices closed lower but continued to show strength related to tight supplies. Prices pushed ahead to new contract highs, extending gains past three-year peaks set Monday, as tight supplies forced meat packers to bid aggressively for available animals. However, some traders sold contracts to take profits after the extended rally, which has seen the April delivery contract soar to 69.90 cents a pound from 56 cents a pound at the start of the year. New York coffee futures closed higher on trade talk Brazil would not be an aggressive seller near term, analysts said.

7-APR-1987 17:17:34.97 7-APR-1987 17:17:34.97

API SAYS DISTILLATE STOCKS UP 628,000 BBLS, GASOLINE UP 2.29 MLN, CRUDE UP 8.52 MLN API SAYS DISTILLATE STOCKS UP 628,000 BBLS, GASOLINE UP 2.29 MLN, CRUDE UP 8.52 MLN

SOUTHERN TEXAS GRAIN DIFFERENTIALS ADJUSTED Posted county prices in 99 southern Texas counties have been changed to reflect only one market differential instead of the usual two-terminal market pricing system, a senior Agriculture Department official said. Interior grain and soybean prices in the affected counties will now be based solely against the Texas Gulf. Prior to the change, county prices were also priced against the Amarillo market. The changes were made to better reflect local market conditions, said Ralph Klopfenstein, deputy administrator for commodity operations at USDA. "The Texas Gulf has always been the dominant market in those counties. Amarillo never became effective for that area," Klopfenstein told Reuters.

7-APR-1987 17:25:13.75 7-APR-1987 17:25:13.75

AMOSKEAG BANK <AMKG> TO SEEK REHEARING Amoskeag Bank Shares Inc and <Portsmouth Savings Bank> said they will file motions for a rehearing with the New Hampshire Supreme Court of its March 30 ruling that overturned state regulatory approval of Amoskeag's acquisition Portsmouth. "The ramifications of this decision, we believe, go well beyond the affiliation of Amoskeag and Portsmouth Savings Bank," said Amoskeag chairman William S. Bushnell. The transaction was opposed by a group of Portsmouth investors who wanted the bank to remain independent, according to press reports.

EGYPT SAID TO CANCEL PL480 SOFT WHEAT TENDER Egypt has cancelled its Export Bonus tender for 200,000 tonnes of soft red winter wheat for May-June shipment after failing to bid a price acceptable to USDA, private export sources said.

DOE RECOMMENDS SPECIAL UNIT TO ENRICH URANIUM Energy Secretary John Herrington told Congress that a federally chartered corporation would be the best way to manage and operate the government's uranium enrichment program. He said in a letter to Congressmen that unless the program, now run by the Energy Department, is improved, sales worth five billion dlrs could be lost between 1990 and 2000. The program now has annual commercial sales of about one billion dlrs and holds 50 pct of the free world market for enrichment services. A department official said the world market for enriched uranium for reactors for power utilities is increasingly competitive and private entity could better tap it. The Administration's plan to spin off the department's uranium enrichment operation is in line with it effort to reduce the federal government's role in areas where it feels private enterprise could be more efficient.

JORDAN BOOSTS BIDS IN EXPORT BONUS WHEAT TENDER Jordan has boosted its bids for U.S. soft and hard wheat under Export Bonus, private export sources said. Jordan today bid 74 dlrs per tonne for soft wheat and 75 dlrs per tonne for hard red winter wheat in its tender for 225,000 tonnes of hard and soft wheat for April through November shipment. Earlier today, USDA rejected its bids of 70 dlrs for both varieties, they said.

MOROCCO TENDERS THURSDAY FOR PL 480 WHEAT Morocco will tender Thursday for 120,000 to 210,000 tonnes of U.S. wheat, cheapest variety preferred, for May and June shipments under PL 480, private export sources said. The tender will consist of three lots of up to 70,000 tonnes each for shipment May 1-30, May 10-June 10, and May 25-June 25, they said.

TRILON DECLARES STOCK DIVIDEND <Trilon Financial Corp> said it declared a stock dividend of one class A share for each two class A shares held, payable May 15 to shareholders of record on April 30.

API SAYS DISTILLATE, GASOLINE STOCKS UP IN WEEK Distillate fuel stocks held in primary storage rose by 628,000 barrels in the week ended April three to 106.96 mln barrels from a revised 106.33 mln the previous week, the American Petroleum Institute said. In its weekly statistical bulletin, the oil industry trade group said gasoline stocks rose 2.29 mln barrels to 247.91 mln barrels from a revised 245.62 mln, and crude oil stocks were up 8.52 mln barrels to 337.73 mln from a revised 329.21 mln. It said residual fuel stocks rose 28,000 barrels to 38.25 mln from a revised 37.98 mln barrels. API said refinery runs in the week rose to 12.54 mln barrels per day from 12.21 mln and refinery use of operating capacity was 80.4 pct, up from 78.3 pct. Crude oil imports in the week fell to 3.40 mln bpd from a revised 3.60 mln, API added.

ALLEGHENY <AG> PREFERED SHAREHOLDERS FILE SUIT Allegheny International Inc, which has agreed to a merge with a jointly-formed First Boston Inc affiliate in a deal worth 500 mn dlrs, said shareholders of its preferred stock have filed a class action complaint against the company. The complaint alleges, among other things, that the company and its board agreed to pay First Boston an illegal seven mln dlr topping fee if it received a higher offer for the company prior to the buyout. The suit contends that this fee hampers Allegheny's ability to attract other offers or take other actions that would benefit holders of preferred stock. The complaint also alleges federal securities laws violations and breach of fiduciary duty. The suit requests an injunction against proceeding with the pending offer being made by Sunter Acquisition to acquire Allegheny. Sunter Acquisition Corp and Sunter Holdings Corp were formed by First Boston and Allegheny. Allegheny said it and the Sunter concerns intend to vigorously defend the complaint's charges. The complaints were filed by Robert Moss and other parties who are believed to own about 230,000 shares of Allegheny's preferred stock.

CANADIANS URGE EXEMPTION FROM U.S. TRADE BILL A group of Canadian lawmakers from Ontario today asked their U.S. counterparts to exempt Canada from the mandatory trade retaliation provisions in a major trade bill being considered by the U.S. Congress. At a meeting of the Northeast-Midwest Coalition, an organization of U.S. legislators, David Cooke, chairman of the Ontario Parliament's Select Committee on Economic Affairs, said the exemption would help trade relations. The trade legislation to be considered by the full House in late April would require President Reagan to retaliate against foreign unfair trade practices unless the trade actions would harm the U.S. economy. Currently, Reagan can reject trade sanctions on any grounds. Cooke, a member of the Liberal party, told the U.S. congressmen, "I can understand (the trade bill). I think it has to do with concerns you have with the other parts of the world." "I would suggest to you that we are your best friends. You do not have those concerns with Canada and you should sincerely consider exempting our country from that bill," he added. Canada is the United States' largest trading partner, with two-way trade more than 113 billion dlrs in 1985, according to the coalition. But the U.S. ran up a 23 billion dlr deficit in manufactured goods that year compared to a 14 billion dlr surplus in services trade with its neighbour.

AMERICAN AGRONOMICS CORP <AGR> 2ND QTR FEB 28 Shr profit one cts vs loss three cts Net profit 641,000 vs loss 992,000 Revs 26.0 mln vs 19.0 mln Six months Shr profit six cts vs loss six cts Net profit 2.8 mln vs loss 1.8 mln Revs 39.0 mln vs 37.4 mln NOTE:1987 six months includes gain of four cts from change in accounting principle.

HELIG-MEYERS CO <HMY> INCREASES DIVIDEND Qtly div eight cts vs seven cts prior Payable May 15 Record APril 29

HELIG-MEYERS CO <HMY> YEAR FEB 28 Shr 1.30 dlrs vs 1.07 dlrs Net 13.6 mln dlrs vs 10.2 mln Revs 271.2 mln vs 182.3 mln NOTE:1986 results reflect year 11 month period because company changed fiscal year to end February 28 from March 31.

KELLY OIL AND GAS PARTNERS <KLY> YEAR DEC 31 Shr 36 cts vs 43 cts Net 1.3 mln vs 1.7 mln Revs 9.0 mln vs 7.9 mln

JAPAN SEEKS TO STRENGTHEN PARIS CURRENCY ACCORD Japan will seek to strengthen the Paris accord on currency stability at the meeting of the group of seven leading industrial nations tomorrow, Japanese officials said. However, the officials travelling with Japanese Finance Minister Kiichi Miyazawa and who asked not to be identified, would not provide any details of how they wanted the accord, which was signed by the six leading industrial democracies in February, to be strengthened. Currency target zones, or reference ranges, will not be discussed at the G-7 meeting which is scheduled for tomorrow, the Japanese officials said. The meeting, which is being held in conjunction with this week's International Monetary Fund/World Bank sessions, will reaffirm the currency pact and there is no need for changing the language used in the Paris accord, the officials said. Miyazawa met with U.S. Treasury Secretary James Baker early in this afternoon and discussed the dollar/yen exchange rates, officials said, but they declined to disclosed the details of that discussion. The Japanese officials also declined to detail what Miyazawa and Baker discussed on the subject of greater joint intervention in currency markets to stabilize the dollar or on independent American intervention. The officials said such a money market action to stabilize the dollar is not only for the benefit of Japan, which is suffering from a sharp appreciation in its currency, but also for the benefit of the United States as well. As to U.S. urgings for Japan to take steps to boost its domestic demand to reduce its trade surplus, Japan will explain economic measures to the G-7, the officials said. However, Miyazawa failed to outline the size of the Japanese economic package in his meeting with Baker today because the Japanese 1987/88 budget has not been authorized by the Diet, or parliament, despite the new fiscal year which started April one, the officials said. Japan's ruling liberal democratic party revealed its own economic package today calling for more than 5,000 billion yen in additional spending.

TCW CONVERTIBLE SECURITIES <CVT> SETS DIVIDEND TCW Convertible Securities Fund Inc said its board declared an initial quarterly dividend of three cents per share, payable April 30 to shareholders of record April 17. TCW said it anticipates paying a regular quarterly dividend. The company made its initial public stock offering March five.

CURRENCY FUTURES TO KEY OFF G-5, G-7 MEETINGS News of an agreement among G-5 and G-7 finance ministers meeting in Washington this week will be key to the direction of currency futures at the International Monetary Market, but any such agreement will need to go beyond the Paris accord to stem the recent rise in futures, financial analysts said. "If they (the finance ministers) give the market something really new to look at -- that is, some package that goes beyond the Paris agreement -- you could have a real boost in the dollar," said Shearson Lehman Brothers analyst Anne Mills. On the other hand, "anything neutral would tend to be bearish for the dollar," Mills said. Traders and analysts agree a simple reaffirmation of the Paris accord will not be enough to halt the decline in the dollar, nor will central bank intervention. "A lot of people are looking for a reason to buy currencies and sell the dollar," said one trader for a large retail firm on the floor of the IMM. "If there is no concrete resolution, they will be looking to sell the dollar, possibly down to the 1.80 mark level," he said. Technically, most currency futures are poised for another rise, said Smith Barney Harris Upham analyst Craig Sloane. Sloane noted that June yen futures set a new contract high on Tuesday and closed at its best level ever, while June sterling set a new contract high on Monday. "Everything seems to be coming to a head right now and you don't need much to get things rolling," Sloane said. In particular, the June Canadian dollar, for which Sloane recently put out a buy recommendation, has hovered in a range between 0.7600 and 0.7660 in recent weeks, forming a triangle on the charts from which it may soon break out on the upside. A close above the contract high of 0.7665 would signal a breakout, Sloane said, and would likely mean the nearby Canadian dollar contract would extend its advance to near the 0.7800 level. June Canadian dollar closed at 0.7656 Tuesday. Mills noted, however, that interest rate differentials between Canadian securities and U.S. securities have narrowed dramatically recently, with yields on 10-year Canadian bonds only about 80 basis points above U.S. 10-year notes. What has helped the Canadian currency, she noted, is an increasing proportion of foreign funds flowing into the Canadian equity market, particularly from Japanese investors. Other analysts, however, said currency futures may be near the top of their long-term rally. "Something will be done at the (G-5 and G-7) meeting to calm people," said David Horner of Merrill Lynch Economics. The Paris accord has pretty much fixed where major European currencies will trade, Horner said. But sterling futures may still make another run for new highs, up to 1.6300 to 1.6500 dlr in the June contract, on the positive atmosphere that will prevail before British elections and possibly another interest rate cut, Horner said. The June British pound closed at 1.6080 on Tuesday. Horner said that new boundaries for the trading range of the yen are likely to come out of the G-5 and G-7 meetings. The most likely range will be a bottom for the dollar between 140 to 142 yen per dollar and a top near 150 to 152 yen, Horner said. In yen futures, the bottom of the dollar's range would be equivalent to 0.007100 to 0.007150 in the June contract. June yen closed at 0.006913 on Tuesday. If such a range does emerge from the meetings, "we will have one more rally in the yen," Horner said.

POEHL WARNS AGAINST FURTHER DOLLAR FALL 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.

N.Z. UNEMPLOYMENT RATE 3.9 PCT IN DECEMBER QUARTER New Zealand's unemployment rate was 3.9 pct of the workforce in the quarter ended December 31, unchanged from a revised 3.9 pct (preliminary 3.8 pct) in the previous quarter but slightly above 3.8 pct in the year-earlier quarter, the Statistics Department said. The Department, citing the Household Labour Force Survey, said in a statement the number of unemployed in October- December 1986 was 61,500 against 60,500 in the September quarter and 60,500 a year earlier.

Bank of Japan buys dollars shortly after opening at around 145.30 yen -- dealers Bank of Japan buys dollars shortly after opening at around 145.30 yen -- dealers

BANK OF JAPAN INTERVENES SOON AFTER TOKYO OPENING 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.

JAPAN RUBBER STOCKS FALL IN MARCH Japan's rubber stocks fell to 44,980 tonnes in March from 46,198 in February and from 53,784 in March 1986, the Japan Rubber Trade Association said. The stocks (in tonnes), with February and year-earlier comparisons, were - March 87 Feb 87 March 86 Crude Rubber 41,536 42,094 49,551 Synthetic 3,334 3,978 4,044 Latex 110 126 189

SOUTH KOREAN WON FIXED AT 25-MONTH HIGH THE BANK OF KOREA SAID IT FIXED THE MIDRATE OF THE WON AT 844.30 TO THE DOLLAR, ITS HIGHEST LEVEL SINCE FEBRUARY 26, 1985, WHEN IT WAS 843.90. THE WON WAS SET at 845.50 YESTERDAY. THE WON HAS RISEN 2.03 PCT AGAINST THE DOLLAR SO FAR THIS YEAR, AFTER RISING 3.34 PCT IN 1986.

NIPPON MINING LOWERS COPPER PRICE Nippon Mining Co Ltd said it lowered its selling price for electrolytic copper by 10,000 yen per tonne to 260,000, effective immediately.

AUSTRALIAN UNIONS LAUNCH NEW SOUTH WALES STRIKES Australian trade unions said they have launched week-long strikes and other industrial action in New South Wales (NSW) to protest against new laws that would reduce injury compensation payments. Union sources said talks with the state government broke down last night, but the two sides are scheduled to meet later today in an attempt to find a compromise. Rail freight and shipping cargo movements in the country's most populous state were the first to be affected, and union officials said almost every business sector will be hit unless there is a quick settlement. The state government recently introduced a new workers' compensation act which would cut the cash benefits to injured workers by up to a third. The act is now awaiting parliamentary ratification. NSW state premier Barrie Unsworth has said workers' compensation has risen steeply in recent years and the proposed cuts would save hundreds of mlns of dollars a year. Union officials said industrial action could spread to other states as the federal government also plans to make sharp cuts in workers' compensation.